Kotak Term Plan
Kotak Mahindra Life Insurance
Our Verdict
Kotak Term Plan offers affordable, high coverage with gender-based and non-smoker discounts, plus an accidental death boost in 'Life Plus'. Limited rider options are a potential drawback. Ideal for budget-conscious individuals seeking essential, customizable term protection.
About the Plan
Kotak Term Plan is a pure protection life insurance plan designed to provide financial security to the policyholder’s family in case of an untimely demise. Offering high coverage at affordable premiums, it ensures that dependents are financially stable even in the policyholder’s absence. The plan comes with flexible premium payment options, multiple policy term choices, and additional rider benefits like critical illness and accidental death cover. It is ideal for individuals seeking long-term financial protection with customizable coverage options.
About the Plan
Eligibility
• Entry Age :
18-65 years
• Maximum maturity age :
70 years
• Policy term :
5 to 30 years
• Minimum sum assured :
₹3,00,000
• Premium Payment Term :
Regular Pay throughout the policy term
• Premium Payment Frequency :
Annual, Half-Yearly, Quarterly, or Monthly
• Citizenship :
Indian residents and NRIs (subject to underwriting)
Eligibility
Features of the Product
Terminal Illness
The Kotak Term Plan offers a Critical Illness Plus Benefit Rider that provides financial support upon the diagnosis of any of the 37 covered critical illnesses. This rider pays out the rider sum assured upon diagnosis, offering financial assistance for treatment and recovery.
Zero Cost Option
The Kotak Term Plan offers a Zero Cost Option, allowing policyholders to cease premium payments after a specified period while maintaining life coverage.
Total Permanent Disability Payout
The Kotak Term Plan offers a Permanent Disability Benefit Rider that provides financial support in the event of total and permanent disability due to an accident. Upon such a disability, the rider pays out 120% of the Rider Sum Assured over a period of five years:
Inflation Protection Coverage
The Kotak Term Plan offers inflation protection through increasing recurring payouts, where annual payouts rise by 10% for 15 years. Additionally, the Kotak Income Protection Plan increases monthly income by 6% annually.
Premium Payment Customizations
The Kotak Term Plan offers flexible premium payment options, including Single Pay, Limited Pay, and Regular Pay. Policyholders can choose monthly, half-yearly, or yearly payment frequencies to suit their financial preferences.
Exclusions
Death due to suicide within the first 12 months of policy inception or revival.
Participation in hazardous activities, including adventure sports and high-risk occupations.
Death resulting from drug or alcohol abuse.
Pre-existing conditions not disclosed at the time of policy issuance.
Death due to war, terrorism, or involvement in unlawful activities.
HIV/AIDS or other sexually transmitted diseases.
Death caused by self-inflicted injuries or intentional harm.
Claims arising from participation in civil commotion or riots.
Exclusions
Accidental Death - Under “Life Plus” Option, 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.
Additional Discount for Salaried Customers - There would be an additional discount of 5% in the 1st policy year applicable for individual life insured. This discount shall 16 automatically be applicable in the 1st policy year on Step Up Option Fees since Step Up Option Fee is a percentage of Premium.
Critical Illness - The Kotak Term Plan offers a Critical Illness Benefit as an optional rider. It provides a lump sum payout if the insured is diagnosed with a covered critical illness, ensuring financial support for medical expenses. The rider covers a range of critical illnesses such as cancer, heart attack, stroke, kidney failure, and major organ transplants
Add-ons
If you are a woman
The Kotak Term Plan offers exclusive benefits for female policyholders, recognizing their unique financial and health needs. Women may receive preferential premium rates, making coverage more affordable. Additionally, some critical illness riders may include enhanced coverage for female-specific conditions such as breast or cervical cancer.
If you smoke
The Kotak Term Plan rewards non-smokers with lower premium rates, recognizing their reduced health risks compared to smokers
Note :
Grace period : Kotak term plans offer a 30-day grace period for quarterly/annual premiums and 15 days for monthly payments before lapsing.
Free look period : Kotak term plans offer a free look period of 15 days (30 days for online policies) to review and cancel the policy if unsatisfied.
Suicide clause : If the policyholder dies by suicide within 12 months from policy inception or revival, the nominee receives at least 80% of total premiums paid or surrender value, whichever is higher.
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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.