The Kotak e-Accidental Death Benefit is a rider that plan specifically designed to offer an added level of financial protection to vehicle owners. This plan, which can be availed at the time of purchasing a Kotak insurance policy and during a policy anniversary, provides an option for individuals to extend the policy term to match the base plan.
To be able to avail this rider, a prospective policyholder should meet the eligibility requirements set by the company. The criteria is as follows:
|Minimum Entry Age||18 years|
|Maximum Entry Age||Either 60 years on the maximum age mentioned in the base policy. Note that the age will be the lowest of the two.|
|Minimum Maturity Age||23 years|
|Maximum Maturity Age||70 years|
Sum Assured: Under the e-accidental Death Benefit Rider, minimum sum assured is Rs.50,000, while the maximum sum assured is Rs.50,00,000. Note that the maximum is inclusive of all the accidental death benefit available to the policyholder across all Kotak insurance policies.
Premium: Premium for the Kotak e-Accidental Death Benefit Rider depends on the premium payment term, sum assured, and benefit term opted by the policyholder.
Kotak e-Accidental Death Benefit Rider offers the follow coverage:
|Death Benefit||If the life insured succumbs to an accident, the total death benefit payable will be the sum assured under the policy. The nominees need to prove to the insurer that they are the person insured’s kin in order to receive the full settlement.
The death benefit is paid only if a certain conditions are met. These are:
|Maturity Benefit||As this plan is a protection rider, no maturity benefit is offered.|
The e-ADB Rider comes with a number of exclusions, which are divided under General and Suicide categories. You will find all of them mentioned below:
The company cannot be held accountable to pay the benefits under the following conditions:
If the person assured dies:
Apart from the ones mentioned above, there are a few key features you should know about the Kotak e-Accidental Death Benefit Rider. Here’s all of them listed out in a table:
|Lapse||The concept of lapse depends primarily on the premium payment term (PPT) chosen by the base policy holder.
|Grace Period||As this is a rider plan, grace period on the base plan is applicable to the e-Accidental Benefit Rider.|
|Revival||Due to this being a rider, policy revival cannot be done individually. But, if in case, people want to revive the policy, they can do with with the base plan.|
|Alterations||A policyholder can alter the policy, albeit during a policy anniversary. He/she can choose to put the base and the rider plan together or detach the rider from the base plan.|
|Free look period||The policyholder will receive a 30-day free look period when they buy this rider. If they feel the terms and conditions aren’t up to their liking, they can choose to return the policy within the aforementioned 30 days by stating a valid reason. Once the policy is returned, the policyholder will receive the premium paid after deducting the risk cover, stamp duty, and medical examination costs for the time the policy was in action.|
|Assignment||Based on the provisions mentioned in Section 38 of the Insurance Act of 1938, assignment facility is available to the policyholders.|
|Nomination||Nomination facility is available for customers based on Section 39 of the Insurance Act.|
According to Section 80 C and 80 CCC of the Indian Income Tax Act, any sum paid as insurance premium is eligible for tax deduction. However, the maximum deductions an individual is eligible stands at Rs.1,50,000 for a calendar year. Besides this, tax benefit is available based on Section 10 (10D) of the tax regulations.
To begin with, the e-ADB rider comes from Kotak Life Insurance Ltd., which happens to be a subsidiary of Kotak Mahindra Bank. This company has offices in almost every tier-1 and tier-2 cities in the country, which mainly work towards catering to prospective and existing clients and will also help in solving their queries and grievances.
Besides this, Kotak Life Insurance has a dedicated customer support team, which works round the clock to help clients get the information regarding insurance claims. Also, the e-ADB policy is an online plan by Kotak which makes it easier for prospective applicants to apply, buy, and maintain the policy online entirely.
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