Kotak Life Insurance Riders

Kotak Life Insurance is a top insurance company in India. The company offers several insurance policies for individuals as well as groups. Each insurance plan comes with many riders. A rider refers to an additional feature that can be attained by an additional fee. These additional features will be given to you along with the regular features of the policy that you choose.

Kotak Life Insurance has several riders in different categories. The 3 main categories include traditional rider, ULIP rider, and group rider. You can take a rider from Kotak when you buy your insurance plan and it is available at a reasonable cost. The highest amount that you can get is up to your basic sum assured. The amount of the benefit will be determined by the rider that you choose. You will need to bear in mind that the overall premium on the add-on feature should not go above 30% of your basic premium.

Benefits of Riders offered by Kotak Life Insurance:

These are the benefits of riders provided by Kotak:

• Kotak offers a wide variety of riders for different purposes. You have the option to select any rider depending on your specific requirements and preferences.
• Kotak provides several categories of riders with completely different features.
• You can take a rider for different purposes such as accidental death, disability, terminal illness, inability to perform tasks, critical illness, dismemberment, etc.
• These riders will help you in crucial times when you require funds the most.
• These riders offer additional benefits.

Different types of Riders Provided by Kotak Life Insurance?

Kotak offers riders in 3 categories. Let us take a look at each category of riders in detail:

Kotak Traditional Riders:

Kotak offers 5 riders under the traditional category. Let us take a look at these riders:

Kotak Individual Riders:

The individual riders provided by Kotak include:

Kotak Critical Illness Benefit Rider:

You will be allowed to take this rider along with any life insurance plan offered by Kotak. It gives you monetary assistance for urgent medical treatments and other medical expenditures. When the symptoms of a critical illness are spotted for the first time during your policy period, you will get a part of the sum assured. This is given so that you do not have a lot of money from your own pocket.

The benefit of your rider will be determined by your insurance plan and it is subject to an amount of up to Rs.20 lakhs.

Critical illnesses that are covered by Kotak Critical Illness Benefit Rider:

These are the critical illnesses that are covered by Kotak Critical Illness Benefit Rider:

• Open chest CABG
• Cancer depending on how severe it is
• Kidney failure that needs regular dialysis
• First heart attack depending on the severity
• Bone marrow transplant for chief organ
• Open heart replacement or fixing of heart valves
• Permanent paralysis of limbs
• Surgery of aorta
• Blindness
• Stroke that leads to permanent symptoms
• Major burns
• Loss of limbs

Benefits and Features of Kotak Critical Illness Benefit Rider:

These are some of the features of this rider:

• With the Kotak Classic Endowment Plan, you will get a part of your sum assured after the policy matures.
• With the Preferred Term Plan, you will receive a part of your basic sum assured when you file a claim for any critical illness.
• With the Kotak Premier Endowment Plan, you will get a part of your sum assured which will be given to you when you make a claim for a critical illness.
• With the Kotak Term Plan, you will get a part of your basic sum assured when you are identified with any of the critical illnesses that are covered by Kotak.
• When you receive your critical illness benefit, your basic sum assured as well as the benefits that are determined by the basic sum assured will decrease.

Kotak Life Guardian Benefit Rider:

Usually, when a policyholder dies, the policy may not continue. However, with the guardian benefit rider provided by Kotak, the policy will be retained after the death and the premiums will be waived. The remaining premiums will be paid by Kotak. This particular rider can be taken only if the policyholder and the life insured are not the same person.

Kotak Accidental Disability Guardian Benefit Rider:

When the policyholder suffers from total or permanent disability due to an accident, this rider will help in retaining the policy with a waiver on all the remaining premiums. In this case, the rest of the premiums will be borne by Kotak.

Kotak Accidental Death Benefit Rider:

With this rider category offered by Kotak, you will get extra security apart from the protection that you already receive with your base plan.

