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Overview
Kotak e-Term Plan offers high life cover at affordable premiums, with special rates for women and non-tobacco users. It also includes optional riders for extra protection against critical illness, accident, and disability, ensuring complete coverage against unfortunate eventualities.
Kotak e-Term Plan is a pure risk term insurance plan providing your family and loved ones with financial protection in the face of adversity. It offers multiple plan options, namely Life, Life Plus, and Life Secure. Kotak e-Term Plan also offers the option of increasing or decreasing life cover based on various life stages.
Key Benefits of Kotak e-Term Plan
- 3 Plan Options
- Multiple Payout Options
- Step-Up Option
- Tax Benefits As Per Laws
- Lower Premium for Female Lives
- Inbuilt Wellness Benefits
Riders Associated with Kotak e-Term Plan
You can add the following riders to your Kotak e-Term Plan:
Kotak Critical Illness Plus Benefit Rider
Get an extra payout if you are diagnosed with 37 covered critical illnesses.
Kotak Permanent Disability Benefit Rider
In case the policyholder gets permanently disabled due to an accident, benefits are paid under this rider.
Key Features of Kotak e-Term Plan
Multiple Plan Options
It offers a choice of 3 plan options that allow you to select a level of protection: Life, Life Plus, and Life Secure Option.
Affordable Insurance
Under the Kotak e-Term Plan, the benefit of high cover is offered at economical prices.
Flexible Payout Options
Under Kotak e-Term Plan, policyholders get the choice of three payout options. You can choose between intermediate, level recurring, or increasing recurring payout based on your family’s requirements.
Special Discounts
Kotak e-Term Plan offers special premium rates for non-smokers and females.
Enhance Your Cover
Kotak e-Term Plan offers an increase or decrease in cover at specific events of life through the Step-Up option.
Exclusions
- Death due to a pandemic is not covered.
- Death caused by any type of adventure sports.
- Death due to consumption of drugs and alcohol.
- Death due to any pre-existing disease not disclosed at policy inception.
- If a policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to their nominee.
Benefits of Kotak e-Term Plan
Death Benefit
In case of an unfortunate event of death of the life insured during the policy term, the benefit payout shall be payable to the nominee, and it may vary based on the plan options.
Tax Benefits
You may avail of tax benefits as per the Income Tax Act, 1961, subject to conditions as specified in those sections.
Step-Up Benefit
Under regular premium paying policies, you can opt for the Step-Up option at the time of purchasing the policy. It guarantees additional insurance cover at specific important stages in your life in a cost-effective and hassle-free manner.
Step-Down Benefit
The Step-Down option can be exercised anytime during the policy term but shall be effective only from the next premium due date.
Rider Benefit
With Kotak's e-Term Plan, you can enhance your base cover with add-on riders. The plan includes two optional riders: Critical Illness Plus Benefit Rider and Accidental Permanent Disability Rider.
Kotak e-Term Plan Options
There are a total of 3 plan options available under the Kotak Life e-Term Plan. All these options offer different types of features. Given below is a brief overview of all these plan options. You may select any one of the 3 plan options available under this plan at inception based on your requirements. Once the plan option is chosen, the same cannot be changed during the policy term.
- Kotak e-Term Life Variant: Offers a sum assured on death to the nominee.
- Kotak e-Term Life Plus Variant: Offers benefits under the Life Option, plus Accidental Death Benefit.
- Kotak e-Term Life Secure Variant: Offers benefits under the Life Option, plus Waiver of Premium on total and permanent disability.
