Zurich Kotak General Insurance E-Assured Savings Plan

Premium Payments Offered by Zurich Kotak General Insurance E-Assured Savings Plan: 

What you need to know about Zurich Kotak General Insurance E-Assured Savings Plan: 

1. The person insured will pay premiums every year for the chosen premium payment term 

1. The policy continues till maturity after completion of the premium payment terms 

1. At the time of maturity, the Zurich Kotak General Insurance life insurance policyholder will be eligible for Basic Sum Assured, Accrued Guaranteed Yearly Additions and Guaranteed Loyalty Addition. 
   

Features and Benefits of Zurich Kotak General Insurance E-Assured Savings Plan: 

Policy Loan 

The persons insured under are eligible for loans upto 50 % of the surrender value. The minimum loan amount should be Rs 10,000. Interest rates will be determined by the company from time to time subject to IRDA approval. The company has the right make deductions from the payout benefits where an outstanding loan amount is overdue. 

Lapse of Policy 

1. For 5 years premium payment term, the policy will lapse on discontinuance of premiums for first two policy years. 

1. For 10 years premium payment term, the policy will lapse on discontinuance of premiums for first three policy years. 

Revival of Policy 

If the policyholder applies to revive the policy within two years but before six months from the first unpaid premium, it can be reinstated by simply clearing the outstanding premium amounts. However, if the payment is done after six months from the first unpaid premium, an evidence in support of proper health will be required. It is to be noted that late payment charges will be applicable in all the cases. 

Surrender of Policy 

1. A policy with premium payment term of 5 years acquires surrender value if all due premiums for the first two policy years have been paid. 

1. A policy with premium payment term of 10 years acquires surrender value if all due premiums for the first three policy years have been paid. 

Exclusions 

1. In case the person insured commits suicide within one year from the date of entry, the company is liable to pay 80 % of the premiums paid by the individual. 

1. If the individual commits suicide within one year from the date of revival - revived within a period of 6 months from the date of first unpaid premium - death benefits shall be payable and suicide exclusions will not apply. 

1. If the individual commits suicide after 6 months from the date of revival but within 1 year from the date of issue of the policy, then his nominee will receive benefits higher of 80% of premiums paid or surrender value. 

GST of 18% is applicable on life insurance effective from the 1st of July, 2017