Kotak Term Plan is ideal for you if you want to Cover your life and thereby financially protect your family in case of adversity. Make provisions for the repayment of your financial liabilities or debt in the eventuality of you not being around.
: You have the premium payment options of single and regular pay. If you opt for regular premium payment option, you can pay your premiums annually, half yearly, quarterly or monthly
You may convert your Kotak Term Plan to any other plan offered by Kotak Life Insurance (except for another term plan) provided there are at least 5 years remaining before the cover ceases.
You may avail of the following rider benefits for a nominal additional premium if you have selected the regular premium payment option:
Kotak Accidental* Death Benefit (ADB): Lump sum benefit paid on accidental death.
Kotak Permanent Disability Benefit (PDB): Instalments paid on admission of a claim on becoming disabled.
Kotak Critical Illness Benefit (CIB): Portion of basic Sum Assured paid in advance on diagnosis of the covered Critical illness subject to terms and conditions.
* An accident is a sudden, unforeseen and involuntary event caused by external, visible and violent means.
For more details on rider options and rider exclusions, kindly refer to the Kotak Rider brochure.
Term Plan Read Brochure
In the event of the life insured committing suicide within one year of the date of issue of the policy, 80% of the premiums paid shall be payable to the nominee.
In case of suicide within one year of the date of revival, when the revival is done within 6 months from date of first unpaid premium: Suicide Exclusion shall not be applicable and the Death Benefit under the product shall be payable.
However, in case of suicide within 1 year of the date of revival, when the revival is done after 6 months from the date of first unpaid premium : Higher of 80% of Premiums Paid or Surrender Value (if any) at the date of claim shall be payable.
Tax benefits & Disclaimer
Benefits earned under this plan are in accordance with the Income Tax Act, 1961. You can avail tax benefits on:
1.Your premiums under Section 80C.
2. Maturity or death claim proceeds under Section 10 (10D)
Tax benefits under the policy will be as per the prevailing income tax laws and are subject to change in the tax laws. You are advised to consult your tax adviser for details.
