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Kotak Life e-Term Plan
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Kotak Life e-Term Plan Summary
Kotak Life e-Term Plan is an Individual, Non-Linked, Non-Participating, Pure Protection Term Life Insurance Plan. It is an online version of pure 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. This policy can be purchased without the intervention of any agent and hence has low and affordable premiums. It is truly an economical means of providing a high level of protection. This plan offers special premium rates to non-tobacco users and women.
Plan Name
e-Term Plan
Product Type
Term Life Insurance
UIN
107N104V02
Key features of Kotak Life e-Term Plan
Low Cost Insurance offers the benefit of high cover at economical prices
3 Plan Options to choose from -
Life Option
Life Plus Option
Life Secure Option
3 Payout Options to choose from -
Immediate Payout
Level Recurring Payout
Increasing Recurring Payout
Enhance Your Cover at specific events of life through Step-Up option
Enhanced Protection against Accidental Death, Critical Illness and Total Permanent Disability
Special Rates for Non-Tobacco Users & Women
COMPARE THIS PLAN WITH OTHER TERM PLANS
Eligibility Criteria for buying Kotak Life e-Term Plan
Minimum
Maximum
Sum assured
₹25,00,000
No limit
Age at entry
18 years
65 Years*
Maturity age
23 years
75 years
Premium Payment Option
Regular, Limited, and Single Pay
Premium Payment Modes
Single, Yearly, Half-Yearly, Quarterly and Monthly
*In case the Premium Payment Term of “Pay till 60” is chosen, the Maximum Entry Age will be 50 years.
Let us understand the above-mentioned premium payment terms and policy term combinations better with the help of this table:
1. Regular Pay -
Premium Payment Term
Policy Term
Same as Policy Term
Min: 5 Years Max: 40 Years or 75 minus Age at Entry
2. Limited Pay -
Premium Payment Term
Policy Term
5 Pay
Min: 10 Years Max: 40 Years or 75 minus Age at Entry
7 Pay*
Min: 12 Years Max: 40 Years or 75 minus Age at Entry
10 Pay
Min: 15 Years Max: 40 Years or 75 minus Age at Entry
15 Pay*
Min: 20 Years Max: 40 Years or 75 minus Age at Entry
Pay till 60 Years (Min PPT of
10 Years)
Min: 15 Years Max: 40 Years or 75 minus Age at Entry
*7 and 15 Pay shall not be available for Online Channel
3. Single Pay -
Premium Payment Term
Policy Term
One Time Payment
Min: 5 Years Max: 40 Years or 75 minus Age at Entry
How does Kotak Life e-Term Plan work?
Step 1: Choose your Coverage Amount & Policy Term & Premium Payment Term based on your requirement
Step 2: Select any one of the 3 Plan Options:
Life
Life Plus
Life Secure
Step 3: Select from 3 Payout Options:
Immediate Payout
Level Recurring Payout
Increasing Recurring Payout
Step 4: Choose -
Premium Paying Mode as per your requirement
Step-Up option to increase coverage on future life stage events
Step 5 (Optional): Choose Additional Cover through 2 Riders:
Permanent Disability Benefit Rider
Critical Illness Plus Benefit Rider
What are the Plan Options available in e-Term Plan?
You may select any one of the 3 Plan Options available under this plan at inception based on your requirements. Once the Plan Option is chosen, the same cannot be changed during the policy term.
Option
Benefit
Life Option
Sum Assured on Death
Life Plus Option
Sum Assured on Death + Accidental Death Benefit
Life Secure Option
Sum Assured on Death + Waiver of Premium on Total and Permanent Disability
What are the Death Benefits under different Plan Options?
Event
Life Option
Natural Death
100% of “Sum Assured on Death” shall be payable
Accidental Death
Total & Permanent Disability
Not Applicable
Event
Life Plus Option
Natural Death
100% of “Sum Assured on Death” shall be payable
Accidental Death
100% of Sum Assured on death shall be payable + Accidental Death Benefit shall be payable subject to max of ₹1 crore
Total & Permanent Disability
Not Applicable
Event
Life Plus Option
Natural Death
100% of “Sum Assured on Death” shall be payable
Accidental Death
Total & Permanent Disability
Waiver of all future Premiums on TPD and the Policy continues till the end of Policy Term.
What is Sum Assured on Death in Kotak Life e-Term Plan?
