Kotak Preferred Term Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Kotak Preferred Term Plan is another pure term plan from Kotak Life Insurance but for elite customers only who require very high sum assured. In this plan also, like any other term plan, the nominee would get the sum assured if the life insured dies within the policy tenure and nothing is payable to him on maturity.
Product Description
- Low Cost Insurance
- Plan Conversion Option
- Premium Payment Options
- Riders Available
COMPARE & BUY SIMILAR PLANS
Unique Features
- Kotak Preferred Term Plan is a pure term plan
- The plan provides special rates for non-smokers and females
- The plan provides options to increase sum assured upto 3 times of the initial sum assured on specific events in life
- The provides option to take death benefit as recurring payouts over 15 years post-demise.
Eligibility Criteria
|
Eligibility Criteria |
||
|---|---|---|
|
|
Minimum |
Maximum |
|
Entry Age |
18 Years |
65 Years |
|
Max age of Maturity |
23 years |
70 years |
|
Policy Term |
5 Years |
40 Years |
|
Premium Paying Term |
Regular Pay |
Equal to Policy Term |
|
Limited Pay |
5 pay for Policy Term 10 to 40 years |
|
|
7 pay for Policy Term 12 to 40 years |
||
|
10 pay for Policy Term 15 to 40 years |
||
|
Single Pay |
Single payment |
|
|
Premium Paying Mode |
Yearly, Half-Yearly, Quarterly and Monthly |
|
|
Single Premium |
Rs. 12,000 |
Based on Sum Assured |
|
Sum Assured |
Rs. 25,00,000 |
Subject to underwriting |
|
Notes: Premium rates for Half-Yearly, Quarterly and Monthly modes are 51%, 26% and 8.5% of Annual Premium rates respectively. |
||
OneInsure App Benefits
Product Benefit
Maturity Benefits:- It is a non-participating plan with no maturity benefits payable.
Death Benefits:- The death benefit payable would be Sum Assured less the balance of the premium (if any) payable in the year of death.
Death Benefit Options:-
- Recurring Payout
- Immediate Payout
- 10% of the sum assured paid immediately and 6% of sum assured is paid annually from 2nd year for 15 years.
- The Sum Assured on death will be paid immediately and the policy terminates.
Other Policy Features
|
Feature |
Description |
|||
|---|---|---|---|---|
|
Step-Up Option |
Step-Up option provides facility to increase the sum assured during the policy term without medical tests |
|||
|
Event |
Maximum Increase n Sum Assured |
|||
|
Marriage |
50% of original Basic Sum Assured |
|||
|
Purchase of first house in India after commencement 50% of original Basic Sum Assured of the policy (subject to maximum of loan amount) |
||||
|
Birth or legal adoption of a child |
25% of original Basic Sum Assured |
|||
|
On the 1st, 3rd and 5th policy anniversary |
||||
|
Policy Term |
Up to 15 years |
Above 15 years |
||
|
Fees |
3% of initial premium |
5% of initial premium |
||
|
This option can be exercised to a maximum of 3 times of the initial sum assured and has to be intimated within 1 year of the event |
||||
|
Step-Down Option |
Life assured can step down to a lower amount of cover subject to the minimum amount of cover available in this Plan |
|||
|
Lapse |
Where the premiums are not paid within the grace period, the policy together with the rider benefits, if any, shall lapse from the due date of the first unpaid premium and no benefits will be payable. |
|||
|
Policy Revival |
A lapsed policy can be revived within two years of the first unpaid premium else the contract shall be terminated. If the outstanding premiums are paid with handling charges within six months, the policy can be revived without proof of good health Thereafter to revive the policy, proof of good health would also be required. |
|||
|
Surrender |
Surrender the policy if you have chosen single premium payment option. |
|||
|
Surrender Value for Single premium payment option = 75% x Premium Paid x (1 - 1 / Policy Term) x (Outstanding Policy Term/Policy Term). Surrender Value is not applicable on Regular Premium. |
||||
|
Riders |
Kotak Critical Illness Benefit (CIB): Portion of Basic Sum Assured (maximum 50% of Basic Sum Assured) payable on admission of a claim on a critical illness |
|||
Add-ons
Kotak Critical Illness Benefit (CIB):- Portion of Basic Sum Assured (maximum 50% of Basic Sum Assured) payable on admission of a claim on a critical illness, subject to terms and conditions, definitions and specific exclusions.
Exclusions
Tax Benefits
Tax benefits under the policy will be as per the prevailing Income Tax laws and they are subject to change in the tax laws
Claim Process
Know claim process of Kotak Preferred Term Plan
Company Overview
Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture between Kotak Mahindra Bank Ltd., its affiliates, and Old Mutual. Kotak Mahindra is one of India's leading banking and financial services organizations, offering a wide range of financial services that encompass every sphere of life. Old Mutual is an international long-term savings, protection and investment group
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
