Kotak Saral Jeevan Bima Plan
Kotak Mahindra Life Insurance
Our Verdict
Kotak Saral Jeevan Bima is a no-frills term plan suited for those wanting basic life coverage with flexible payment modes. While affordable and long-term, it lacks surrender value and loan options, limiting flexibility.
About the Plan
Kotak Saral Jeevan Bima is a simple term plan offering financial security with flexible premium payment options (single, annual, half-yearly, monthly). It provides coverage up to 70 years, ensuring long-term protection. Special lower premium rates are available for women. However, the plan does not offer surrender value or policy loans. Ideal for individuals seeking essential life coverage, it ensures peace of mind and financial stability for loved ones without complex features.
About the Plan
Eligibility
• Minimum Entry Age :
18 years
• Maximum Entry Age :
65 years
• Maximum Maturity Age :
70 years
• Policy Term :
5 to 40 years
• Sum Assured :
₹5 lakh to ₹25 lakh (in multiples of ₹50,000)
• Premium Payment Options :
Single, Regular, and Limited Pay
Eligibility
Features of the Product
Premium Payment Customizations
The policy offers flexible premium payment options, including single, regular, and limited pay.
Premiums can be paid annually, half-yearly, quarterly, or monthly, allowing policyholders to choose a mode that best suits their financial situation.
Tax benefit
Tax benefits are subject to conditions specified as per Income-tax Act, 1961. Tax laws are subject to amendments from time to time. Customers are advised to take an independent view from the tax consultant.
Exclusions
Waiting Period of 45 days from risk commencement (only accidental deaths covered).
Death due to suicide within 12 months of policy issuance or revival (refund of 80% of premiums paid).
Exclusions
Accidental Death - In case of Accidental Death, for Regular Premium and Limited Premium Payment Policy, Sum Assured on Death will be payable as a lump sum, where Sum Assured on Death is highest of:
10 times the Annualized Premium.
105% of all Premiums paid as on the date of death,
Absolute Amount Assured to be paid on death.
Add-ons
If you are a woman
If you are a woman, Kotak Saral Jeevan Bima offers special premium rates, meaning you may pay a lower premium compared to male policyholders.
If you smoke
Kotak Saral Jeevan Bima 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 till the date of death, provided the policy is in force. No death benefit will be payable.
Free Look Period: 15 days (for offline policies) and 30 days (for online policies) from the policy receipt date.
Policyholders can cancel within this period if dissatisfied, and a refund will be issued after deducting proportionate risk premium, medical expenses (if applicable), and stamp duty charges.
Grace Period: 30 days for yearly, half-yearly, and quarterly premiums.
15 days for monthly premium mode.
During this period, the policy remains active, and claims are valid.
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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.