Kotak e-Term

Kotak e-Term is a non-participating, non-linked pure risk life insurance plan that provides affordable and high-level protection to your family in case of your unfortunate demise. It offers customizable plan options for additional coverage, including Accidental Death and Total and Permanent Disability.

The Kotak e-Term plan offers three coverage options tailored to different needs:

• Life Option:

  This is the basic plan that provides a lump sum assured to the nominee in the event of the life insured's death. It is ideal for those seeking basic life coverage with no added benefits.

• Life Plus Option:

  In addition to the death benefit, this option provides an Accidental Death Benefit. If the life insured passes away due to an accident, the nominee will receive the sum assured plus the accidental death benefit, up to a maximum of ₹1 Crore. This option provides enhanced protection against accidental risks.

• Life Secure Option:

  This option includes all the benefits of the Life Plus plan, but with the added advantage of a Waiver of Future Premiums if the life insured becomes totally and permanently disabled (TPD). In the event of such a disability, all future premiums are waived, and the policy continues.

Kotak e-Term offers three payout options, giving you flexibility in how the death benefit is received:

• Immediate Payout:

  The nominee receives the full death benefit as a lump sum payment immediately after the life insured's death. The policy terminates once the payout is made.

• Level Recurring Payout:

  The first installment is paid immediately on the life insured’s death which is a lump sum payment of 10% of Sum Assured on death. 6% of Sum Assured on death shall be payable immediately at the end of every year for 15 years, the first payment being made one year after the date of death of the life insured.

• Increasing Recurring Payout:

  Lump sum payment of 10% of Sum Assured on death shall be paid immediately.

  6% of Sum Assured on death shall be payable immediately at the end of the first year from the date of death, thereafter the payout shall continue to increase by 10% every year (Simple Interest Rate). These instalments shall be payable at the end of every year for 15 years starting from one year after the date of death.

Yes, you can enhance your coverage with the Step-Up Option at important life events like marriage, purchasing a home, or the birth of a child. This allows you to increase your Basic Sum Assured by a specified percentage without providing further medical evidence.

Yes, you can enhance your coverage with two optional riders at additional cost:

• Permanent Disability Benefit Rider:

  This rider provides an additional payout if the life insured becomes totally and permanently disabled due to an accident or illness. It ensures continued financial support, helping to cover the policyholder's needs in case of a severe disability.

• Critical Illness Plus Benefit Rider:

  This rider offers a lump sum payment if the life insured is diagnosed with any one of the 37 covered critical illnesses. It helps cover treatment costs and other related expenses, providing a financial cushion during a critical health event.

The policy term can vary based on your premium payment term and plan option opted.

In case of death during the policy term, the nominee will receive the Sum Assured on Death as per the plan option selected. Additionally, the Life Plus option includes an Accidental Death Benefit, and the Life Secure option waives off future premiums if the life insured becomes totally and permanently disabled.

Choose between Immediate, Level Recurring or Increasing Recurring Payout basis your family’s requirement.

You have the option to exit the policy at age 60 years. The plan also offers a Special Exit Value if you decide to terminate the policy after a specified period.

You can get your premiums back through special exit value, you have one year time period to avail this option commencing from, if your policy term is:

• 40 years: Earlier of 25th policy year OR during the policy year, when you attain 60 years

• More than 40 years: Earlier of 30th policy year OR during the policy year, when you attain 60 years

If your policy lapses due to non-payment of premiums, you can revive it within five years by paying the outstanding premiums along with interest and providing medical evidence of continued insurability.

• Regular & Limited Premium Paying policy: The policy shall lapse at the end of the Grace Period, if the due premiums are not received during the Premium Payment Term.

• Single Premium Paying policy: The policy shall not lapse.

If the policy lapses and not revived subsequently within the Revival Period as per the revival terms and conditions, all the premiums paid under the policy shall be forfeited and the policy shall terminate and no benefits shall be payable on such a policy.

Once you select a plan option, it cannot be changed during the policy term. However, you can exercise the Step-Up or Step-Down options as per the conditions stated in the policy.

If the life insured becomes totally and permanently disabled, Life Secure option ensures that all future premiums are waived, and the policy continues until the end of the policy term.