In case of an unfortunate event of death of the life insured during the policy term, the Nominee shall receive the Sum Assured on Death as mentioned below:
Premium Payment Options
Highest of:
Regular & Limited Pay
Sum Assured
11 times Annualised Premium
105% of all premiums paid till the date of death
Single-Premium
Basic Sum Assured
1.25 times the Single Premium paid
Additional features of Kotak Life e-Term Plan
Step-up Option - Under Regular Premium Paying policies, you can go for Step-Up option at the time of purchasing the policy. It guarantees you additional insurance cover at specific important stages in your life in a cost effective and hassle free manner.
The important events on which you can exercise this option and the limits of the increase in Basic Sum Assured are given below:
Events
Maximum Increase in Basic Sum Assured
Marriage
50% of Basic Sum Assured
Purchase of first house after commencement of the policy
50% of Basic Sum Assured (subject to maximum of loan amount)
Birth or legal adoption of a child
25% of Basic Sum Assured for each child
On the 1st, 3rd and 5th policy anniversary
25% of Basic Sum Assured
You can increase your Basic Sum Assured without having to give any further evidence of health or undergo any further medical examination.
Fees for Step-up Option -
Policy Term
Up to 15 years
Above 15 years
Option Fees (as % of Original Basic Premium)
3%
5%
Note - On exercising this option on one or more of the events listed above, the Total Sum Assured cannot be more than 3 times your original Basic Sum Assured.
Step-down Option -
Responsibilities don't remain the same throughout life. Under Regular Premium Paying policies, in the event of real need, you can step down to a lower amount of cover subject to the minimum amount of cover available in this plan. Step-Down option can be done only once during the policy term and the premium shall be re-calculated based on the revised Sum Assured, Age at Entry and original policy term.
Following Terms & Conditions are applicable -
A charge of 500 shall be applicable in case you choose to exercise Step-Down Option
Step-Down Option can only be exercised if the:
Step-Up Option has not been opted under the policy or
Step-Up Option has been opted under the policy but the same has not been exercised.
Premiums – The premiums paid for the plan are exempt from taxation under Section 80C of the Income Tax Act.
Maturity Claim – Maturity amount is exempted from tax under Sec 10(10D) of the Income Tax Act
Death Claim – Death claims received under the plan are free from taxation under Section 10(10D) of the Income Tax Act
Sample Premium Illustration for Kotak Life e-Term Plan
Given below are premiums for sample combination of entry age and policy term (Regular pay) for a Basic Sum Assured of ₹1 crore under Life option for policyholder.
Immediate Payout:
Entry age
Policy Term
25 years
30 years
35 years
40 years
30 years
₹9,100
₹9,600
₹9,800
₹10,200
35 years
₹11,800
₹12,700
₹13,400
₹14,000
40 years
₹17,300
₹18,400
₹19,600
NA
45 years
₹25,700
₹27,700
NA
NA
Level Recurring Payout:
Entry age
Policy Term
25 years
30 years
35 years
40 years
30 years
₹7,600
₹8,100
₹8,200
₹8,600
35 years
₹9,900
₹10,600
₹11,200
₹11,800
40 years
₹14,400
₹15,400
₹16,400
NA
45 years
₹21,600
₹23,100
NA
NA
Increasing Recurring Payout:
Entry age
Policy Term
25 years
30 years
35 years
40 years
30 years
₹11,500
₹12,200
₹12,400
₹12,900
35 years
₹15,000
₹16,200
₹17,000
₹17,900
40 years
₹22,000
₹23,600
₹25,100
NA
45 years
₹33,200
₹35,500
NA
NA
Exclusions in Kotak Life e-Term Plan
In case of death due to suicide within 12 months from Date of Commencement of Risk of the Policy or from date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to, 80% of the Total Premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.
FAQs on Kotak Life e-Term Plan
1. What is Free-look Period?
If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the premium paid net of any applicable expenses would be returned. To know more about the Free-Look Period, click here.
2. What is Grace Period?
In the case of Yearly, Half-yearly, and Quarterly premium payment modes you have a grace period of 30 days from the premium due date. In the case of monthly premium payment mode, the grace period is 15 days.
3. What is the Revival Period?
A lapsed or a Reduced Paid-Up policy can be reinstated (with or without Riders) for full benefits on revival within 5 years from the date of first unpaid premium.
4. Are any Riders available?
You have the choice of taking the following rider by paying an extra premium amount:
Kotak Critical Illness Plus Benefit Rider - UIN: 107B020V01
If you have any queries, our IRDA-trained advisor at MyInsuranceClub can help you get them solved. You can get various Term plan comparison on MyInsuranceClub.
