You want to see your family secure and happy at all times. However, life is unpredictable. To protect your loved ones, should anything unfortunate happen to you and ensure that they are able to cope with their financial obligations, you need a good term insurance plan, like Kotak Life Insurance’s Kotak Term Plan.
Term Insurance Plan
Why is Kotak Term Plan an ideal term insurance plan?
Kotak Term Plan is a pure risk cover plan and truly an economical way of getting a high level of financial protection. Our Kotak Preferred Term Plan offers special premium rates to non-tobacco users and women, for a sum assured of Rs. 25 lakhs or more.
Advantages of the Kotak Term Insurance Plan
Term Insurance Premium
A truly low-cost plan that offers high cover at low term insurance premiums
Special rates for women and non-tobacco users
Choice of premium payments
Options – regular, single and limited premium payment option to convert to any other plan
Key Features of the Kotak Term Plan
You may avail of the following non-participating value-adds for a nominal term insurance premium at the time of taking your policy, subject to aggregate premium on all value-adds (except Critical Illness Benefit) not exceeding 30% of the basic Kotak Term Plan premium.
Truly a low cost insurance plan
Kotak term insurance plans offer the benefit of high life cover at economical prices.
Special Premium Rates
Kotak Preferred Term Plan offers women and non-tobacco users with even lower term insurance premium rates for a sum assured of Rs. 25 lakhs and above.
Flexibility in payment of premiums
You may choose from the following premium payment terms for the term insurance — Single, Regular and Limited Premium Payment (3 and 5 years) options.
If you opt for a regular or limited premium payment option, you can pay your premiums annually, half yearly, quarterly or monthly*.
In the event of death during the term, the beneficiary would receive the sum assured.
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 before cover ceases.
Value Adds of Kotak Term Plan
You may avail of the following benefits for a nominal additional premium if you have selected regular term insurance premium payment option.
Accidental Death Benefit (ADB)
Permanent Disability Benefit (PDB)
Critical Illness Benefit (CIB)
For more details on rider options and rider exclusions kindly refer to Kotak rider write up.
Tax benefits of the term insurance plan
You can avail of tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. Premiums paid for Critical Illness Benefit (CIB) qualify for a deduction under Section 80D. Tax benefits are subject to change in the tax laws. You are advised to consult your tax advisor for details.