Kotak Life term insurance plans include four different types of plans. These plans provide financial security to the family members of the policyholder in case of his/her sudden demise. Individuals can also buy some of these plans online. Apart from financial security, the insured can enjoy other benefits as well.
Types of Kotak Life Term Insurance Plans
The company offers four different types of Kotak Life term insurance plans. The names of the plans are:
- Kotak Income Protection Plan
- Kotak Saral Suraksha
- Kotak Term Plan
- Kotak e-Term Plan
Kotak Income Protection Plan
To help the customers secure their future, this Kotak Income Protection Plan will provide your family with regular monthly income at an increasing rate of 6% per annum, even in your absence.
Eligibility Criteria
| Particulars | Details |
| Entry age | 18 – 60 years |
| Maturity age | 70 years |
| Policy Term
|
Regular Pay (10 – 30 years)
Limited Pay 12 Pay for 17 – 30 years of policy term 15 Pay for 20 – 30 years of policy term
|
Benefits of Kotak Income Protection Plan
- For a comprehensive coverage, the plan offers Accidental Disability Guardian Benefit Rider
- The plan offers annual income option for the family after the death of the policyholder . This income shall increase annually with an interest rate by 6% compounded annually.
Kotak Saral Suraksha
A low cost term insurance, this plan is designed to provide your family with financial needs when you won’t be around, in case.
Also Read: Kotak Sampoorn Bima Micro Insurance Plan
Eligibility Criteria
| Particulars | Details |
| Entry age | 18 – 55 years |
| Maturity age | 23 – 65 years |
| Policy Term
|
5 years and 10 years |
Benefits of Kotak Saral Suraksha
- It offers a very low premium amount beneficial for individuals with low income
- The plan offers two types of policy terms, thus providing flexibility
- Payment terms are convenient to suit low income earning individuals
- No medical tests are required to sign up for this term insurance
Kotak Term Plan
Eligibility Criteria
| Particulars | Details |
| Entry Age | 18 -55 years |
| Maturity Age | Max. 70 years |
| Policy Term | 5 and 30 years |
Benefits of Kotak Term Plan
- The insured or the policyholder is provided with an option to convert the plan into another insurance plan provided by the company
- Flexibility in terms of premium payment is present in the form of single time payment or regular one
- Riders provide additional benefits for the benefit of all
Kotak e-Term Plan
A perfect insurance plan to give you high-time risk cover, Kotak e-Term Plan is an extension of Kotak Term Plan, especially in terms of basic sum assured. You get higher cover plus the maturity age is also stretched.
Eligibility Criteria
| Particulars | Details |
| Entry Age | 18 – 65 years |
| Maturity Age | 23 – 75 years |
| Policy term | 5 – 40 years |
Benefits of Kotak e-Term Plan
- Triple Options for Payout: Based on their financial preferences, one can opt any of the 3 options viz. Immediate Payout, Level Recurring Payout and Increasing Recurring Payout.
- Multiple plans in one plan: There are 3 options available to customise Kotak e-Term plan your way. These are: Life Option, Life Plus Option & Life Secure Option.
- Additional Riders: Permanent Disability Rider & Critical Illness Plus Rider can be chosen to add further benefits to this Kotak life insurance plan.
Documents required to claim Kotak Life Term Insurance Plans
Claim process of Kotak Term plan is easy to comprehend and implement. Submission of following documents is imperative for the claim process to work smoothly.
- Death Claim Intimation Form (Duly-filled)
- Policy documents (Original)
- Death certificate issued by municipality or likewise authority
- Photograph, ID Proof and current address proof of the claimant
- Medical Certificate stating cause of death
Note: This list is not exhaustive. The insurer has the right to ask for additional documents if need arises.
Cases where You Can’t Claim Kotak Life Term Insurance Plans (Exclusions)
Suicide: If the person insured commits suicide anytime during the term period of Rider Benefit applicable under the policy, he/she shall not be entitled for any payment benefit
Deliberate self-harming: The policyholder shall not be entitled for any accidental death benefit, if the policyholder is deceased due to deliberate self-injury,or due to the influence of alcohol consumption, narcotics etc., and other conditions mentioned in the policy documents
Other Factors: If the policyholder’s death is due to any illegal activity, assault, criminal wrongdoing, riots, civil disorder, war, any terrorist attack or participation in risky sport events or hobbies.
FAQs
Q1. What type of benefits Kotak Life insurance plans provide to the customer?
Different term plan offers different facilities as death benefits. The riders provided with the plans adds to the facilities provided to the customers. The basic sum assured is offered in all the plans. In some plans, there is an option to switch to another Kotak plan.
Q2. What is the minimum sum assured in the plans?
The minimum sum assured is Rs 1 lakh provided under the Saral Suraksha Plan.
Q3. Do the Kotak term plans provide rebates on premium?
Yes. Rebate on premium is offered to non-smokers and females.