Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime!
Term insurance is a pure life insurance product which provides financial coverage to the policyholder and their nominees in exchange for a specified premium amount. In case of an unfortunate demise of the policyholder during this timeframe, the insurer provides a guaranteed payout to the nominee to secure their lifestyle and manage their expenses.
When you buyterm insurance, you can be assured that your family and dependents will be financially secure in your absence. This helps your family fulfil their future needs like higher education, marriage, buying a house etc
Any individual who has financial dependents or wants to leave their family a legacy should avail a term insurance policy. This would generally include parents, single women, or men that have senior parents, professionals with debts or loans, persons that are nearing retirement, etc., can buy online term insurance. The best term plan benefit is that when you buy term insurance plans, you also get tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961, thus reducing your taxable income. Here is a detailed version of who should buy term plan:
As parents, you have the dependency of your spouse, children, and your own parents. With the help of the sum assured payout, you can ensure the future of your children and also provide aid to your parents. You can be worry-free about the financial condition of your loved ones after getting a term life insurance plan.
You may have availed a certain education loan to go abroad and study. But if something were to happen to you, your parents shouldn’t bear the brunt of the debt. The sum assured of the term plan can be used to clear off your study loan.
If you are going to retire soon and have dependents or debts, term insurance is the perfect way to safeguard your interests. The death benefit would be enough to pay off any debts and also provide financial assistance to the dependent members.
Individuals who are looking for some tax-savings that give beneficial returns can opt for term insurance. Investing in a term plan is the perfect way to get tax benefits and earn a life cover.
Life is uncertain and cannot be predicted at any point. You never know when an unfortunate incidence may occur and leave your loved ones without any financial security. Such a situation can result in your family’s dependency on a close relative or may lead your spouse and children to hunt for new jobs to make ends meet. In order to avoid such a situation, a term insurance policy is a crucial element to secure the future of your loved ones.
For example: You are the only earning member of the family with a monthly income of Rs. 50,000. Your family consists of your spouse, who is a homemaker, and two children, of which one is completing their primary education and the other will soon begin college. Your family is living a comfortable life with all their basic necessities being met without any financial issues.
Now, if you were to pass away, your family would still require Rs.35, 000-40,000 to manage their expenses. But due to a lack of financial backup, they would have to depend on someone else. In this case, if you had bought a term insurance policy, your family would have been self-sufficient, and your children could complete their education without any worries.
Term plans give out a lump sum amount to safeguard your loved ones and take care of all their needs. May it be the education of your children or paying off any loans, the death benefit amount assists you to take care of such payments.
There are several factors that you need to check and compare before opting for a term insurance policy from a particular insurer. Here are some that you need to consider before buying a policy:
Claim Settlement Ratio tells you how many claims have been settled from the number of claims filed for that particular year.
Solvency ratio* shows if your insurer will be financially able to settle your claim if there were a requirement. The IRDAI (Insurance Regulatory and Development Authority of India) demands all insurance providers have a solvency ratio of 1.5.
It is important that the insurer is providing you with rider benefits. Insurance riders like critical illness, accidental death, and permanent disability, among others, should be available to be added to your term life insurance plan.
While buying a product, you need to check if the features and benefits of the product complement your requirements. You should always go through the terms and conditions, benefits, etc., of the policy from various insurers to find the best term insurance plan for you.
Term insurance is crucial for your financial portfolio as it protects your family with a death benefit at very affordable premiums.
Term insurance offers death benefit as a lump sum amount to the family of the policyholder in case of their untimely demise. They can use this amount to secure their child’s future or pay off any loans that might act as liabilities in the future.
Term insurance offers long term protection that starts from 5 years and extends till 75 years. It is recommended that you opt for a term insurance at an early age since the premium amount is lower at an early age, and offers extended protection.
All term insurance premiums are eligible for tax exemptions under section 80C and the death benefit is eligible under Section 10 (10D).
