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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 lump sum payout to the nominee, called life cover, to manage their expenses.
When you buy term 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.
Life is uncertain and cannot be predicted at any point. You never know when an unfortunate incident 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.
Let us say that you are the only earning member of the family with a monthly income of ₹ 50,000. Your family consists of your spouse, who is a homemaker, and two children, one of which 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 ₹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.
A best term insurance plan is not the one that market tags best, but the one that can help you take care of all your commitments in one life cover. Therefore, aim at having a life cover of at least 10 times of your annual income. It can be more, but not less than that.
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 in taking care of such payments.
Get 1.5 Crore Life Cover @₹26/day*.
Any individual who has financial dependents or wants to leave their family a legacy should avail of 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., who can buy online term insurance. When you buy a term insurance plan, 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 a term plan:
As parents, your spouse, children, and your own parents are dependent on you. 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. Premiums paid for term insurance policies are deductible under Section 80C of the Income Tax Act of 1961.
Women these days support their families not just emotionally but also financially. They can safeguard the future of their family with a term plan to ensure their family and dreams of little ones are secured even in their absence.
Parents are constantly concerned about their children's future. A term plan gives parents peace of mind. They could be confident that their child will be financially secure even if something were to happen to them. They never have to worry about their child abandoning their aspirations since they provide a financial safety net.
When you are new to work force, it is the best time to invest in a term insurance. You have limited liabilities and responsibilities. It will not just ensure a lower premium, but also safeguard your parents and loved ones’ future in case of your death.
Faster Policy Issuance
My experience with Kotak e-Term from filling the proposal form to policy issuance has been smoother. Uploading document is generally challenging, but it was quite easier with Kotak Life. Their portal is responsive and intuitive. Keep up the good work!
Buying a term was long due for me. I found Kotak Life, logged in on their website and I got a call from their agent. I checked my eligibility through their portal, got a quote for the premium and I was in. My family’s financial security was now in my hands. Now my life is stress-free.
Buying a term plan online sounded like a challenge as I am not used to buying critical insurance plans online. I came across Kotak Life when someone at work recommended to buy their Kotak e-Term. The plan is very simple, offered me plan options and I knew exactly that this was the right plan for me.
I have a good financial portfolio but there was one thing missing, a term plan. I wanted to buy term plan was to ensure my spouse’s financial future and keep her ready for any financial liabilities in my absence. After considering different plans, I finalized Kotak e-Term since it aligned perfectly with what I was looking for.
Smooth and hassle-free experience
Be it my family’s financial future or my little one’s happiness, Kotak e-Term helped me secure all of it in one insurance plan. They have affordable premiums, good life cover and some rider options that helped me manage many things at once. I strongly recommend you to buy a Kotak e-Term asap.
Excellent policy servicing
I was looking for a term plan when I came across Kotak e-Term and used their portal to calculate premium. They have a simple portal where you enter the information and get a quote. Beyond that, I just enjoyed the fact that their journey is easy to follow and their call centre team assists if you are stuck somewhere.
Fast and easy
Kotak e-Term was one of the recommended term plan while I was researching about the same. The service by the call centre agents was good. Also, their online portal is perfect. The Kotak e-Term helped me to become stress-free about any financial liability that might fall on my family, after me.
Kotak e-Term was a term plan I came across in an ad while surfing social media. I could not find a better term plan. It is affordable and they have good service centre agents who help you with everything kindly and patiently. Buy a term plan if you want to live a stress-free life, save taxes and ensure your family’s finance is in good hands.
Recommended to everyone
A term plan is one of the insurance policies everyone should have, as per me. I bought Kotak e-Term and paying premiums for a year or more. The best part is it offered me flexible premium payment options that aligned with my financial commitments. Plus, they have different plan options that makes it easier for choosing the right cover as per your needs.
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^
Claim Settlement Ratio^ tells you how many claims have been settled from the number of claims filed for that particular year.
Solvency ratio^ is a measure of your insurance provider’s financial strength. A higher solvency ratio proves the company to be more trustworthy.
Insurance riders like critical illness, accidental death, and permanent disability, among others, should be available to be added to your term life insurance plan.
