Kotak e Term Plan has creative life coverage options and risk cover plans that provide protection to the policyholder's family. With the help of the Kotak e term plan, the policyholder can relax without any worries about the future. There are three schemes under the Kotak e term plan. They are – Life Option, Life Plus Option, Life Secure Option. The schemes are discussed in the Kotak eTerm plan brochure in detail.Read more
+Tax benefit is subject to changes in tax laws. +Standard T&C Apply
++Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
The Kotak eTerm plan brochure provides comprehensive information about plans with various options according to the customer's preferences. The customer can choose among the available options that suit their needs the best. There are a few basic qualifications for getting a plan with Kotak. The eligibilities are discussed below:
|Minimum Entry Age (as on last birthday)||18 years|
|Maximum Entry Age (as on last birthday)||65 years|
|Minimum Maturity Age (as on last birthday)||23 years|
|Maximum Maturity Age (as on last birthday)||75 years|
|Policy Term||The policy term starts from a minimum of 5 years to a maximum of up to 40 years.|
|Premium Payment Option||Regular, Limited, and Single Pay|
|Premium Payment Term (PPT)||Regular Pay: Equal to the policy term.
|Premium Payment Mode||Yearly, Half-Yearly, Quarterly, and Monthly (Half-Yearly and Quarterly pay are not applicable for online payment options).|
|Basic Sum Assured||The Basic Sum assured by Kotak is as follows:
Maximum: No limit.
The accidental death benefits offered by the Kotak e term plan under the Life Plus Option can be given up to a maximum of 1 Crore.
|Premium||The premium of a policy depends on the Sum assured amount chosen by the customer. The premium of a policy depends on the age, gender, and health issues of the policyholder. However, the minimum premium varies depending upon the categories mentioned above. The maximum premium shall not depend on any of the options mentioned above. There is no limit on the maximum premium, but it will vary according to the Sum assured amount that is promised by the policy upon maturity.|
|Percentage of Annual Premium (Modal)||The modal factors on the percentage of premium are listed below, which can be used to calculate the installment of premium amounts based on various options:
The features of the plan are described in detail in the Kotak eTerm plan brochure. The key features of the Kotak eTerm plan are discussed below:
One of the key features discussed in the Kotak eTerm plan brochure is low-cost insurance. This provides the customer with a huge sum assured amount at a very low premium rate. Thus, the policyholder can easily afford to pay the premium without much trouble.
Kotak eTerm plan brochure provides the plan options of the Kotak eTerm plan. There are three-term plans available under this scheme, and the customer can choose the one that best suits their needs. They are as follows:
The Kotak eTerm plan provides three payout options. They are as follows:
Step-Up Options can be chosen at the time of buying a policy. It provides additional insurance cover at a particular milestone in the life of the customer like the following:
Life is all about ebbs and falls. If the customer finds it difficult to pay their premium, they can reduce the existing Sum assured amount to reduce the years of the premium paid or to reduce the premium amount.
Special discount in premium rates is provided for women and non-tobacco users.
The risk covers provide enhanced protection against accidental deaths, critical illnesses, and in case of total permanent disability.
The benefits of the Kotak eTerm plan are many. Some of the benefits provided under the Kotak eTerm plan brochure are given below:
The death benefits include providing the Sum assured amount to the nominee of the policyholder's death that might have happened in between the policy period.
The tax benefits can change based on the tax laws. So, the tax benefits are applicable under the tax laws provided by the Income Tax Act, 1961.
This accidental death benefit comes under the 'Life Plus' option in case of accidental deaths. Under such circumstances, the policyholder's nominee will get 100% of the Basic Sum assured amount. He is also entitled to receiving up to 1 Crore in addition to the death benefit.
Special discounts are provided for women and non-tobacco users. Also, an additional discount of 5% in the 1st policy year is applicable for the individual’s life insured under existing policies.
The process for purchasing the Kotak eTerm plan is simple, and a few steps are to be followed.
Step 1: Choose the coverage amount based on the policy term, premium amount, and the basic Sum assured based on the requirement of the customer.
Step 2: Select one among the three plan options that are available – Life, Life Plus, and Life Secure.
Step 3: Select among the three payout options – Immediate payout, Increasing recurring payout, or Level recurring payout.
Step 4: Select the desired premium payment mode as per requirement and use the step-up option to increase coverage on future life stage events or the step-down option.
Step 5 (Optional): Select additional covers through 2 riders: Permanent Disability Benefit Rider or the Critical Illness Plus Benefit Rider.
The documents required for buying a plan as mentioned in the Kotak eTerm plan brochure are as follows:
Some of the features of the plan as provided by the Kotak eTerm plan brochure are as follows:
If the policyholder is unable to live independently, like not able to wash and dress, toileting, to be able to move indoors and outdoors, transferring themselves from bed to chair or some other place, not able to feed themselves using their hands, etc. Under such circumstances, the policyholder can get the Sum assured amount before as per their demand.
If the policyholder gets into an accident or some other event that leads to the loss of either two or more of their limbs, even if the limbs are paralyzed, and they aren't able to use their limbs anymore. Under such circumstances, the policyholder can get the Sum assured amount.
If the policyholder becomes unfortunate and losses their eyesight, i.e., becoming blind, in such a case, if the eyesight of the customer is irreversible or cannot be restored upon operations and the policyholder ends up losing their eyesight permanently, then the customer can get the Sum assured amount without any further premium payments.
NOTE – The loss of eyesight will be evidenced by a clinically certified medical practitioner stating that the eyesight cannot be restored upon a clinical procedure. Only then, the customer can get the Sum assured amount.
If the policyholder gets into an illness or injury that causes damage in their everyday work life they can get a clinical certificate stating that the customer is 'Unable to work,' then the policyholder can get the Sum assured amount without paying any further premium payments.
Here is a rundown of the terms and conditions of the Kotak eTerm Plan:
A grace period of 30 days from the due date is provided by the Kotak eTerm plan for yearly, half-yearly, and quarterly term premium payments. If the policy premium payment is monthly, then a grace period of 15 days is provided from the due date.
The policy can lapse if the due premium is not received until the end of the grace period provided by the Kotak eTerm plan.
Upon the lapse in a particular policy, the customer can revive the policy within two years of the date of policy lapse. If the revival is not done within 2 years, then the policy will get cancelled.
The Kotak eTerm plan brochure provides the following exclusion for the insurance customers:
If the policyholder commits suicide within 12 months from the date of the policy taken, then the nominee of the policy can only get 80% of the total premium paid.
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