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Kotak Individual Rider

Kotak Individual Rider can be taken at the time of purchasing a life insurance plan. You can get a maximum benefit that is equal to the Basic Sum Assured. The aggregate premium should not exceed 30% of the basic premium. You get Kotak Critical Illness Benefit Rider, Kotak Life Guardian Benefit Rider, and Kotak Accidental Disability Guardian Benefit Rider.

Eligibility – Who is the Kotak Individual Rider for?

You will have to meet certain eligibility requirements to avail this rider, they are as follows:

Entry age Critical Illness Benefit Rider: 18 years Life Guardian Benefit Rider and Accidental Disability Guardian Benefit Rider: 18 years
Maximum entry age Critical Illness Benefit Rider: As per the base plan Life Guardian Benefit Rider and Accidental Disability Guardian Benefit Rider: 50 years
Maximum maturity age Critical Illness Benefit Rider: 65 or 70 years Life Guardian Benefit Rider and Accidental Disability Guardian Benefit Rider: 60 years
Minimum benefit term Critical Illness Benefit Rider: 5 years Life Guardian Benefit Rider and Accidental Disability Guardian Benefit Rider: 5 years
Mode of payment As per the basic policy.

Sum Assured and Premium Range – What you get and what it costs?

Sum Assured:

The sum assured is based on the premium payment option you choose. The sum assured for Kotak Individual Rider is based on the base policy. The Sum Assured for the Riders offered are as follows:

Kotak Critical Illness Benefit Rider When the critical illness first occurs during the term of the plan, you will receive a part of the Sum Assured. The maximum rider benefit you can avail is Rs.20 lakhs. Kotak Classic Endowment Plan, Kotak Preferred Term Plan, and Kotak Premier Endowment Plan – 50% of Sum Assured on maturity is paid on the admission of a critical illness claim. Kotak Term Plan – The portion of the Sum Assured is based on the diagnosis of the covered critical illness.
Kotak Life Guardian Benefit Rider This benefit rider will waive all future premiums in case of unfortunate death of the policyholder.
Kotak Accidental Disability Guardian Benefit Rider If the policyholder becomes totally and permanently disabled after an accident, all the future premiums will be waived under this rider.

Premium:

You will have to pay a premium for the coverage. The premiums are to be paid along with the premiums of the base policy.

The premium amount is based on the age of the life assured, policy term, sum assured, and premium payment term. The frequency of the premium is based on the policy term.

Plan Coverage – What the Kotak Individual Rider covers?

Kotak Individual Rider covers the following:

  • A portion of the Sum Assured is paid on the first occurrence of the critical illness during the term of the plan. You will get a maximum of Rs.20 lakh under Critical Illness Benefit Rider.
  • In the case of the unfortunate death of the policyholder, the future benefits will be waived under Life Guardian Benefit Rider.
  • All future premiums will be waived under Accidental Disability Guardian Benefit Rider if the policyholder becomes totally and permanently disabled after an accident.

Exclusions – What the Kotak Individual Rider doesn’t cover?

Most of the insurance plans have exclusions. The following cases will not be covered under Kotak Accidental Disability Guardian Benefit Rider:

  • Self-inflicted injuries, insanity, suicide, committing a breach of law under influence of liquor or drugs.
  • Injuries arising from war, hunting, invasion, motor racing, mountaineering, dangerous activities, on duty in military, police organisation, or para-military.
  • Life insured is engaged in aeronautics other than as a passenger on a commercial aircraft.

Exclusions under Kotak Critical Illness Benefit Rider are as follows:

  • Failure to seek medical advice.
  • Self-inflicted injuries, inanity, committing a breach of law, and attempted suicide.
  • Pre-existing conditions that were not disclosed.
  • Solvent or alcohol abuse.
  • HIV or AIDs.
  • Life insured is engaged in aeronautics other than as a passenger on a commercial aircraft.
  • Injuries caused by war, hunting, invasion, mountaineering, dangerous activities, motor racing, on duty in military, police organisation, or para-military.

Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

The other key features of Kotak Individual Rider are as follows:

Grace period You get a grace period of 30 days from the due date to pay the premium. You get 15 days grace period to pay premiums in case of monthly mode.
Loan No loan facility is available.
Revival Kotak Individual Rider cannot be revived independently, you will have to revive it along with the base plan.
Free-look period You get 15 days free-look period for a policy. For the policy that you purchase through Distance Marketing Channel, you get 30 days to return the policy.
Nomination Nomination is allowed as per Section 39 of the Insurance Act, 1938.
Assignment Assignment is allowed as per Section 38 of Insurance Act, 1938.

Tax Benefits – How you can save with the Kotak Individual Rider?

There are no tax benefits available for Kotak Individual Rider. You will be charged any direct or indirect taxes on the premiums paid.

Other Benefits – How you can save with the Kotak Individual Rider?

Following are the other benefits you can avail with Kotak Individual Rider:

  • You can choose from the various riders under traditional, ULIP, and Group Riders.
  • You can check the Insurance Guide to learn more about the plans and riders offered by Kotak and figure out which is the right plan and rider for you.
  • You can get advice from the professional Life Advisor by entering relevant basic information.
  • You can use the premium calculator which will give you a clear idea of how much premiums you will have to pay towards your policy and rider.
  • You can pay the premiums through different modes.

Why should you buy the Individual Rider from Kotak?

Kotak Mahindra is one of the leading banks in India and it offers a wide range of financial services. You can buy Riders with your Kotak Life Insurance plans while you are purchasing them. The Riders come at a nominal cost. You can earn a maximum benefit that is equal to the Basic Sum Assured. The aggregate premiums will not cross 30% of the basic premium. You will get a lump sum payout when the critical illness first occurs. If the policyholder is dead due to an unfortunate event or is totally and permanently disabled after an accident, all the future premiums will be waived.

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