Critical illnesses like cancer, brain tumor, blindness and loss of limbs can be very emotionally and financially difficult for both the individual and their family members. With Kotak Critical Illness Plus Benefit Rider, you are eligible for a lump sum pay-out if you are diagnosed with any critical illness.
Disability of any form might cause loss of income for an extended period of time. In such cases, it becomes difficult to manage financial responsibilities. Therefore, by opting for Kotak e-Term Plan Life Secure option, the nominee can keep the policy in force by waiving off future premiums for the insured in case of such a scenario.
You can choose premium payment options based on your requirements and financial commitments. You can go for monthly and yearly premiums. If you have a bigger corpus for investment you can go for limited pay premium option.
Accidents have become one of the major reasons for human deaths over the last few years. It is better to opt for protection against accidental death so your family is secured financially even after you. You can opt for Kotak e-Term Plan with Life Plus Option that offers both the sum assured and an additional death benefit in case of accidents.
Term Plan comes with a good set of advantages and features. In case you are looking forward to buying a term plan, these features can help you make a decision.
|Parameter||Term Insurance||Life Insurance|
|Tenure||The tenure of a term insurance ranges from 5-30 years. Kotak e-Term Plan covers for a maximum of 57 years.||The tenure of a term insurance ranges from 10 to 50 years, can go up to 100 years of policyholder's age in case of whole life insurance|
|Coverage||Covers premature death of the policyholder within the tenure specified in the policy document.||Covers both premature and survival till the maturity of the policy|
|Premium||Premiums are low and affordable, usually considered the cheapest insurance plan in India.||Since coverage is for life, the premiums are higher compared to term plans.|
|Death Benefit||Death benefit is payable only if the policyholder passes away during the tenure of the policy.||Death benefit is payable under both conditions: policyholder survives till maturity or passes away during the tenure.|
|Maturity Benefit||Usually, maturity benefit is not payable.||Maturity benefit is payable under the most types of life insurance plans.|
|Paid-Up Value||Does not acquire any paid-up or surrender value||When premiums are discontinued, a paid-up value is acquired. If the policyholder surrenders the policy, a surrender value is paid.|
There are four types of term insurance plan options available while opting for a pure life cover policy:
The basic term policy provides you with a pure life cover wherein the beneficiary will get the death benefit in the event of your untimely death. You do not get any maturity benefits if you survive the policy term.
Increasing term insurance is a plan where the sum assured amount keeps on growing as the years go on. The death benefit may have a maximum cap on the amount to which the sum assured can increase. Such a policy also has no maturity benefit and grants you with a life cover.
In decreasing term plan, the amount of death benefit keeps on decreasing as the policy term comes closer to expiry. The premiums of such a plan are lower as such a policy is bought to cover certain debts or loans.
In return of premium plan, the premiums paid throughout the policy term are refunded to you after the plan expires. The policy gives you a life cover and also returns all of your premiums upon term survival as a maturity benefit.
There are several factors that you need to check and compare before opting for a term insurance policy from a particular insurer. Here are some that you need to consider before buying a policy:
You can visit the term insurance calculator page to understand the premium amount that you can pay on a regular basis. This will also allow you to calculate the requisite sum assured against the premium to be paid.
You can now visit an insurer’s website to buy an online term insurance policy and simply fill in your personal details on the form.
After entering your information, you can add insurance rider benefits to the plans which are available.
Choose other elements of the policy like premium payment frequency, policy term, etc., before proceeding to the payment page.
After you have selected the payment frequency, you will be able to see the premium you would need to pay regularly. Proceed to the final page and make the payment and submit the documents that are required by the insurer.
You can calculate the amount of coverage you require with the concept of Human Life Value (HLV). HLV calculates the economic loss your family will suffer in case of an unfortunate incident. It considers certain aspects like your current age and proposed retirement age, present total savings, monthly expenses, future expenditure like buying a home, higher education for your children, etc., and debts like home loans, etc. Such a concept is beneficial in determining the life insurance coverage that would be needed to ensure your family’s financial security in your absence. You can also use the insurance coverage calculator by entering your details and proceeding to estimate the sum assured for your policy.
