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.
Following are the eligibility parameters that need to be satisfied in order to be eligible to apply for the Kotak Accidental Death Cover:
|Entry Age||18 years of age||60 years of age|
|Maturity Age||23 years of age||70 years of age|
|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.
The Kotak Accidental Death Benefit Rider does not cover the following:
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.
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.
Below are some notable reasons why the Kotak Accidental Death Rider might well be the perfect policy to complement your base insurance policy.
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