Kotak Saral Suraksha Plan

Key Features

• The policy is a pure term insurance plan offering high life cover at very low costs.
• The policy offers a choice of two policy terms, of five or ten years.
• The policyholder has a choice to pay premiums as a single payment or over a period of five years.
• The process for the purchase of the policy is hassle free and convenient for the policyholders with minimum paperwork and without the need for medical examinations.

Product Specification:

Details About Premium

Policy Details

• Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues.
• Policy Termination or Surrender Benefit: For a Single Premium plan the policy acquires Surrender Value from the end of the first policy year.  For a five pay Limited Premium Plan with a Policy Term of 10 years, the policy acquires Surrender Value after premiums for the first two policy years have been fully paid. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Death Benefit.
• Free Look Period: Policyholders have a limited free look period of fifteen days from the date of receiving policy documents to review the policy. The timeframe is extended to thirty days if the policy was sold through distance marketing. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive a refund of the premium paid minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges.

Inclusions

• For Limited premium payment modes if premiums for the first two policy years are not paid within the Grace Period, the policy will lapse. For Regular payment plan, if premiums are not paid within the Grace Period, the policy will lapse.

Additional Features or Riders

• The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium.
• The policy acquires Reduced Paid-up Value if subsequent premiums are not paid within the Grace Period after the policy acquires Surrender Value. Paid-up Value is not applicable on Reduced Paid- up Value is only applicable on five year limited premium policies with a policy term of ten years. It is not applicable on Regular premium payment policies.

Exclusions

• The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund 80% of the premiums paid until the date of death, to the nominee. In case the Life Insured commits suicide within six months of reviving the policy, the nominee will receive the Death Benefit. If the Life Insured commits suicide within a year of the revival of the policy, the nominee will receive the higher of 80% of the premiums paid or Surrender Value.

Documents Required

The policyholder has to fill up an ‘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.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.