The Kotak Life Protection Plans are the low-cost insurance plans which provide full protection as well as financial stability to the policyholder family in case of an uncertain situation. Before choosing any Kotak insurance plan, you need to evaluate your basic needs and requirements. In this article, you may get the complete details of various Kotak Life Protection Plans.
Kotak Life Protection Plans
The assured primary goal in life is to see the family secure & happy at all times. For that Purpose buying a Kotak Life, Protection Plans is the best way to the interested one. The first and foremost thing that the policyholder need to do is to identify the goals for buying new policies like, whether the insurance is only for life cover or looking for an investment option? Depending on the requirements the assured can buy any of the plans which suit to you by investing their money.
Kotak Life provides best protection plans for the customers to secure their Life. The various schemes introduced by the Kotak Life Insurance are Kotak Income Protection Plan, Kotak Preferred e term plan, Kotak Saral Suraksha Plan, Kotak Preferred term plan, and Kotak Term Plan, etc. The Policyholders may view the details of each protection plan individually on this page. This Life Insurance Protection Plans may cover you and your family at all the times. So, before going to buy the new plan, you may check the details of that particular plan here itself.
Kotak Life Protection Plans
Every Policy has its Key Features and Benefits. Similarly, The Kotak Life Protection plans may also have its features along with Benefits and eligibility. The Various Kotak Life Protection Plans are as follows
- Kotak Income Protection Plan.
- Preferred e term plan.
- Kotak Saral Suraksha Plan.
- Preferred Term Plan of Kotak Life Insurance.
- Term Plan of Kotak etc.
Kotak Life Protection Plans Benefits & Key Features
Kotak Life Provides various Protection plans to the policyholders in order secure their family from various uncertain conditions. You may check the Kotak Life Protection Plans from the below section individually.
Kotak Income Protection Plan
Kotak Life Insurance Income Protection Plan is a pure protection plan and provides income to the assured family in case of an unfortunate event. The Unique Identification Number for Kotak Income Protection Plan is UIN: 107N095V01.
Kotak Life Insurance Key Features
The Key features are again classified into three categories. The various categories are listed here.
- Increasing Monthly Income
- Guaranteed payout period of Monthly Income
- Assured Benefit as lump sum on Death
Benefits of Kotak Pure Protection Life Insurance Plan
The policyholder may use the tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961 according to the conditions as specified in that sections. Tax benefits are changed as per tax laws. You may consult your Tax Advisor for more details.
Death Benefit
The Nominee will receive the following benefits in case, of an unfortunate event of the death of the Life Insured.
- Assured Benefit (payable in lump sum) and
- Monthly payouts of Increased Monthly Income for the balance of the Policy Term, subject to a minimum of 5 years Being a pure protection plan there is no
Maturity Benefit
There is no Maturity Benefit for a pure protection plan.
Eligibility Criteria for Kotak Life Insurance Income Protection Plan
| Entry Age |
Minimum Age: 18 years. Maximum Age: 65 years. |
| Maximum Maturity Age | 70 years. |
| Monthly Income Level | Minimum: 20000.
Maximum: No Limit. |
| Premium |
Minimum: Depends on basis Monthly Income Chosen, Policy Term, Gender, Age, Smoking Status, and the Premium Payment Option. Maximum: No Limit. |
| Premium Payment Term |
Minimum: 12 Years. Maximum: 15 Years. |
| Policy Term |
For Regular Pay: 10-30 years. 12 Pay: 17-30 years. 15 Pay: 20-30 years.
|
| Premium Payment Mode |
Yearly Half yearly Quarterly Monthly |
| Premium Modal Factor |
Yearly – 100% Half yearly – 51% Quarterly – 26% Monthly – 8.8% |
Click on the below link for more information about this Kotak Life Insurance Income Protection plan.
Download Kotak Income Protection Plan Brochure
Kotak Preferred e Term Plan
It is a pure online term insurance plan, and it provides a high level of protection for the nominal cost of INR 6,975 per annum. The Unique Identification Number for Kotak Income Protection Plan is UIN:107B019V01.
Kotak Life Protection Plans Key Features
There are five various categories under this Protection Plan.
- High cover at a very low cost.
- Waiver of Basic Premiums on Total & Permanent Disability.
- Assured Benefit as the lump sum on Death.
Benefits of Kotak Pure Protection Life Insurance Plan
The policyholder may use the tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961 according to the conditions as specified in that sections. Tax benefits are changed as per tax laws. You may consult your Tax Advisor for more details.
Death Benefit
In case of an unfortunate event of the death of the Life Insured, the Nominee will receive the following: a) Assured Benefit (payable in lump sum) and b) Monthly payouts of Increased Monthly Income for the balance of the Policy Term, subject to a minimum of 5 years Being a pure protection plan there is no
Maturity Benefit
The Sum Assured on death will be paid immediately, and the policy terminates.
