Kotak E Term Policy And Plan
Kotak Mahindra Life Insurance
Our Verdict
Kotak e-Term is ideal for individuals seeking flexible, high-coverage term insurance with optional benefits. It offers customizable payouts and rider add-ons but excludes maturity benefits, making it a pure protection plan.
About the Plan
Kotak e-Term is a cost-effective term plan offering three options: Life (death benefit), Life Plus (accidental death benefit), and Life Secure (premium waiver for disability). Policyholders can choose from three payout options: Immediate, Level Recurring, and Increasing Recurring Payouts. Special lower premiums apply for women and non-tobacco users. Coverage can be enhanced with the Critical Illness Plus Benefit Rider. This plan provides customizable, high-level protection, ensuring financial security for beneficiaries.
About the Plan
Eligibility
• Entry Age :
18 – 65 years
• Maturity Age :
Up to 75 years
• Policy Term :
5 – 40 years
• Minimum Sum Assured :
₹25 lakh
• Premium Payment Options :
Regular, Limited, and Single Pay
Eligibility
Features of the Product
Total Permanent Disability Payout
Under the Life Secure Option, if the policyholder becomes totally and permanently disabled, all future premiums are waived off, and the policy continues till the end of the policy term.
Alternatively, the Kotak Permanent Disability Benefit Rider can be added to provide 120% of the Rider Sum Assured over five years.
Premium Payment Customizations
The plan offers multiple premium payment options:
Single Pay – One-time premium.
Regular Pay – Throughout the policy term.
Limited Pay – 5, 7, 10, 15 years, or till the age of 60.
Premiums can be paid yearly, half-yearly, quarterly, or monthly, with flexibility to change payment modes on policy anniversaries.
Three Payout Options for Death Benefit
Immediate Payout – Lump sum payment to the nominee.
Level Recurring Payout – 6% of the sum assured is paid annually for 15 years.
Increasing Recurring Payout – 6% is paid in the first year, increasing 10% yearly for 15 years
Tax Benefits
Premiums paid and benefits received are eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act
Exclusions
Death due to suicide within 12 months of policy issuance or revival (as per the suicide clause).
Death due to participation in hazardous activities, war, or criminal acts may not be covered.
Exclusions
Accidental Death - In the event of the life insured’s accidental death, 100% of the Basic Sum Assured, subject to a maximum of 1 Crore shall be payable in addition to the Death Benefit.
Critical Illness - Kotak Critical Illness Plus Benefit Rider: Rider Sum Assured shall be payable on admission of a claim on any one of the 37 covered critical illness, subject to terms and conditions, definitions and specific exclusions.
Add-ons
If you are a woman
If you are a woman, Kotak E-Term Plan offers special premium rates, meaning you may pay a lower premium compared to male policyholders.
If you smoke
Kotak E-Term Plan will classify you as a higher-risk policyholder, leading to higher premiums compared to non-smokers.
Note :
Suicide Clause: If the policyholder dies by suicide within 12 months from the date of policy commencement or revival, the nominee will receive at least 80% of the total premiums paid (excluding taxes and rider premiums), provided the policy is in force.
Free Look Period: 15 days for policies purchased offline
30 days for online purchases
The policyholder can review the policy and return it for a refund if unsatisfied.
Grace Period: 30 days for annual, semi-annual, and quarterly premiums
15 days for monthly premiums
If the premium is not paid within the grace period, the policy will lapse.
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About the Company
Kotak Mahindra Life Insurance, established in 2001, is headquartered in Mumbai, India, is founded by Gautam Thakkar. It provides a wide range of products including protection, retirement, savings, investment, and annuity plans among the goods . In 148 Indian cities and villages, the firm provides services to 46 million clients.
By providing creative and client-focused life insurance solutions, the company hopes to give its clients financial stability and peace of mind. Kotak Life Insurance is dedicated to providing value by combining sound financial standing, top-notch customer support, and a broad range of products designed to satisfy a variety of client demands.