Friday, June 22, 2018

Policy holders in Kotak Life Insurance


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 and follow simple steps to get your life insurance at a faster rate.


Author: verified_user