A term insurance policy tenure starts from 5 years to a maximum of 40-45 years to cover you from unforeseen incidents. Some insurers also provide a life cover that is valid until you reach 99 years of age if you have dependents that would need financial aid in your absence. While deciding your policy period, you should consider the number of dependents you have, any debts or loans present in your name, etc. After this, you should consider how many years it would take for your dependents to become self-sufficient and the repayment tenure of your debts. You will be able to come up with the policy term you should choose to secure your loved ones.
Term insurance Plan is a policy which provides pure protection to your family in the event of your death. It is the most basic type of life insurance plan that is available in the market. You are able to avail higher life coverage at an affordable premium and also add riders to maximize your coverage. Read more about term life insurance plans and its features.
A major advantage of investing in the best term insurance plan is the tax benefit offered by the Income Tax Act, 1961. The ITA offers numerous exemptions and deductions, thus reducing taxpayers’ liability where the insurance premiums can be claimed under Sections 80C and the death benefit can be availed as tax-free under Section 10 (10D). Read more to know about term insurance related income tax deductions you can claim.
Term insurance operates on principles of pure insurance. While being simple and low-cost, it is a very effectual mode of insurance wherein the assured person is covered against the risks of mortality. The premium depends upon the sum assured and the age of the assured person. The younger the person, the lower the premium because the insurance company perceives the risk of mortality, i.e. death of a young and healthy person to be very less. Know more about how a term life insurance plan works.
Yes, a term policy is worth it as the plan provides you with a life cover at an affordable premium when compared to other policies. You are also able to add rider benefits to maximize your coverage and secure yourself from certain unfortunate conditions. Know more about the pros of buying term life insurance online.
The premium of a term insurance plan depends on various factors like age, gender, health reports, past medical history, and lifestyle habits, among others. After you add riders to your plan, select the sum assured, choose the payment frequency, and the tenure of your policy, you will get the final premium payable. Know much to pay by calculating the premium for term life insurance online.
You can pay your term insurance plan premium online modes via net banking, debit/credit card, among others. Read more about online premium payment options.
The amount of coverage varies from person to person and depends on how many dependents you have. Before you assign a vague number to your sum assured,know how much coverage you need.
If you are a smoker, then you are not only spending money on cigarettes, but you are also increasing your chances of an early demise. One thing that insurance providers know is that smoking habits can have different effects on different people. Therefore, the term insurance plan for smokers comes in three different categories. Know more about the term plan for smokers.
While opting for a term plan, it is important to know the kind of deaths that don’t get covered in your plan in order to ensure that your family’s insurance claim is not rejected. Some of them are suicide, death during childbirth, death due to certain dangerous activity, etc. Get detailed information about the deaths not covered under term life insurance plan.
Suicidal death is not covered in the first year of the policy term and starts getting included in the cover after the second year. If the policy holder commits suicide in the first year, then the claim gets rejected and no death benefit is paid out. Read more about the insurance cover for death by suicide and the terms and conditions regarding it.
Traditional life insurances provide you with a maturity benefit along with a life cover whereas term insurance plans give you pure life cover at affordable premiums. To compare the two plans better and choose between them, read about ‘Term Insurance v/s Traditional Life Insurance’.
A term insurance calculator determines the premium rate that you will have to pay regularly to secure a term plan. The premium amount to be paid depends on several factors like your age, health records, the sum assured, and the policy term. The term insurance premium calculator helps you learn the future needs of your family and choose the best term plan available in the market to fit your budget. Read all about term life insurance calculator and its benefits.
Riders in insurance are basically contingent add-ons or supplementary benefits granted over and above a primary term policy in the event of an unforeseen incidence. They aim at expanding or amending the basic life insurance coverage at an additional cost. This means that they offer extended financial cover above the primary sum assured in a life insurance policy. You can avail a critical illness rider, accidental death rider, and a permanent disability rider with Kotak e-Term. Read more about the different types of insurance riders.