Benefits and Features of Kotak Accidental Death Benefit Rider:

These are the benefits and features of this rider:

• You can choose a premium payment option depending on what suits you. The premium payment options include single, regular, and limited payment options.
• The nominee will receive a rider sum assured if the policyholder dies due to an accident.
• This rider gives extensive protection until the policy period is completed.
• You can choose this rider at the beginning of the policy period or when you have any policy anniversary.
• This rider does not come with a maturity benefit.
• This rider comes with a death benefit which is valid for 120 days from when the accident has happened. Once the company verifies that it is an accidental death, the nominee will receive the death benefit.
• The minimum rider sum assured is Rs.50,000.
• This rider also provides tax benefits as per Section 10(10D) and Section 80C of the Income-tax Act, 1961.

Kotak Term Benefit Rider:

With this rider, your dependents will be financially secure after your death. When you take the term benefit rider, you will receive additional protection along with your base plan. Your dependents will not have to stress about your debts or liabilities after your death. Your insurance policy and rider will provide them with excellent financial protection.

Benefits and Features of Kotak Term Benefit Rider:

These are the benefits and features of this rider:

• Under this plan, the rider sum assured will be provided to the beneficiary after the policyholder’s death.
• You will receive income tax benefits for the premiums that you pay.
• You can decide how you want to pay your premiums according to your financial condition. You can choose a limited, regular, or a single payment option.
• Until your base plan expires, you will receive extensive protection.
• This rider does not offer maturity benefit.

Kotak Permanent Disability Benefit Rider:

This rider will keep your family members financially safe when you come across a situation such as total or permanent disability. With this rider, you can improve the financial protection that you already have.

Benefits and Features of Kotak Permanent Disability Benefit Rider:

These are the benefits and features of this rider:

• You will receive 120% of your rider sum assured over a period of 5 years.
• This rider will protect you with full coverage until your base plan expires.
• You can pay your premiums through a single, regular or limited payment option.
• The rider sum assured will be given in 5 installments.
• This rider does not provide a death benefit or a maturity benefit.

Kotak e-Accidental Death Benefit Rider:

This online rider is helpful for deaths caused due to accidents. An ordinary insurance policy provides you with protection after death. However, you will need protection even after an accident. This is where the accidental death benefit rider comes into the picture. This rider will give you extra benefits.

Benefits and Features of Kotak e-Accidental Death Benefit Rider:

These are the benefits and features of this rider:

• This rider can be purchased online quickly from your home.
• You may extend your policy protection until your base plan expires.
• You can go for this rider at the beginning of the policy period or when there is any policy anniversary.
• If the policyholder dies due to an accident, the beneficiary will get the rider sum assured.
• This is a proper protection rider and hence, you will not receive any maturity benefit.
• This plan also gives tax benefits as per Section 10(10D) and Section 80C of the Income-tax Act, 1961.

Kotak ULIP Riders:

Kotak offers 2 types of ULIP riders. These are the ULIP riders provided by Kotak Life Insurance:

Kotak Permanent Disability Benefit Rider (Linked):

This is a rider that offers a benefit for permanent disability. It is a linked rider. If the policyholder suffers from a total or permanent disability because of an accident, a lump sum assured will be given. This rider provides only a benefit for permanent disability and not a maturity benefit.

Benefits and Features of Kotak Permanent Disability Benefit Rider (Linked):

Let us take a look at the benefits and features of this rider:

• This rider will give you tax benefits according to Section 10(10D) and Section 80C of the Income-tax Act, 1961.
• The minimum sum assured provided by this rider is Rs.50,000.
• The maximum sum assured given by this rider is Rs.50 lakhs. This comprises every policy of the policyholder with a Kotak Permanent Disability Benefit.
• The minimum rider benefit term is 5 years and the maximum rider benefit is 30 years.

Kotak Accidental Death Benefit Rider (Linked):

This linked rider provides a benefit to the nominee of the life insured if the life insured goes through an accidental death. The rider sum assured will be given along with the normal death benefit that is given in your normal life insurance plan.

Benefits and Features of Kotak Accidental Death Benefit Rider (Linked):

These are the benefits and features of this rider:

• The minimum sum assured provided by this rider is Rs.50,000.
• The maximum sum assured given by this rider is Rs.50 lakhs. This consists of every policy of the policyholder with Kotak Accidental Death Benefit.
• The minimum rider benefit term is 5 years and the maximum rider benefit term is 30 years.
• This rider offered by Kotak provides tax benefits as per the conditions given in Section 10(10D) and Section 80C of the Income-tax Act, 1961.

