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Kotak Permanent Disability Benefit Rider (Linked)

The Permanent Disability Benefit Rider (Linked) that is offered by Kotak Mahindra Old Mutual Life Insurance Ltd. provides financial stability and support in case you meet with an accident that leaves you partially or totally disabled. The Kotak Permanent Disability Benefit Rider (Linked) has to be purchased separately and then attached to a base plan to increase the existing security and benefits offered by the base policy.

The Kotak Permanent Disability Benefit Rider (Linked) can be purchased by anyone as this is an affordable plan made to meet the needs and requirements of the general public. Customers are given a lot of flexibility when making premium payments through various modes of payments like Single, Regular or Limited Pay options.

Eligibility – Who is the Kotak Permanent Disability Benefit Rider (Linked) for?

The Kotak Permanent Disability Benefit Rider (Linked) can be merged to any base plan to amplify the level of financial security and protection as well. There are certain age restrictions which are considered when determining the eligibility of an individual. To purchase this rider, a person should fall in the age bracket mentioned below:

Particulars Details
Minimum Entry Age 18 years
Maximum Entry Age 60 years or the maximum

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

Once you have chosen your policy and rider, you will have to insure the policy for a specific amount and later make premium payments so that you can receive the benefits that come with the plan. Listed below are some details regarding the premiums payments and sum that is assured when purchasing a Kotak Permanent Disability Benefit Rider (Linked):

Particulars Details
Maximum Rider Sum Assured Rs.50 lakhs
Minimum Rider Sum Assured Rs.50,000 (after combining all policies of the Life Insured that comes under the Permanent Disability due to an accident. The sum assured from this rider cannot exceed the sum assured under the base policy.
Premiums Paid This depends on the sum assured by the rider, premium payment term, and benefit term.
Premium Payment Options Premiums payments are directly deducted by way of cancellation of units from the Fund Value every month. This charge is fixed across all age groups.
Rider Benefit Term In general, a rider benefit term ranges from a minimum of 5 years to a maximum of 30 years. The rider benefit term is equal to the base policy’s outstanding policy term.
Premium Payment Term The payment term for a rider will be equivalent to the term of the base plan.

Exclusions – What the Kotak Permanent Disability Benefit Rider (Linked) doesn’t cover?

Kotak Mahindra Old Mutual Life Insurance Ltd. has a few exclusions to the Kotak Permanent Disability Benefit Rider (Linked) policy. The company will not make a payout to the policyholder in case the individual is disabled permanently for any of the following reasons:

  • Insanity, attempted suicide, self-inflicted injuries, committing any breach of law, immortality or being under the influence of an illicit substance like drugs, alcohol, etc.
  • Sustaining injuries during a war (if declared or not), terrorist attack, hunting, invasion of/by another country, motor racing, mountaineering, on-duty in a para-military, military, police or security organization or other kinds of dangerous activities or hobbies.
  • If the policyholder is part of an aviation or aeronautics crew and not a passenger on any licensed commercial aircraft that operates on a scheduled route.
  • Nuclear contamination of a explosive, hazardous, radio-active nature of materials arising from fuel cell or its deterioration or property that is contaminated by nuclear fuel cells and its materials or any accident arising from such a scenario.

Other Key Features of Kotak Permanent Disability Benefit Rider (Linked):

Listed below are some of the key features of Kotak Permanent Disability Benefit Rider (Linked):

Particulars Details
Grace Period The general grace period offered by Kotak Life Insurance to pay any outstanding premium is 30 days from the time a premium payment is made.
Surrender If the base plan that the rider has been bought for gets surrendered, the rider automatically gets surrendered as well. There are no benefits offered once the rider has been surrendered.
Alterations The additions of a Kotak Permanent Disability Benefit Rider (Linked) can be purchased and added to a base policy either at the time of inception of the policy or on an anniversary of the base policy. This is subject to Board Approved Underwriting Principles (BAUP).
Free Look Period A 15 day free look period is offered to the policyholder for a rider policy (Distance marketing channel gets 30 days) from the date that the policyholder receives the policy. The policyholder can choose to either accept or return the policy to the company during this period. If the policyholder chooses to return the policy, he/she is entitled to receive a refund. Rider charges will be deducted from the Fund Value and the premium that was paid will be returned after deduction of rider risk charge. A rider shall not be revived once it is returned.
Assignment Assignment for a policy is allowed according to the provisions made under Section 38 of the Insurance Act, 1938.
Nomination Nomination for a policy can be made according to the provisions that are made under Section 39 of the Insurance Act, 1938.
Service Tax and Cess Rider charges will have service tax and cess applicable on it according to prevailing tax laws and any other laws that are applicable. The Government of India can also levy taxes for other reasons like cess, statutory levies, duties, etc. from time to time.

Tax Benefits – How you can save with Kotak Permanent Disability Benefit Rider (Linked)?

Individuals who purchase the Kotak Permanent Disability Benefit Rider (Linked) are eligible to avail tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961. Please keep in mind that tax laws can get amended from time to time, therefore affecting the benefits that you are entitled to receive.

Why you should buy the Permanent Disability Benefit Rider (Linked) from Kotak?

The Kotak Permanent Disability Benefit Rider (Linked) is an addition to the insurance arsenal of Kotak Mahindra Old Mutual Life Insurance Ltd. The company is a joint venture between Kotak Mahindra Group of India and Old Mutual of South Africa. The company has a large customer base which caters to the needs and requirements of over 15 million customers. With over 232 branches spread across 167 cities and an agency strength numbering to 99,275, Kotak Mahindra Old Mutual Life Insurance Ltd. ensures that every customer is serviced with a personal touch which promotes customer satisfaction and ensures that they employ the services of the company for a long time. The company offers a plethora of investment and insurance options like savings and investment plans, protection plans, child plans, retirement plans, etc.

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