Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak E-Invest Plan
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing thru your life and in your absence throughout your spouse's lifetime!
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
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A term plan is an insurance cover, which provides financial security to your loved ones in case of an untoward incident. However, many policyholders have numerous queries about insurance and they are unable to make a decision due to a lack of knowledge. Explained ahead are some common insurance queries that you may have in mind along with the answers for these questions.
Here are the five most common insurance questions answered for you.
If you are wondering what happens if life insurance policy lapses, your answer is here. Your insurance policy lapses when you fail to pay the premium even after the grace period is provided to you. If the policy lapses, all the terms of the contract will be void and the nominee will not receive any benefit. However, it does not mean that your policy is cancelled. You can revive the policy within a period of five years from the date when the last premium was due. You will have to pay all the outstanding premiums and interest to revive the policy.
If for any reason, you discontinue paying the premium, you will ask yourself the question “what happens if you stop paying online term plan premiums?” In this case, the policy will lapse after the end of your grace period. You have two options here. One is to revive the policy by paying the premium amount with a penalty or to surrender it. You can only revive the policy within five years and if you plan to surrender it, nothing will be paid to you if the policy has been in force for less than three years.
Your guaranteed return will be based on the plan. In a term insurance plan, there are no maturity benefits. Only death benefits are applicable. In case of other policies, the company will pay a lump sum, which includes the sum assured and the accrued bonus as a maturity amount.
There are various charges on your insurance premium. One is a mortality charge, which is deducted from the premium to provide the death benefit to the nominees. Another is a premium allocation charge, which is deducted from the premium for paying the underwriting expenses and commission to the agents. The third expense is the fund management charge, which is applicable in the case of Unit-Linked Insurance Plans (ULIPs). Lastly, there is a policy administration charge, which is an expense deducted on a timely basis for the costs incurred by the insurer to maintain and service your policy.
Is it possible to discontinue the policy?
Yes, you can discontinue the policy and there are different ways to do it. If you do it within the lock-in period, there are no charges applicable to it. If you choose to discontinue the policy before a period of three years,the premium paid by you will be forfeited. Alternatively, after making regular premium payments for three years and then cancelling the insurance policy will make you eligible for the surrender value applicable at that time.
Now that you have all the online term plan questions answered for you, make a wise decision and invest in the right insurance plan.
- A Consumer Education Initiative series by Kotak Life
Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...Know more