Kotak Saral Jeevan Bima

Kotak Saral Jeevan Bima is planned to specifically target the financial risk due to the uncertainty of one's life. This policy is laid out to cover the family's expenses upon an unfortunate demise of the life assured. Kotak Saral Jeevan Bima is a pure non-linked, non-participating life insurance plan, which covers none other than death benefit at relatively more affordable prices.

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A lump sum amount is paid to the beneficiaries nominated by the policyholder in case of the untimely demise of the life insured.

The ultimate goal of this plan is to protect an individual’s family financial expenses if something happens to him. Kotak Saral Jeevan Bima is most suitable when a buyer is looking for a family's financial protection when he or she is not around.

Eligibility Criteria of Kotak Saral Jeevan Bima

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

Parameter

Details

Entry Age

18 years and 65 years

Maturity Age 

70 years

Premium Payment Option

Limited, Regular and Single Pay

Premium Payment Mode

Single, Monthly, Half-yearly and Yearly

Sum Assured

Minimum: Rs 5 lakh

Maximum: Rs 25 lakh

Benefits of Kotak Saaral Jeevan Bima

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

  1. Death Benefit

    There are two main conditions in claiming the death benefit:

    Death has occurred during the waiting period

    Death occurs after the waiting period is passed provided the policy is intact in both cases.

    The waiting period is 45 days starting from the commencement of the risk date. Death benefit during the waiting period will only be claimable if the death has occurred due to an accident.

    Death benefit when the death has occurred during the waiting period

    In case if the cause of death during the waiting period is an accident and the premium paying method chosen is either regular payment or a fixed payment, the benefit assured is the highest of the three below-given values.

    A) 10 times the annual payment amount, or

    B) 105% of all premiums paid until the accident, or

    C) The absolute assured amount to be paid on death.

    In case the accidental death happens and the premium payment method chosen is a single payment, the higher of the two lump-sum amounts is paid.

    A) 125% of single premium paid, or

    B) The absolute sum assured payable on death.

    In case of death other than an accident, the death cover will be 100% of the premiums paid.

    Death takes place after the waiting period has passed

    For regular and fixed premium methods chosen, the cover will be the highest of three values:

    A) Ten times the annual premium amount, or

    B) 105% of all the premiums paid till death, or

    C) The absolute sum assured upon death.

    For a single premium payment, higher of the two values will be paid as the death cover:

    A) 125% of the single paid premium, or

    B) The absolute sum assured upon death.

  2. 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.

What are the Documents Required to Buy Kotak Saral Jeevan Bima?

The Kotak Saral Jeevan Bima is planned to target the masses, and thus no complicated documents are required. Listed below are the documents required to buy the Kotak Saral Jeevan Bima: 

  • Passport size photos
  • Age proof
  • Address proof
  • Address proof
  • Bank account information

How to Buy Kotak Saral Jeevan Bima Online?

One can easily buy the Kotak Saral Jeevan Bima policy online. You can apply for this plan with a few clicks from the comfort of your home. Listed below are the steps to make the purchase online:

  • Visit the official website of Kotak Life.
  • Search for the plan name.
  • Read the instructions before proceeding.
  • Click the buy online option.
  • Fill up the online application form.
  • Click next and upload scanned copies of all required original documents.
  • Enter health details.
  • Pick the right policy term, sum assured, and premium payment method.
  • Complete the procedure by clicking finish and apply.

Exclusion Under Kotak Saral Jeevan Bima

Exclusion is a discrete situation under, which the insurer will not be liable to pay the sum assured due to pre-specified reasons.

  1. For Regular and Fixed Pay

    If the policyholder commits suicide within the first twelve 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.

  2. For Single Premium

    The policy stands void upon policyholder's suicide within the first twelve 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.

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