Eligibility Criteria for Kotak Life Insurance Income Protection Plan
| Entry Age | Minimum Age: 18 years Maximum Age: 65 years |
| Maturity Age | Minimum Age: 28 years Maximum Age: 75 years |
| Premium Payment Term (PPT) | Regular Pay: Equal to Policy Term
Limited Pay: Single Pay: Single payment |
| Policy Term | 10 to 40 years (in multiples of 1 year) |
| Premium Payment Option | Regular, Limited & Single Pay |
| Minimum Premium | Determined basis Plan option chosen i.e. Recurring or Immediate payout, Basic Sum Assured, Age, Gender, Policy Term, Smoking status and the Premium Payment Option chosen |
| Maximum Premium | No limit, subject to underwriting |
| Basic Sum Assured | 25,00,000 No limit, subject to Underwriting |
| Premium Payment Mode | Yearly Monthly
Monthly |
| Model Factor (% of annual premium) |
The following model loadings will be used to calculate the instalment Premium. Yearly – 100% Monthly – 8.8% |
Click on the below link for more information about this Kotak Life Insurance Income Protection plan.
Download Kotak Preferred e-Term Plan
Kotak Saral Suraksha
Saral Suraksha is term insurance plan offered by Kotak life. Kotak Life Insurance is a low-cost term plan that helps in providing protection to your family in your absence, thus secure their financial security. The Kotak Income Protection Plan Unique Identification Number is UIN:107B019V01.
Kotak Protection Plans Key Features
- Low-Cost Insurance.
- Choice of Policy term of the policy term.
- Convenient Premium Payment Options.
Benefits of Kotak Pure Protection Life Insurance Plan
The policyholder may use the tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961 according to the conditions as specified in that sections. Tax benefits are changed as per tax laws. You may consult your Tax Advisor for more details.
Death Benefit
The death benefit payable would be the ‘Sum Assured on Death’, which is defined as follows
- Single Premium Plan: Sum Assured on death Higher as follows.
- 1.25 times of Single Premium.
- Sum Assured chose at inception
- Five Year Premium Payment Plan: Sum Assured on death Higher as follows.
- Ten times of Annual Premium.
- (ii) Sum Assured has chosen at inception.
- (iii) 105% of the total premium paid till the date of death.
Maturity Benefit
This is a non-participating term plan wherein no maturity benefit is payable.
Eligibility Criteria for Kotak Life Insurance Income Protection Plan
| Entry Age | Minimum Age: 18 years. Maximum Age: 55 years. |
|
| Maturity Age | Minimum Age: 23 years. Maximum Age: 65 years. |
|
| Policy Term | 5 years, ten years | |
| Premium Payment Term | 5 years/Single payment | |
| Premium Payment Mode | Single, Yearly and Half yearly | |
| Sum Assured (fixed) | Rs 5,000/-
10,000/- (Rs only) Rs 15,000/- 25,000/- (Rs only) Rs 50,000/- 75,000/- (Rs Only) Rs 100,000/- |
|
| Premium Modal Factor for Five-year Premium Payment | Yearly – 100% Half yearly – 51% |
|
Click on the below link for more information about this Kotak Life Insurance Income Protection plan.
Kotak Preferred Term Plan
Kotak Preferred Term Plan is specially intended to give protection to the policyholder family. It is a pure risk cover plan that is truly an economical means of providing with a high level of protection. Kotak Preferred Term Plan offers special premium rates to non-tobacco users and women. The Unique Identification Number is 107N009V06
Kotak Life Insurance Plans Key Features
- Provides a High level of protection at a minimal cost.
- Has Two death benefit payout options i.e. Immediate Payout or Recurring Payout.
- Step up / Step Down options to increase / decrease cover.
- For female lives & non-tobacco users, preferential rates are available.
- Provides flexible premium payment options.
- Through available Rider, the Customize protection is present.
Benefits of Kotak Preferred Term Plan
The policyholder may use the tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961 according to the conditions as specified in that sections. Tax benefits are changed as per tax laws. You may consult your Tax Advisor for more details.
Death Benefit
An unfortunate event of a death of the life insured during the term of the plan is happening then the nominee will receive the Sum Assured on death as per the Plan chose by the life assured. The Sum Assured on death will be payable in the following manner
- At the time of claim settlement, Lump sum payment of 10% of Sum Assured on death is available.
- The 6% of Sum Assured on death is provided for every year upto 15 years.
