Do you want to make sure that you are absolutely financially safe so that your beloved family members are safe and sound even in your absence? Take a Kotak Income Protection plan to receive income on a monthly basis. What’s more, it goes up at 6% p.a. for the rest of the policy period in case you die. Your family members will also receive an assured benefit in the form of a lump sum to handle all the urgent needs. The premiums for this plan are very reasonably priced. If you are a non-smoker or a female, you can enjoy special premium rates! The best part about this plan is that your monthly income will rise during the entire policy period.
The Kotak Income Protection plan is a brilliant insurance plan for anybody who dreams of a good well-being for their near and dear ones even after their death. It will give a monthly income to the nominee of the life insured on a frequent basis. You will need to meet the eligibility criteria in order to apply for this plan:
|Minimum entry age||18 years|
|Maximum entry age||60 years|
|Maximum maturity age||70 years|
|Premium payment term||Regular and limited pay|
|Monthly income level||Minimum: Rs.20,000 Maximum: There is no limit depending on the underwriting.|
|Type of plan||Pure protection insurance plan|
The table given below shows the sum assured, premium range, and premium payment mode for the Kotak Income Protection plan:
|Minimum Sum Assured||Depends on minimum premium|
|Maximum Sum Assured||There is no limit.|
|Minimum premium||This will depend on age, smoking status, monthly income selected, premium payment option, gender, and policy term.|
|Maximum premium||There is no limit and it depends on the underwriting.|
|Premium payment mode||Monthly, quarterly, half-yearly, annually|
|Policy period||For 15 pay: 20 to 30 years For 12 pay: 17 to 30 years For regular pay: 10 to 30 years|
|Premium modal factor||Monthly: 8.8% Quarterly: 26% Half-yearly: 51% Annual: 100%|
Premiums vary based on age, location, plan term and other factors
The Kotak Income Protection plan first gives a protection cover in a lump sum and then this will be followed by monthly incomes. These monthly incomes rise at 6% p.a. whenever you complete one year with the policy. You will receive monthly income for at least 5 years. The plan comes with an assured benefit for death and this is given as a lump sum. It also has a guaranteed payout period of monthly income. This is the main benefit provided by the plan:
|Benefit option||Benefit features|
When you go for the Kotak Income Protection plan, you can get advanced features by going for the additional features that are offered by Kotak Life Insurance. Let us take a look at the riders that are given with this plan:
|Optional Rider: Kotak Accidental Disability Guardian Benefit Rider||With this rider, you will get a waiver on premiums if the policyholder suffers from total or permanent disability because of an accident. The policy will go on as before.|
|Reduced Paid-Up Benefit||With this additional feature, if you have a limited premium paying policy, once your policy reaches the surrender value and if you fail to pay your premiums before the grace period expires, your base policy will be modified into a reduced paid-up policy automatically. The policy will go on until it matures.|
Every insurance plan has a few exclusions. The insurance plan will not provide coverage for such cases. The Kotak Income Protection plan has a general exclusion.
Within 1 year of taking the policy, if the policyholder commits suicide, 80% of the premiums that have been paid will have to be given to the beneficiary. If the policyholder commits suicide after 1 year since when the policy was taken, and if the policy is revived within 6 months, the suicide exclusion will not be applied.
These are some of the other significant characteristics of Kotak Income Protection plan:
When you go for a Kotak Income Protection plan, you will receive tax benefits according to the rules mentioned in Section 10(10D) and Section 80C of the Income-tax Act, 1961.
These are some of the other benefits of going for a Kotak Income Protection plan:
Kotak Life Insurance offers extraordinary life insurance plans for each category of individuals. With the Kotak Income Protection Plan, you can multiply your income efficiently and also save it for your family members when you die suddenly or suffer from a permanent disability. Kotak is dedicated to giving innovative and advanced life insurance solutions as well as top-notch fund management services. The company has several years of experience in delivering customer satisfaction flawlessly.
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