You should go through the terms and conditions, benefits, etc., of the policy from various insurers to find the best term insurance plan for you.
Applicants must take a medical exam before acquiring term insurance policy. Medical tests help insurers determine an accurate risk cover for the insured basis the medical history.
A term life insurance policy offers financial protection to your family in case of uncertainty. This helps you lead a stress-free life knowing that your family’s financial stability is secured.
Long-term benefits over short-term gains
Policy term differs from one insurance company to the next. So, pick a time frame that works best for you. Don’t compare term insurance with short-term gain instruments as it only offers maturity benefits.
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 benefits as a lump sum amount to the family of the policyholder. The family 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 to 75 years. It is recommended that you opt for 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.
Disability of any form might cause loss of income for an extended period of time. Therefore, by opting for a term plan, 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 the investment, you can go for the 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 secure financially even after you.
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Term Plan comes with a good set of advantages and features. If you are looking forward to buying a term plan, these features can help you decide. Some of the primary features that make term plans the most attractive option include:
These plans come with a minimal premium cost that policy buyer must pay to receive a considerably large coverage.
While the low premiums already make these plans lucrative, different payment methods not only add to the benefits but also satisfy and suit a wider range of policy buyers. Depending on their convenience, they can either pay the premiums regularly, half-yearly, or annually.
Earning individuals with the responsibility of running their house deal with tax payment concerns. However, investing in a term plan helps them by offering tax benefits under Section 80C of the Income Tax Act, of 1961.
Term plans are simple and low-cost and allow you to obtain the requisite sum assured at minimal premiums.
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.
Ref. No. KLI/22-23/E-BB/2435
|Parameter||Term Insurance||Life Insurance|
|Tenure||The tenure of a term insurance ranges from 5-30 years. Kotak e-Term 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 a life cover.
In decreasing term plans, 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 for a 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.
Get 8.9%* discount for buying term plan online.
Buying Term insurance doesn’t have to be cumbersome and complicated. Follow these simple steps to get your term insurance online without any hassle:
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.
Don’t want higher premiums on term insurance? Buy Early to Save More
The best time to purchase a term insurance policy is as soon as possible.
As you get older, your risks of developing lifestyle diseases rise, as do your insurance expenses. When you get a term plan at a young age, you get an insurance policy with a low premium. As a result, it may be prudent to purchase term life insurance when you are young. Furthermore, it will give you and your family extended coverage and financial stability from a young age.
For your term insurance coverage, you can choose one of the following payout options:
If you choose this option, your nominee will get the entire amount owed to them in a single payment. If the total sum assured is ₹2 Cr., for example, your nominee will receive the entire amount once their claim is accepted.
In this option, the nominee will receive a portion of the sum assured as a lump-sum and the remaining sum will be distributed in monthly/annual instalments.
Despite the numerous features and benefits of term insurance policies, some consumers are unsure how these policies will affect them. Here are three important reasons why you need term insurance:
Your family is emotionally and financially dependent on you. You might wish to help your parents save for retirement or pay for your child’s college tuition. Even if you were to die, the payout from a term plan might help your family realise their goals.
We all take loans to buy assets and pay EMIs to complete these payments. If something was to happen to you in the meantime, your family would be under the pressure of this liability. A term plan payout can help them take care of these liabilities.
Every day, we read about the rise in lifestyle diseases and the occurrence of serious disorders like heart disease and cancer. Your term plan can provide some financial assistance as you deal with such a diagnosis and prepare for rehabilitation and recuperation.
Your term insurance premium is determined by a number of factors, including
When you buy a term plan, you must answer medical history questions and supply information about your family members. Heart attacks and kidney failure can be passed down from parents to children. If you or a member of your family has a history of certain health issues, your premium may rise.
Young and healthy people are deemed low risk. Thus, their rates are cheaper than those who are older and may have health issues.
Individuals who regularly participate in adventure sports, consume alcohol and smoke or consume tobacco in other forms are considered high risk. As a result, insurance firms charge them greater premiums. To avoid having your nominee's claim rejected later, you must honestly state these circumstances while applying for term insurance.
