Kotak Protect Advantage

What Are The Key Features Of The Kotak Protect Advantage Plan?

Below mentioned are the key features of the Kotak Protect Advantage plan:

• Plan Options: This term insurance plan offers two plan options to choose from, which are Life Option and Life Secure Option.

• Payout Options: Choose between two payout options. Immediate Payout, where the entire Sum Assured on Death is paid as a lump sum or Level Recurring Payout, where 10% is paid immediately and 6% is paid annually for 15 years.

• Payout Options: You can choose between two payout options: Immediate Payout, where the entire Sum Assured on Death is paid as a lump sum, or Level Recurring Payout, where 10% is paid right away and 6% is paid annually for 15 years.

• Milestone Upgrade Option: Enhance your Basic Sum Assured on marriage, purchase of your first house or birth/adoption of 2 children without going through fresh medical tests for a nominal charge and subject to a maximum of 150% of the original Basic Sum Assured

• Insta Payout on Claim Intimation: An advance of ₹ 2 Lakh is paid to the claimant within 2 working days of claim registration(after 3 consecutive policy years) before the full claim settlement.

• Accelerated Terminal Illness Benefit (optional): Available only with the Immediate Payout option, where the company pays the lower of 100% Sum Assured or ₹2 crore as an early payout on diagnosis of a Terminal Illness.

• Premium Break Benefit: Defer one full year's base and rider premiums (after 5 years of premiums paid, not in the last 5 years of the Premium Payment Term) — with no interest charged and full cover continuing uninterrupted.

• Special Exit Benefit: Get back 100% of all premiums paid at any time after the 25th policy year, available only for policy terms of 30 years or more.

• Waiver of Premium on Total and Permanent Disability (Life Secure option): All future outstanding Base Plan premiums are waived on TPD, and the policy continues to the end of the term.

• Rider: Enhance your protection with optional riders by paying a nominal extra premium.

• Inbuilt Wellness Benefits: Policyholders get access to: telemedicine consultation, personal medical care, lifestyle management programs, and emergency response service

Plan Options Available Under Kotak Protect Advantage

Kotak Life Insurance offers you a choice of two plan options at the time of buying the Kotak Protect Advantage Plan. Whichever you choose, the selection is locked in for the entire policy term and cannot be changed later.

Life Option

• Sum Assured on Death

• Premium Break Benefit

• Special Exit Benefit

• Milestone Upgrade Option (Optional)

• Accelerated Terminal Illness Benefit (Optional)

Life Secure Option

Everything in the Life Option, plus an added layer of protection against disability:

• Sum Assured on Death

• Waiver of Future Premiums on Total and Permanent Disability

• Premium Break Benefit

• Special Exit Benefit

• Milestone Upgrade Option (Optional)

• Accelerated Terminal Illness Benefit (Optional)

Kotak Protect Advantage Eligibility Conditions

What Are The Benefits Of Kotak Protect Advantage?

Death Benefit:

In the event of the death of the life insured during the policy term, the Kotak term Insurance plan pays the Sum Assured on Death to the nominee. It is the higher of:

• Basic Sum Assured (adjusted for any Milestone Upgrade increase); or

• 11 times the Annualized Premium (excluding modal loadings, GST/Cess, extra premiums, and rider premiums); or

• 105% of total premiums paid, plus underwriting extra premiums and Milestone Upgrade Option Fee (if any), till the date of death.

Waiver of Premium on TPD (Life Secure option only):

On Total and Permanent Disability, all future outstanding Base Plan premiums are waived and the policy continues in force till the end of the policy term. Riders (if opted) terminate on waiver of future premiums.

Special Exit Benefit:

100% of total premiums paid (plus underwriting extras and modal loadings) returned, available after the 25th policy year, for policy terms of 30 years and above (not available in the last 5 years of the term, or if TPD waiver / Accelerated Terminal Illness benefit has already been triggered).

Health and Wellness Benefit:

Policyholders also get free health benefits worth ₹ 60,000 at no additional cost, which include telemedicine consultations, personal medical care, lifestyle management programs, emergency response Services, home health care and pharmacy access. Also, a Wellbeing App is available with risk assessment, activity trackers, health calculators (Heart Age, BMI, Immunity Score, Mental Well-being, etc.), Electronic Health Records with ABHA interoperability and challenges/quizzes. These services are optional, do not affect the premiums paid and are available for the entire duration of the policy in force.

