Kotak Preferred e-Term plan is an online pure protection insurance plan. It is an online insurance plan where the nominee will get the sum assured as death benefit if the insured dies within the policy tenure. This plan offers high level of protection at an affordable price.
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Key Features of Kotak Preferred e-Term Plan
- It is a pure term insurance policy which can be purchased online.
- If offers death benefit in the form of sum assured to the nominee in case of the insured individual’s demise.
- There are no maturity benefits in this plan.
- The plan offers two kind of payout options in case of an unfortunate event.
- Immediate Payout- The sum assured will be paid all at once to the nominee.
- Recurring Payout- In this payout option, the nominee will receive 10% of the sum assured as a lump sum amount and the balance will be paid in installments either monthly or annually.
- The basic premium will be waived off in case of the insured being permanently disabled during the premium payment term.
- This plan qualifies for tax benefits under section 80C for premiums and section 10D for the Death Benefit.
- Minimum entry age- 18 years; Maximum entry age - 65 years
- Minimum maturity age- 28 years; Maximum maturity age- 75 years
- Policy term- 10 to 40 years
- Minimum sum assured- Rs.25,000; Maximum sum assured- No limit
- Premium payment mode: Monthly and yearly
- Minimum premium: Depends on the chosen plan option
- Premium payment option: Regular pay, limited and single pay
Benefits of Kotak Preferred e-Term Plan
- Death benefit: The nominee will get the basic sum assured in recurring payout or immediate payout as death benefit in case the insured dies.
- Income tax benefit- The plan qualifies for tax benefits under the section 80C and 10D under the Income Tax Act.
- Maturity benefit: There are no maturity benefits in this plan.
Understanding Kotak Preferred e-Term Plan
- How can one buy the Kotak Preferred e-Term Plan?
The Kotak Preferred e-Term Plan can be bought online without the intervention of an agent.
- Can one take a loan against this policy?
No, loans are not available under this plan.
- Do I get Surrender benefits under this plan?
There are no surrender benefits under this plan.
- What if I stop paying the premiums?
The policy will lapse and all the benefits will be lost if the policyholder stops paying the premiums.
- Can one revive a lapsed policy?
A lapsed policy can be revived within two years of the first unpaid premium. However, the policyholder will incur late payment or penalty charges.
- What is the Free Look Period for this policy?
The policyholder is granted a Free Look Period of 30 days from the date of receipt of the policy.
- Do women get preferential rates?
Women and non tobacco users will are entitled to a lower premium payable under this plan.
Why Kotak Preferred e-Term Plan?
Kotak Preferred e-Term plan is an inexpensive term plan which comes with an inbuilt waiver of basic premium in case of permanent disability of the insured. It also offers different payment options to suit one’s needs. This plan can easily be bought online with no hassles or interference from any agents.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017