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Kotak Mahindra Term Insurance Plans

Kotak Mahindra Old Mutual Life Insurance Company

Kotak Mahindra Old Mutual Life Insurance Ltd (Kotak Mahindra Old Mutual Life) is a joint venture between India’s eminent bank, the Kotak Mahindra Bank Ltd., and one of the world’s highly acclaimed investment group, Old Mutual. While the former holds a 74 % stake in the company and is known for rendering avant-garde financial solutions in the country, the latter holds a 26% stake in the insurance company, and provides asset management, banking, & insurance solutions to individuals & organizations across Europe, America, Africa, and Asia. In India, the insurer serves 4 million customers, and helps them to achieve their financial goals and protection requirements, through an exceptional range of cost-effective products.

Kotak Mahindra Old Mutual Life Term Plans

Kotak Mahindra Old Mutual Life Term Plans serve as a great means of providing your family with an umbrella of financial independence against life’s exigencies. You can avail a high coverage without burning a hole in your pocket, thereby ensuring a debt-free life for your family, even when you are not around them. What’s more, these plans offer reduced premiums for non-tobacco users and women policyholders. They also provide various options of availing the Death Benefit, so that the family’s utmost requirements can be taken care of in time of distress.

Term Plans:

When you’re alive, it gives you great pleasure to see your family living a happy, financially stable, and comfortable lifestyle. You would surely want them to sustain the same lifestyle, even after you’re gone. The primary objective of a term plan is to give you this assurance that your family will be taken care of in your absence. Since the premiums of such plans are easy on the pocket, hence you can avail a high coverage without impacting your current financial situation.

Common Features of Kotak Mahindra Old Mutual Life Term Plans:

  • Simple & cost-effective term plans
  • Lump sum amount receivable as Death Benefit
  • Liberty to choose the desired premium payment mode & frequency
  • Income tax benefits

List of Different Term Plans Offered By Kotak Mahindra Old Mutual Life Insurance Company, With Features, Benefits And Eligibility

Kotak Income Protection Plan

Features:

  • A Pure Protection Life Insurance Plan
  • Protect your family from loans & liabilities by providing them with a lump sum as well as Monthly Income payouts, in your absence
  • Assurance that your Nominee will receive a Guaranteed Monthly Income for at least 5 years, that increases at 6% p.a. compounding on each policy anniversary, even if the remaining term of the policy is lesser than 5 years
  • Special premium rates for Female lives
  • Enjoy discounts in premium if you’re a Non-Smoker
  • Extend your protection against total & permanent disability by opting for a rider available at a marginal cost
  • Liberty to choose your income level, policy term, and premium payment term
  • Since this is a pure protection plan, hence no Maturity Benefit is available
  • Avail income tax benefits on premium payments & benefits received

Benefits:

Guaranteed payouts of Monthly Income That Increase Throughout the Term : Under this plan, in the unfortunate event of your death, your nominee is entitled to receive a guaranteed monthly income, starting from the earliest month anniversary from the date of death, subject to a minimum of 5 years, even if the balance term of the policy is lesser than 5 years. This gives you the assurance that in your absence, your family will surely receive a monthly income payout for 5 years or the balance policy term after death, whichever is higher. Further, this income increases every year @ 6% compounding, i.e. every year the Monthly Income will increase to 106% of the previous year’s Monthly Income. This ensures that your family does not have to face any financial instability, when you are not around.

Assured Benefit on Death of Insured: In the unfortunate event of death of the Life Insured, the family is granted with an Assured Benefit, which helps in funding the immediate requirements of the situation. This payout is equivalent to 12 times of the Increased Monthly Income in that Policy Year.

Death Benefit: As mentioned earlier, the total Death Benefit constitutes the lump sum amount and the Increased Monthly Income payouts for the remaining of the Policy Term, subject to a minimum of 5 years.