Milestone Benefit:

The policyholder can increase the Basic Sum Assured, without any fresh medical tests, on the occurrence of specific life events: first marriage (50% of original Basic Sum Assured, up to ₹50 lakh), purchase of first house in India (50% of original Basic Sum Assured, up to ₹50 lakh, subject to loan amount), and birth/legal adoption of up to 2 children (25% of original Basic Sum Assured per child, up to ₹25 lakh each).

Premium Break Benefit:

Under both plan options, the policyholder can stop paying the base plan and rider premiums for a full policy year. The policyholder must have paid for at least 5 full years of premiums and may not take the break during the last 5 years of the Premium Payment Term. Life cover and all benefits continue in full force. No interest is charged on the deferred premium during the break. This can be availed multiple times during the Premium Payment Term with a minimum gap of 5 policy years between two breaks.

Tax Benefits:

You may avail tax benefits under the policy, which are subject to conditions specified under the Income Tax Act, 2025.

Riders Available under Kotak Protect Advantage Plan

The following is a list of all the riders available to add to the base plan for additional protection:

• Kotak Accidental Death Benefit Rider: Provides an additional sum assured in case of accidental death, in addition to the life cover.

• Kotak Permanent Disability Benefit Rider: Provides a permanent disability benefit. Not applicable for Life Secure option (TPD waiver is already built in there).

• Kotak Critical Illness Plus Benefit Rider: Additional lump sum payout on diagnosis of a covered critical illness.

How to Buy Kotak Protect Advantage Plan from Policybazaar?

Below are the steps to buy the Kotak Protect Advantage Plan from Policybazaar:

Step 1: Go to the Policybazaar term Insurance page

Step 2: Fill in details like Name, Gender, Mobile Number, DOB, and then click on View Term Quotes.

Step 3: Also fill in your annual income, smoking habits, educational qualification and occupation type, and click ‘View Plans'.

Step 4: From the list of plans, choose Kotak Protect Advantage Plan.

Step 5: Fill your full name, your occupation, your email, your yearly income and your educational qualification

Step 6: Select your preferred payment method and complete the purchase by paying.

What Are The Policy Details In Kotak Protect Advantage?

• Grace Period: The plan offers a grace period of 30 days for yearly, half-yearly and quarterly modes; 15 days for monthly mode. The policy stays active during this period.

• Voluntary Termination Value: Not available under Regular Pay. Under Limited Pay: 60% × (Unexpired Policy Term / Policy Term) × Sum of Total Premiums Paid, after all due premiums have been paid.

• Free Look Period: The plan has a free look period of 30 days from the date of receipt of policy document. During this period if you are not happy with your policy terms and conditions you can cancel your policy.

• Policy Lapse: The policy shall lapse at the expiry of the Grace Period if due premiums are not paid. Milestone Upgrade and Premium Break are not available with a lapsed policy.

• Policy Revival: A lapsed policy can be revived within 5 years from the due date of the first unpaid premium, on payment of outstanding premiums with interest (currently 9% p.a. simple interest) plus evidence of continued insurability.

• Loan: Loans are not allowed under this plan.

Exclusions under Kotak Protect Advantage

Suicide Exclusion: If the life insured dies by suicide within 12 months of the Date of Commencement of Risk (or revival), the nominee receives the higher of 80% of total premiums paid or the Voluntary Termination Value (if any), provided the policy is in force. A similar 80%-of-premiums rule applies to any Milestone Upgrade Sum Assured if suicide occurs within 12 months of exercising that option.

Exclusions for Total and Permanent Disability (Life Secure option): No TPD benefit is payable if disability results from — a pre-existing condition (undisclosed), intentional self-inflicted injury or attempted suicide, being under the influence of drugs/alcohol/narcotics (without prescription), war/civil unrest, military/police operations, unauthorized flying activity, criminal acts, hazardous sports/hobbies, or nuclear/biological/chemical contamination.

Pre-existing Disease: Any condition diagnosed or treated within 36 months prior to the policy's effective date/reinstatement. No claim can be repudiated on this ground after 3 years from policy inception or reinstatement.

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