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All About Term Insurance Inbuilt Coverage

Term Insurance Inbuilt Coverage - Find out what is term insurance inbuilt coverage and inbuilt coverage offered by Kotak e-Term plan here on this. VIsit Kotak Life to know more on term insurance

  • Nov 29, 2023
Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

A term insurance plan is a pure life insurance policy. You pay a pre-decided amount as premium for a pre-determined period of time, and the term plan offers your nominee a sum assured in the unfortunate event of your demise during the policy term. The sum assured is chosen at the time of purchase and can affect the premiums that you pay for the policy. However, a term plan is not limited to only the death benefit. There are other ways to enhance the scope of your policy’s features. One such popular way of enhancing the nature and extent of your term insurance plans coverage are inbuilt coverages or riders or add-ons.

This article talks about a term insurance plan’s inbuilt coverage. Read on to know more.

What is inbuilt coverage of a term insurance plan?

Since life can throw multiple curveballs at you, the scope of coverage of a term plan should also be extensive. This can be done with wide inbuilt term insurance coverage. Inbuilt term insurance coverage refers to riders and benefits that can offer you and loved ones financial protection at unexpected times.

Riders can be additional bought, over and above your base term insurance, at an additional premium. These add-on covers offer protection against specific circumstances, and their coverage is restricted to the pre-determined set of circumstances.

Some common riders that you can add to your term insurance plan include:

1. Critical illness rider: A critical illness rider offers you financial security against the costs of treatment of critical medical conditions. Each term insurance policy has a list of critical illnesses mentioned in the policy document. The costs of hospitalization, medicines, doctor’s appointments, surgeries, ambulance, etc., can be covered with this benefit.

2. Permanent disability rider: In case of permanent disability in an accident, an extra percentage of the sum assured is paid out to you with this rider. This takes care of your additional expenses that may arise when you lose your ability to earn an income because of a permanent disability.

3. Accidental death rider: With an accidental death rider, your nominee receives an accidental death rider over and above the death benefit in the unfortunate event of your demise due to an accident.

All these riders add to the coverage of your term insurance plan and can be bought at a nominal cost over and above the base premium for your policy.

Inbuilt coverage offered by Kotak Life term plans

Kotak Life offers e-Term plan. Here are the riders offered under the plan:

● Kotak e-Term Plan

- Kotak Accidental Death Benefit Rider: In the event of a death in an accident, your nominee receives an accidental death benefit within 120 days from the date of the accident.

- Kotak Permanent Disability Benefit Rider: If you suffer from a permanent disability, the permanent disability benefit rider pays you 120% of the rider sum assured, paid over a period of 5 years. The rider benefit is paid in five instalments of 12%, every year. The last payment is paid at the end of the 5th policy year and equals 60% of the rider sum assured.

- Kotak Critical Illness Plus Benefit Rider: The rider sum assured is paid on the diagnoses of any of the 37 critical illnesses mentioned in the plan if you survive for 30 days from the date of diagnosis of the said critical illness.

Kotak e-Term

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  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life