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Kotak Accidental Death Benefit Rider

Kotak is one of the largest general insurance providers with an array of products in the offing, right from life insurance and health insurance to travel insurance and car insurance. As is indicative of statistics on consumer behaviour towards Insurance, life insurance policies are the most widely purchased insurance policies in India. There are several companies that operate in this highly competitive market space and have uniquely designed products to match consumer interests.

The Kotak Accidental Death Rider is a very popular insurance product that bestows the policyholder with a set of unique advantages that will the policyholder to ensure that his/her family remains financially protected. The Accidental Death Rider, as the name suggests, is only a rider and can be run concurrently with a base policy. The base policy can basically be any policy that the customer chooses, but mostly has to be a life insurance policy.

Let us look at the various features, benefits and advantages associated with the Kotak Accidental Death Rider.

Eligibility – Who is the Kotak Individual Rider for?

Following are the eligibility parameters that need to be satisfied in order to be eligible to apply for the Kotak Accidental Death Cover:

Criteria Minimum Maximum
Entry Age 18 years of age 60 years of age
Maturity Age 23 years of age 70 years of age

Sum Assured and Premium Range – What you get and what it costs?

Particular Minimum Maximum
Sum Assured Rs. 50,000 Rs. 50,00,000

Note: The maximum sum assured under the rider cannot exceed the maximum sum assured under the base policy. The Accidental Death Benefit Rider is only an Insurance Rider and cannot run independent of the base policy – it can be purchased in concurrence with the base policy.

Plan Coverage – What the Kotak Individual Rider covers?

  • The policy does not offer a maturity benefit.
  • The plan offers the policyholder with a death benefit if the unfortunate death of the policyholder occurs in any way other than the established policy exclusions terms.

Exclusions – What the Kotak Individual Rider doesn’t cover?

The Kotak Accidental Death Benefit Rider does not cover the following:

  • The policy does not cover self-inflicted injuries under the influence of drugs or alcohol. Suicide and injuries inflicted as a result of proven insanity of the individual are also not covered.
  • If the life insured is occupied in a career involving aeronautics and there exists a definite risk in indulging in a particular profession.
  • The policy does not cover injuries from war, and adventurous sports such as kayaking and mountaineering.

Other Key Features of the Kotak Accidental Death Benefit Rider:

  • Policyholders have three premium payment options under the Kotak Accidental Death Benefit Rider: Single, Limited and Regular.
  • The minimum premium payment term period for Single and Regular options are 5 years while the term period for the Limited option is 6 years. The maximum for all three available options is 40 years.
  • The rider gives you the flexibility to pay your premiums. The rider policy gives three premium payment options – Limited Pay, Regular Pay and Single Pay.
  • You can add the rider to the base policy at any time – either during the purchase of the policy or during the anniversary of the policy, adding more flexibility to the plan.
  • The rider will remain active for as long as the base policy remains active. The rider plan will cease to exist if the base policy matures.
  • In the event of the policyholder’s death, his/her nominee will receive the sum assured under the rider.
  • The rider isn’t associated with any maturity benefit. The base policy, however, will have a benefit associated with it. As such, it depends on the policy you’ve chosen.

Tax Benefits offered under the Accidental Death Benefit Rider:

As an individual who has purchased the rider along with the base policy, following are the tax breathers that are available under specific Sections of the Income Tax Act, 1961.

  • Tax benefits on premium payments under Section 80C of the Income Tax Act.
  • Tax Benefits on death proceeds under Section 10 of the Income Tax Act.

Important Note: If a claim has been made as per provisions of the base policy (under the Accidental Death Benefit Rider), it will be settled in 120 days. Terms and conditions involved in claim settlements will accordingly hold applicable under the provisions of the policy.

Other Benefits - How you can save with Kotak Accidental Death Rider?

  • Being a rider in characteristic, the Kotak Accidental Death Rider can be purchased with a host of other policies including a Unit lInked Insurance Plan, a Guaranteed Plan, a Savings Plan or any other plan. The Accidental Death Cover can be purchased with any of the other plans offered by Kotak Life Insurance.
  • You can obtain tax benefits by way of paying your premiums under the policy. Tax benefits can be obtained under relevant sections of the Indian Income Tax Act, 1961. You can invest the amount deducted from tax on another policy and maximize your returns.

Why choose the Accidental Death Rider from Kotak?

Below are some notable reasons why the Kotak Accidental Death Rider might well be the perfect policy to complement your base insurance policy.

  • The Kotak Accidental Death Rider provides you with a death benefit, in the unfortunate event of your death. Your nominee will receive the death benefit, which is subject to tax breathers under Sections of the Income Tax Act.
  • Through the death benefit, you can ensure that your family is financially protected in your absence.
  • The Kotak Accidental Death Benefit Rider is a policy that needs to be purchased concurrently with a base policy. Meaning, it is an additional cover that you will receive in addition to the cover and benefits under the base policy. The base policy can be a Unit Linked Policy, a Savings Plan, a guaranteed plan or a health insurance plan.  

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