Kotak Preferred Term Plan

Kotak Term Plan is a pure risk cover plan that is truly an economical means of providing you with a high level of financial protection. In the event of death of the 1 life insured during the term, the beneficiary would receive the Sum Assured as a lump sum. It is a non-participating plan with no maturity benefits payable.

Key Features

  • Multiple plan options
  • Lost Cost Insurance. This plan offers the benefit of high cover at economical prices, with special rates for non-tobacco users and women

Benefits

  • Tax Benefits:
Tax benefits are subject to conditions specified under section 10(10D) and section 80C of the Income-tax Act, 1961. Tax laws are subject to amendments from time to time.Customer is advised to take an independent view from tax consultant.
  • Death Benefit
For Regular and Limited Premium Paying policies, the Sum Assured on death is higher of:
1) Basic Sum Assured, or
2) 10 times the Annualised Premium excluding modal factors and extra premiums, if any, or
3) 105% of all premiums paid till the date of death including Step-Up option fee, if any (excluding Extra Premium if any)

Am I eligible?

PARAMETER MINIMUM MAXIMUM
ENTRY AGE 18 years 65 years
MATURITY AGE 23 years 75 years
POLICY TERM 5 years 40 years
SUM ASSURED Rs.25,00,000 No limit
PREMIUM PAYMENT TERM Regular Pay: Equal to Policy Term
Limited Pay:
5 pay for policy term 10 to 40 years
7 pay for policy term 12 to 40 years
10 pay for policy term 15 to 40 years
Single Pay: Single payment
POLICY PAYMENT MODE Yearly, Half-yearly, Quarterly and Monthly

ADD ONS

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 (ADB / UIN:107B001V03):

Lump sum benefit paid on accidental death.

Kotak Permanent Disability Benefit Rider (PDB / UIN:107B002V03):

Instalments paid on admission of a claim on becoming disabled due to accident.

Kotak Critical Illness Benefit Rider (CIB / UIN: 107B004V03):

Portion of basic Sum Assured paid in advance on diagnosis of the covered Critical illness subject to terms and conditions.
An accident is a sudden, unforeseen and involuntary event caused by external, visible and violent means. For more details on rider options and rider exclusions, kindly refer to the Kotak Rider brochure

What if?

I am unable to pay premium on time

Grace period of 30 days will be provided and you should pay the premium with in the specified time period.

I want to take a loan

No such option is available under this policy