Eligibility Criteria for Kotak Life Insurance Preferred Term Plan
Maximum – limit, subject to Underwriting
| Entry Age | Minimum Age: 18 years Maximum Age: 65 years |
| Maturity Age | Minimum Age: 23 years Maximum Age: 75 years |
| Policy and Premium Payment Term (PPT) | For Regular Pay: Equal to Policy Term In case of Limited Pay: |
- Five pay for policy term 10 to 40 years
- Seven pay for policy term 12 to 40 years
- Ten pay for policy term 15 to 40 years
For Single Pay: Single paymentPolicy TermFive to Fourty yearsPremium Payment Option
Regular
Limited Pay
Single pay
Minimum Premium
The minimum Annual Premiums on Premium Payment Mode and Policy Term for healthy female lives for the policyholders those aged 18 years and who do not consume Tobacco are as follows
| Premium Payment Mode | Policy Term (years) | Minimum Premium based on Rs 25 Lakhs Sum Assured | |
|---|---|---|---|
| Recurring Payout Option (Rs) | Immediate Payout Option (Rs) | ||
| Regular Pay | 5 | 3,700 | 4,075 |
| Single Pay | 5 | 10,375 | 11,700 |
| Five years Limited Pay | 10 | 4,925 | 5,550 |
| Seven years Limited Pay | 12 | 4,225 | 4,750 |
| Ten years Limited Pay | 15 | 3,775 | 4,225 |
Maximum PremiumNo limit, but will depend on the Maximum Basic Sum Assured which is subject to underwritingBasic Sum AssuredMinimum – 25,00,000Premium Payment Mode
Yearly
Half-Yearly
Quarterly
Monthly
Modal Factor(% of annual premium)Yearly – 100%
Half yearly – 51%
Quarterly – 26%
Monthly – 8.8%
Click on the below link for more information about this Kotak Life Insurance Income Protection plan.
Term Plan of Kotak Life Insurance
The Kotak Term Plan is a pure risk cover plan, and an economical means of providing an adequate level of financial protection to the life assured family. In this, the life sum assured is paid to the beneficiary in case of an unfortunate death of the life assured.
Kotak Life Insurance Plans Key Features
- Nominal Cost insurance plan.
- Flexible premium payment options.
- Plan conversion option.
Benefits of Kotak Term Plan
The policyholder may use the tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961 according to the conditions as specified in that sections. Tax benefits are changed as per tax laws. You may consult your Tax Advisor for more details.
Death Benefit
The beneficiary will get sum assured less the balance of the premium in the year of death of the life assured.
Kotak Life Insurance Term Plan Eligibility Criteria
| Entry Age | Minimum Age: 18 years. Maximum Age: 65 years. |
| Maturity Age | Maximum Age: 70 years. |
| Premium Payment Term (PPT) | For Regular Pay: Similar to Policy Term For Single Pay: Single payment |
| Policy Term | Five to Thirty years |
| Premium Payment Option | Regular pay
Single pay |
| Maximum Premium | No limit |
| Basic Sum Assured | Minimum – Rs 3,00,000/- Maximum – Rs 24,99,999/- |
| Premium Payment Mode | Single
Yearly Half-Yearly Quarterly Monthly |
| Modal Factor(% of annual premium) | Yearly – 100% Half yearly – 51% Quarterly – 26% Monthly – 8.5% |
Now Click on the below link and get the complete details of Kotak Term Plan through the direct link attached.
Kotak Life Protection Plan Premium Calculator
The policyholder can calculate the premium amount that has to be paid to the policy taken with the help of Premium calculator. This premium amount paid to the chosen policy should depend on Sum assured, Product Type, Plan Type, Age of the Life Assured, and Premium Payment Modes, etc. To calculate the Premium amount the life insured should have the following details.
- Product Category.
- Product.
- Name of the Insured.
- Policy Term etc.
Kotak Life Protection Plans Buying Process
By reaching the nearest Kotak Insurance Branch Office, the Policyholders can buy the new policy through the Kotak Insurance. The interested people may also get the complete details like various plans available in the Kotak Life plan details by visiting the official website of Kotak Life Insurance. During this Policy Buying process, the policyholder needs to have the following documents to fill the application form for the selected policy.
- Application Form along with Passport Size Photograph.
- Age Proof.
- Address proof.
- Medical report etc.
Claim Procedure of Kotak Life Protection Plans
In the case of Death or uncertainty Occurred due to the Sudden Accident of the Policyholder within the Policy Term or if the Policy Maturity Period is completed of the life assured then the nominee could apply for the Claim by producing various proofs. This Claim process may be done through online or with the help of other methods like by visiting the home Branch Office, By calling to the Help Line Centres or sending mail to the given mail ID, etc. By using any of these methods, the nominee will get the paid money by the life assured. During your claim process, the various documents submitted by the Nominee are listed here.
- Address Proof of Nominee.
- A copy of Hospital Records.
- NEFT Form.
- Date of Birth proof.
- Original Policy Bond.
- Death Certificate Original or Attested copy.
- A copy of Pass Book.
- Additional documents, in the case of death, occurred due to unnatural or accidental death.