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Kotak e-Accidental Death Benefit Rider

Life Insurance
  • Premiums as low as Rs.18/day for sum assured of Rs.1 crore
  • Paperless process available
  • Choose between lump sum and monthly payout options

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.

Eligibility - Who is the Kotak e-Accidental Death Benefit Rider for?

To be able to avail this rider, a prospective policyholder should meet the eligibility requirements set by the company. The criteria is as follows:

Particulars Description
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 and Premium Range - What you pay and what you get?

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.

Plan Coverage - What the Kotak e-Accidental Death Benefit Rider covers?

Kotak e-Accidental Death Benefit Rider offers the follow coverage:

Benefit Particulars
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:
  • The rider must be active at the time of the accident.
  • The person insured needs to have sustained bodily harm only through an accident. Also the accident must be committed by a visible and outward source.
  • The death occurs less than 120 days of the occurrence of the accident due to reasons directly related to the accident.
Maturity Benefit As this plan is a protection rider, no maturity benefit is offered.

Exclusions - What the Plan doesn’t cover?

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:

  • General Exclusions:

The company cannot be held accountable to pay the benefits under the following conditions:

If the person assured dies:

  1. Due to intentional bodily harm, insanity and due to the consumption of alcohol, narcotics or drugs.
  2. Due to breaching the law and indulging in an unlawful event.
  3. Due to serving in the army and any other defense and security organisation.
  4. Due to taking part in riot, commotion, terrorist activity etc.
  5. Due to engaging in dangerous sports, which have a degree of threat to the participant’s life.
  6. Due to nuclear contamination.
  • Suicide Exclusion: If the person assured commits suicide, the sum assured will not be paid.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

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:

Feature Particulars
Lapse The concept of lapse depends primarily on the premium payment term (PPT) chosen by the base policy holder.
  • Limited Premium Payment (PPT less than 10 years): Under this plan, the rider benefit will lapse if the premiums are discontinued within two years, the policy will lapse at the end of the grace period.
  • Regular Premium Payment: The policy will be lapsed if the premiums are not paid within the grace period.
  • Single Premium Payment: In this mode, the policy will not lapse under any circumstance.
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.

Tax Benefits - How you can save with the Kotak e-Accidental Death Benefit Rider?

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.

Why you should go with e-Accidental Death Benefit Rider from Kotak Life Insurance?

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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