Here, the total Death Benefit is calculated as higher of:

  1. 10 times the Annualised Premium
  2. 105% of the Total premiums paid till the date of death excluding taxes & rider premium, if any

Eligibility:

Entry Age Minimum: 18 | Maximum: 60 years
Maximum Maturity Age 70 years
Monthly Income Level Minimum: Rs. 20,000 | Maximum: No Limit (Income chosen by the policyholder should be less than or equal to his / her current Monthly Income)
Premium Minimum: Based on Monthly Income Chosen, Age, Gender, Smoking Status, Policy Term and the Premium Payment Option chosen | Maximum: No Limit
Premium Payment Term (PPT) Regular | Limited Pay: 12 & 15 yrs
Policy Term For Regular Pay: 10 to 30 yrs | For 12 Pay: 17 to 30 yrs | For 15 Pay: 20 to 30 yrs
Premium Payment Mode Yearly, Half yearly, Quarterly, Monthly

Riders:

Kotak Accidental Disability Guardian Benefit Rider (UIN:107B011V02): This rider enables the policyholder to avail a special benefit of waiver of future premiums, in case the premium payer suffers from admissible Total and Permanent disability, occurring as a result of an accident. In such instances, the policy continues as is, without the need of paying any premiums in the future.

Kotak Preferred e-Term Plan

Features:

  • A pure Online Term Insurance Plan with inbuilt waiver of basic premiums, in case of Total and Permanent Disability
  • Affordable Premiums
  • Take your pick between the following two plan options at the time of taking the policy, which would determine how your nominee would receive the Death Benefit, in the unfortunate event of your demise during the policy term:  
    1. Recurring payout: This plan option entitles the nominee to receive a lump sum payment of 10% of ‘Sum Assured on death’ at the time of claim settlement, followed by 6% of Sum Assured on death, every year for 15 years, with the first payment being made one year after the date of death of the life insured. Further, the nominee can also exercise the option to receive this annual payment in monthly mode, wherein the monthly payments will be 8.22% of the Annual payments, with the first payment being made one month after the date of death of the life insured. However, in case the beneficiary wants to avail a lump sum instead of these regular payouts after the death of the Life Insured, then the company will pay outstanding regular payouts as a lump sum, discounted at 6.5% p.a. compounding yearly.
    2. Immediate payout: On choosing this option, the nominee gets entitled to receive the ‘Sum Assured on death’ immediately as a lump sum, followed by the termination of the policy.
  • Online purchase of policies means fast & hassle free buying
  • Reduced premium rates for women lives
  • Enjoy discounted premiums if you’re not a tobacco-user
  • Pay an additional marginal premium and avail the benefits of the Kotak e-Accidental Death Benefit Rider
  • Make a choice between 3 premium payment terms -  Regular, Limited, or Single Pay
  • Flexibility to pay your premiums yearly or monthly or even change the premium payment mode on policy anniversary
  • Enjoy Tax benefits as per Section 80C and 10 (10D) of the Income Tax Act, 1961

Benefits:

  • In-built Waiver of premium Benefit in case of Permanent Disability: During the premium payment term of the policy, if the Life Insured encounters a total and permanent disability, then the company waives off all the premiums falling due after the occurrence of such disability. The policy does not stop and continues with all its benefits. In case of unfortunate demise of the insured during the Policy Term, then the Death Benefit is payable to the nominee, according to the Plan Option chosen at policy inception.  
  • Death Benefit: For Regular and Limited Premium Paying policies, the ‘Sum Assured on death’ is calculated as the highest of the following:
    1. Basic Sum Assured
    2. 10 times the Annualised Premium excluding modal factors and extra premiums, if any,
    3. 105% of all premiums paid till the date of death (Excluding Extra Premiums, if any)

    For Single Premium Paying policies, the ‘Sum Assured on death’ is calculated as the higher of the following:

    1. Basic Sum Assured
    2. 1.25 times the Single Premium (Excluding Extra Premiums, if any)

Eligibility:

Entry Age Minimum: 18 years | Maximum: 65 years
Maturity Age Minimum: 28 years | Maximum: 75 years
Policy Term Minimum: 10 years | Maximum: 40 years (in multiples of 1 year)
Premium Payment Option Regular, Limited, and Single Pay
Premium Payment Term (PPT) Regular Pay: Equal to Policy Term | Limited Pay: For Policy Term 10 to 40 years: 5 pay; For policy term 15 to 40 : 10 pay | Single Pay: Single payment
Minimum Premium Based on Plan option chosen, Basic Sum Assured, Age, Gender, Policy Term, Smoking status and the Premium Payment Option
Maximum Premium No limit
Basic Sum Assured Minimum: Rs. 25,00,000 | Maximum: No limit
Premium Payment Mode Yearly & Monthly

Riders:

Kotak e-Accidental Death Benefit Rider (UIN:107B019V01): On choosing this rider, your nominee gets entitled to receive an additional lump sum benefit over and above the Death Benefit, in case of your unfortunate death due to an accident.

