We all say that life is full of uncertainties and only time holds the key to unlock what is in store, but one can do something to prepare for what life is going to dish up. One can be prepared for any circumstances with the path one chooses. To achieve all the dreams one works day and night. 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 Kotak Term Plan.
Kotak Term Plan is a pure risk cover plan and truly an economical way of getting a high level of financial protection. Kotak Preferred Term Plan offers special premium rates to non-tobacco users and women, for a sum assured of Rs.25 lakhs or more.
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
FEATURES & BENEFITS
|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)*|
|If the Life Insured dies of an accident within 120 days from the date of accident and the beneficiary proves the same to the satisfaction of the Company, then the Accidental Death Benefit sum assured will become payable.|
|The maximum cover available under this benefit is equal to the basic sum assured (subject to a maximum of Rs 10 lakhs).|
|Permanent Disability Benefit (PDB)*|
|If the Life Insured becomes totally and permanently disabled due to an accident and the policyholder proves the same to the satisfaction of the Company, the Permanent Disability Benefit sum assured will be paid as five annual installments of 12% of the sum assured, starting on the date that disability is admitted by the Company, followed by a final payment at the end of the fifth year of 60% of the sum assured. The life insured should survive for at least 120 days from the date of the accident. The policyholder should write to the Company giving the details of Permanent and Total disability in the required format, within 150 days after the happening of the disability. Permanent Disability is defined as permanent and immediate inability to work or permanent loss of use of any two limbs or total and permanent loss of sight or injuries that permanently preclude following an appropriate occupation from the date of accident onwards.|
|The maximum cover available under this benefit is equal to the basic sum assured (subject to a maximum of Rs 10 lakhs).
|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.|
ELIGIBILITY & EXCLUSIONS
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