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Offering insurance benefits to two generations, the Kotak Gen2Gen Protect is a comprehensive financial shield that safeguards your and your child's future. As a dedicated parent, you want to provide your family a secure and fulfilling life. But have you considered what would happen to them if you were no longer there? Could they maintain their current lifestyle? Would your child be financially protected? Imagine a life insurance plan that can offer a safe haven for your kid along with you. What about a plan that provides benefits to two different generations? This is where the Kotak Gen2Gen Protect comes into play. Let us understand how does Kotak Gen2Gen protect works.
Kotak Gen2Gen Protect is a comprehensive life insurance plan that grows with you. It offers coverage for various life situations, from unexpected events to long-term financial goals. Plus, you can also transfer the coverage to your child, ensuring their protection too. This plan gives you and your children a significant financial protection with various riders such as Kotak Critical Illness Plus Benefit Rider, Kotak Accidental Death Benefit Rider, etc. As a bonus, if you outlive the policy term, this plan will also offer return of premiums.
Kotak Gen2Gen Protect plan works very similarly to other protection plans, where you choose your plan option, select your policy and premium term, and add riders to it as per your requirements. Let us take a look at these steps closely:
At the beginning of this plan, you can select either the life ROP (Return of Premium) option or the legacy ROP option. The option you choose will remain fixed for the entire policy term.
With the Life ROP option, you can receive your Sum Assured on Maturity at ages 60, 65, 70, or 75. The Basic Sum Assured will be paid on your policy anniversary following attainment of the chosen age, and the policy will end at that time.
The Legacy ROP option covers both you and your child. You can choose to transfer your coverage to your child (biological or adopted) when you reach age 60 or 65. You will receive the Sum Assured on Maturity at the age you select. Your coverage ends after you receive the Sum Assured on Maturity, and your child’s coverage begins and continues until they turn 60.
The basic Sum Assured determines your payout when your policy matures. In the Kotak Gen2Gen Protect, the minimum basic Sum Assured should be ₹25,00,000. There is no limit to the maximum amount, and will be determined during the risk assessment process.
Policy terms and premium payment terms are two popular features of this plan. Let us take a look:
The policy term is the period during which the primary insured is protected, and the extended policy term is the period covering the secondary insured. Kotak Gen2Gen Protect offers the following term options:
For Life ROP option:
Suppose if you are 34 at the time you buy policy then as per above mentioned criteria, your policy term will be 60 minus 34 (60-34) which is 26 years. And similarly for other three options the policy term will be: 31, 36 and 41, respectively.
For Legacy ROP option:
Extended Policy Term: Secondary Life Insured will be covered till Age 60 years from the end of Policy Term
It means if you were 32 at the time you bought the policy, your policy term would be 28 years. And for other option the policy term will be 33 years (65-32= 33).
Kotak Gen2Gen Protect offers limited premium payment options: 5 / 7 / 10 / 12 years. You can pay the premiums till you are 60. The payment frequency can be monthly, quarterly, half-yearly, or annually.
Along with benefits like ROP, tax benefits, and dual generation plan, the Kotak Gen2Gen Protect also provides access to additional rider benefits. Let us take a quick look:
As the name suggests, Kotak’s Permanent Disability Rider provides (120% of the rider Sum Assured) payments over five years if you become permanently disabled due to an accident.
With Kotak Critical Illness Plus Benefit Rider, you get a lump sum if you’re diagnosed with a covered critical illness. You can claim any one of the 37 critical illnesses covered under this rider.
The Kotak Accidental Death Benefit rider pays a lump sum if the policyholder dies in an accident.
Kotak Gen2Gen Protect offers flexible premium payment frequencies to its customers. Premiums can vary based on the basic Sum Assured, plan option you chose, age of the life insured and secondary life insured, distribution channel, lifestyle (smoker/non-smoker), policy and premium payment term, and mode of premium payment such as yearly, half-yearly, quarterly and monthly.
Kotak Gen2Gen Protect is a forward-thinking life insurance plan that offers comprehensive financial security for you and your family. By choosing this plan, you’re not only securing your own financial well-being but also safeguarding your children’s. With its unique features like premium returns and coverage transfer, Kotak Gen2Gen Protect shows your foresight and commitment to providing lasting protection for generations to come.
1
To select the basic Sum Assured, you must choose an amount that reflects your financial goals and needs. The minimum Sum Assured is ₹25,00,000, and there is no upper limit, subject to underwriting during the policy purchase.
2
Kotak Gen2Gen Protect offers limited premium payment options of 5, 7, 10, or 12 years, with the flexibility to pay premiums until you reach age 60. Payments can be made monthly, quarterly, half-yearly, or annually.
3
To enhance your coverage, you can add optional riders such as the Kotak Permanent Disability Benefit Rider, Kotak Critical Illness Plus Benefit Rider, and Kotak Accidental Death Benefit Rider at the time of policy purchase, tailoring the plan to your specific needs.
4
Kotak Gen2Gen Protect allows you to switch between premium payment frequencies (monthly, quarterly, half-yearly, or annually) during the policy term to suit your financial situation better.
5
If you miss a premium payment, the policy typically offers a grace period to make the payment without losing coverage. It’s important to review the specific terms of the grace period to avoid policy lapse.
6
You can enhance the coverage of your Kotak Gen2Gen Protect Plan by adding optional riders such as the Permanent Disability Benefit Rider, Critical Illness Plus Benefit Rider, and Accidental Death Benefit Rider, providing additional protection tailored to your needs.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
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IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
Kotak Gen2Gen Protect - UIN: 107N132V02, Kotak Permanent Disability Benefit Rider - UIN: 107B002V03, Kotak Critical Illness Plus Benefit Rider - 107B020V02, Kotak Accidental Death Benefit Rider - UIN: 107B001V04,
This is a non-participating non-linked life insurance individual savings product. For sub-standard lives, extra premium may be charged based on Kotak Mahindra Life Insurance Company’s underwriting policy. For more details on riders please read the Rider Brochure. For more details on risk factors, terms and conditions please read sales brochure of base plan carefully before concluding a sale.
Kotak Mahindra Life Insurance Company Ltd.; CIN: U66030MH2000PLC128503 Regn. No.:107, Regd. Office: 8th Floor, Plot # C-12, G-Block, BKC, Bandra (E), Mumbai - 400 051. Website: https://www.kotaklife.com; WhatsApp: 9321003007; Toll Free No: 18002098800 ; Ref. No.: KLI/25-26/E-WEB/1172.
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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