Kotak Signature Term Plan

Key Features of the Kotak Signature Term Plan

• The plan offers a large life cover starting at ₹2 Crores, covers you till 85 years, at highly affordable premiums.

• You can exit the plan early and receive all the premiums paid back with the special exit benefit.

• The plan offers an inbuilt health and wellness benefit up to 60,000 as per the mentioned T&Cs.

• Your nominee can receive an instant payout of 2 Lakhs on claim intimation to the insurer.

• You can choose the most suitable policy terms and premium payment terms to fit your needs.

• With this plan, you can add additional riders like accidental death, critical illness, and permanent disability riders to enhance the base cover.

• You can get a special discount on female lives and an additional discount for salaried customers.

Benefits of Kotak Signature Term Plan

Death Benefit

In the event of the policyholder’s untimely death during the policy term, the given that all the premiums have been duly paid and the policy is still in force, then the higher of the following will be paid as the sum assured: 

For regular and limited premium pay policies: 

The sum assured on death will be the highest of the following: 

• Basic Sum Assured

• 11 times Annualised Premiums

• 105% of the total premiums paid till the date of the death of the life assured

For single premium pay policies:

The sum assured will be paid the higher of:

• Basic sum assured

• 1.25 times the single premium paid

Special Exit Benefit

With the plan’s special exit benefit, you can exit the plan early and receive all the premiums paid till that point at the end of the policy. You can exit the plan within a 5 year window in case you do not require any more coverage. 

Claim Intimation Benefits

On informing and initiating the claim process with the insurer, the nominee can receive an immediate payout of 2 Lacs to help take care of the financial needs, like funeral costs and hospital bills. This feature will have a waiting period of 3 years from the beginning or revival of the policy.

Health Management Benefits

This plan offers health management services up to 60,000, like telemedicine/in-person consultation, personal medical care (access to diagnostics and booking of tests), mental wellbeing & lifestyle management programs, emergency response service, home

health care and pharmacy access. 

Rider Benefits

You can add the following term insurance riders to the base plan to enhance the cover of the policy:

• Kotak Accidental Death Benefit Rider: The lump sum benefit paid in case of the policyholder’s accidental death on top of the base sum assured will be paid. 

• Kotak Critical Illness Plus Benefit Rider: The rider sum assured will be payable in case any of the 37 critical illnesses is diagnosed. 

• Kotak Permanent Disability Benefit Rider: With this rider, 120% of the rider sum assured will be paid over the next 5 years.

Eligibility Criteria to Buy Kotak Signature Term Plan

Here are all the eligibility conditions you need to satisfy to buy the Kotak Signature Term Plan:

* You can use the term insurance calculator to get the approximate premiums applicable to yourself.

Additional Policy Details of the Kotak Signature Term Plan

Flexible Premium Payment Terms and Modes

You can choose the most suitable premium payment term and modes, like regular, limited, or single premium pay, with the option to pay the premiums in a monthly, annually, or half-yearly premium payment mode. You can also change the premium payment modes on any of the policy anniversaries.

Wellbeing Application Access

With this plan, you get access to the mobile wellness application. You can download the app and get risk assessment, track activities, content and blogs, use tools and calculators, and get electronic health records with Ayushman Bharat Health Account (ABHA), and many other services that may be available on the application. You can play these games or challenges and earn points that can be redeemed against the available health management services via the app.

Applicable Discounts 

Female customers can receive a special discount of 16% throughout the premium payment term. You can receive an additional discount of 5% on the 1st policy year premiums for limited and regular pay options and 1% for single premium payment options, which is applicable for salaried customers, individual life insurance policyholders and members of group policyholders.

Grace Period

You get a grace period of 30 days from the date of due premium payment for yearly, half-yearly, and quarterly modes, and 15 days for monthly premium payment modes. The policy will continue to provide cover during the grace period.

Policy Lapse

• For regular and limited premium pay policies: The policy will lapse at the end of the grace period if the due premiums are not paid by the end of the grace period.

• For single premium pay policies: The policy will not lapse if the single premium is paid.

Policy Revival

A lapsed policy can be revived within 5 years from the date of the first unpaid premium. You can pay the total due premiums with the applicable interest and provide an acceptable declaration of good health.

Voluntary Termination Value

The voluntary termination benefit will not be payable in case of the regular premium payment option. It will be applicable in the single and limited payment options as per the following formula:

Voluntary termination value = 60% x (Remaining Policy term / policy term) x sum of total premiums paid till date

Free Look Period

You will receive a free look period of 30 days to review the terms and conditions of the policy, from the date of receiving the policy documents. 

Suicide Exclusion

On the death of the policyholder due to suicide within the first 12 months from the date of issuance of the policy or revival, 80% of the total premiums paid by the policyholder will be returned to the nominee.