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Overview
Kotak Term Plan is a non-linked, non-participating individual pure protection life insurance plan designed to safeguard your family's finances. It offers policyholders flexible premium payment options, allowing them to choose between single-pay, monthly, quarterly, half-yearly, or annual installments. This nominal-cost insurance plan also provides a plan conversion option and additional protection through optional riders. Below, we outline the key features and advantages of the Kotak Term Plan.
Key Benefits of Kotak Term Plan
- Affordable Premiums
- Flexible Premium Payment Term
- Easy Issuance
- Tax Benefits as per prevailing laws
- Plan Conversion Option: Convert your Kotak Term Plan into any other plan offered by Kotak Life Insurance (excluding another term plan), provided there are at least 5 years remaining before your coverage ends.
- Life Cover: Stay protected with life coverage up to the age of 70.
- High Life Coverage at Economical Prices
- Premium Discounts: The plan provides reduced premiums for women, making it even more economical and accessible.
- Flexible Premium Payment Options: Choose between single-premium payment or regular premium payment.
Riders Associated with Kotak Term Plan
You can add the following riders to your Kotak Term Plan for enhanced protection:
Kotak Critical Illness Plus Benefit Rider
Get an extra payout if you are diagnosed with 37 covered critical illnesses.
Kotak Permanent Disability Benefit Rider
If the policyholder becomes permanently disabled due to an accident, benefits are paid under this rider.
Kotak Accidental Death Benefit Rider
If the policyholder's demise occurs due to an accident, additional benefits are paid to their nominee along with the basic plan cover.
Exclusions
- Death due to a pandemic is not covered by the company.
- Death due to adventure sports.
- Death due to consumption of drugs and alcohol.
- Death due to any pre-existing disease not declared 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.
