What Is Kotak Life Insurance Term Plan?

Kotak Life Term Insurance

Kotak Mahindra Life Insurance Company is one of the private insurance companies providing insurance services in India. It was established in 2001. This company offers cheap term insurance plans at affordable premiums to the people of India.

In a Kotak Life term insurance plan, if the life assured dies during the policy term, an amount of money is provided as death benefit by the insurance company to the person nominated by the life assured. Through this the insured person can secure the financial needs of his family even in his absence.

You get the option of adding more riders in this term insurance plan. Along with this, you are also given tax benefit. You can get life cover at a low premium for a long period of time through Kotak Life term insurance plans.

Features And Benefits Of Kotak Life Term Insurance

1. Long Term Coverage:

In Kotak Life Term Insurance Plan, you get long term term insurance coverage at a low cost. You can avail a term insurance coverage for a long period of time through this term plan.

2. Nominal Cost:

Kotak Life Term Insurance Plan offers you a term plan coverage at a very low cost. So even a common man who has a low budget can get the benefits of Kotak Life Term Plan.

3. Multiple Plan Options:

You get multiple term insurance plan options in Kotak Life term insurance plan. If you want, you can choose any of the Normal Terminations Plan, E Term Insurance Plan or Saral Jeevan Bima etc. as per your requirement.

4. Flexible Payouts:

Kotak Life Term Insurance Plan provides you the flexibility to avail the benefits that this plan offers. You can choose to pay in lump sum or opt for payment in the form of monthly income. It depends on your requirement.

5. Critical Illness Rider:

You also get the option of adding critical illness riders to the Kotak Life term insurance plan. Through this rider, in case of any critical illness, you are provided with the benefit of Sum Assured for diagnosis. However, you have to pay some additional premium for adding this rider.

6. Tax Savings:

You also get tax benefits in Kotak Life Term Insurance Plan. In this, you can get tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961.

Kotak Life Term Insurance Plan

Kotak Life Term Insurance Plans offered by Kotak Life are as follows-

1. Kotak Term Plan

• In this term insurance plan, the minimum sum assured is Rs.3 lakh and the maximum sum assured is Rs 25 lakh.
• This term insurance plan is available for policy term ranging from 5 years to 30 years.
• In this term insurance plan, you get single, annual, half-yearly, quarterly and monthly payment options for premium payment.
• To buy this term insurance plan, the minimum age of the customer should be 18 years and the maximum age should be 65 years.
• The maturity age for this term plan is 70 years.
• You also get the option of adding various riders to this term insurance plan through which you can enhance your term coverage. In this, you get the option of adding riders like Accidental Death Benefit Rider, Permanent Disability Benefit Rider, Critical Illness Benefit Rider etc.

2. Kotak e-Term Plan

• In this term plan, you get a minimum sum assured of Rs 25 lakh. While there is no determination of the maximum sum insured.
• To buy this plan, the minimum age of the customer should be 18 years and the maximum age should be 50 years.
• The premium payment in this term insurance plan can be done yearly, half-yearly, quarterly and monthly.
• This term insurance plan comes with 3 pay-out options namely- Immediate Pay-out, Level Recurring Pay-out and Increasing Recurring Pay-out.
• You also get the option of adding riders to this term insurance plan. In this you can also add Permanent Disability Benefit Rider and Kotak Critical Illness Plus Benefit Rider.

• Read Also Open Jan Dhan Account From Mobile

3. Kotak Saral Jeevan Bima

• In this plan, you will get the minimum sum assured of Rs. 5 lakh and the maximum sum insured is provided at Rs.25 lakh.
• To buy this term insurance plan, the minimum age of the customer should be 18 years and the maximum age should be 65 years.
• Under this term plan, the minimum maturity age is 23 years and the maximum maturity age is 60 years.
• In this plan, you can pay the premium annually, half-yearly, monthly or in single payment mode.

Kotak Life Term Insurance Eligibility

Eligibility for Kotak Life Term Insurance is as follows-

• The minimum age of the customer should be 18 years to buy this plan.
• The maximum age will depend on the type of plan.
• M Medical examination will have to be done.

Documents Required For Kotak Life Term Insurance

The documents required for Kotak Life Term Insurance are as follows-

• filled application form
• passport size photo
• age proof
• address proof
• identity proof
• Income ratio

Kotak Life Term Insurance Premium

You get multiple premium payment options in Kotak Life Term Insurance Plan. In this, you can choose to make your premium payment yearly, half-yearly, quarterly or monthly.

You need to pay your premiums on time to continue with your term plan. If you do not pay your dues on time, you are provided with a grace period. You have to pay your premium within this grace period or else your term policy will lapse.

How To Buy Kotak Life Term Insurance?

You can buy a Kotak Life term insurance plan through both online and offline modes as per your convenience.

To buy through online you have to visit the official website of Kotak Life. You can easily buy the term plan of your choice by visiting the term insurance plan section there.

To buy through offline mode, you have to visit the nearest branch of Kotak Mahindra Bank. You can easily buy term plan there by filling the application form for term plan and attaching the required documents.