The Kotak Critical Illness Benefit Rider by Kotak Mahindra Life Insurance is an additional form of coverage that is added to a base policy. This rider provides policyholders with an additional benefit in the event of the policyholder contracting a critical illness as defined in the policy document. The rider would be in force as long as the premiums are paid and up till the base policy matures or lapses. The Kotak Critical Illness Benefit Rider covers a range of illnesses, ensuring that the policyholder is protected over and above the base policy protection.
Eligibility- Who is the Kotak Critical Illness Benefit Rider for?
The Kotak Critical Illness Rider is ideal for individuals who wish to enhance their coverage in the event of them contracting a critical illness. The rider can be taken out for an individual only and is to be attached to a base policy. The eligibility criteria for the rider is mentioned below:
||As per base policy selected
||As per base policy selected
||As per base policy selected
Sum Assured and Premium Range- What you get and what It costs?
The sum assured for the Kotak Critical Illness Benefit Rider is to be either lesser than or equal to the sum assured of the base policy. Thus, the base policy sum assured determines the rider’s sum assured amount.
The premium amount payable would depend on the sum assured and the tenure selected. Additionally, if the policyholder has selected more than one rider, the sum of all rider premiums cannot exceed 30% of the base policy’s premium amount. However, if the base policy is a term policy, the sum of all rider premiums cannot exceed 100% of the base term plan premium. The premium can be paid as peer the premium payment mode selected for the base policy.
Plan Coverage - What the Kotak Critical Illness Benefit Rider covers?
The Kotak Critical Illness Rider coverage is as mentioned below:
- The policyholder chooses the rider and intimates the company in writing regarding his/her intention to add the rider to an existing base policy.
- The policy term and sum assured amount is decided upon, based on which the premium amount is calculated.
- The policyholder begins paying the rider premium along with the base policy premium.
The coverage offered under the Kotak Critical Illness Benefit Rider is in the table below:
|Critical illness benefit
||If the policyholder is diagnosed with any critical illnesses as specified under the policy, the sum assured under the policy would be paid out.
Given below are the various critical illnesses that are covered under the Kotak Critical Illness Rider:
- Cancer: A malignant tumour that is supported by histological evidence of malignancy and confirmed by a pathologist is covered. Under the policy, lymphoma, sarcoma and leukaemia are included under the broad umbrella of cancerous tumours. The following are a list of exclusions:
- Skin cancer other than invasive malignant melanoma.
- Microcarcinoma of the bladder.
- Prostate tumours unless classified as having a Gleason score of 6 or higher.
- Papillary micro- carcinoma of the thyroid that is less than 1 cm in diameter.
- Tumours that display malignant changes in situ and tumours that are histologically described as benign, pre-malignant or non-invasive.
- All tumours as a result of being infected with HIV.
- First heart attack: The first myocardial infarction which results in the death of a portion of the heart muscle, characterised by a history of clinical symptoms, new characteristic electrocardiogram changes or elevation of infarction specific enzymes. The following are a list of exclusions:
- Angina pectoris.
- Other acute coronary syndromes.
- Non-ST segment elevation myocardial infarction (NSTEMI) with an elevation of Troponin I or T.
- Open chest CABG: Undergoing open chest surgery to correct blockages or the narrowing of an artery/multiple arteries through coronary artery bypass graft (CABG). The list of exclusions are as follows:
- Angioplasty or any intra-arterial procedures.
- Keyhole or laser surgery.
- Open heart replacement/ heart valves replacement: The undergoing of open heart valve surgery to repair or replace a heart valve due to abnormalities or defects in the cardiac valves. An echocardiography should be used as a supporting document. Exclusions under this category are as follows:
- Catheter based techniques.
- Kidney failure that would require regular dialysis: Final stage renal failure resulting in the irreversible failure of both kidneys which would require regular dialysis.
- Bone marrow or major organ transplant: The undergoing of a human bone marrow transplant. Undergoing a kidney, liver, heart, lung or pancreatic transplant due to irreversible end-stage organ failure. The exclusions under this category are as follows:
- Stem cell transplants other than the ones mentioned above.
- Only an islet of Langerhans transplant.
- Stroke with permanent symptoms: Cerebrovascular incident resulting in permanent neurological damage, such as brain tissue infarction, intracranial vessel thrombosis, haemorrhage or embolisms from an extracranial source. Exclusions are as follows:
- Traumatic brain injury.
- Transient ischemic attacks.
- Vascular disease affecting optic nerve or vestibular functions only.
