Kotak Saral Suraksha Plan
Kotak Life Saral Suraksha is one of the simplest pure Term Plans from Kotak Life Insurance company where the nominee would get the Sum Assured as death benefit if the life insured dies within the policy tenure but nothing would be payable to the policyholder if the life insured survives. Hence there is no maturity or survival benefit in this case. Premium can be paid one time or over 5 years but benefit remains for 5 years or 10 years as chosen.
Key Features of Kotak Saral Suraksha Plan
§ It is a pure Term Insurance Policy with Death Benefit only and no Maturity Benefit
§ No Medical Tests would be required for this plan
§ It has minimum documentation requirement.
§ Surrender Benefit is available to Single Premium Policies only
Benefits you get from Kotak Saral Suraksha Plan
Death Benefit – In case of death of the policy holder, the nominee would receive the sum assured under this policy.
Maturity Benefit – There are no maturity benefits under this plan.
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 Saral Suraksha Plan
|
|
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
5,000
|
1,00,000
|
|
Policy Term (in years)
|
5
|
10
|
|
Premium Payment Term (in years)
|
Single
|
5 years
|
|
Entry Age of Policyholder
|
18
|
55
|
|
Age at Maturity
|
23
|
65
|
|
Single premium (in Rs.)
|
Not Specified
|
No Limit
|
|
Payment modes
|
Single, Yearly, Half-yearly
|
Sample illustration of premium amount in Kotak Saral Suraksha Plan
The below illustration is for a healthy Male (non-tobacco user) of age 35 years opting for a Sum Assured = Rs. 1 lakh
PT= Policy Term, which is either 5 years or 10 years
PPT= Premium Paying Term, which is either 1 year, i.e. Single Premium or 5 years
Additional Features and Benefits of Kotak Saral Suraksha Plan
Riders – There are no riders available in this policy
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the policy lapses. You can however revive the policy within 2 years of lapsation but paying up the due premiums and interest.
You want to surrender the policy – Surrender Benefit option is available only to Single Premium policies according to the following formula:
Surrender Value = 75% x Premium Paid x (1 - 1 /Policy Term) x Outstanding Policy Term/Policy Term
You want a loan against your policy – Loan facility is not available under this policy.
Alternate similar Saral Suraksha Plans from different insurance companies
Bajaj Allianz New Risk Care II
IndiaFirst Life Simple Life Plan
Reliance Simple Term Plan
Other term insurance plans from Kotak Life Insurance
Kotak Term Plan
Kotak e-Term Plan
Kotak Preferred Term Plan
Kotak e-Preferred Term Plan
