• Term Life
  • Investment

Kotak Term Plan

The Kotak term insurance plan offers the benefits of life insurance at cheap premium rates. A number of policy features and rider options make it more appealing. The Kotak term plan is a complete risk-covered plan and with proper implementation, it can offer the best protection.

Term insurance is more than just being financially secured. It is also about securing your family and making sure they are be financially independent, in case you’re not there to support them. The Kotak term plan was built keeping all these features in mind and that’s why it claims to be an all-risk-covered plan.

Benefits of a Kotak Term Plan

The Kotak term insurance plan offers amazing benefits that help you keep up with the premiums and ensure the safety of your loved ones at all costs. Here are some of the benefits why you should invest in the Kotak term insurance plan.

  • Low-Cost Premium Plan: Kotak term insurance plan was built keeping in mind that every individual has different needs and different expectations from their plan. They offer different low-cost premium options depending on your needs and your income.

  • Benefits to Non-Smokers and Female Insured: The Kotak term insurance plan offers extra benefits to female insurers and non-smokers to ensure a happy and safe living.

  • Available Online: The Kotak term insurance plan can be read and purchased through their website. They offer complete assistance and help through detailed information, e-brochures, and premium calculators. Moreover, there are options available to avail a term insurance plan through online application forms.

  • Family Protection: Untimely death is not only emotionally hard, but also leaves the family financially stressed. The Kotak term insurance plan makes sure that the family gets the benefits of the insured’s policy, in case of his or her death.

  • Tax Benefits: The Kotak term insurance plan offers tax benefits on your policy. The tax benefits are subject to conditions specified under Section 10(10D) and Section 80C of the Income-tax Act of 1961.

  • A Wide Range of Plans: The Kotak life understands the individual needs of every person and therefore provides different policy plans to help them get the best benefits. The riders available with the policy adds to the advantages of a Kotak term insurance plan.

Key Features of a Kotak Term Insurance Plan

Kotak life offers term insurance policies keeping in mind the various needs of an individual. The key features of the term insurance plans are for the sake of giving easy premium plans.

  • Low-Cost Insurance Plans: The different term plans all have easy pay premiums depending on your income and excluding your personal needs.

  • Flexible Premiums: The term plan has four premium payment modes, namely annual, semi-annual, quarterly and monthly. This offers the freedom of choice to the individual and he or she can pay their premiums for whatever plan they are most comfortable with.

  • The Conversion of Plan: Kotak life makes it their mission to ensure the comfort of their customers. They offer the leniency of moving to change your plan before the last five years of your current plan. Customers can change their plans to any other Kotak plan - except term plans.

  • Optional and Full Coverage Riders: The Kotak term insurance plans come with optional riders that further ensure the safety and security of you and your family. There are three riders that are offered by the bank: Kotak Accidental Death Benefit Rider, Kotak Permanent Disability Benefit Rider, and Kotak Critical Illness Rider.

Three Optional Riders of the Kotak Term Insurance Plan

  • Kotak Accidental Death Benefit Rider: This extra feature ensures that the insured’s family receives an additional rider sum assured in case of accidental death. Kotak life ensures the financial security of the insured’s family in case of the death of the breadwinner.

  • Kotak Permanent Disability Benefit Rider: In case the insured suffers an accident and becomes disabled as a result, he or she is paid the rider benefits in instalments. So, if the assured gets a permanent disability, he or she won’t have to worry about being financially unstable.

  • Kotak Critical Illness Rider: This is part of the basic sum paid to the insured if he or she is diagnosed with a critical illness. A portion of the basic sum assured is paid in advance. This ensures that the insured person has enough financial support to get through the treatment.

Eligibility Criteria for a Kotak Term Insurance Plan

The Kotak term plan offers an affordable term insurance plan and has defined eligibility criteria for the insured. Eligibility criteria are organised to provide a better-oriented term insurance scheme.

Criteria Eligibility
Age Criteria The assured can avail or enter a Kotak term insurance from the age of 18 to 65 years. After passing the age of 65, he or she cannot enter any new Kotak term plans. The plan maturity takes place on reaching 70 years of age.
Policy Tenure A person can avail a policy from a minimum of 5 years to a maximum of 30 years.
Sum Insured The insured chooses a minimum sum of Rs. 3 lakhs to a maximum of Rs. 24,99,999 lakhs.
Premium Limit It is calculated depending on the sum assured, policy term, age and other factors. However, the minimum annual premium is Rs. 2000/- and single premium amount is Rs. 12,000/-
Premium Payment Term 5. Premium Payment Term
  • The premium payment can be paid in two term choices:
  • Regular Pay - In this, the insured pays the premium throughout the tenure of the policy.
  • Single Pay - In this method, the insured can pay the complete premium in a single payment.
  • Premium Payments The assured has the freedom to pay the premium according to his/her comfort. There are four payment modes which are available for payment. The assured can pay a premium through a regular monthly method, or through a quarterly, half-yearly or annual mode.
    The Modal Factor The modal factor is the percentage of premiums paid annually. This is used to calculate the premium at the end of the year and add the amount yearly to the sum of the policy.
  • Yearly- 100%
  • Half Yearly- 51%
  • Quarterly- 26%
  • Monthly- 8.5%
  • What Are Different Term Insurance Plans

    Kotak Life offers a number of different term insurance plans to make sure that the insured receive the best from their policies. This also ensures that the insured individuals don't burden themselves with the premium and everyone can insure themselves and their family against possible future mishaps.

    • Kotak Income Protection Plan: The plan ensures that the assured receives a monthly income that increases to 6% per annum compounding. They offer monthly income pay outs for a period of five years. Moreover, females and non-smokers can avail extra benefits through the scheme. The plan also comes with additional riders to ensure further protection.

    • Kotak E-Term Plan: Kotak's e-term insurance plan offers you and your family financial security through online insurance. This plan offers affordable schemes that can be managed through online forms and can be looked through online modes. The assured can pay his or her premiums through the online payment portal. The best part is that it is as good as any other term insurance plan.

    • Kotak Saral Suraksha Plan: The Kotak Saral Suraksha plan is a low-cost plan introduced to provide financial protection to low-income families. It doesn’t require any medical or complex application forms. All you need is to fill a basic plan and complete the easy premiums, and you can avail all the benefits of the Kotak Saral Suraksha insurance plan.

    How to Claim the Kotak Term Insurance Plan?

    To claim the Kotak Term Insurance Plan, the insured have to follow the below mentioned steps.

    1. Fill the appropriate claim registration form. The claim registration forms are:
    • A terminal illness claim form.

    • Critical illness claim form.

    • Accidental disability form.

    • Natural/Accidental death form.

    1. Form Submission- Submit all the completed forms and documentation required with the application form.

    2. Wait till the forms are checked- The bank will check all the data provided by the claimant and once they are checked without a hitch, the claimant is given the insurance money.

    FAQs on Kotak Term Plan

    What is the eligible age for entry for the Kotak term insurance plan?

    The eligibility age for the Kotak term insurance plan is 18 - 65 years.

    What if I fail to pay a premium?

    Though it is extremely essential to pay premiums on time, the bank gives a grace period of 30 days to pay a premium, in case you fail to pay a premium

    What are the riders offered in the Kotak Term Insurance Plan?

    There are three riders offered with the Kotak Term Insurance Plan- Kotak accidental death, Kotak permanent disability rider, and Kotak critical illness rider.

    What is the policy tenure for the Kotak Term Insurance Plan?

    The policy tenure for the Kotak term insurance plan is from 5 to 30 years.