- Loss of limbs: The loss of two or more limbs due to disease or injury.
- Permanent paralysis of limbs: The irreversible loss of use of two or more limbs due to a brain or spinal cord injury or disease.
- Major burns: Third degree burns covering a minimum of 20% of the body.
- Aorta surgery: Undergoing a thoracotomy or laparotomy to correct or repair an aortic aneurysm, aortic obstruction, coarctation of the aorta or rupture of the aorta.
- Blindness: Irreversible loss of sight in both eyes due to accident or illness which cannot be corrected by any medical procedure.
Exclusions - What the Kotak Critical Benefit Illness Rider doesn’t cover?
The Kotak Critical Benefit Illness Rider covers a broad range of critical illness as listed above. There are some exclusions when the company will not be liable to pay the policyholder. These exclusions are listed below:
- Failure to seek or follow medical advice.
- Self-inflicted injuries, attempted suicide, insanity, committing an act that violates the law.
- Pre-existing medical conditions that are not disclosed at the time of rider inception.
- Abuse of alcohol or solvents, or abuse of narcotics.
- Infections that are a result of the Human Immunodeficiency Virus (HIV) or Acquired Immunodeficiency Syndrome (AIDS).
- Injuries due to war, invasion, motor racing, hunting or other such dangerous activities or hobbies.
- Injuries sustained due to participation in military, para-military or security organisation activities.
- Injuries sustained due to participation in aeronautics or aviation except as a passenger on board a licensed flight.
Other Key Features- Freelook Period, Surrender Value, Grace Period etc.
Additional features of the Kotak Critical Illness Benefit Rider are as follows:
|Free look period
||In the event of the policyholder being dissatisfied with any of the rider’s provisions, he/she may return the rider along with a reason behind the return during the free look period at no cost/penalty. The free look period is 15 days from the date of receipt of the rider document and 30 days in case of distance marketing documents.
||There is no surrender value payable for the rider. If the base policy is surrendered, the rider is automatically surrendered.
|Reduced paid-up benefit
||There is no reduced paid-up benefit for the rider.
||The grace period for payment of premiums is as per the grace period for the base policy.
||The rider policy will lapse if the premiums are not paid within the grace period.
If the base policy lapses, the rider under the policy also stands lapsed.
||The rider cannot be revived by itself, but can be revived in conjunction with the base policy.
Tax Benefits- How You Can Save With Kotak Critical Illness Benefit Rider?
Being a rider, there are no tax benefits associated with the Kotak Critical Illness Benefit Rider. All tax benefits are associated with the base policy.
Other Benefits- How You Can Save With Kotak Critical Illness Benefit Rider?
The Kotak Critical Illness Benefit Rider comes with a host of benefits and features for policyholders and members. In addition to these, Kotak Mahindra plans come with additional services and features, some of which are listed below:
- Premium payment: Kotak Mahindra Life Insurance offers its customers multiple premium payment options. Customers can choose to pay their premiums either offline or online based on their convenience. A list of payment methods is provided below
- Through debit/credit card.
- Through netbanking.
- Through a branch office of Kotak Mahindra Life Insurance.
- Through NEFT.
- Through Electronic Clearing Service (ECS).
- Through cheques deposited at a Kotak Mahindra Bank ATM drop box.
- Through Bill Desk.
- Ease of policy document access: Kotak Mahindra Life Insurance policyholders can look up information pertaining to their rider policy online at a click of a few buttons instead of having to visit a branch office for policy information. The company also provides SMS alerts to customers, notifying them of upcoming premium payments, fund performance, policy renewals etc.
Why you should buy the Kotak Critical Illness Benefit Rider from Kotak Life Insurance?
Kotak Mahindra Old Mutual Life Insurance Ltd. is one of the most trusted names in the field of life insurance. Set up in the year 2001, the company is a joint venture between the India-based Kotak Mahindra Group and the South African banking and insurance firm Old Mutual plc. The company benefits from the banking and insurance expertise that the two companies possess, creating life insurance products that are suited to cater to the needs of a diverse population. Kotak Mahindra Life Insurance provides insurance products that tailor made for specific groups and meet their unique requirements, providing life coverage solutions that cover the needs of the urban professional, women, children, retirees as well as the rural sector. A strong commitment to providing the best service and striving for excellence are the hallmarks of the company, which is evidenced through the many accolades they have received.
Boasting one of the best claim settlement ratios in the market, Kotak Mahindra Life Insurance seeks to provide quality life insurance products and assistance to customers which makes them one of the top rated insurance companies in the country.