Kotak Term Insurance

This plan can be bought through the website. The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 65 and the maturity age is 75 years
• The minimum sum assured is 25 Lakhs and the maximum sum assured is limitless.
• Offers 2 options to pay the premiums. Under the regular pay option you can pay for the entire duration of the term plan. Under the limited pay option you can pay for a limited duration or can pay lump sum under the single pay premium option
• Offers 2 types of death benefits. 1st being the Recurring Payout option and the 2nd being the Immediate Payout option.
• Under the recurring payout option, the nominee is paid 10% of the sum assured immediately after the insured's death and the balance amount is paid annually @6% for 15 years. Offers flexibility to convert the annual payouts in monthly installments too.
• Entire sum assured is paid to the nominee on the death of the insured and the plan terminates under the immediate payout option.
• Offers life cover with inbuilt waiver of basic premiums in case of Total and Permanent Disability which is again available at a lower cost.
• Offers preferred rates in premiums for non-smokers and women life insured
• Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Benefits of Kotak Preferred e-Term Plan

Affordable Premium Option

With premium of as less as Rs. 9 per day, term insurance is one of the most affordable policies to have. Term insurance also takes care of future of your family in case of you being critically ill, or permanently disability or in an unfortunate event of death. With multiple plan options and multiple pay-out options, you get to choose the pay as well as select benefit options for your term insurance.

Add - on benefits You can decrease your life cover basis your requirements. With Kotak Critical Illness Plus benefit rider, rider sum assured is payable in case you are diagnosed with of the listed 37 critical illness.

Tax savings Under Section 80C and Section 10(10D) of Income Tax Act, 1961, you may avail of tax benefits.

Eligibility for Kotak Preferred e-Term Plan

Sample Premium Rates for Kotak e-Preferred Term Plan

Given below are premiums for sample combination of entry age and policy term (Regular pay) for a Basic Sum Assured of Rs. 1 crore:

Immediate Payout

Recurring Payout

Rider: You can opt for Kotak eAccident Death Benefit Rider along with the comprehensive term insurance plan.

This plan offers premiums at a very lower rate. The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 55 and the maturity age is 65 years
• The minimum sum assured is 5000/- and the maximum sum assured is 1 Lakh
• You can opt for a 5 or 10 years tenure depending upon your need
• There is no requirement of medical tests for buying this plan
• This is an offline term insurance plan
• Offers flexibility for premium payments. You can pay lump sum at the beginning of the policy or you can pay for a fixed duration of 5 years.
• On the death of the insured the nominee is paid the sum assured which is higher of the sum assured or 1.25 times the single premium or 10 times the annual premiums. However the payments are limited to 105% of the aggregate premiums paid till death.
• Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Benefits of Kotak Saral Suraksha

Low Cost Insurance: Kotak Saral Suraksha provides significant cover at a very low premium. You choose the Sum Assured at the inception in this plan to ensure adequate financial cover for your family. The benefit payable to your family in case of unfortunate death during the policy term will be 'Sum Assured on death’ which is basis the Premium Payment option chosen.

Choice of Policy term: This plan provides you the option of two policy terms. Depending upon your need, you can opt for a policy term of 5 or 10 years. The insurance cover as explained above will be applicable for this term.

Convenient Premium Payment Options: Premiums can be paid over a 5-year premium payment term or as a single premium. These premium payment options are available for both the policy terms of 5 and 10 years. If you opt for premium payment over the 5-year period, you can pay your premiums annually or half-yearly depending upon your income pattern and convenience.

Easy Sign Up: You need not undergo medical tests to avail benefits of this plan. Minimal paperwork ensures ease in applying and issuance.

Eligibility for Kotak Saral Suraksha

Sample Premium Rates Given below are the premium amounts (in `) applicable for a 35-year-old healthy individual for different combinations of Sum Assured, Policy Term and Premium Payment Term.

This plan can be bought through the website. The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 65 and the maturity age is 75 years
• The minimum sum assured is 25 Lakhs and the maximum sum assured is limitless
• Offers 2 options to pay the premiums. Under the regular pay option you can pay for the entire duration of the term plan. Under the limited pay option you can pay for a limited duration or can pay lump sum under the single pay premium option
• Offers 2 types of death benefits. 1st being the Recurring Payout option and the 2nd being the Immediate Payout option.
• Under the recurring payout option, the nominee is paid 10% of the sum assured immediately after the insured's death and the balance amount is paid annually @6% for 15 years. Offers flexibility to convert the annual payouts in monthly installments too.
• Entire sum assured is paid to the nominee on the death of the insured and the plan terminates under the immediate payout option.
• You can avail the step up option wherein you can increase the insurance cover at important stages in life at a lower cost and hassle free way. For instance, in case of marriage or purchase of your 1st new house after the issuance of the policy, increase in 50% of the original basic sum assured is allowed. For birth or legal adoption or the 1st, 3rd, 5th policy anniversary, increase in 25% of the original basic sum assured is allowed.
• Offers preferred rates in premiums for non-smokers and women life insured
• Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly.

Benefits of Kotak Term Insurance

In case of an unfortunate event of death of the life insured during the term of the plan, Nominee will receive the Sum Assured on death (on acceptance of the death claim) as per the Plan Option chosen:

Recurring payout- The Sum Assured on death will be payable in the following manner:

• Lump sum payment of 10% of Sum Assured on death, at the time of claim settlement, and

• 6% of Sum Assured on death every year for 15 years; the first payment being made one year after the date of death of the life insured. However, if the payouts are required in monthly mode, it can be opted by intimating at the time of claim. The monthly payments will be 8.22% of the annual payments (i.e. 6% of Sum Assured on death). The first payment will start from one month after the date of death of the life insured.

