Kotak Premium Return Term Plan
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
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.
Benefits
In case of death of the life insured during the policy tenure, the nominee would receive the sum assured under this policy.
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.
Life Insurance premiums paid up to Rs.1,50,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility
|
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 |
|
FAQs
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.
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
Loan facility is not available under this policy.
