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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.
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:
|Tenure||As per base policy selected|
|Entry age||As per base policy selected|
|Maturity age||As per base policy selected|
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.
The Kotak Critical Illness Rider coverage is as mentioned below:
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:
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:
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.|
|Surrender value||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.|
|Grace period||The grace period for payment of premiums is as per the grace period for the base policy.|
|Lapse||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.|
|Revival||The rider cannot be revived by itself, but can be revived in conjunction with the base policy.|
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.
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:
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.
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