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Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Kotak e-Term Plan

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What is Kotak e-Term Plan?

Individual Non-Linked Non-Par Pure Protection Life Insurance Plan

Kotak e-Term plan is a pure protection term insurance plan. It has been specially designed to provide the needed assurance and financial protection to your family.

Your family is your first priority. You strive to provide comfort, happiness, and security to your family, and you would want their future to be secure at all times.

Kotak e-Term Plan is a pure risk term insurance plan that is truly an economical means of providing you with a high level of protection. It offers lower premium rates to non-tobacco users and women. In case of policyholder’s untimely death, the beneficiary receives the death benefit as per the selected plan and payout option.

Kotak e-Term Plan also offers multiple plan options that enhances your coverage against accidental death or total and permanent disability. Further, you can also choose additional cover through Kotak Critical Illness Plus Benefit Rider upon paying an additional premium, thus ensuring a complete cover against unfortunate eventualities.

Why Should You Buy Kotak e-Term Plan?

Kotak e-Term plan combines best-in-class features and comprehensive coverage. It is widely popular because of its competitive features.

Some key benefits of buying the Kotak e-Term plan include:

1. Nominal cost: Kotak e-Term plan offers extensive coverage at a very nominal cost. You can also get security against critical illness, accident, and disability at a price which will not hurt your budget.

2. Long-term coverage: Kotak e-Term plan offers a life cover up to 75 years.

3. Multiple options: Kotak e-Term offers multiple plan options to ensure you get the coverage of your choice:

  • Life Option: 100% of the sum assured payable as a death benefit
  • Life Plus Option: Death benefit plus 100% of the sum assured payable in case of accidental death of the insured, subject to a maximum of ₹1 crore
  • Life Secure Option: Waives of all forthcoming premiums in the event of permanent and total disability of the life insured. The death benefit under the plan will continue to be in force for the remaining policy term and on death 100% of Sum Assured on Death shall be payable

4. Flexible payouts: Kotak e-Term insurance policy offers flexible payouts, including:

  • Immediate payout: 100% of the Sum Assured on Death payable in a lump sum, post which the policy terminates.
  • Level recurring payout: Recurring payments are made in the form of 10% of the Sum Assured on Death paid during claim settlement. While 6% of the Sum Assured is payable every year over 15 years, the first payment being made one year after the date of death of the life insured.
  • Increasing recurring payout: 10% of the Sum Assured on Death is paid during claim settlement. While 6% of the Sum Assured on Death is payable at the end of the first year. Post this, every year for the next 15 years, the payout increases by 10% (simple).

For Level Recurring Payout and Increasing Recurring Payout there is an option to receive the annual payment in monthly mode. Monthly payments shall be 8.22% of the Annual Payments. The first payment shall start from one month after the date of death of the life insured.

5. Critical Illness Rider: With Kotak Critical Illness Plus Benefit Rider, the insured can claim the sum assured if diagnosed with any of the 37 listed critical illnesses.

6. Step-Up** Option: If you opt for Step-Up Option, your Sum Assured increases at specific important stages of your life.

7. Step-Down Option: This term insurance policy allows you to decrease the life cover when your liabilities reduce with age, subject to some terms.

8. Tax-savings: Under Section 80C of The Income Tax Act of 1961, the premium paid for a term insurance plan is exempted up to ₹1.5 Lakhs. Also, as per Section 10 (10D), the benefit received death is exempted.

What Documents Do You Need to Buy a Kotak e-Term Plan?

Kotak follows a simple procedure and convenient, easy and quick documentation including:

1.Age Proof

2.Address Proof

3.Photo ID Proof

4.Income Proof

5.Passport size photos

FAQs

1) Does Kotak e-Term Plan cover deaths due to COVID-19?

Yes. Kotak e-Term plan covers all claims arising out of the death of the insured due to COVID-19.

2) What are the methods of premium payments?

You can now buy Kotak e-Term Plan online. You can pay through bank accounts via Net banking or debit cards.

3) Are the premium rates different for women and smokers?

Yes, women get discounted premium rate. While, smokers have to pay a little more premium than their non-smoking counterparts.

4) Which are riders??

Riders are add-on benefits that you can opt-in to enhance your base policy. You can get the cover in addition to the life cover of your base plan.

Key Features

  • Low Cost Insurance

    Offers the benefit of high cover at economical prices

  • Multiple Plan Options

    Choose between Life, Life Plus or Life Secure Option to ensure you have an ideal cover to secure your family.
    • Life Option - 100% of Sum Assured on death shall be payable.
    • Life Plus Option - 100% of Sum Assured on Death shall be payable Plus Accidental Death Benefit, subject to a maximum of Rs. 1 crore, in case death happens due to an accident.
    • Life Secure Option - All future premiums shall be waived off in case the policyholder becomes totally permanently disabled. The death benefit under the plan shall continue to be in force for the remaining policy term and on death, 100% of Sum Assured on Death shall be payable.

  • Three Payout Options

    Choose between Immediate, Level Recurring or Increasing Recurring Payout basis your family’s requirement.
    Immediate Pay-out: 100% of the Sum Assured on Death shall be payable as a lump sum immediately on the death of the Life Insured and the policy shall be terminated.
    Level Recurring Pay-out: 10% of Sum Assured on Death shall be paid immediately at the time of claim settlement & 6% of Sum Assured on Death shall be payable as annual installments 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 Pay-out: 10% of Sum Assured on death shall be paid immediately at the time of claim settlement & 6% of Sum Assured on Death shall be payable at the end of 1st year from the date of death post which the payout shall increase by 10% (Simple Interest Rate) every year. These installments shall be payable at the end of every year for 15 years starting from one year after the date of death.

