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Kotak Saral Suraksha Plan

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.

Eligibility - Who is Kotak Saral Suraksha for?

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

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

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.

Plan Coverage - What Kotak Saral Suraksha covers?

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
Death 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
  • Your sum assured will be the sum assured selected at the beginning of the policy or 1.25 times of your single premium, whichever is higher.
  • If you have chosen a premium payment mode that is not yearly, the remaining premium will be subtracted from the sum assured on death.

Exclusions - What the Kotak Saral Suraksha does not cover?

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:

  • If the policyholder commits suicide in one year after the policy is offered, 80% of the premiums that have already been paid, will be provided.
  • Assume that a policy has been revived within 6 months since when the premium has not been paid for the first time and the policyholder commits suicide in 1 year after that, then the suicide exclusion cannot be applied. The death benefit will have to be provided.
  • If the policy is revived after 6 months since the first time of not paying the premiums and if the life insured commits suicide in 1 year, then the surrender value or 80% of the premiums that have already been paid will be paid as the benefit.

Other Key Features of Kotak Saral Suraksha:

Let us take a look at some of the other significant features of Kotak Saral Suraksha:

  • Free look period: Kotak offers a free look period for this insurance plan. Within 15 days, you have the option to return this policy if you want. You will have to give your reasons while returning this plan. When you return this policy, the company will also return the premiums that you have already paid.
  • Reduced paid-up: This amazing feature is valid only for 5-year limited premium payment policies where your policy period is for 10 years. Once your policy reaches the surrender value and if you do not pay the remaining premiums before your grace period expires, your policy will automatically be modified into a reduced paid-up policy. In this case, you can revive your policy in 2 years since you did not pay your premium for the first time. A single premium paying policy is seen as completely paid-up policy.
  • Grace period: You can enjoy a grace period of 30 days from the last date for your premium payment.
  • Surrender: If you have a 5-pay limited premium plan with a policy period of 10 years, you will get a surrender value after the premiums have been paid for the first 2 years continuously. If you have a single premium plan, you will get a surrender value when the first year of the policy ends.
  • Simple premium payment methods: You can go for a single premium or a 5-year premium payment period. When you choose a 5-year premium payment period, you can make your premium payments on a half-yearly or an annual basis.
  • Simple application process: Applying for Kotak Saral Suraksha is very simple as you do not have to go through any medical test. Your documentation work will also be very easy and quick.

Tax Benefits 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.

Other Benefits of of Kotak Saral Suraksha:

Let us discuss some of the other benefits of going for Kotak Saral Suraksha:

  • When you need an insurance plan from Kotak, you can check out the Insurance Guide that is given on the company‚Äôs official website. You will get a glimpse of all the plans offered by Kotak for different needs and then you can select an appropriate one.
  • You can request a professional life advisor from Kotak by just giving basic details such as your name, mobile number, and city.
  • The website of Kotak has a simple premium calculator which will give you a clear idea of how much you will have to pay for your premiums.
  • You can pay your premiums online through various modes without having to wait in a long line.

Why you should buy Saral Suraksha from Kotak?

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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