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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and insurance cover against any eventuality.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
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Term Insurance is one of the most prominent plans among insurance applicants since it provides financial order and safety to their dependents in their absence. You can guarantee your loved ones’ safety with a considerable sum assured by paying inexpensive charges. In the event of an unforeseen event, they will get a lump sum payment so that they can continue to live a balanced and holistic lifestyle. However, when it comes to the sorts of death covered by term insurance, many people have questions. The various types of events that term insurance does not cover are listed below:
Many people wonder whether suicidal death is covered by life insurance in India. Several life insurance firms do not provide any coverage if a person commits suicide. However, it is a good idea to read the policy’s terms and conditions before purchasing it. This is because certain policies reimburse the beneficiary around 80% of the premiums if the policyholder commits suicide during the first 12 months of buying the policy (non-linked). The beneficiary of linked plans is entitled to the full amount of the insurance premium.
The beneficiary will face claim rejection if the policyholder dies as a result of an injury caused by them or as a result of direct involvement in any type of dangerous or life-threatening activity.
A lot of probing happens in such cases to justify the legitimacy of the claim. The insurance company will deny the claim if the policyholder is murdered and the investigation indicates that the crime was committed by the beneficiary.
The term life insurance claim will be denied if the policyholder dies as a result of sexually transmitted diseases such as HIV or AIDS. STD-related deaths are not covered by insurance policies.
Term insurance does not cover death caused by a natural catastrophe or act of God, such as a tsunami, earthquake, or flood unless you have purchased specific rider policies for that reason.
For additional information, here is a list of deaths that are covered under term plans -
In such cases, the beneficiary gets the full lump sum amount.
Many people have several policies and are unsure how to go about claim settlement after the policyholder passes away. In such circumstances, you must adhere to the IRDA’s rules. Before selecting an effective term plan for yourself, it is critical to read the policy paperwork. Only then will you be able to take full advantage without experiencing any big delays. Compare, think about it, and make an informed decision!
- A Consumer Education Initiative series by Kotak Life
The Kotak Term Plan is a pure risk cover plan and an economical way of providing an adequate level of financial protection.
Know moreKotak Sampoorn Bima Micro Insurance Plan is a single premium plan with fixed term of 5 years to cater to the needs of low-income customers.
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