Are you the main breadwinner of your household? Keep your family members financially secure even when you are absent by taking a term plan from Kotak Life Insurance. The company offers a product known as Kotak Preferred e-Term Plan. This is a pure term insurance plan from Kotak which can be purchased online easily from the comfort of your home. By paying only a reasonable amount of Rs.6, 975 p.a., you will receive extensive protection. You can pay your premiums for this plan through a limited, regular or a single payment term. It also provides you with tax benefits that are governed by the Income Tax Act, 1961 under Section 80C and 10(10D). The best feature of this plan is that the premiums will be waived automatically when the policyholder suffers from total or permanent disability.
The Kotak Preferred e-Term Plan can be taken by anybody who aims to secure his or her family members when something unfortunate happens to him or her. Kotak has certain eligibility criteria in order to apply for this loan. Let us take a look at them:
|Minimum entry age||18 years|
|Maximum entry age||65 years|
|Minimum maturity age||28 years|
|Maximum maturity age||75 years|
|Premium payment term||
|Type of plan||Term insurance plan|
When you go for the Kotak Preferred e-Term Plan, you can choose a basic sum assured depending on the protection that you need. You can decide the term during which you need coverage and the term during which you will make your premium payments. You can go for a recurring or an immediate payout. Let us take a look at the table given below to understand this plan’s sum assured, premium range, and more:
|Minimum Basic Sum Assured||Rs.25,00,000|
|Maximum Basic Sum Assured||There is no limit and it depends on the underwriting.|
|Minimum premium||This will depend on whether you have taken an immediate or recurring payout, age, basic sum assured, policy period, premium payment option, and smoking status.|
|Maximum premium||There is no limit, it depends on underwriting.|
|Premium payment mode||Monthly and yearly|
|Policy period||10 to 40 years (in multiples of 1 year)|
|Premium modal factor||Monthly: 8.8% Annual: 100%|
Premiums vary based on age, location, plan term and other factors.
The Kotak Preferred e-Term Plan provides a life cover. Under this plan, when the life insured dies, the nominee will get a sum assured. This is if the death claim gets approved by Kotak. The plan will provide you with a death benefit and this will depend on your plan option. You can go for a recurring payout or an immediate payout.
|Benefit offered||Benefit features|
|Death benefit||Recurring payout: Under this option, when the nominee’s claim gets approved, he or she will receive 10% of the sum assured on death as a lump sum. After this, you will get 6% of the sum assured for a period of 15 years. This will be given to the nominee for the first time right after 1 year of the policyholder’s death. The nominee can also go for a monthly payment of sum assured. In this case, it will be 8.22% of the yearly amount. The nominee will receive the first payment after 1 month of the life insured’s death. Immediate payout: Under this option, the sum assured will be paid right after the policyholder’s death. Then the policy will be cancelled.|
When you take a Kotak Preferred e-Term Plan, you can enjoy amazing additional features. You can take a rider offered by Kotak when you feel that your insurance cover is not enough. The extra protection provided by Kotak will enable you to customise your insurance protection systematically. This plan comes with a Kotak e-Accidental Death Benefit Rider. Let us get some more details about this rider:
|Kotak e-Accidental Death Benefit Rider||With this rider, the nominee will get a benefit as a lump sum when the policyholder dies because of an accident. This benefit is given apart from the death benefit that is given in the original plan.|
|Reduced paid-up benefit||When your insurance policy gets a surrender value, if you do not pay your remaining premiums before the grace period gets over, the insurance plan will automatically be turned into a reduced paid-up policy.|
The Kotak Preferred e-Term Plan will not provide you with protection for certain cases. There are a few exclusions that come with this plan. Let us take a look at the exclusions of this plan:
Under this plan, the premium is waived if the policyholder suffers from total or permanent disability. These are certain exclusions for total and permanent disability:
If the policyholder commits suicide in 1 year after receiving the policy, the nominee will not get a death benefit.
These are some of the other important features of the plan:
The Kotak Preferred e-Term Plan offers great tax benefits as per Section 10(10D) and Section 80C of the Income-tax Act, 1961. This way, you can save your taxes.
Let us discuss some of the other advantages of choosing the Kotak Preferred e-Term Plan:
You should go for the Kotak Preferred e-Term Plan if you are looking for an authentic protection plan. This plan will keep your dependents financially independent even if something ill-fated happens to you. You can buy this plan online quickly without any trouble. This plan comes with a removal of premiums when you go through total or permanent disability and the plan will continue as usual.
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