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.