Kotak Preferred e-Term Plan is an online, pure term life insurance plan that provides a high level of protection at an economical price. It helps protect the family against the uncertainties of life in the absence of the life insured. The plan secures the future of the loved ones so that they can meet their financial obligations and lead a happy life. It can be directly purchased from the website of the insurance company without any intervention of an insurance agent. A unique feature of this term plan is the inbuilt waiver of future premiums in case of total and permanent disability of the policyholder. This ensures that the family does not come under additional financial stress in such testing times.
+Tax benefit is subject to changes in tax laws.
++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
If the death of the life insured occurs during the grace period, the Death Benefit is paid after deducting any due unpaid premiums. Where the mode of premium payment is monthly, the outstanding premium instalments for the remainder of the policy year of death are deducted from the Death Benefit.
The Death Benefit for single premium paying policies is higher of the following:
|
Minimum |
Maximum |
Entry Age (last birthday) |
18 years |
65 years |
Maturity Age (last birthday) |
28 years |
75 years |
Policy Term |
10 years |
40 years |
Basic Sum Assured |
Rs. 25 lakh |
No limit (subject to underwriting) |
Premium Payment Option |
Regular, Limited and Single Pay |
|
Premium Payment Term |
|
|
Premium Payment Mode |
Yearly and Monthly |
|
Premium Modal Factor |
The following modal loadings are used to calculate the instalment premium:
|
|
Premium Amount |
Determined on the basis of chosen premium payment option and chosen plan option i.e. recurring or immediate payout, basic Sum Assured, age, gender, smoking status and policy term |
No limit (subject to underwriting) |
Details of premium for 30 year old male. Non- tobacco user |
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Age (Yrs) |
Policy Term (Yrs) |
Premium Payment Term (Yrs) |
Sum assured (Rs.) |
Premium amount for Immediate Payout (Rs.) |
Premium amount for Recurring Payout (Rs.) |
30 |
10 |
10 |
2500000 |
3164 |
2537 |
30 |
10 |
5 |
2500000 |
5045 |
4019 |
30 |
10 |
Single Premium |
2500000 |
23171 |
18297 |
For Recurring Payout - 250000 paid as lumpsum benefit at the time of claim settlement and Rs. 150000 will be paid annually or Rs. 12330 will be paid monthly for the next 15 years dependin on the option chosen at the time of claim settlement. |
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Details of premium for 30 year old female. Non- tobacco user |
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Age (Yrs) |
Policy Term (Yrs) |
Premium Payment Term (Yrs) |
Sum assured (Rs.) |
Premium amount for Immediate Payout (Rs.) |
Premium amount for Recurring Payout (Rs.) |
30 |
10 |
10 |
2500000 |
2907 |
2309 |
30 |
10 |
5 |
2500000 |
4589 |
3648 |
30 |
10 |
Single Premium |
2500000 |
20862 |
16331 |
For Recurring Payout - 250000 paid as lumpsum benefit at the time of claim settlement and Rs. 150000 will be paid annually or Rs. 12330 will be paid monthly for the next 15 years dependin on the option chosen at the time of claim settlement. |
The policyholder has to fill up an online ‘Application form’ with photo identity proof (Passport, PAN Card or Driving License) and income proof in the form of a copy of the latest ITR or Form 16 or copies of the last three months salary slips.
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