Kotak Saral Suraksha

Features:

  • A simple & Low Cost Kotak Term Insurance Plan
  • Choose your policy term of 5 or 10 years
  • Pay premiums for 5 years and avail protection against unforeseen circumstances for 5 years or 10 years
  • Option to pay the premium only once and avail coverage throughout the policy term
  • Extremely affordable premiums
  • No need to undergo medical tests
  • Minimal documentation
  • Enjoy income tax benefits on premium payments & proceeds

Benefits:

Death Benefit: In the unfortunate event of the demise of the insured, the company pays the nominee the 'Sum Assured on death', as the Death Benefit, which is computed as follows:

For Single Premium Plans, the Sum Assured on death is calculated as higher of:

  1. 1.25 times of Single Premium
  2. Sum Assured chosen at inception

For 5 Year Premium Payment Plans, the Sum Assured on death is calculated as highest of:

  1. 10 times of Annual Premium
  2. Sum Assured chosen at inception
  3. 105% of the total premium paid till the date of death

Eligibility:

Entry Age (as on last birthday) Minimum: 18 years | Maximum: 55 years
Maturity Age Minimum: 23 years | Maximum: 65 years
Policy Term 5 and 10 years
Premium Payment Term 5 years or Single payment
Premium Payment Mode Single, Yearly and Half yearly
Sum Assured Rs.5,000, Rs. 10,000, Rs. 15,000, Rs. 25,000, Rs. 50,000, Rs. 75,000, Rs. 1,00,000

Kotak Preferred Term Plan

Features:

  • A pure protection life insurance plan
  • Avail high coverage at low cost premiums
  • Preferred premium rates for non-tobacco users
  • Special premium rates for women life assured
  • Choose the plan option that would best suits your family’s requirements in your absence - Immediate Payout or Recurring Payout
    1. Immediate Payout – A lump sum is immediately granted to the nominee in the event of the death of the insured 
    2. Recurring Payout – Under this option, the nominee receives a lump sum amount equivalent to 10% of the ‘Sum Assured on death’, followed by 6% of ‘Sum Assured on death’ every year for 15 years starting from one year after the date of death of the life insured. This may also be granted on a monthly basis, wherein, the monthly payments will constitute 8.22% of the annual payments (i.e. 6% of Sum Assured on death), starting from one month after the date of death of the life insured. Alternatively, the nominee can also opt for a lump sum instead of such regular payouts, wherein, the lump sum amount will be discounted at the rate of 3.0% p.a. compounding yearly.
  • Avail the facility of Step-Up or Step-Down option to increase or decrease your sum assured according to the changes in your individual circumstances:
    1. Step-Up Option: This feature entitles you to enhance your coverage at nominal costs during key milestones of your life, without undergoing any medical tests. You may opt for this feature at the time of policy inception and is available only for those who have selected the Regular Pay as their premium payment option. The enhancement in Basic Sum Assured primarily depends upon the event for which you want to exercise this option and is payable as per the Plan Option chosen. You may make use of this facility at one or more of the events mentioned below, provided you are 45 years of age or lesser and your total revised Basic Sum Assured is not more than 3 times your original Basic Sum Assured. For instances, when the remaining term is less than five years, then the premium rate charged is equivalent to the five year term.
    2. Events Maximum Increase in Basic Sum Assured
      Marriage 50% of original Basic Sum Assured
      Purchase of first house in India after commencement of the policy (subject to maximum of loan amount) 50% of original Basic Sum Assured
      Birth or legal adoption of a child 25% of original Basic Sum Assured
      On the 1st, 3rd and 5th policy anniversary 25% of original Basic Sum Assured
    3. Step-Down Option: This feature entitles you to decrease your sum assured subject to the minimum amount of cover available in this Plan. When you choose to step down, your premium is revised based on your revised Basic Sum Assured.
  • Flexibility to choose the premium payment option that best suits your current financial status & future goals - Single, Limited, or Regular pay.
  • For Limited or Regular premium payment options, you have the facility to pay premiums annually, half yearly, quarterly, or monthly.
  • Enjoy income tax benefits on premium payments & benefits received as per the applicable tax laws

Benefits:

Death Benefit: The Death Benefit comprises the ‘Sum Assured on Death’ which is calculated depending upon the premium payment options.