A rider is an additional benefit on your term insurance plan, and it will come into play in case of a specific eventuality, like getting diagnosed with a critical illness. You will receive a lump sum upon diagnosis of one of the covered illnesses which will act as a tool for income replacement and to take care of the medical expenses. Read more about the benefits of critical illness rider with term plan.
When it comes to identifying the best term plan, one must always consider and evaluate several factors like solvency ratio, claim settlement ratio, and insurance riders. Learn how to choose the right policy here and get the best term insurance plan. Read more about how to choose the best term policy and get the best term life insurance plan
Once you have decided that you want to buy online term insurance policy, you need to choose the right policy term. The policy period should be as long as the period your family will require to gain financial independence. Read more to know how to pick the right policy tenure.
The right time to buy a term life insurance is when you are younger. In your early twenties and thirties, the premiums are cheaper due to younger age and a healthier lifestyle. Know the benefits of buying a term plan before 25.
There are various premium payment frequencies and modes of payment for term insurance plan. Such options enable you to make payments as per your convenience. Read more about the numerous insurance premium payment options you can avail.
You can buy term insurance plan via both online and offline mode. To purchase a term plan online, you can visit and proceed to buy term insurance online by submitting your details. For offline mode, you can visit the nearest Kotak Life branch and connect with the concerned person.
Term insurance premium is calculated by statistics and calculation based on the risk factors. You can calculate the premium of your term plan online based on factors below:
Smoking or nicotine consumption is a determinant in term policy premium calculation because such products tend to harm the insured. This will make the insured more vulnerable and likely increase the risk of the person filing for a claim. Hence, term insurance plans have a higher premium for smokers.
Yes, you can buy multiple term insurance policies at any given time from the same or different insurance provider.
A term plan is structured only to provide a death benefit and not a return on the investment. This said, term plan is a financial tool for risk assessment. The premiums only serve the purpose of providing financial assistance to the family in the absence of the insured. Hence, it is not ideal for wealth creation. However, the family/nominee can use the death benefit to pay off all kinds of expenses or debts.
Affected families or the nominee can file an online term plan claim with minimal documentation as listed below: 1. Original policy documents 2. Death certificate 3. Age proof of the insured 4. Cancelled cheque by the beneficiary 5. KYC of the beneficiary 6. Cause-of-death certificate 7. Post-mortem report and Police FIR for unnatural deaths 8. Hospital records and confirmation for death due to illness
In case the policyholder dies within the specified period while the term plan is active, the death benefit is paid to the nominee
If the insured has outlived the specified period of the Kotak e-Term Insurance, there is no benefit paid. Hence, the insurance policy is terminated.
There is no benefit paid in case the policyholder survives the said term of the Kotak e-Term Plan.
No, in case of thea pure term insurance plan, there is no cash benefit paid at maturity. The policy provides death benefit at the demise of the insured in the given period.
If the appointed nominee dies, the policyholder can submit the required documentation proof and name a new nominee.
Yes, a term plan claim can be rejected in the following conditions:
Yes. Most insurance plans offer lower premium rates to women than men.
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.
Solvency Ratio Disclaimer:*https://www.irdai.gov.in/admincms/cms/uploadedfiles/annual%20reports/Annual%20Report%202020-21.pdf
Terms & Conditions:
This is a non-participating, pure protection oriented 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. Kotak e-Term Plan UIN No.: 107N104V02, Form No. N104, Kotak Critical Illness Plus Benefit Rider UIN No.: 107B020V01, Form No.: B020. Ref. No: KLI/22-23/E-WEB/294
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.
Fraud and Misstatement would be dealt with 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: Read more about section38_39_45_of_insurance_act_1938
Kotak Mahindra Life Insurance Company Ltd. Reg No. 107 | CIN: U66030MH2000PLC128503
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