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Kotak Life Income Protection Plan

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.

Eligibility – Who is the Kotak Income Protection plan for?

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

Sum Assured and Premium Range - What you get and what it costs

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

Plan Coverage - What the Kotak Income Protection Plan covers?

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
Death benefit
  • Monthly income for 5 years if the remaining policy period is less than 5 years.
  • Assured benefit in lump sum
  • The death benefit amount will be the higher amount 105% of all the premiums that have been paid till the date of death without considering the rider premium and taxes OR 10 times the annualised premium

Riders / Add-On Plans - Additional Coverage under the Kotak Income Protection Plan:

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:

Rider Benefits
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.

Exclusions - What the Kotak Income Protection Plan doesn’t cover?

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.

Other Key Features of Kotak Income Protection Plan:

These are some of the other significant characteristics of Kotak Income Protection plan:

  • Special rates for non-tobacco consumers and female lives: This plan offered by Kotak gives special preferential rates for people who do not consume tobacco and for female lives.
  • Grace period: Under this plan, the policyholder will be given a grace period of 30 days since the premium payment due date for annual, quarterly, and half-yearly payment modes. For the monthly mode, you will get a grace period of 15 days.
  • Surrender: You can surrender your Kotak Income Protection plan before the policy period lapses. If you have been paying a regular premium, surrender value cannot be applied. If you have been paying a limited premium, you will receive a guaranteed surrender value (GSV) if you have paid a premium for 3 continuous years.
  • Free look period: This plan comes with a free look period for 15 days since when the policy has been purchased. During this period, you will be allowed to return your policy by giving your reasons.

Tax Benefits 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.

Other Benefits of Kotak Income Protection Plan:

These are some of the other benefits of going for a Kotak Income Protection plan:

  • You can request a Life Advisor very conveniently by visiting the official website of Kotak Life Insurance. You will only have to give your name, mobile number, and city. A reliable life advisor from Kotak will contact you immediately to provide you with assistance.
  • All Kotak plans come with user-friendly online premium calculators. You only have to choose your product category and your product. You will then have to fill in all the relevant details in a form and then you will arrive at the premiums that you need to pay.
  • You can pay your premiums through numerous convenient modes. You can choose any of them and complete your premium payment in no time. Some of the payment modes include NEFT, direct debit, ECS, payment through debit card and credit card, and lots more!
  • Whenever you take a policy from Kotak, you can enroll for the SMS alert facility. With this facility, you will receive instant updates about your policy. You will get exact and accurate data about everything regarding your insurance plan.

Why you should buy the Income Protection Plan from Kotak?

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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