Certain people have occupations that put them in dangerous situations every day. Sailors, pilots, and individuals who operate with hazardous products may have to pay greater rates than their less dangerous colleagues.
According to studies, women lives longer than males. As a result, insurance firms frequently offer women lower premium rates because they may outlive men of the same age.
A term insurance rider is add-on protection that may be purchased in addition to the base plan. Riders are available for an extra fee in addition to the premium and can be selected based on your needs. A terminal disease rider, a critical sickness benefit, an accidental death benefit, and a permanent disability rider are all examples of riders.
So, what are the different life insurance riders?
Terminal Illness is defined as a high likelihood of death within the next six months as determined by medical practitioners who specialise in the field. Terminal illnesses are not only life-threatening, but they can also have a substantial financial impact. The terminal illness benefit is offered with all plan types and includes coverage for AIDS. In the event of a terminal illness, the full death benefit is paid.
It keeps your life insurance coverage valid even if you are unable to pay your premiums. This policy has the effect of waiving all future premiums in the event of permanent disability, but the policy benefits continue for the duration of the policy.
Under this rider, you pay an additional fee to be covered if you are diagnosed with any of the critical illnesses listed in the policy agreement. The benefit, which functions similarly to an income replacement plan, can be used to cover both medical and domestic expenses. Though the critical illnesses covered by the insurance may differ from one insurer to the next, the rider covers some ailments such as cancer, heart attack, brain tumour, and others.
You pay an additional sum for this benefit to cover your family in the event of accidental death. When you choose accidental death benefit coverage, the insurer may pay your nominee up to double the sum assured.
Buy a term insurance plan that fits your requirements.
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 expenditures 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.
We live in a time when health problems and financial difficulties are all too common. Covid-19 has only emphasised the significance of a stable future for families. Such difficulties are frequently painful and expensive for sufferers.
The calculated cost of medical therapy can reach lakhs of rupees from the detection of Covid-19 in a patient to the end of their routine treatment. If sadly, the earning member dies, this can result in significant financial strain. A term insurance policy can successfully help the policyholder's family relieve this stress.
The number of life insurance claims has increased significantly in the last two years as a result of the Covid-19 crisis. In order to mitigate the impact of this worldwide disaster, insurers have spread out their portfolios. However, this may result in a rise in term plan rates. Nowadays, having a term plan worth at least ₹50 lakhs is required to protect your dependents in the event of a medical emergency.
As a result, it is critical to obtain term insurance as early in life as feasible. Delaying this purchase not only exposes your loved ones but also becomes a larger price later as the cost of the premium rises with age. Ideally, the greatest time to get a term plan is in your 20s or 30s, when you may choose from a wide range of term plans at the most affordable pricing.
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.
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 Section 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.
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. Understand the pros of buying term life insurance online. before investing.
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 and debit/credit card, among others. Read more about online premium payment options.
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.
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. You can better comprehend the understanding of ‘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. Check the term life insurance calculator and its benefits. before choosing the right plan for you and your family.
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. While having a term insurance plan is always beneficial, don’t forget to understand the major benefits of a critical illness rider that you should consider while adding a rider.
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.
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.
The minimum age to purchase term insurance is 18, and the highest age is 65 years.
No. When term life insurance ends, there is no money given back if the policy holder survives.
Yes, it is highly recommended to use riders. You can improve the efficiency of a term insurance policy by selecting riders. You can pay a nominal price and add riders to the insurance plan. To benefit from full coverage, you should also add the necessary riders as you evaluate the different life risks.
The premium of riders in insurance depends on various factors such as the type of rider, the rider sum insured, the life insured’s age and health condition etc. In general, the cost of rider insurance depends on life insured’s specific circumstances and health conditions. It is advised to compare the plans and rider costs and choose the ones that fit your requirements as well as your finances.
One can benefit from extra coverage against the critical illness, permanent disability, accidental death in to the base policy. Here are a few of its benefits.
● Riders offer extra alternatives for coverage to the life insured.
● Riders enhance the base plan protection
● If a Life Insured chooses to buy a rider, there is an extra premium added
● There’s very nominal premium required to avail riders
● Tax benefits
These are many more significant advantages, you can have a thorough understanding of what is a rider and its benefits.
