Kotak Saral Jeevan Bima

Kotak Life Saral Jeevan Bima is a comprehensive term insurance plan that ensures your family's financial security if something unfortunate were to happen to you. This policy is designed to cater to people from all backgrounds, no matter their education or occupation. In this article, we will understand the plan in a better way. 

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Saral jeevan bima
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Get ₹50 Lacs Life Cover at just ₹412/month+
Get upto 20% online discount
In case of your death, your family will receive fixed amount, tax free
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Why Should You Opt For The Kotal Saral Jeevan Bima Plan? 

Here are some of the reasons why you should opt for the Kotak Saral Jeevan Bima Plan:

  • Offers financial protection to your family in case something unfortunate happens to you.

  • Coverage can last up to 70 years of age (except for POSPs/CPSC Channel, where coverage is up to 65 years).

  • Special rates available for female policyholders.

  • You can pay premium in Regular Pay, Single Pay, 5 year Limited Pay and 10 year Limited Pay.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What Is The Eligibility Criteria For Buying Kotak Saral Jeevan Bima?

The table below shows the eligibility criteria of Kotak Saral Jeevan Bima:

Criteria Minimum Maximum
Entry Age 18 years 65 years
Maturity Age 23 years 70 years
Premium Payment Option Regular, Limited and Single Pay
Policy Term Regular Pay: 5 years
Single Pay: 5 years
5 year Limited Pay: 6 years
10 year Limited Pay: 11 years
40 years
Sum Assured Rs. 5 Lakhs Rs. 25 Lakhs
Premium Payment Mode Single, Yearly, Half-Yearly and Monthly

**Standard Terms and Conditions apply.

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Term Plan Starting @ ₹449/month+

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What Are The Benefits Of Kotak Saral Jeevan Bima?

Listed below are the benefits offered under Kotak Saral Jeevan Bima:

  1. Financial Security

    Protect your family and provide them financial security when faced with unexpected situations by choosing this insurance plan. It offers a lump sum benefit to provide crucial support during challenging times.

  2. Death Benefit

    If the insured person dies during the Waiting Period, the Death Benefit will be paid as a lump sum.

    For Regular and Limited Premium policies with accidental death: Sum Assured on Death is the highest of: 10 times the Annualized Premium, 105% of all Premiums paid, or the absolute amount assured.

    For Single Premium policies with accidental death: Sum Assured on Death is the highest of: 125% of the Single Premium or the absolute amount assured.

    If the death is not accidental: The Death Benefit will be 100% of all Premiums paid (excluding taxes).

    Upon the death of the insured person after the waiting period but before the policy's maturity date, and if the policy is active, the Death Benefit will be paid as a lump sum. The amount payable will depend on the type of premium payment:

    For Regular and Limited Premium Payment Policy: The "Sum Assured on Death" will be paid as a lump sum, and it is the highest of:

    • 10 times the Annualized Premium,

    • 105% of all the premiums paid up to the date of death, or

    • The absolute amount assured to be paid on death.

    For Single Premium Policy: The "Sum Assured on Death" will be paid as a lump sum, and it is the highest of:

    • 125% of the Single Premium, or

    • The absolute amount assured to be paid on death.

  3. Tax Benefits

    Tax benefits under Kotak Saral Jeevan Bima are linked to the income tax act of 1961 of the constitution of India and are subject to change with amendments in the law.
    **Note: Tax benefit is subject to changes in tax laws. Standard T&C apply.

  4. Maturity Benefit

    If the insured person survives till the end of the policy term, no maturity benefit will be paid.

  5. Waiting Period

    During the first 45 days from the start of the policy, the insurance will cover death due to accidents only.
    If the insured person dies from causes other than an accident during this waiting period, the insurance will refund all the premiums received (excluding taxes) but will not pay the Sum Assured.

  6. Riders

    There are no riders offered under the Kotak Saral Jeevan Bima plan.

How To Buy Kotak Saral Jeevan Bima From Policybazaar?

To purchase the Kotak Saral Jeevan Bima Plan from Policybazaar, follow these steps:

Step 1: Visit the official page of Saral Jeevan Bima Yojana.

Step 2: Enter your personal details such as gender, name, date of birth, and mobile number.

Step 3: Provide information about smoking habits, education, occupation, and annual income.

Step 4: Choose the plan that best suits your needs and proceed to make the payment.

