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  • Kotak Mahindra Term Plans

    Kotak Term Insurance

    A total of five different plans with variable benefits and features are available through Kotak Life. In addition to the considerably larger variety of plans, Kotak Life also offers the ease and functionality to avail some of these plans online. With minimal or no paperwork, these simple plans are the quickest way one can revert to while looking for affordable term life insurance schemes and additional tax saving features. Tax benefits through this policy cover the premium amounts paid and the death benefit that will be payable to the nominee. These policies also feature the flexibility of availing loans by allowing them to be used as security.

    Types of Kotak Mahindra Term Plans:

    There are five types of term plans offered by Kotak Life Insurance and they are

    1. Kotak Income Protection Plan
    2. Kotak Preferred e-Term Plan
    3. Kotak Preferred Term Plan
    4. Kotak Saral Suraksha
    5. Kotak Term Plan
    Kotak Income Protection Plan

    A traditional term plan from Kotak Life Insurance, this plan is available through the branches of Kotak Life and its basic features are as follows –

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 60 years

    Maturity Age

    Maximum of 70 years

    Monthly Income

    Minimum – INR 20000

    Maximum – No limit

    Premium

    Minimum – Based on factors chosen by insurer

    Maximum – No limit

    Premium Payment Term

    Regular Pay – Premium paid throughout policy term

    Limited Pay – Premium paid for either 12 years or 15 years

    Policy Term

    Regular Pay – 10 years to 30 years

    Limited Pay 12 years – 17 years to 30 years

    Limited Pay 15 years – 20 years to 30 years

    Premium Payment Mode

    Annual, half-yearly, quarterly or monthly

    Monthly Income

    Annually increasing monthly income by 6% compounding rate of interest on previous year’s monthly income. Guaranteed pay out period of 5 years if balance period in policy post death of insured is less than 5 years

    Death Benefit

    Assured Benefit of 12 times the increased monthly income in the year of death of the insured life

    Kotak Preferred e-Term Plan

    An online only term insurance plan from Kotak Life, this plan very similar to its sibling the Preferred Term Plan.

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 65 years

    Maturity Age

    Minimum of 28 years

    Maximum of 70 years

    Premium

    Minimum – INR 6975 but can be lower for non-smokers and females

    Maximum – No limit

    Premium Payment Term

    Regular Pay – Premium paid throughout policy term

    Limited Pay – Premium paid for either 5 years or 10 years

    Single Pay – One time lump sum payment of premium

    Policy Term

    Regular Pay – 10 years to 40 years

    Limited Pay 5 years – 10 years to 40 years

    Limited Pay 10 years – 15 years to 40 years

    Premium Payment Mode

    Annual or monthly

    Customised Pay out

    Can be either Recurring Pay out which gives 10% of Sum Assured immediately and divides the rest 90% as a monthly income for the nominee or Immediate pay out which pays 100% of the sum assured upon the demise of the life insured

    Waiver of Premiums

    Upon total and permanent disability of the life insured, future premiums are waived off and the policy continues on

    Kotak Preferred Term Plan

    An offline plan with many similarities to the Kotak Preferred e-Term Plan. It is mainly popular due to the high amount of cover it offers through a low premium amount. The plan details are as follows –

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 65 years

    Maturity Age

    Minimum of 23 years

    Maximum of 75 years

    Premium

    Minimum – (for non-smoking 18-year old female lives)

    1. Regular Pay for 5 year Policy - INR 3700 to INR 4075

    2. Single Pay for 5 year Policy – INR 10375 to INR 11700

    3. 5 year Limited Pay for 10 year Policy – INR 4925 to INR 5550

    4. 7 year Limited Pay for 12 year Policy – INR 4225 to INR 4750

    5. 10 year Limited Pay for 15 year Policy – INR 3775 to INR 4225

    Maximum – No limit subject to the Sum Assured amount chosen

    Premium Payment Term

    Regular Pay – Premium paid throughout policy term

    Limited Pay – Premium paid for either 5 years, 7 years or 10 years

    Single Pay – One time lump sum payment of premium

    Sum Assured

    Minimum – INR 2500000

    Maximum – No limit

    Policy Term

    Regular Pay – 5 years to 40 years

    Limited Pay 5 years – 10 years to 40 years

    Limited Pay 7 years – 12 years to 40 years

    Limited Pay 10 years – 15 years to 40 years

    Premium Payment Mode

    Annual, semi-annually, quarterly or monthly

    Customised Pay out

    Can be either Recurring Pay out which gives 10% of Sum Assured immediately and divides the rest 90% as a monthly income for the nominee or Immediate pay out which pays 100% of the sum assured upon the demise of the life insured