The choice of option depends on affordability or financial flexibility of the customer. For the customers who want to invest with discipline at a fixed frequency, they can opt for regular premium payment, which can be made on a monthly, quarterly, half-yearly, or annual basis. If that is not the concern, customers can opt for limited pay plan too.
If client undergoes any residential status change during the policy term ; he/she would have to provide a Personal details Alteration request to the Policy Servicing Team along with all mandatory NRI documents like : Passport with latest entry and exit stamps / Visa details ; NRI questionnaire ; FATCA form , ; Underwriting will process such requests; call for any additional requirements if needed and accordingly update the system accordingly.
Tax Benefits and 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.
Claim Settlement and Solvency ratio disclaimer^:*https://www.kotak.com/bank/mailers/annualreport/pdf/Kotak-IAR-FY22.pdf
$8.9% Online Discount Disclaimer:
An additional discount of 8.9% in the 1st policy year will be applicable for customers purchasing through Online mode. The above discount is applicable for the following scenarios: Sum Assured of Rs. 3 Crore, Life Plan Option with Level Recurring Payout Option, non-smoker for: ( Subject to Underwriting conditions.”
1.18 years male, Policy Term / Premium Payout Term: 36 / 36 Years;
2.20 years male, Policy Term / Premium Payout Term: 15 / 10 Years;
3.21 years female, Policy Term / Premium Payout Term: 40 / Pay till 60 Years.
Get 1 Cr. Sum Assured @₹17/day* Disclaimer:
*The above illustration is for an 18-year-old healthy male, non-smoker who has opted for the Life Option with a 40-year policy term with regular premium payment mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1 Crore. The per day premium is Rs.17 [Rs. 6,300 Annualized Premium / 365 days = Rs. 17.26].
Option and Sum Assured on Death of Rs.1 Crore. The per day premium is Rs.17 [Rs. 6,300 Annualized Premium / 365 days = Rs. 17.26]. The Above premium figures are exclusive of Goods and Services Tax and cess. Goods and Services Tax and Cess thereon, shall be charged as per the prevalent tax laws over and above the said premiums.
Get 1.5 Crore Life Cover @₹26/day* Disclaimer:
≈The above illustration is for an 18-year-old healthy male, non-smoker who has opted for the Life Option with a 40-year policy term with regular premium payment mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1.5 Crore. The per day premium is Rs.26 [Rs. 9,450 Annualized Premium / 365 days = Rs. 25.89].
The Above premium figures are exclusive of Goods and Services Tax and cess. Goods and Services Tax and Cess thereon, shall be charged as per the prevalent tax laws over and above the said premiums.
Kotak e-Term Plan: UIN:107N104V03, Form No: N104, Kotak Permanent Disability Benefit Rider UIN: 107B002V03, Form No: B002, Kotak Critical Illness Plus Benefit Rider UIN: 107B020V01, Form No: B020. 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.
Kotak Term Plan: UIN:107N005V05, Form No: N005, Kotak Accidental Death Benefit Rider UIN: 107B001V03, Form No: B001, Kotak Permanent Disability Benefit Rider UIN: 107B002V03, Form No: B002, Kotak Critical Illness Plus Benefit Rider UIN: 107B020V01, Form No: B020. This is a non-unit linked, non-participating, term plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. Please refer the policy document for specific details on all terms and conditions. For more details on riders please read the Rider Brochure. Kotak Saral Jeevan Bima: UIN:107N120V01, Form No: N120. This is a Non-Linked Non-participating Individual Pure Risk Premium Life Insurance Plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Terms and Conditions:
The Above premium figures are exclusive of Goods and Services Tax and cess. Goods and Services Tax and Cess thereon, shall be charged as per the prevalent tax laws over and above the said premiums.-
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: U66030MH2000PLC1285038th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai – 400051 | Toll Free: 1800 209 8800 (8 am to 10 pm) | Website: https://www.kotaklife.com | Email: kli.in/WECARE Ref No: KLI/22-23/E-WEB/2296
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