Kotak e-Preferred Term Plan
Kotak e-Preferred Term Plan
e-Preferred Term Plan is an online version of preferred term plan from Kotak Life Insurance Company where the nominee gets the Sum Assured as death benefit if the life insured dies within the policy tenure but nothing would be paid to the policyholder if the life insured survives. Thus this policy can be purchased without any agent intervention and hence has low and affordable premiums.
Key Features
- It is a pure Term Insurance Policy for Rs 25 lakhs and above with Death Benefit only and no Maturity Benefit, which can be purchased online without any agent intervention.
- On Marriage- 50% of the Sum Assured can be increased.
- House Purchase- 50% of the Sum Assured can be increased.
- Birth or Legal Adoption of a child- 25% of the Sum Assured can be increased.
- On 1st, 3rd and 5th policy anniversary- 25% of the Sum Assured can be increased.
- This option can be exercised at one or more of the events listed above, provided your total revised Sum Assured is not more than 3 times your original Sum Assured.
Benefits
In case of death of the life insured, the nominee would get the sum assured under this policy.
There are no maturity benefits under this plan.
Life Insurance premiums paid up to Rs.1,50,000 are allowed as a deduction from the taxable income each year under section 80C
There are no riders available in this policy
Eligibility
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
25,00,000 |
No Limit |
|
Policy Term (in years) |
5 |
30 |
|
Premium Payment Term (in years) |
Equal to policy term |
Equal to policy term |
|
Entry Age of Policyholder |
18 |
65 |
|
Age at Maturity |
- |
70 |
|
Single premium (in Rs.) |
NA |
NA |
|
Payment modes |
Yearly, Half-yearly, Quarterly and Monthly |
|
FAQs
If the policy holder stops paying the premium, then the policy would lapse and all benefits would cease to exist. You can however revive the policy within 2 years of lapsation.
Surrender Benefit option is not available in this policy.
Loan facility is not available under this policy.
