LIFE INSURANCE | KOTAK LOAN PROTECTION PLAN | KOTAK MAHINDRA | ADVANTAGES | FEATURES | BENEFITS

We all say that life is full of uncertainties and only time holds the key to unlock what is in store for us, but we can do something to prepare for what life is going to dish up for us. We can be prepared for any circumstances with the path we choose. To achieve our dreams we need financial help and so we take loans. Kotak’s Protection Plan will help make your loan your security and not a liability.

To prepare for future means involves many things, one of which being Life Insurance, especially Kotak Loan Protection Plan which will help share the burden of your loan. This insurance plan is specially designed to be taken along with your loan as it will serve as a safety net. It will help you to reduce your tension of repayment and unburden you of your family’s worry of repayment in case of your unfortunate and untimely demise. This plan provides a reducing cover that is matched to your liability with minimum paperwork.

This is an ideal plan for you if you are planning to avail of a loan. This plan is available in single as well as regular premium.

ADVANTAGES

Protects your loved ones against untimely death, which would otherwise burden them with the loan amount.
Hassle free single premium payment option
Can be surrendered* at any point in time

*Applicable only for Single Premium plan

FEATURES

Decreasing cover

As a term product linked to home loan amount, this plan protects the loan-taker from contingencies. The loan amount at the beginning decides the cover you receive. As you repay your installments, your outstanding principal declines and the corresponding policy cover also decreases. You can take a cover of any amount; equal to or less than the actual amount of loan that has been approved.

Premium payment

You may pay premiums regularly# or as a single premium. This single premium would ensure that you get the cover for the entire term that you wish to.

# The premium payment term will be 2/3rds of the policy term rounded off to the nearest integer.

BENEFITS

Death Benefit

In the event of death during the term, the beneficiary would be entitled to the Sum Assured as per a predetermined Benefit schedule.

Maturity Benefit

Since it is a non-participating pure risk cover plan, there are no maturity benefits.

Rider Benefit

Kotak Critical Illness Benefit (CIB) is available under this plan.

Critical Illness Benefit (CIB)

This benefit can be added to the basic life insurance plan to provide financial support in the event of medical emergencies. On the first occurrence of critical illness during the term of the plan, you would receive a portion of the sum assured to help you reduce your financial burden in this emergency.

The maximum Critical Illness Benefit that you can avail depends on the basic plan subject to a maximum of Rs 20 lakhs.A portion of Sum Assured (max 75%) is payable on admission of a claim on a critical illness, through this rider.

After the Critical Illness Benefit is paid, the basic sum assured and all the benefits dependent on the basic sum assured will reduce in the same proportion that the Critical Illness Benefit bears to the basic sum assured at the time of claim. The list of critical illnesses is:

Heart Attack (MI)
Cancer
Stroke
Coronary artery by-pass graft surgery (CABG)
Kidney failure
Major organ transplants
Paralysis
Loss of limbs
Aorta surgery
Major burns
Heart valve surgery
Blindness

Tax Benefits

Section 80C, 10(10D) of Income Tax Act, 1961 would apply. Premium paid for Kotak Critical Illness Benefit (CIB) qualify for a deduction under Section 80D. Tax Benefits are subject to changes in tax laws. You are advised to consult your tax advisor for details.

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Tags: KOTAK LIFE INSURANCE, KOTAK PLAN, KOTAK'S PLAN, PROTECTION PLAN