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Kotak Accidental Death Benefit Rider (Linked)

The Kotak Accidental Death Benefit Rider (Linked) from Kotak Mahindra Old Mutual Life Insurance Ltd. is an add-on feature that can be attached to a base policy to increase the protection offered to you. This affordable rider offers a death benefit in case the life assured dies as a result of an accident over the course of the rider term.

Eligibility – Who is the Kotak Accidental Death Benefit Rider (Linked) for?

The Kotak Accidental Death Benefit Rider (Linked) can be availed by anyone who has a base plan from Kotak and wishes to increase the cover available to them. Following are some of the eligibility criteria that must be met in order to purchase a Kotak Accidental Death Benefit Rider (Linked):

Parameters Details
Minimum Entry Age 18 years
Maximum Entry Age 60 years or maximum entry age of the base policy, whichever is lower
Minimum Maturity Age 23 years
Maximum Maturity Age 70 years or maximum maturity age of the base policy, whichever is lower

Sum Assured and Rider Benefit Term – What you get and what it costs?

When purchasing the Kotak Accidental Death Benefit Rider (Linked), customers will have to choose the sum assured and the rider benefit term. Following are some of the important details regarding the Kotak Accidental Death Benefit Rider (Linked):

Parameters Details
Minimum Sum Assured Rs.50,000
Maximum Sum Assured Rs.50 lakhs (combining all policies for the life assured under Accidental Death Benefit with Kotak Life)
Rider Charge Rider charges are fixed for individuals of all ages and will be subtracted from the Fund Value through cancellation of units every month
Minimum Rider Benefit Term 5 years
Maximum Rider Benefit Term 30 years, subject to lower of (outstanding term of base policy or (maximum maturity age minus entry age for the rider)

Plan Coverage – What the Kotak Accidental Death Benefit Rider (Linked) covers?

Following are the benefits offered by the Kotak Accidental Death Benefit Rider (Linked):

Maturity Benefit The Kotak Accidental Death Benefit Rider (Linked) does not offer any maturity benefits.
Death Benefit In case of the unfortunate demise of the life assured as a result of an accident over the course of the rider benefit term, the nominee will be eligible to receive the rider sum assured in addition to the basic death benefit offered by the base plan.

Other Key Features of Kotak Accidental Death Benefit Rider (Linked):

Following are some of the other key features of the Kotak Accidental Death Benefit Rider (Linked):

Rider Charges The annual rider charge will be 0.45 per Rs.1000 rider sum assured, and the overall rider charge cannot be more than 30% of the premium payable under the base plan. Rider charges will be subtracted over the course of the rider benefit term via cancellation of units every month. Policies that have been discontinued will attract rider charges only as long as the rider cover is still in force.
Discontinuance In case the payment of premiums has been discontinued over the course of the rider benefit term by the policyholder, the rider death benefit will be paid out to the nominee in case of the unfortunate demise of the life assured due to an accident.
Revival The revival of the Kotak Accidental Death Benefit Rider (Linked) cannot be done individually and it can only be revived when reviving the base plan.
Loan The Kotak Accidental Death Benefit Rider (Linked) does not offer a loan facility.
Surrender The Kotak Accidental Death Benefit Rider (Linked) will be surrendered automatically in case the base plan is surrendered. Complete withdrawal or surrender will not offer any benefits.
Alterations Alterations to the Kotak Accidental Death Benefit Rider (Linked) can only be made on policy anniversaries of the base plan. Customers have the option to select riders either at inception of the policy term or at any policy anniversary. Alterations however will be subject to Board Approved Underwriting Principles. In case the base plan is withdrawn, the rider will be terminated automatically.
Nomination Nomination under the Kotak Accidental Death Benefit Rider (Linked) will be allowed based on the provisions of Section 39 of the Insurance Act, 1938.
Assignment Assignment under the Kotak Accidental Death Benefit Rider (Linked) will be allowed based on the provisions of Section 38 of the Insurance Act, 1938.
Free Look Period Customers who purchase the Kotak Accidental Death Benefit Rider (Linked) will have a span of 15 days to return the policy if they are not satisfied with the terms and conditions of the same. In case the policy was purchased through distance marketing mode, the free look period will extend to 30 days.
Service Tax and Cess Applicable service tax and cess will be levied on rider charges based on current tax laws.

Exclusions – What the Kotak Accidental Death Benefit Rider (Linked) does not include?

The company will not be liable to pay the death benefit under the Kotak Accidental Death Benefit Rider (Linked) in the following cases:

  • In case death occurs as a result of intentional self-injury, immorality, insanity or happens when the life assured is under the influence of narcotics, drugs or alcohol.
  • In case death occurs from a breach of law by the life assured.
  • In case death results from a criminal offence, an assault, a breach of law with criminal intent, or an illegal activity committed by the life assured.
  • If death occurs due to the life assured being employed in a security, military or para-military organisation.
  • If death is caused by injuries resulting from war, terrorism, civil commotion, riots or invasion.
  • If death occurs as a result of injuries caused by engaging in dangerous hobbies, activities or sports such as mountaineering, pot holing, hunting, deep sea diving, skiing, climbing, etc.
  • In case death occurs when the life assured is participating in any flying activity, apart from as a fare-paying passenger on a licensed commercial flight that is running between established aerodromes.
  • In case death occurs due to nuclear contamination: the explosive, hazardous or radioactive nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accidents arising from such nature.
  • In case the life assured commits suicide at any time over the course of the rider benefit term.

Tax Benefits – How to save money with the Kotak Accidental Death Benefit Rider (Linked)?

Customers who purchase the Kotak Accidental Death Benefit Rider (Linked) can avail tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961.

Why you should choose the Kotak Accidental Death Benefit Rider (Linked)?

The Kotak Accidental Death Benefit Rider (Linked) is a valuable addition to any life insurance policy you purchase from Kotak Mahindra Bank Ltd. A joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc, Kotak Mahindra Old Mutual Life Insurance Ltd. has grown into one of India’s biggest and best insurance providers. The company offers a multitude of products that have been designed keeping in mind the extensive requirements of a diverse customer base. Apart from the fact that the company offers products that are sure to meet your financial requirements, you can also be assured that its customer service, which operates round the clock, will help in resolving any issues you may face or concerns you may have regarding their products.

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