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The Kotak Term Benefit Rider is an additional benefit offered by Kotak Life Insurance that allows policyholders to increase their sum assured in case of their death. This is a comprehensive life cover and offers protection till the base plan’s policy term elapses. Policyholders can choose from flexible premiums and avail income tax benefits as per income tax laws.
The purpose of the Kotak Term Benefit Rider is to enhance the existing protection offered by the base plan. It can be used to meet various financial necessities including covering debt, rent, mortgage and other payments upon the death of the policyholder.
Policyholders must meet certain eligibility requirements to apply for this additional benefit rider. The criteria to be met include:
|Minimum Entry Age||18 years old|
|Maximum Entry Age||60 years old|
|Minimum Maturity Age||21 years old|
|Maximum Maturity Age||70 years old|
|Premium||Total premiums for this rider cannot be more than 30% of the premium paid for the base plan of the policy.|
|Premium Payment||Policyholders can choose between Single Pay, Limited Pay and Regular Pay|
The Kotak Term Benefit Rider offers policyholders a sum assured in case of their demise. The sum assured offered under this rider at any given time shall not exceed the sum assured offered under the base plan of the policy.
|Minimum Sum Assured||Rs.10,000|
|Maximum Sum Assured||Any amount up to the sum assured offered under the base plan.|
The term of the rider will vary depending on the type of premium payment chosen by the policyholder. Also, the premium payment for the rider shall not be more than the premium payment term chosen for the base plan of the policy.
|Type of Premium Payment||Rider Term|
|Single Pay and Regular Pay||
|Type of Premium Payment||Premium Payment Term|
|Single Pay||1 year|
|Regular Pay||Same as rider term|
Policyholders can make payments on their premiums depending on the premium type chosen by them:
|Type of Premium||Payment Mode|
|Regular Pay and Limited Pay||
|Single Pay||Single payment|
According to the payment frequency, policyholders will make a percentage of payment on their premiums in the following manner:
Disclaimer: Premiums vary based on age, location, plan term and other factors.
Death Benefit – This plan offers death benefit, wherein, in an event of the policyholder’s death, their nominees or legal heirs will receive a lump sum payout.
The Kotak Term Benefit Rider does not offer a maturity benefit.
Policyholders must bear in mind the following key features applicable on the Kotak Term Benefit Rider:
|Other key features||Details|
|Rider Lapse||The benefit offered under the rider will lapse if the policyholder does not make the premium payment by the grace period. Upon lapse of the rider, the policyholder will not be entitled to any benefits.|
|Rider Revival||The rider can only be revived when the policyholder revives the base plan as well. The rider cannot be independently revived.|
|Rider Alterations||Riders can be purchased either with the base plan or on any of the policy anniversaries. Alterations to the policy can be made only during a policy anniversary. If the policyholder withdraws the base plan, the rider will be automatically surrendered.|
|Rider availability||This rider is available under certain non-unit linked policies and is available with Corporate Agents, Tied Agents, through Direct Marketing and Brokers.|
|Free Look Period||
|Rider Surrender||If the policyholder chooses to surrender the rider, the surrender value will be provided in the following way:
Policyholders are eligible for tax benefits under Section 10 (10D) and Section 80C of the Income Tax Act of 1961. Tax benefits may change according to tax laws.
Kotak Life Insurance offers a host of customer-centric benefits to customers. The customer base of this insurer comprises of Indians as well as NRIs. Indians and NRI customers have separate dedicated phone lines that operate between Mondays and Saturdays.
The Kotak Life Insurance website also offers potential customers assistance using a Life Advisor. Those who are unsure of which plan is best suited for them, they can provide their details and a Life Advisor will get in touch with them to help with the decision making.
The insurer also offers customers and policyholders various tools including an online calculator to help compute premiums on various life insurance plans and riders.
Policyholders can also register to receive SMS Alerts which will enable them to request for specific information on their policies and riders at any given time.
Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra and Old Mutual Inc. which is one of their affiliates. The insurer boasts a huge customer base of 4 million policyholders in India. The company focuses on customer value and understanding in delivering of their products and services, which is a combination of Protection as well as Long term Savings. Kotak Life Insurance is also one of the leaders when it comes to claim ratios and offers complete transparency in their services including asset management, fund performance declaration and more.
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