Step 5: Complete the payment using your preferred method to buy the Kotak Saral Jeevan Bima policy.

**Note: You can use the term insurance premium calculator to calculate and estimate the premiums required to get the desired life cover.

What Are The Policy Details of Kotak Saral Jeevan Bima Plan?

Below mentioned are the policy details of the Kotak Saral Jeevan Bima Plan:

  • Grace Period: Grace period is the time after the premium's due date where you can pay without penalties.

    • It applies to Limited and Regular Premium policies.

    • For yearly or half-yearly payments, you get a 30 days grace period.

    • For monthly payments, you get a 15 days grace period.

    • If not paid within the grace period, the policy will lapse.

  • Lapsation of Policy: The policy is considered lapsed if the premium is not paid within the grace period.

    • Once lapsed, the benefits of the policy will stop from the date of the unpaid premium.

    • You have the option to revive the lapsed policy, with or without Riders, within five (5) policy years from the date of the first unpaid premium.

  • Policy Revival: If premium is not paid within the grace period, policy benefits are ceased.

    • Lapsed policy can be revived during the policyholder's lifetime within the Revival Period and before the Date of Maturity.

    • Revival requires paying pending premiums with interest and may need proof of continued insurability.

    • Revival approval and communication from the company needed for effectiveness.

    • If not revived before the Date of Maturity, the policy will terminate.

    • For Regular Premium, nothing is payable; for Limited Premium, Policy Cancellation Value is paid.

    • Revival of Rider only considered with Base Policy revival.

  • Surrender Value: You cannot get any surrender value from this Policy.

  • Reduced Paid Up Benefits: This Policy does not offer reduced paid-up benefits.

  • Policy Loan: No loans can be taken against this policy.

  • Policy Termination: The policy will automatically terminate in the following situations:

    • When the death benefit becomes payable.

    • When a refund, if applicable, is settled due to policy cancellation.

    • On the date of maturity.

    • If the policy is not revived within the revival period.

    • When the free look cancellation amount is paid.

  • Nomination: You can nominate someone to receive the policy benefits as per the rules stated in Section 39 of the Insurance Act, 1938, which may change over time.

  • Assignment: You can assign the policy to someone else in accordance with the rules stated in Section 38 of the Insurance Act, 1938, which may change over time.

  • Free Look Period: You have 15 days (30 days for electronic and distance marketing policies) to review the policy after receiving it. If you disagree with the terms, you can return the policy for cancellation and get a refund of the premium paid, with deductions for certain expenses.

    • Processing: The company will process your cancellation request and refund within 15 days.

    • Policy Termination: After payment, the policy will terminate, and all benefits and rights will end.

What Are The Exclusions Under Kotak Saral Jeevan Bima Plan?

The following exclusion will be applied to the Kotak Saral Jeevan Bima Plan:

Suicide Exclusion

  • For Regular and Limited Pay
    If the policyholder commits suicide within the first 12 months counting from the date of commencement of risk, the insurer shall not pay anything more than 80% of the premiums paid till suicide provided that the policy is in force.

  • For Single Premium
    The policy stands void upon policyholder's suicide within the first 12 months of the plan's risk commencement date, and the insurer shall not be liable to pay anything more than 90% of the premium paid to date.

FAQ's

  • Is surrender value available as per this Plan?

    Ans: No Surrender value applies to this plan.
  • Can you make the death cover claim if the policyholder dies during the waiting period?

    Ans: You can make the cover claim only if the cause of the death is an accident. In case the policyholder dies during the waiting period due to reasons other than an accident, then in such a scenario, the insurer shall not be liable to pay the death benefit but shall return 100% of the premiums paid up till the occurrence of death.
  • Is there any rider available to cover medical expenses under Kotak Saral Jeevan Bima?

    Ans: This is a pure death cover plan and doesn't come along with any rider benefits that cover your health as well.
  • What are nomination guidelines under this plan?

    Ans: Nomination is applicable under the plan following the provisions available under Section 39 of the IT Act. Nomination regulations are subject to changes with the amendments in the insurance law from time to time.
  • What is the free look period given by this policy?

    Ans: The free look period of 15 days and 30 days (in case of policy being bought through distance marketing) is available to the policyholder within, which he or she can check if they agree to all the terms and conditions of the policy or not.

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