Kotak Mahindra Life Insurance Company

Term insurance plans are those that cover the risk of premature death, i.e. death during the policy tenure. These are, therefore, pure protection plans which come at a low premium allowing you to opt for high coverage levels for complete financial security to your family. Term insurance plans also offer optional coverage features which you can choose as per your needs and customize your policy.
Kotak Life Insurance offers comprehensive term insurance plans. The plan offered by PayBima is discussed below –

Kotak E-Term Plan

Kotak e-Term plan is an online term insurance plan which offers you the following salient benefits –

• There are three coverage options to choose from – Life Option, Life Plus Option, and Life Secure Option. The Life Option is the basic term insurance coverage while the Life Plus Option has an inbuilt accidental death benefit rider which pays an additional sum assured in the case of accidental death. Life Secure Option covers permanent disablements and waives the premiums in such cases.
• You can also choose from three death benefit pay-out options – Immediate Pay-out, Level Recurring pay-out, and Increasing Recurring Pay-out. These options allow you to avail of the death benefit in a lump sum or in installments.
• You can choose to reduce the sum assured during the policy tenure if your coverage needs reduce
• The Kotak Critical Illness Plus Benefit Rider is available with the policy for additional coverage

Eligibility conditions

Entry age	18 years to 65 years
Maturity age	23 years to 75 years
Sum assured	Rs.25 lakhs onwards
Premium amount	Depends on age, sum assured, and policy details
Term of the plan	5 years to 40 years or 75-entry age
Premium payment term	Single pay – once at the time of buying the policy Limited pay – 5 years, 10 years or 60-entry age Regular pay – equal to the term of the policy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Endowment assurance plans are savings oriented life insurance plans which help you create a corpus till maturity while providing coverage in the case of premature death. Some endowment plans also earn bonus declarations which help in enhancing the corpus of the policy. Endowment plans are also called guaranteed return plans since these plans are immune from market volatilities and pay a promised benefit on death or maturity.
Kotak Life Insurance offers different types of endowment plans. The most popular policy, available on PayBima is as follows –

Kotak Premier Endowment Plan
Kotak Premier Endowment Plan is a participating endowment plan, i.e. a plan that earns bonuses to enhance the corpus. The primary benefits of the policy are as follows –

• 5% of the basic sum assured is added to the corpus as guaranteed additions during the first 5 years of the policy
• After the guaranteed additions stop, the plan starts participating in bonus declarations. Bonus is added from the 6th policy year, till death or maturity, if the due premiums are paid
• There are flexible premium payment terms for you to choose from suiting your affordability
• Six optional riders are available with the plan. You can choose one or more riders for enhancing the scope of the policy

Eligibility conditions

Entry age	18 years to 60 years
Maximum maturity age	70 years
Sum assured	Depends on the premium amount and policy details
Premium amount	Minimum – Rs.8000 Maximum – no limit
Term of the plan	10 years to 30 years
Premium payment term	Limited pay – 5 years, 7 years, 10 years or 15 years Regular pay – equal to the term of the policy

 

 

 

 

 

 

 

 

 

 

 

 

 

Money back plans are also savings oriented life insurance plans like endowment plans. However, instead of paying the sum assured on maturity in a lump sum, these plans pay a part of the sum assured during the policy tenure, at regular intervals. Thus, money-back plans allow liquidity. However, the death benefit is not compromised due to the money-back benefits already paid. In the case of death, the full sum assured is paid. Money-back plans are usually offered as participating plans which earn bonus declarations as and when announced by the insurance company.

Unit linked insurance plans are investment and savings oriented life insurance plans. They invest the premiums in market-linked funds and you control your investments. You can choose the premium amount, sum assured, the fund that you want to invest in, and other policy details. The invested premium grows as per the market performance. On death, the higher the sum assured or the fund value is paid. However, when the plan matures, the fund value is paid. ULIPs do not guarantee returns since such returns depend on market movements.

Microinsurance plans are rural plans which offer affordable coverage to individuals living in rural areas. These insurance plans can be offered as term insurance plans are endowment assurance plans for the insurance and savings needs of individuals. Kotak Life offers an affordable yet comprehensive micro-insurance policy for its rural customers.

Whole life insurance plans are those that provide coverage till 99 or 100 years of age. Kotak offers a savings-oriented whole life insurance policy which earns bonuses and provides coverage lifelong for complete financial security.

Retirement plans are pension plans which help you create a financial corpus for your retirement. You can choose a deferred annuity plan and build up a retirement corpus when you are working. Alternatively, if you want a steady income lifelong, you can invest in immediate annuity plans and start receiving guaranteed pensions.

Health insurance plans provide coverage in medical emergencies. Kotak Life offers specialized health insurance plans which cover specific illnesses. If you are diagnosed with the covered illness, the plan pays a lump sum benefit so that you can meet your medical costs or any other financial need that you might have.