Life insurance is one of the vital elements of
an effective financial plan. It is an indispensable element if you have
many responsibilities and if you wish to care
for your family even after your death. Although there are many life
insurance policies available in the market, there are only a few, such as the Kotak Life Insurance,
that offers a long list of benefits.
The benefits of opting for a Kotak Life Insurance this year are:
a)
Insurance premium waiver
Under this option, if the insured person
suffers from complete disability during the policy term, all the future
insurance premiums are waived off and the policy will continue. This feature is
inbuilt in some plans while attached at an additional premium under some other
plans.
b)
Rider benefit
The Kotak Life Insurance in 2018 offers many rider benefits like accidental death benefit under
which your nominee will get a lump sum amount in case of your death due to an
accident. This option is over and above the basic death benefit which can be
availed at an additional cost.
c)
Tax benefit
You are eligible to obtain various tax
benefits under section 80C and section 10(10D) of the Income Tax Act, 1961.
d)
Surrender option
You can opt for the cash surrender option
wherein Kotak will pay you the value of the insurance policy as per the policy
conditions. You can avail this option only once.
e)
Death benefit
There are two types of death benefit offered
with the Kotak Life Insurance.These
are:
i)
Immediate payout
In this option, your nominee will receive the
entire sum insured in one go after your death.
ii)
Recurring payout
In this option, 10% of the insured sum is paid
out immediately to the nominee and the remaining amount is paid out in monthly
or yearly instalments.
Additional
Options in Plans of Kotak Life Insurance
Each person is different and so are their
requirements. Kotak recognises this and offers a wide range of additional
options in their Life Insurance plans. These are:
a)
Kotak Life Insurance Term Plans
i) Kotak Saral Suraksha
ii) Kotak Income Protection Plan
iii) Kotak Term Plan
iv) Kotak e-Term Plan
b)
Saving and Investment Plans
i) Kotak Gramin Bima Yojana
ii) Kotak Classic Endowment Plan
iii) Kotak Assured Income Plan
iv) Kotak Premium Moneyback Plan
v) Kotak Guaranteed Savings Plan
vi) Kotak SmartLife Plan
vii) Kotak Assured Savings Plans
viii) Kotak Wealth Insurance
ix) Kotak Ace Investment
x) Kotak Platinum Plan
xi) Kotak Sampoorn Bima Micro-Insurance Plan
xii) Kotak Premier Endowment Plan
xiii) Kotak Assured Income Accelerator
xiv) Kotak Premier Income Plan
xv) Kotak Premier Life Plan
xvi) Kotak POS Bachat Bima
xvii) Kotak Single Invest Plus
xviii) Kotak Invest Maxima
xix) Kotak Single Invest Advantage
c)
Retirement Plans
i) Kotak Premier Pension Plan
ii) Kotak Lifetime Income Plan
Each of these plans cater to your different
needs. Few of the plans focus on life insurance as an investment strategy,
other plans focus on life insurance as a retirement plan, and some of the plans
are focused purely to provide financial assistance to your family after your
death. Choose the one that suits all your needs.
What's
a Rider in Kotak Life Insurance?
You can customize your Kotak Life Insurance in India with different riders. You can opt
for these riders when you’re purchasing the life insurance. The different types
of riders in Kotak Life Insuranceare:
a)
Kotak Accidental Death Benefit
Under this rider, your nominee will receive
the sum insured in case of your accidental death. This benefit comes at a
nominal amount that can be included in your insurance when you’re purchasing
it.
b)
Kotak Critical Illness Benefit Rider
In this rider, you can avail a certain amount
of the entire insured sum in case of a medical emergency. This way, your
financial burden will reduce in the event of a medical emergency.
c)
Kotak Accidental Disability Guardian Benefit Rider
Under this rider, if the insured person
becomes completely disabled due to an accident, all the future payments of
insurance premium are waived off. The insurance premiums will be paid by Kotak
Life Insurance.
Financial
Protection for a Lifetime
A life insurance is the best gift that you can
give your family. The coverage will provide them with the necessary financial
assistance to fulfil their needs. They need not depend on anyone as you would
have taken care of everything beforehand. Your family can also pay off the
liabilities with the insured sum. These days, you can effortlessly compare and
purchase life insurance policies online. Visit Coverfox.com and follow simple
steps to get your life insurance at a faster rate.
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