    Customised Cover

    The cover amount can be increased or decreased as per the person’s needs and the age

    Kotak Saral Suraksha

    A popular term plan that can be really beneficial for people in the lower income group. The plan has two policy terms and convenient premium payment terms in addition to the low cost feature. The basic features of this plan are as follows –

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 55 years

    Maturity Age

    Minimum of 23 years

    Maximum of 65 years

    Premium

    Minimum – depends on factors decided by the insurer

    Maximum – No limit subject to the Sum Assured amount chosen

    Premium Payment Term

    Limited Pay – Premium paid for 5 years

    Single Pay – One time lump sum payment of premium

    Sum Assured

    Can be either INR 5000, INR 10000, INR 15000, INR 25000, INR 50000, INR 75000, INR 100000

    Policy Term

    5 years and 10 years

    Premium Payment Mode

    Annual, semi-annual and single payment

    Kotak Term Plan

    A no-nonsense plan with multiple rider options and the choice to convert the plan into any other insurance plan offered from Kotak Life. The basic features and benefits of this plan are as follows –

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 65 years

    Maturity Age

    Maximum of 70 years

    Premium

    Minimum – depends on factors decided by the insurer

    Maximum – No limit subject to the Sum Assured amount chosen

    Premium Payment Term

    Regular Pay – Premium paid throughout policy term

    Single Pay – One time lump sum payment of premium

    Sum Assured

    Minimum – INR 300000

    Maximum – INR 24,99,999

    Policy Term

    5 years to 30 years

    Premium Payment Mode

    Single, annually, semi-annually, quarterly or monthly

    Plan Conversion Option

    With 5 years pending in the main policy, the policyholder can change the policy to any other policy from Kotak Life (excluding Term Plans)

    Riders

    Kotak Critical Illness Benefit – Part of Basic Sum Assured paid in advance on acceptance of a critical illness claim

    Kotak Accidental Death Benefit – Lump sum benefit paid in the event of accidental death

    Kotak Permanent Disability Benefit – Pay-out is made in instalments

    Basic Features & Benefits of Kotak Mahindra Term Plans:

    • Low cost of insurance with premiums at INR 6975 per annum or even lower
    • Flexible options in insurance pertaining to term, cover amount and premium payment
    • Special rates for non-smokers and female lives
    • Customers can buy select plans online in the comfort of their homes
    • Customers can avail of certain tax benefits under relevant sections of the IT Act, 1961
    • Some plans can be converted to other plans offered by Kotak Life

    Kotak Mahindra Term Plans FAQs:

    1. Q. What are the various types of Kotak Mahindra Term Plans?

    A. The five types of term plans are Income Protection Plan, Preferred e-Term Plan, Preferred Term Plan, Saral Suraksha, Term Plan.

    2. Q. What are the various benefits available under the plans from Kotak Life?

    A. Each term plan from Kotak Life has differing death benefits and add-on benefits as per the riders chosen, but the basic benefits allow a pay-out of sum assured either in a lump sum amount or a staggered manner. Additionally, one can also change the cover amount, or change the policy to another policy from Kotak Life.

    3. Q. What is the minimum sum assured for Kotak Life Term Plans?

    A. The minimum sum assured under the various term plans from Kotak Life is INR 100000 and that is available under the Saral Suraksha plan.

    4. Q. Can one be given rebates on premiums?

    A. All term plans from Kotak Life offer preferential rates on premiums for non-smokers and females.

    5. Q. What is the maximum and minimum policy term available under these plans?

    A. Kotak Life term plans have a minimum policy term of 5 years and a maximum term of 40 years, subject to the entry age and the maturity age of the life insured.

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