Kotak Life Insurance offers a wide array of life insurance products for various purposes at different costs. If you are looking for an insurance plan that is priced competitively, you should go for Kotak Saral Suraksha. This economical life insurance plan will support your dearest family members when you are not around. The plan gives a sum assured to your dependents after your death.
Kotak Saral Suraksha is particularly designed for people who earn low incomes. Kotak does not want the economically weaker sections of the society to miss out on insurance as it is a very vital part of financial management. Let us take a look at the detailed eligibility criteria to apply for Kotak Saral Suraksha:
|Minimum entry age||18 years|
|Maximum entry age||55 years|
|Minimum maturity age||23 years|
|Maximum maturity age||65 years|
|Premium payment term||Single payment or 5 year-term|
|Type of plan||Term insurance plan|
Your sum assured will be determined by the premium payment option that you choose. With a Kotak Saral Suraksha, you can go for a single premium or a 5-year term.
|Sum assured||Rs.1,00,000; Rs.75,000; Rs.50,000; Rs.25,000; Rs.15,000; Rs.10,000; Rs.5,000|
|Minimum premium||The minimum premium will depend on the sum assured, premium payment term selected by you, and your policy period.|
|Maximum premium||Information not provided.|
|Premium payment mode||Half-yearly, annually, and single|
|Premium modal factor||Half-yearly: 51% Annually: 100%|
|Policy period||5 years and 10 years|
Premiums vary based on age, location, plan term and other factors.
Kotak Saral Suraksha provides complete protection. It will give a death benefit to the nominee or the legal heir if the policyholder dies. It does not offer a maturity benefit as the plan is a non-participating one. The death benefit offered by this plan is different for a 5-year premium payment plan and a single premium plan.
|Benefit option||Features of the benefit|
5-year premium payment plan
Your sum assured will be 105% of the full premium that has been paid until the death or 10 times the yearly premium or sum assured selected at the beginning of the policy period.
Single premium plan
All insurance plans have a few exclusions. These particular cases will not be covered by the insurance policy. The Kotak Saral Suraksha plan has one exclusion and it is the general exclusion. Here are the details:
Let us take a look at some of the other significant features of Kotak Saral Suraksha:
When you choose Kotak Saral Suraksha, you can enjoy tax benefits as per principles that are mentioned in Section 10(10D) and Section 80C of the Income-tax Act, 1961. You can take guidance from a tax expert to get a clear idea about these benefits if you want. We would like you to note that tax rules get amended on a regular basis. You will need to keep yourself updated constantly so that you do not miss out on relevant information.
Let us discuss some of the other benefits of going for Kotak Saral Suraksha:
Kotak Life Insurance is highly dedicated to providing excellent life cover at reasonable costs. The company has outstanding experience in settling all kinds of claims judiciously. You can rely on Kotak to give you the protection that you deserve.
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