A total of five different plans with variable benefits and features are available through Kotak Life. In addition to the considerably larger variety of plans, Kotak Life also offers the ease and functionality to avail some of these plans online. With minimal or no paperwork, these simple plans are the quickest way one can revert to while looking for affordable term life insurance schemes and additional tax saving features. Tax benefits through this policy cover the premium amounts paid and the death benefit that will be payable to the nominee. These policies also feature the flexibility of availing loans by allowing them to be used as security.
On Kotak Mahindra Official Website
Updated: 29-05-2024 10:15:50 AM
A traditional term plan from Kotak Life Insurance, this plan is available through the branches of Kotak Life and its basic features are as follows –
| Features | Description |
| Entry Age | Maximum – 60 years |
| Maturity Age | Maximum of 70 years |
| Monthly Income | Maximum – No limit |
| Premium | Maximum – No limit |
| Premium Payment Term | Limited Pay – Premium paid for either 12 years or 15 years |
| Policy Term | Limited Pay 12 years – 17 years to 30 years
Limited Pay 15 years – 20 years to 30 years |
| Premium Payment Mode | Annual, half-yearly, quarterly or monthly |
| Monthly Income | Annually increasing monthly income by 6% compounding rate of interest on previous year’s monthly income. Guaranteed pay out period of 5 years if balance period in policy post death of insured is less than 5 years |
| Death Benefit | Assured Benefit of 12 times the increased monthly income in the year of death of the insured life |
An online only term insurance plan from Kotak Life, this plan very similar to its sibling the Preferred Term Plan.
| Features | Description |
| Entry Age | Maximum – 65 years |
| Maturity Age | Maximum of 70 years |
| Premium | Maximum – No limit |
| Premium Payment Term | Limited Pay – Premium paid for either 5 years or 10 years
Single Pay – One time lump sum payment of premium |
| Policy Term | Limited Pay 5 years – 10 years to 40 years
Limited Pay 10 years – 15 years to 40 years |
| Premium Payment Mode | Annual or monthly |
| Customised Pay out | Can be either Recurring Pay out which gives 10% of Sum Assured immediately and divides the rest 90% as a monthly income for the nominee or Immediate pay out which pays 100% of the sum assured upon the demise of the life insured |
| Waiver of Premiums | Upon total and permanent disability of the life insured, future premiums are waived off and the policy continues on |
An offline plan with many similarities to the Kotak Preferred e-Term Plan. It is mainly popular due to the high amount of cover it offers through a low premium amount. The plan details are as follows –
| Features | Description |
| Entry Age | Maximum – 65 years |
| Maturity Age | Maximum of 75 years |
| Premium |
|
| Premium Payment Term | Limited Pay – Premium paid for either 5 years, 7 years or 10 years
Single Pay – One time lump sum payment of premium |
| Sum Assured | Maximum – No limit |
| Policy Term | Limited Pay 5 years – 10 years to 40 years
Limited Pay 7 years – 12 years to 40 years Limited Pay 10 years – 15 years to 40 years |
| Premium Payment Mode | Annual, semi-annually, quarterly or monthly |
| Customised Pay out | Can be either Recurring Pay out which gives 10% of Sum Assured immediately and divides the rest 90% as a monthly income for the nominee or Immediate pay out which pays 100% of the sum assured upon the demise of the life insured |
| Customised Cover | The cover amount can be increased or decreased as per the person’s needs and the age |
A that can be really beneficial for people in the lower income group. The plan has two policy terms and convenient premium payment terms in addition to the low cost feature. The basic features of this plan are as follows –
| Features | Description |
| Entry Age | Minimum – 18 years
Maximum – 55 years |
| Maturity Age | Minimum of 23 years
Maximum of 65 years |
| Premium | Minimum – depends on factors decided by the insurer
Maximum – No limit subject to the Sum Assured amount chosen |
| Premium Payment Term | Limited Pay – Premium paid for 5 years
Single Pay – One time lump sum payment of premium |
| Sum Assured | Can be either INR 5000, INR 10000, INR 15000, INR 25000, INR 50000, INR 75000, INR 100000 |
| Policy Term | 5 years and 10 years |
| Premium Payment Mode | Annual, semi-annual and single payment |
A no-nonsense plan with multiple rider options and the choice to convert the plan into any other offered from Kotak Life. The basic features and benefits of this plan are as follows –
| Features | Description |
| Entry Age | Minimum – 18 years
Maximum – 65 years |
| Maturity Age | Maximum of 70 years |
| Premium | Minimum – depends on factors decided by the insurer
Maximum – No limit subject to the Sum Assured amount chosen |
| Premium Payment Term | Regular Pay – Premium paid throughout policy term
Single Pay – One time lump sum payment of premium |
| Sum Assured | Minimum – INR 300000
Maximum – INR 24,99,999 |
| Policy Term | 5 years to 30 years |
| Premium Payment Mode | Single, annually, semi-annually, quarterly or monthly |
| Plan Conversion Option | With 5 years pending in the main policy, the policyholder can change the policy to any other policy from Kotak Life (excluding Term Plans) |
| Riders | Kotak Critical Illness Benefit – Part of Basic Sum Assured paid in advance on acceptance of a critical illness claim
Kotak Accidental Death Benefit – Lump sum benefit paid in the event of accidental death Kotak Permanent Disability Benefit – Pay-out is made in instalments |
The five types of term plans are Income Protection Plan, Preferred e-Term Plan, Preferred Term Plan, Saral Suraksha, Term Plan.
Each term plan from Kotak Life has differing death benefits and add-on benefits as per the riders chosen, but the basic benefits allow a pay-out of sum assured either in a lump sum amount or a staggered manner. Additionally, one can also change the cover amount, or change the policy to another policy from Kotak Life.
The minimum sum assured under the various term plans from Kotak Life is INR 100000 and that is available under the Saral Suraksha plan.
All term plans from Kotak Life offer preferential rates on premiums for non-smokers and females.
have a minimum policy term of 5 years and a maximum term of 40 years, subject to the entry age and the maturity age of the life insured.