Kotak Group Riders:

Let us take a look at the numerous group riders offered by Kotak:

Kotak Accidental Death Benefit (ADE) (Group Rider):

With this rider, the nominee will get an extra lump sum benefit if the policyholder dies due to an accident. This benefit will be more than your basic sum assured.

Kotak Accidental Dismemberment Benefit (ADM) (Group Rider):

If the policyholder suffers from a partial or complete loss of a limb or loses eyesight or hearing because of an accident, a lump sum will be provided. The policyholder will be required to survive for at least 24 hours after the accident in order to receive this benefit.

Kotak Accidental Disability Benefit (ADB) (Group Rider):

When the member of a group plan becomes totally or permanently disabled due to an accident, he or she will get a benefit as a lump sum apart from the basic sum assured. The policyholder will not need any underwriting requirement.

Kotak Accidental Death, Disability and Dismemberment Benefit (ADDD) (Group Rider):

This rider gives a benefit for disability, death, and dismemberment caused by an accident.

Kotak Critical Illness Plus Benefit (Group Rider) (CIP):

When the group member is identified with any of the critical illnesses that are covered by Kotak, this rider will give an extra benefit. In this rider, the death benefit will not be impacted.

Kotak Critical Illness Benefit (Group Rider) (CI):

When the policyholder who belongs to a group is identified with any of the critical illnesses, he or she will receive extra protection with this rider. Once the payment is made, the benefit will be expired and the death benefit will decrease depending on the payout.

Kotak Group Terminal Illness Benefit (Rider):

When the group member is identified with any terminal illness, this benefit will be provided.

Kotak Family Benefit (FBI):

This rider gives life cover for the policyholder’s spouse and up to 3 children who belong to the age group of 1 to 18.

Kotak Group Daily Task Benefit:

If the policyholder cannot perform any of the daily tasks, he or she is said to be functionally impaired. In this case, this particular rider can be used for benefits.

Table showing the details of Kotak Riders:

Plan name	Entry age	Maturity age	Premium
Kotak Critical Illness Benefit Rider	18 years	Up to 65 or 70 years. It depends on the plan chosen
Kotak Life Guardian Benefit Rider	18 to 50 years	60 years
Kotak Accidental Disability Guardian Benefit Rider	18 to 50 years	60 years
Kotak Accidental Death Benefit Rider	18 to 60 years	23 to 70 years	The premium is determined by the rider sum assured, rider’s benefit term, and premium payment term.
Kotak Term Benefit Rider	18 to 60 years	21 to 70 years	The overall rider premiums cannot go above 30% of your yearly premium.
Kotak Permanent Disability Benefit Rider	18 to 60 years	23 to 70 years	The premium is determined by your premium payment term, rider sum assured, and benefit term.
Kotak e-Accidental Death Benefit Rider	18 to 60 years	23 to 70 years	The premium is fixed by the rider sum assured, rider benefit term, rider premium payment term, and rider premiums.
Kotak Permanent Disability Benefit Rider (Linked)	18 to 60 years	23 to 70 years	Information not provided.
Kotak Accidental Death Benefit Rider (Linked)	18 to 60 years	23 to 70 years	Information not provided.
Group riders: Kotak Accidental Death Benefit (ADE), Kotak Accidental Disability Benefit (ADB), Kotak Accidental Dismemberment Benefit (ADM); Kotak Accidental Death, Disability and Dismemberment Benefit (ADDD), Kotak Critical Illness (CI) and Kotak Critical Illness Plus (CIP)	18 to 64 or 74 years	19 to 65 or 75 years	This will depend on the group size and the sum assured for each life.
Kotak Group Terminal Illness Benefit (Rider)	18 to 74 years	19 to 75 years	Information not provided
Kotak Family Benefit (FBI)	18 to 74 years	18 to 64 years	Information not provided
Kotak Group Daily Task Benefit	18 to 64 years	19 to 65 years	Information not provided

Why one needs Kotak Riders?

When you go for any of the riders offered by Kotak, you can add a lot more to your normal insurance plan. Kotak will provide you with flexibility to design your rider benefits. You can get custom-made rider benefits depending on your lifestyle, household conditions, and financial situations.