Kotak e-Term Plan is a unique term insurance policy by Kotak Life Insurance that can offer quick approvals, flexible payment options, etc. This policy has several key features that make it a valuable investment for your family’s future. In this blog post, we will discuss the key features of Kotak e-Term Plan and how they can benefit you and your loved ones.
Let’s take a look at these features.
1. Affordable Insurance
One of the main attractions of Kotak e-Term Plan is that it’s affordable. This is because there are no agent’s commissions or other charges involved. You can buy this policy directly from the website without an agent.
You can also get a high sum assured based on your age, health, and income at economical prices. Moreover, you can also calculate term insurance premium using an insurance premium calculator.
2. Three Plan Options
Kotak e-Term Plan offers three plan options: life, life plus, and life secure option.
- Life option is a pure life cover plan with no maturity benefit.
- Life plus option, offers both life cover and maturity benefits. Under this option, the policyholder’s nominee receives the sum assured on death during the policy term and the maturity sum assured on survival till the end of the policy term.
- Life secure, under this option the policyholder gets additional protection against critical illnesses by paying an extra premium.
3. Three Payout Options
Besides the three plan options, Kotak e-Term Plan also offers three payout options- immediate, level recurring, and increasing recurring payout. You can choose any one of them, based on your requirements.
- Immediate Payout: In this, the entire sum assured is paid to the nominee immediately on the death of the policyholder.
- Level Recurring Payout: Under this, a part of the sum assured is paid to the nominee in regular intervals, and the balance sum assured is given as a lump sum at maturity.
- Increasing Recurring Payout: Here, both the periodic payout and lump sum payment increase at a predetermined rate during the policy tenure. This option provides an increasing income stream for your family in case of your unfortunate demise.
4. Enhanced Protection
Kotak e-Term Plan comes with an inbuilt terminal illness rider that offers enhanced protection. This rider can be availed by paying an additional premium. It provides for early payment of the sum assured in case the policyholder is diagnosed with a terminal illness during the policy term. This rider also provides lump sum benefits on the diagnosis of critical illnesses.
5. Special Rates for Non-Tobacco Users
Kotak e-Term Plan offers special rates to non-tobacco users. This is because they are less likely to develop health problems that could lead to a claim.
The Bottom Line
Kotak e-Term Plan is an excellent life insurance policy for those looking for an affordable way to get coverage. It offers many features and benefits that make it a good choice for anyone who needs life insurance.