    For Level Recurring Payout and Increasing Recurring Payout there is an option to receive the annual payment in monthly mode. Monthly payments shall be 8.22% of the Annual Payments. The first payment shall start from one month after the date of death of the life insured.

  • Step Up /Down Options

    Increase or decrease your life cover basis on various life stages**

  • Customize Protection With Riders

    Enhance your coverage with Kotak Critical Illness Plus Benefit Rider or /and Kotak Permanent Disability Benefit Rider

Eligibility

  • Age Criteria

    Entry Age:

    • Minimum: 18 years
    • Maximum:
    • 65 years (Except for Limited Pay - “Pay till 60 Years”)
    • 50 Years (For Limited Pay - “Pay till 60 Years”)
  • Basic Sum Assured

    • Minimum: Rs. 25, 00,000
    • Maximum: No limit, Subject to Underwriting. However Accidental Death Benefit payable under Life Plus Option shall be subject to a maximum of Rs 1 Crore
  • Premium

    • Minimum: Will be determined based on the Age, Gender & Lifestyle (Tobacco / Non-Tobacco user) of the Life Insured along with Plan Option, Payout Option, Policy Term, Premium Payment Term and the Basic Sum Assured opted for the policy
    • Maximum - No limit but subject to underwriting consideration;
    • Note: Preferred rates will be applicable for females and non-smokers
  • Premium Payment Option

    Regular, Limited & Single Pay

    Premium Payment Term /Policy Term

    Regular Pay

    Premium Payment Term

    Policy Term

    Same as Policy Term

    Min: 5 Years | Max: 40 Years or 75 Minus Age at Entry

    Limited Pay

    Premium Payment Term

    Policy Term

    5 Pay

    Min: 10 Years | Max: 40 Years or 75 Minus Age at Entry

    7 Pay~

    Min: 12 Years | Max: 40 Years or 75 Minus Age at Entry

    10 Pay

    Min: 15 Years | Max: 40 Years or 75 Minus Age at Entry

    15 Pay~

    Min: 20 Years | Max: 40 Years or 75 Minus Age at Entry

    Pay till 60 Years (Minimum Premium Payment Term of 10 Years)

    Min: 15 Years | Max: 40 Years or 75 Minus Age at Entry

    Single Pay

    Premium Payment Term

    Policy Term

    One Time Payment

    Min: 5 Years | Max: 40 Years or 75 Minus Age at Entry

    ~7 and 15 Pay shall not be applicable for Online Channel

  • Premium Payment Mode#

    • Single | Yearly | Half-yearly## | Quarterly## | Monthly
  • Modal Factor (% of annual premium)

    • The following modal loading will be used to calculate the installment Premium:
    • Yearly - 100% of Annual Premium | Half yearly - 51% of Annual Premium | Quarterly - 26% of Annual Premium | Monthly - 8.8% of Annual Premium
  • Maturity Age:

    Minimum: 23 years

    Maximum: 75 years

Additional Protection with Optional Riders

  • Kotak Critical Illness Plus Benefit Rider

    Rider sum assured shall be payable in case the policyholder is diagnosed with any one of the 37 critical illnesses (subject to terms and conditions)

    Download
  • Kotak Permanent Disability Benefit Rider***

    In case the life insured is totally and permanently disabled due to accident during the policy term, 120% of the Rider Sum Assured shall be payable over 5 years, while the base plan continues for the remaining policy term

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Need help for paying premium?

Call on toll free number 1800 209 8800(8:00 am to 10:00pm)

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Read about Tax benefits & Plan Disclaimer

Tax Benefits & Disclaimers

You may avail of tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961 subject to conditions as specified in those sections. Tax benefits are subject to change as per tax laws. Customer is advised to take an independent view from tax consultant.

Disclaimer:

**Step Up is only applicable for Regular Premium paying policy. Step Up is not applicable for Online Channel. Step Down can only be done once during the policy term and can be exercised only if Step Up option has not been chosen or if chosen but not exercised.

***Kotak Permanent Disability Rider is not applicable for Online Channel and cannot be opted under the plan if the policyholder has opted for Life Secure option.

##Half Yearly and Quarterly mode is not applicable for Online Channel.

Terms & Conditions:

Kotak e-Term Plan UIN No.: 107N104V03, Form No. N104, Kotak Critical Illness Plus Benefit Rider UIN No.: 107B020V01, Form No.: B020, Kotak Permanent Disability Benefit Rider UIN No.: 107B002V03, Form No: B002. Ref. KLI/22-23/E-WEB/1108

This is a non-participating, pure protection plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on riders, please read the Rider Brochure.

Section 41-

Extract of Section 41 of the Insurance Act, 1938 as amended from time to time states: (1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. (2) Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakhs rupees.

Section 45-

Fraud and Misstatement would be dealt in accordance with provisions of Section 45 of the Insurance Act, 1938 as amended from time to time.

Please visit our website for more details: https://www.kotaklife.com/assets/images/uploads/why_kotak/section38_39_45_of_insur ance_act_1938.pdf

Regd. Office:

Kotak Mahindra Life Insurance Company Ltd.
Reg No. 107 | CIN: U66030MH2000PLC128503
8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai - 400051
Toll Free: 1800 209 8800 (8 am to 10 pm)

Website: www.kotaklife.com | WhatsApp: 9321003007

Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Ltd. under license.

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