Introduction:

A pure risk cover life insurance plan like Kotak e-Term is designed to safeguard your family’s future, providing financial stability even in your absence. This economic term plan offers comprehensive protection and caters to your unique needs with special premium rates for women and non-tobacco users, making it affordable and inclusive.

By opting for Kotak e-Term, one can enhance your coverage with optional riders, offering a complete safety net against unforeseen events such as critical illness, accidental death, or permanent disability. This plan empowers you to fulfill your goal of securing your family’s comfort and well-being, ensuring they remain financially independent during challenging times. With Kotak e-Term, you can provide your loved ones with peace of mind and the assurance of a secure future, no matter what life holds.

 

What are the characteristics of Kotak e-Term plan?

Life is unpredictable, and ensuring your family’s financial security should be a top priority. A well-structured life insurance plan can help you navigate uncertainties by providing comprehensive coverage tailored to your needs. Kotak e-Term offers flexible protection with step-up and step-down options, allowing you to adjust your life cover according to different life stages. Whether you’re starting a family, buying a home, or planning for retirement, this plan adapts to your changing financial responsibilities, ensuring that your loved ones are always protected.

Affordable High-Cover Insurance at Economical Prices

Kotak e-Term is designed to offer a high level of coverage at affordable premiums, making it a cost-effective solution for securing your family’s future. This plan is ideal for individuals who seek financial protection without straining their budget. The lower premium rates for women and non-tobacco users further enhance affordability, making it a practical choice for long-term security.

Customized Protection with Rider Benefits

To ensure complete coverage, Kotak e-Term allows you to enhance your protection with optional riders. You can opt for the Kotak Critical Illness Plus Benefit Rider, which provides financial support upon diagnosis of a critical illness, or the Kotak Permanent Disability Benefit Rider, which offers coverage in case of total and permanent disability. These riders help safeguard your family’s financial well-being against unforeseen health-related risks.

Multiple Plan Options for Personalized Coverage

This term plan offers three flexible options to cater to diverse protection needs:

• Life Option: Provides 100% of the sum assured as a lump-sum payout in case of death.
• Life Plus Option: Includes the benefits of the Life Option, along with an Accidental Death Benefit of up to ₹1 crore.
• Life Secure Option: Offers the Life Option benefits, plus a Waiver of Premium in case the policyholder becomes totally and permanently disabled.

These plan variations allow policyholders to choose the ideal level of coverage based on their specific requirements.

Flexible Payout Options for Family’s Financial Stability

To accommodate different financial needs, Kotak e-Term offers three payout options:

1. Immediate Payout: A lump sum payment of 100% of the sum assured upon death.
2. Level Recurring Payout: A lump sum payment of 10% of the sum assured, followed by annual payouts of 6% for 15 years.
3. Increasing Recurring Payout: A lump sum payment of 10% of the sum assured, with annual payouts starting at 6% and increasing by 10% per year for 15 years.

These options ensure that your family receives financial support in a way that best suits their needs, whether through a one-time payment or a sustained income stream.

What is the eligibility Criteria for Kotak e-Term Plan?

Age Criteria

The Kotak e-Term Plan is designed to offer financial security to individuals within a wide age range. The minimum entry age is 18 years, ensuring that young adults can secure their financial future early. The maximum entry age varies:

• 65 years for most plans.
• 50 years for the Limited Pay option under the “Pay till 60 Years” scheme.

The maturity age also differs based on the plan option chosen:

• 85 years for Life & Life Secure Options.
• 75 years for the Life Plus Option.

This flexible age criterion ensures that individuals across different life stages can benefit from this plan.

Premium Payment Term & Policy Term

The premium payment term depends on the plan type:

• Regular Pay: The premium is paid for the entire policy term, ranging from 5 years to a maximum of 40 years, subject to age limits.
• Limited Pay: Premiums are paid for a shorter period, but the policy remains active. Options include 5 Pay (minimum 10 years), 7 Pay (minimum 12 years), 10 Pay (minimum 15 years), 15 Pay (minimum 20 years), and Pay till 60 (minimum 15 years).
• Single Pay: A one-time payment covers the entire policy duration. However, the Life Secure option is not available under this mode.

Premium Payment Options

Kotak e-Term offers multiple payment modes to suit various financial preferences:

• Regular Pay, Limited Pay, and Single Pay options are available.
• Premiums can be paid yearly, half-yearly, quarterly, or monthly, providing added flexibility.

Modal Factor for Premium Calculation

The premium payable depends on the selected mode:

• 100% for single premiums.
• 51% of the annual premium for half-yearly payments.
• 26% of the annual premium for quarterly payments.
• 8.8% of the annual premium for monthly payments.

Premium Amount & Sum Assured

The minimum premium varies based on age, gender, lifestyle (tobacco/non-tobacco user), policy term, and payout options. There is no maximum premium limit, but it depends on the sum assured, subject to underwriting.

• Minimum sum assured: ₹51,00,000.
• Maximum sum assured: No limit, subject to underwriting policies.
• The Accidental Death Benefit under the Life Plus Option is capped at ₹1 crore.

Conclusion:

Kotak e-Term is a flexible, cost-effective, and comprehensive term insurance plan designed to safeguard your family’s future. With customizable coverage, rider benefits, multiple plan options, and diverse payout structures, it provides financial security tailored to individual needs. Whether you seek immediate financial support for your loved ones or a steady income flow over time, this plan ensures they are well-protected even in your absence. Secure your peace of mind today with Kotak e-Term and provide your family with the financial stability they deserve.

Key Takeaways of Kotak e-Term Plan:

• Flexible Plan Options: Choose from Life, Life Plus, or Life Secure options to suit your financial needs.
• Affordable Premiums: Get high life cover at an economical cost with special rates for non-smokers and women.
• Multiple Payout Options: Opt for lump sum, level recurring, or increasing recurring payouts for financial stability.
• Customizable Coverage: Enhance protection with Critical Illness, Accidental Death, and Permanent Disability Benefit Riders.
• Diverse Payment Modes: Pay premiums yearly, half-yearly, quarterly, monthly, or as a single payment.
• High Sum Assured: Minimum ₹51,00,000; no upper limit, subject to underwriting.
• Maximum Age Flexibility: Coverage up to 85 years.