Kotak E-Term Plan Apply Online, Life Insurance Plans - Ruloans

In India, family has always been the first priority. Our elders have worked hard in order to provide their families with a safe and secure future. Now as you begin working, you too will want your family to be safe and secure. In case you won't be around, you would want your family to have a secured financial future right?


This is where the Kotak E-Term plan enters the picture. This plan has been especially designed to give assured financial future to your family. The E-Term plan is a pure risk cover term plan that is reasonable and is a must have policy. There are special rates being offered to women and non-tobacco users. On Death, the nominee/beneficiary will get death benefit as per the plan option chosen.


You would be happy to know that this is a full cover plan that covers accidental death, total and permanent disability. With additional cover options like Kotak Permanent Disability Benefit Rider and Kotak Critical Illness Plus Benefit Rider on payment of additional premiums, you ensure your family will always be secure.

Major Features


1. Low Cost Insurance: The E-Term plan is known to offer the benefit of high cover at reasonable prices. This means you get an affordable insurance with this plan


2. Plan Options: There are 3 major to choose from i.e. Life, Life + and Life secure.


3. Payout Options: Like plans, here too you get 3 options to choose from i.e. Immediate, Level Recurring and Increasing recurring.


4. Enhance Your Cover: You can enhance your cover with their amazing Step-Up option.


5. Enhanced Protection: You can also get the benefit of Accidental Death, Critical Illness and Total Permanent Disability.


6. Special Rates: As mentioned above, there are special rates being offered to Non-Tobacco Users & Women.

How Does the Plan Work


We will explain the whole process of the Kotak E-Term plan in a series of 5 steps:

Step 1: First you must choose your coverage amount i.e. the Basic sum assured amount, the policy term & Premium Payment Term too. These will be based on your need and requirement.


Step 2: Once you have decided the coverage amount, you will have to select one of the 3 Plan Options as per your needs: Life Life Plus Life Secure.


Step 3: After you are done choosing the plan options, you will have to select from 3 Payout Options as per your needs: Immediate Payout Level Recurring Payout Increasing Recurring Payout.


Step 4: Post choosing the plan and payout option you must choose between the benefit of Premium Paying Mode as per your requirement & Step-Up option in order to increase coverage on any future events in your life.


Step 5: This step is optional where you can choose additional cover with the help of the below 2 Riders: Permanent Disability Benefit Rider & Critical Illness Plus Benefit Rider.

PLAN OPTIONS

There are 3 plan options we have created. You can choose any one that fits your needs. Please note that these plans need to be chosen at the beginning of your insurance. Once you choose it, there can be no changes made until the policy term ends. Here are the 3 different plans:


1.Life option: In the life option you clearly get the sum assured amount on death.

2.Life plus option: In the Life plus option, you can get the benefits under the life option (above) + Accidental death benefit too.

3.Life secure option - In the Life secure option, you can get the benefits under life option + Full waiver of premium on total and permanent disability too.


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* T&C Apply.

Sum Assured on Death: In case of an unfortunate event of the applicant's death of during the policy term, whoever the Nominee is will fully receive the Sum Assured amount on death. We have mentioned the details below:

For Regular and Limited Premium:


  • Sum assured amount
  • 11 times the Annualized Premium
  • 105% of all the premiums that have been paid until the date of death.

For Single Premium:


  • The basic sum assured amount
  • 1.25 times the Single Premium paid during the policy term

PAYOUT OPTION

As mentioned above, there are a total of 3 payout options. As a policyholder, you can select from any one of the following options. But please note that you must choose one option at the start of the insurance policy. Once chosen, there can be no changes made at a later stage. The benefit amount decided will be paid to the nominee as per the payout option selected by policyholder. This will take place in the event of the life insured's death.


1. Immediate Payout - The payout here will be 100% of the sum assured amount on death that will be payable in lump sum. Once this takes place, the policy shall be terminated.


2. Level Recurring Payout - In this payout system, 10% of the sum assured amount on death will be payable at the time of claim settlement. Also, 6% of the sum assured will be payable every year for a period of 15 years too.


3. Increasing recurring payout - In this payout system, 10% of the sum assured amount on death will be payable at the time of claim settlement. Additionally, 6% of the sum assured amount on death will be payable at the end of the first year. Post this period, the payout amount shall increase by 10% p.a. These chosen installments will be payable at the end of every year for 15 years starting from the end of the first year.


You can opt for the Step-Up option right at the time of purchasing the policy. This option guarantees you additional insurance cover at specific important stages in your life. This is a cost effective and hassle free option. The Step-Up option will not be applicable for policies that have been purchased via online channels. You can increase your Basic Sum Assured amount without undergoing any further medical examination.

You can opt for the Step-Down option right at the time of purchasing the policy. The best part of this policy is that it helps you in the event of real need. In such an event you can step down to a lower amount of cover that is subject to the minimum amount of cover available in this plan. However, this plan is subject to multiple terms and conditions. The Step-Down option can be used only once during the whole policy term and the premium will be recalculated based on the revised Sum Assured amount.

Kotak E-term plan too has an eligibility criteria that must be fulfilled if you wish to apply for this policy. Here are the criteria:


TERMS ELIGIBILITY
Age criteria: Entry Age: 18 years to 65 years
Maturity Age: 23 years to 75 years
Policy Term: Minimum - 5 years
Maximum - Up to 40 years or "75 years - Age at Entry"
Basic Sum Assured amount: Minimum - Rs 25, 00,000
Maximum - Subject to Underwriting
Premium: Minimum - This will be determined as per the plan option, pay-out option, age, gender, smoking status, policy term, premium payment mode, premium payment frequency and Basic Sum Assured that has been chosen and opted for the policy.
Maximum - There is no limit but it will be subjected to underwriting consideration.
Kindly Note: The preferred rates will only be applicable for females and non-smokers.
Premium Payment Term: Regular Pay: This will be equal to the policy term.
Limited Pay: This is divided into 4 parts i.e. 5 / 7 / 10/ 15 p.a
Single Pay: This will be a single payment.
Premium Payment Option: There are 3 payment options namely:
Regular, Limited & Single Pay.
Premium Payment Mode: There are 4 premium payment modes namely:
Yearly, Half- Yearly, Quarterly and Monthly.
Modal Factor (% of annual premium): The following modal loading will be used to calculate the installment Premium:
Yearly - 100% | Half yearly - 51% | Quarterly - 26% | Monthly - 8.8%.

Tax Benefit:

The best part of applying for the Kotak E-Term plan is that you can avail tax benefits under Section 80C and Section 10(10D) of the Indian Income Tax Act, 1961. These will be subject to conditions as specified in the necessary sections.