In case the beneficiary would want to get lump sum instead of regular payouts (either annual or monthly) any time after the death of the Life Insured, a discounted value of the outstanding regular payouts (either annual or monthly) shall be paid as lump sum. The discounted value shall be calculated using a discount rate of 3.0% p.a. compounding yearly.

Immediate payout - The Sum Assured on death will be paid immediately and the policy terminates.

Tax Benefits - Tax benefits are subject to conditions specified under Section 10(10D) and Section 80C of the Income Tax Act, 1961.

Eligibility for Kotak Term Insurance

Minimum Premium:

Maximum Premium: No limit, but will depend on the maximum basic sum assured which is subject to underwriting.

Sample Premium Rates for Kotak Term Insurance

Recurring Payout

Immediate Payout

This is a protection plan. The features of this plan are mentioned below:

• The minimum entry age is 18 years and maximum age is 65 and the maturity age is 70 years
• The minimum sum assured is 3 Lakhs and the maximum sum assured is 25 lakhs
• This is a pure term insurance plan for protection
• This has to be purchased offline only
• You can pay lump sum for the premiums at the beginning of the policy or for the complete tenure of the plan
• Offers flexibility to convert your Kotak Term Plan to any other Kotak Life Insurance plan but cannot convert to another term plan again. This can be done if there are 5 years remaining before your policy ends
• Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Benefits of Kotak Term Plan

Low Cost Insurance

Kotak Term Plan offers the benefit of high life cover at economical prices with further reduced premiums for women. Now you can get a life cover of Rs. 15 lakhs for a premium of Rs. 199 per month only! (This premium is applicable for a 30 year old healthy male for a term of 10 years, exclusive of Goods and Services Tax and Cess, as applicable.)

Plan Conversion Option You may convert your Kotak Term Plan to any other plan offered by Kotak Life Insurance (except for another term plan), provided there are at least 5 years remaining before the cover ceases.

Premium Payment Options

You have the premium payment options of single and regular pay. If you opt for regular premium payment option, you can pay your premiums annually, half yearly, quarterly or monthly.

Tax Benefits

Tax benefits are subject to conditions specified under Section 10(10D) and Section 80C of the Income-tax Act, 1961.

Value Adds

You may avail of the following rider benefits for a nominal additional premium if you have selected the regular premium payment option: Kotak Accidental Death Benefit Rider: Lump sum benefit paid on accidental death. Kotak Permanent Disability Benefit Rider: Instalments paid on admission of a claim on becoming disabled due to accident. Kotak Critical Illness Benefit Rider: Portion of basic Sum Assured paid in advance on diagnosis of the covered Critical illness subject to terms and conditions.

Eligibility Criteria for Kotak Term Plan

Sample Premium Rates for Kotak Term Plan

Riders: You can opt for Kotak Accidental Death Benefit Rider, Kotak Critical Illness Rider and Kotak Permanent Disability Benefit Rider along with the comprehensive term insurance plan.

The claim can be filed in a simple and hassle-free process. Mentioned are the steps for claim process:

1. Claim Registration:

The nominee of the insured needs to intimate the claim to the insurance company by filling a claim form completely. Necessary documents needs to be attached along with the claim form. They are mentioned below:

• Terminal illness claim form
• Critical illness claim form
• Accidental disability form
• Natural/Accidental death form

The nominee needs to ensure that the form is filled based on the type of claim and submitted to the Kotal Life Insurance office along with the other documents.

The insurance company registers the claim and provides an acknowledgement to the claimant with a set of other claims documents for further processing of the term claim.

2. Documents submission:

The nominee can either visit the Kotak Life Insurance head office or any of its branch to register a term insurance claim. The below documents would be required

• Duly filled claims intimation form
• Intimation letter
• Original Death certificate issued by the Municipality or equivalent authority
• KYC of the nominee
• Bank details of the nominee
• Medical certificate mentioning the cause of death
• Medical records
• Original Policy bond
• Settlement option form

The Kotak Life Insurance claims office address is mentioned below:

Kotak Mahindra Old Mutual Life Insurance Company Limited, Kotak Infiniti, Building no. 21, 7th floor – Zone 2, Infiniti Park, Off Western Express Highway, General A K Vaidya Marg, Malad East, Mumbai- 400097

3. Claim scrutiny and decision:

The insurance company communicates the claimant the other requirement. A dedicated claims team follows up and help the claimants. This team further understands the genuineness of the claims, scrutinizes the claim and further takes a decision for claim payments.

4. Fund value payment:

After scrutinizing the claim, the fund value of the plan is paid to the nominee of the policy. This process happens only during death claim.

5. Settlement payout:

The insurance company would verify the documents once received. In case of any more documentation, the verification process would be complete after receiving the same. The clauses and riders if any would also be examined. If all the documents are found right as per the requirement, then the funds would be released in the nominee’s favor.

The payment is done via NEFT (National Electronic Fund Transfer) to the nominee. The insurance company ensures complete transparency to reduce any possible frauds and financial discrepancy.

Note: Usually the claim gets settled within 30 days of the document submission.