For Regular and Limited Premium Paying policies, the Sum Assured on death is highest of:

  1. Basic Sum Assured (including additional sum assured as per Step-up option, if any, or reduced Sum Assured as per Step-down Option, if any)
  2. 10 times the Annualised Premium excluding modal factors and extra premiums, if any,
  3. 105% of all premiums paid till the date of death including Step-Up option fee, if any (excluding Extra Premium if any)

For Single Premium Paying policies, the Sum Assured on death is higher of:

  1. Basic Sum Assured, or
  2. 1.25 times the Single Premium (excluding Extra Premium, if any)

Eligibility:

Entry Age Minimum: 18 years | Maximum: 65 years
Maturity Age Minimum: 23 years | Maximum: 75 years
Premium Payment Term (PPT) Regular Pay: Equal to Policy Term | Limited Pay: For Policy Term 10 to 40 years : 5 pay; For Policy Term 12 to 40 years : 7 pay; For Policy Term 15 to 40 years : 10 pay; Single Pay: Single payment
Policy Term Minimum :5 years | Maximum: 40 years
Premium Payment Option Regular, Limited, and Single pay
Basic Sum Assured Minimum: Rs. 25,00,000 | Maximum: No limit
Premium Payment Mode Yearly, Half-Yearly, Quarterly, and Monthly
Maximum Premium No Limit
Minimum Premium As per the chart below

For healthy female lives aged 18 years who do not consume Tobacco

Premium Payment Mode Policy Term (years) Minimum Premium based on
Rs. 25 Lakhs Basic Sum Assured
Recurring Payout Option (Rs.) Immediate Payout Option (Rs.)
Regular Pay 5 3,700 4,075
Single Pay 5 10,375 11,700
5 year Limited Pay 10 4,925 5,550
7 year Limited Pay 12 4,225 4,750
10 year Limited Pay 15 3,775 4,225

Riders:

Kotak Accidental Death Benefit Rider (ADB / UIN: 107B001V03): This rider entitles the nominee to receive an additional lump sum amount in the eventuality of death of the insured due to an accident.

Kotak Permanent Disability Benefit Rider (PDB / UIN: 107B002V03): On choosing this rider, the insured receives instalments on admission of a claim of becoming permanently disabled as a result of an accident.

Kotak Critical Illness Benefit Rider (CIB / UIN: 107B004V03): This rider entitles the insured to receive a percentage of the Basic Sum Assured, subject to a maximum of 50%, in the eventuality of diagnosis of a critical illness.

Kotak Term Insurance Plan

Features:

  • A simple, low-cost, term plan
  • Facility to convert the plan into any other plan offered by Kotak Life Insurance (except for another term plan) provided there are at least 5 years remaining before the end of the policy term
  • Liberty to choose between single and regular premium payment mode
  • Take your pick between yearly, half-yearly, quarterly or monthly premium payment frequency
  • Discounted premiums for women customers
  • Enjoy income tax benefits on premium payments & benefits received

Benefits:

Death Benefit: In the unfortunate event of the death of the insured, the nominee is liable to receive the Sum Assured less the balance of the premium (if any) payable in the year of death.

Eligibility:

Entry Age Minimum: 18 years | Maximum: 65 years
Maximum Age at Maturity 70 years
Term of Plan Minimum: 5 years | Maximum: 30 years
Annual Premium Minimum: Rs. 2000 | Maximum : Based on Sum Assured
Single Premium Minimum: Rs. 12,000 | Maximum : Based on Sum Assured
Sum Assured (in Rs.) Minimum: Rs. 3,00,000 | Maximum : 24,99,999

Riders:

  • Kotak Accidental Death Benefit Rider (ADB / UIN:107B001V03)
  • Kotak Permanent Disability Benefit Rider (PDB / UIN:107B002V03)
  • Kotak Critical Illness Benefit Rider (CIB / UIN: 107B004V03)