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Kotak Saral Suraksha Plan

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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

COMPARE THIS PLAN WITH OTHER TERM PLANS
Yes
No

 

 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. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C


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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

 

Kotak Saral Suraksha Term Plan Premium 

 

Additional Features and Benefits of Kotak Saral Suraksha Plan 

Riders – There are no riders available in this policy

 

What happens if?

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.


 

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