Kotak Premium Return Term Insurance Plan
Kotak Premium Return Term Plan is a non-medical product where the Death Benefit would be paid to the nominee if the life insured dies within the policy tenure and the premiums would be returned to him on maturity if he survives the entire term.
Key Features of Kotak Premium Return Plan
- It is a Term Plan with Sum assured as Death Benefit and return of premiums paid as Maturity Benefit.
- No medical examinations are required in this policy.
- 100% of the premiums are returned on 10 year policies, 111% of the premiums are returned on 15 year policies and 125% of the premiums are returned on 20 year policies.
- Maturity Benefit does not depend on age of Life Insured. Only the calculation of Sum Assured depends on it.
- Premium and Maturity Benefit is pre-decided according to the policy tenure selected.
Benefits you get from Kotak Premium Return Plan
Death Benefit – In case of death of the life insured during the policy tenure, the nominee would receive the sum assured under this policy.
Maturity Benefit – The premiums paid by the policyholder is returned if the life insured survives the entire term
· 100% of the premiums are returned on 10 year policies,
· 111% of the premiums are returned on 15 year policies and
· 125% of the premiums are returned on 20 year policies.
Income Tax Benefit - Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in Kotak Premium Return Plan
|
|
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
Not Specified
|
Not Specified
|
|
Policy Term (in years)
|
10/15
|
20
|
|
Premium Payment Term (in years)
|
|
Equal to policy term
|
|
Entry Age of Policyholder
|
18
|
50
|
|
Age at Maturity
|
-
|
70 for 20 year term
65 for 15 year term
60 for 10 year term
|
|
Single premium (in Rs.)
|
NA
|
NA
|
|
Payment modes
|
Yearly, Half-yearly, Quarterly and Monthly
|
Sample illustration of premium amount in Kotak Premium Return Plan
The below illustration is for a healthy Male (non-tobacco user) of ANY age opting for a Annual Premium= Rs 11,765
The Maturity Benefit does not depend on the life insured’s age. Only the Sum Assured is automatically calculated depending on Premium, Policy Tenure and Age of Life Insured.
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, then the policy would lapse and all benefits would cease after the expiry of the grace period also. It can however be revived within 2 years from the first unpaid premium. However, if 3 years premiums have been duly paid, then the policy acquires a Paid Up value, and the death benefit and the maturity benefit would still be available but at a reduced rate.
You want to surrender the policy – Surrender Benefit option is available under this plan
The Guaranteed Surrender Value= (70% of the Premiums paid till date X % of premiums returnable on maturity X Duration elapsed till date) / Original policy term
You want a loan against your policy – Loan facility is not available under this policy.
Alternate Return of Premium Term Plans from different insurance companies
Met Suraksha TROP
ICICI Prudential LifeGuard TROP
HDFC Life Premium Guarantee Plan
Other term insurance plans from Kotak Life Insurance
Kotak Term Plan
Kotak Preferred Term Plan
Kotak e-Term Plan
Kotak e-Preferred Term Plan
