Kotak e-Term & Kotak e- Preferred Term Life Insurance Plans

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Kotak Term life insurance Plans are very good products for those who are looking for online term life insurance products. Kotak Life Insurance brings to you insurance at your fingertips by way of two extremely economical plans which can be purchased online. Kotak e-Term and Kotak e- Preferred Term are pure risk cover plans that bring you the following features:

• In an unfortunate event of death, the Sum Assured is payable in lump sum
• Reduced premiums if you are a woman or a non-tobacco user*
• Flexibility to increase your Sum Assured, with our ‘Step-Up’ option
• No medical examinations on exercising the ‘Step-Up’ option

Kotak e-Term/e-Preferred Term Plans are pure risk cover plans offered to you at an economical price.

Low Cost Insurance
If you are a woman or if you do not consume tobacco*, you will be eligible for discounted premiums

*Available with Kotak e-Preferred Term only.
Step-Up option
You may avail this option at the time of purchase of the policy. It guarantees you additional insurance cover at certain important stages in your life in a cost-effective and hassle free manner.
Increase your Sum Assured without having to undergo any further medical examination. The increase in Sum Assured depends upon the event basis which you want to exercise this option:

The ‘Step-Up’ option can be exercised at one or more of the events listed above, provided that the revised Sum Assured is not more than 3 times the original Sum Assured and the life insured has not attained 45 years of age.

An increase in Sum Assured will also reflect to a corresponding increase in the premium amount.

The Step-Up option charges as a percentage of the basic premium are as follows:

*This fee will be charged till the age of 45 or the end of policy term, whichever is earlier.

Flexibility
You may convert your online term plans to any other plan offered by Kotak Life Insurance (except for another term plan). This benefit is available at any time during the term of the policy, but at least 5 years before cover ceases. The premium rates applicable in the new plan would apply.

Eligibility Criteria

Before you purchase these plans, you need to fulfill the following criteria:

Plan Snapshot
Given below are premiums for a few combinations of entry ages & policy terms for a Sum Assured of Rs.30 lakhs.

Terms and Conditions
1. Death Benefit:
The death benefit payable would be Sum Assured less the balance of the premium (if any) payable in the year of death.

2. Maturity Benefit
These being pure risk plans, no maturity benefit will be payable.

3. Grace Period
There is a grace period of 30 days from the due date for payment of premium for the yearly, half-yearly and quarterly mode. For the monthly mode there is a grace period of 15 days. In case of death during the grace period, Death Benefit is payable.

4. Lapse
If during the policy term, any premiums due (including the Step-Up option fee, if applicable) are not paid within the grace period, the policy shall lapse from the date of the first unpaid premium and the insurance cover shall cease.

5. Policy Revival
A lapsed policy can be revived within two years from the date 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.

6. Surrender
No payout will be made in case you wish to surrender the policy.

7. Free Look Period
The policyholder is offered 15 days free look period, from the date of receipt of the policy wherein the Policyholder may choose to return the policy within 15 days of receipt if he is not agreeable with any of the terms and conditions of the plan. Should he choose to return the policy, he/she shall be entitled to refund of the premium paid after adjustment for expenses on medical examination, stamp duty and proportionate risk premium for the period of cover.

8. General Exclusion
In case the life insured commits suicide within one year of the date of issue of the plan or date of revival, the policy shall be void and no benefits shall be payable.

9. Service Tax and Education Cess
Service Tax and education cess shall be levied on all applicable charges as per the prevailing tax laws and/or any other laws. In case of any statutory levies, cess, duties etc., as may be levied by the Government of India from time to time, the Company reserves its right to recover such statutory charges from the policyholder(s) either by increasing the premium and / or by reducing the benefits payable under the plan.

You can avail of tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Tax Benefits are subject to change in the tax laws. You are advised to consult your tax advisor for details.

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. These are a non-unit linked non-participating term plans. Insurance is the subject matter of the solicitation.

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