• Kotak Life Term Insurance Plans

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Kotak Life Insurance offers outstanding term/protection plans to assist your family when you face unforeseen situations such as death, permanent disability, or terminal illness. When you die, your family members can get deeply affected emotionally. They may also struggle with finances particularly if you are the sole breadwinner of your household. In such times, a comprehensive protection plan is very comforting and helpful. You can go for a term plan as it is available at a low cost. This plan is designed to give you only life cover without returns.

    Benefits of Kotak Life Term Insurance Plans:

    Let us take a look at the benefits provided by Kotak Life Term Insurance Plans:

    • These term plans provide you with reliable financial security. You can be assured that your beloved dependents will be safe even after your sudden death.
    • If you have any outstanding loan or credit card debts in your name, your dependents do not have to fret about repaying your debts. They will not have to suffer. With a protection plan offered by Kotak, your unpaid dues can be paid with the help of the insurance policy.
    • With a protection plan, your dependents can be emotionally and mentally strong as there is a sense of assurance that they will not struggle with the several financial requirements.
    • A protection plan provides a guarantee that your dependents can lead a respectable lifestyle with basic funds and basic necessities. When you have a protection plan, you do not have to give up on your educational goals or career dreams due to lack of finances.
    • When you take any protection plan offered by Kotak Life Insurance, you will receive tax benefits under Section 80C and 10(10D) of Income Tax Act, 1961.
    • With a protection plan, you can engage in efficient financial management. Before you invest your hard-earned money in savings or investments that generate returns, you should ideally spend your income in safeguarding your loved ones’ future.
    • Kotak Life Term Insurance Plans come with great riders for specific purposes. You can take the Kotak Critical Illness Benefit for cancer, heart attacks, kidney failure, aorta surgery, etc. You can choose the Kotak Permanent Disability Benefit if the life insured suffers from a permanent disability. You can go for the Kotak Accidental Death Benefit if the life insured dies in an accident.
    • You can take a decent protection plan from Kotak Life Insurance to make sure that you are not under-insured. You can do this by analysing your overall expenditures as well as liabilities.

    List of Term Insurance Plans Provided by Kotak Life Insurance:

    These are the term plans offered by Kotak Life Insurance:

    Kotak Income Protection Plan:

    This plan is designed to give you a monthly income. It gives protection cover first in a lump sum and then through monthly income. The monthly income goes up by 6% on an annual basis. When the remaining period is below 5 years, you will receive a monthly income for a minimum of 5 years.

    Kotak Preferred e-Term Plan:

    This is an exclusive risk plan. It provides you with extensive protection at a reasonable price. If the life insured suffers from a disability, then the premiums will get cancelled and the policy will continue. If the life insured dies during the term of the plan, your dependents will get the death benefit. This plan provides special rates for healthy women as well as non-smokers. With this plan, you will get tailor-made protection with a Kotak e-Accidental Death Benefit Rider. It also gives tax benefits. This plan can be bought online.

    Kotak Saral Suraksha Plan:

    This plan has been created to give financial protection to your family when they are in need. You do not have to go through any medical test for buying this plan. You can go for a 5 or 10-year policy period. By paying a very low premium amount, you will get high coverage. If you die during the policy period, you will get sum assured on death.

    Kotak Preferred Term Plan:

    This plan gives excellent protection for your additional responsibilities. It is good for someone who wants life coverage and protection for their family. It also helps in paying for unsettled debts and other financial liabilities. This plan is available in two types and they are recurring payout and immediate payout. It also gives a step-up option where you can get additional insurance cover for highly significant phases. When you take this step-up option, you can meet your expenses in a very cost-efficient way. You also do not have to go through any trouble such as medical tests. This plan allows you to choose a step up option which will raise your cover. This is permitted only for a regular premium payment option. You may also take a step down option to reduce your cover.

    Kotak Term Plan:

    It is a risk cover plan which is non-participating in nature. You will not get any maturity benefits with this plan. You can select a single or a regular payment option. You can pay your premiums annually, quarterly, half yearly, or monthly if you choose the regular payment option. This plan comes with an option of shifting to any other Kotak Life Insurance plan. However, you cannot choose another term plan. This switching can be done only if there are 5 years before the policy period ends. With a Kotak Term Plan, you can get rider benefits by paying a reasonable extra premium. The riders that are available with this plan include:

    Plan name Entry age Maturity age Premium
    Kotak Income Protection plan 18 to 60 years 70 years Minimum premium is fixed based on monthly income, smoking status, gender, age, premium payment option, and policy term. There is no limit on the maximum premium but it depends on the Underwriting consideration. Preferential rates are provided to non-smokers and women.
    Kotak Preferred e-Term Plan 18 to 65 years 28 to 75 years Minimum premium depends on immediate or recurring payout, age, policy term, gender, basic sum assured (Min: Rs.25,00,000), premium payment option, smoking status, etc.
    Kotak Saral Suraksha 18 to 55 years 23 to 65 years Information not given.
    Kotak Preferred Term Plan 18 to 65 years 23 to 75 years Minimum premium is fixed based on monthly income, smoking status, gender, age, premium payment option, and policy term.
    Kotak Term Plan 18 to 65 years 70 years There is no maximum limit for premium. It will be determined by the Maximum Basic Sum Assured which depends on underwriting.

    Why one needs Kotak Life Term Insurance Plans?

    You should take a Kotak Life Term Insurance Plan if someone is dependent on your income. This is the main purpose of taking a term plan from Kotak Life Insurance. This is because a term plan will make certain that your beloved family members including parents, spouse, siblings, and children are financially safe even in your absence. It is helpful when the creation of funds stops due to your sudden loss.

    It is highly important to secure your family for the many years to come. You should always keep a separate amount for the future of you and your family and only then start investing money in savings instruments. Your cash flow should give prominence to insurance and savings. You can then spend the remaining amount on leisure, home enhancement, and other needs.

    If you take a term plan of Rs.25 lakh from Kotak for 15 years at the age of 30, you will have to pay a premium only of Rs.3,557. This holds true if you are a non-smoker. On the other hand, if you take the same plan at the age of 40, you will have to pay a premium of 6,011. This shows that you should not make any delay while taking an insurance plan. You must always try to take a good plan at a young age.

    When you are planning how to allocate your income for different purposes, a basic term plan should always be your top priority because only a term plan will help you when unexpected eventualities occur and not any other savings instrument.

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