Buying term insurance is always wise decision to provide financial security to your family. Under this plan, the sum assured is payable to the nominee, if the life assured dies during the term of the policy. Kotak Life Insurance offers a unique term insurance plan called Kotak Term Plan. It is a pure risk cover plan, specially designed to provide a high level of financial protection at very affordable cost. It provides the benefit of life cover of Rs.10Lakh for a premium of Rs.182/- per month only. (Indicative premium is for 30 year old healthy male for a term 10 years).
The plan offers conversion option to convert Kotak term Plan to any other plan offered by Kotak Life Insurance. The plan also offers special rates for non tobacco users and women.
In the event of death of the life assured during the term of the policy, the sum assured is payable to the beneficiary. Since this is a non-participating plan, no maturity benefit is payable.
There are three rider plans are available for a nominal additional premium(only fro regular premium payment option). They are-Kotak Accidental Death Benefit (ADB), Kotak Permanent Disability Benefit (PDB) and Kotak Critical Illness Benefit (CIB).
Tax Benefit-
Premium paid towards the plan is eligible for tax benefit under section 80C and benefit received under this plan is exempt from tax under section 10(10D) of the Income Tax Act,1961. Premium paid for Critical Illness Benefit(CIB) is eligible for tax benefit under section 80D.
Eligibility-
Minimum entry age is 18 years and maximum is 65 years. The maximum age at maturity is 70 years. The plan offers three premium payment options to choose from Single, Regular and Limited Premium Payment (3 pay and 5 pay). The plan term ranges are 5 years to 30 years. The minimum sum assured is Rs.3,00,000/- and maximum is Rs.24,99,999/-.
