Term insurance for NRIs is becoming one of the popular insurance products among the NRIs because of its benefits and affordability. If you are an NRI and want to purchase a term insurance policy in India, you can consider the Kotak term insurance plan for NRI.
+Tax benefit is subject to changes in tax laws.
++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Kotak Mahindra Life Insurance Company Ltd. is one of the leading private insurance providers in India. The company provides an array of term insurance plans, and for NRIs, it offers Kotak e-Term plan.
Kotak e-Term plan is a pure term insurance plan that secures the financial future of the family of the policyholder in case of their sudden demise during the policy term. This plan is designed very carefully for offering optimum life coverage to the policyholder and their family. The nominee of the policyholder gets the death benefit according to the option selected.
Kotak e-Term plan offers high life insurance coverage at very affordable premiums.
The policy provides various options to enhance the coverage of the policy against permanent and total disability and accidental death through additional riders.
As per the life stage of the policyholders, they can increase or decrease the amount of life cover.
For non-tobacco users and women, the policy provides special premium rates.
The policy also offers three options to choose from, which are – Life Plus, Life, and Life Secure.
The policy also provides three payout options to select from – Immediate payout, Increasing Recurring payout, and Level Recurring payout.
With this plan, the policyholder gets tax benefits U/S 80C against all the premiums paid. For paid death benefits, the policyholder gets tax benefits under section 10D of the IT Act, 1961.
The benefits that one gets with Kotak e-Term plan are:
The policy offers various rider benefits, which one can avail of by paying an additional premium. The rider benefits available for this plan are – Kotak Critical Illness Plus Benefit Rider and Kotak Permanent Disability Rider.
With Kotak's e-Term plan, one gets multiple options to choose from – Life Secure, Life Plus, and Life.
Life option provides 100% sum assured on death, Life Plus option provides 100% sum assured on death as well as accidental death benefit up to Rs. 1 Crore, in case of death due to accident. On the other hand, under Life Secure option, all the premiums of the future get waived off, if the policyholder becomes disabled totally and permanently. The death benefit remains in force for the remaining tenure of the policy, and upon death, 100% of the sum assured is paid.
Under this plan, three pay-out benefit options are provided – Level Recurring pay-out, Immediate Pay-out, and Increasing Recurring pay-out.
The Kotak e-Term Plan does not cover:
A self-inflicting injury such as an attempt to suicide.
Participation in any unlawful or illegal activity.
Law breaching with criminal intent.
Use of solvent, drugs, or alcohol.
Kotak e-Term plan provides complete protection to the family of the policyholder at the time of uncertainty. The plan comes with the best of benefits and features and is backed by some of the most useful riders.
An NRI can purchase this plan through two methods:
While Their Visit to India: This is the best option to purchase any term plan by an NRI. While his/her visit to India, he/she can purchase a term insurance policy like Kotak e-Term plan in the same way as any normal Indian citizen.
From Their Country of Residence: If an NRI wants to buy a term insurance plan from their country of residence, he/she has to write to the insurance provider regarding the same in this case, to the Kotak Mahindra Life Insurance Company. In this way, this process comes under Mail Order Business, and under this, an NRI needs to get his/herself verified by the notary or Indian Diplomat. Sometimes, the NRIs need to get themselves verified by the Indian Embassy.
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