Kotak Saral Suraksha Plan
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
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
Benefits
In case of death of the policy holder, the nominee would receive 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.) |
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 |
FAQs
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.
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
Loan facility is not available under this policy.