Kotak e-Preferred Term Plan

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Kotak e-Preferred Term Plan

	Objective		This online term insurance policy aims to provide financial support to the family members in case of death of the insured member. This policy offers to increase the sum assured on important events in your life.
What does it do?		This term plan pays sum assured in case of unfortunate demise of the insured. The policy does not pay any maturity or surrender value. The plan provides a 'Step Up' option that allows to increase sum assured at special events, by paying additional premium. The choice to avail this option has to be specified at the time of purchase, and the premiums will be charged accordingly. The additional fee, for step up option, will be charged till 45 years of age or end of policy term, whichever is earlier. Sum assured under this option can be increased only up to a maximum limit for each event. Also the total sum assured should be less than 3 times of the basic sum assured. Alternatively, the policy also offers a 'Step Down' option which reduces the sum assured. This policy can also be converted into any Kotak plan, without medical check up, if the policy still has 5 years to maturity.
Pros		The plan can be purchased online at convenience. The option to increase sum assured on events like marriage, purchase of house, birth of child or policy anniversary, without having to undergo any medical tests, takes care of increasing insurance needs. Policyholder may convert this plan to any other plan offered by kotak except another term plan. Women and non-tobacco users can avail discount on premium. This policy eliminates agents from the sales process and passes the low cost benefit to policyholders. Premiums paid towards the policy qualify for taxation benefits.
Cons		There are no riders for additional coverage.
Suited for		A pure term plan is recommended to everyone. An online policy can be bought if you are ready to forego agent's services for a reduced premium.
Our View		Being an online policy, this plan passes the low cost benefit to the buyers as reduced premiums. The option to increase sum assured can be availed by young buyers, yet to marry or purchase property. Non-availability of riders makes a separate health and accidental cover necessary.
Eligibility
Entry Age (years)
Minimum		18
Maximum		65
Maximum Maturity Age (years)		70
Policy Term (years)
Minimum		5
Maximum		30
Sum Assured (Rs)
Minimum		2500000
Maximum		No limit
Minimum Premium (Rs)
Yearly		1800
Half-Yearly		918
Quarterly		468
Monthly		153
Premium Payment Frequency		Yearly, Half-Yearly, Quarterly, Monthly
Premium Payment Term		Equal to policy term
Premium Factor (multiply with annual premium)		Semi Annually: 0.51 Quarterly: 0.26 Monthly: 0.085
Policy Cover		Cover remains fixed throughout the policy tenure
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period		You are allowed to pay premiums within 30 days from the due date for Yearly, Half yearly and quarterly premium payment modes and 15 days in case of monthly premium payment mode.. If a due premium is not received within the grace period of 30 days, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement		You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any.
Tax Benefits		Section 80C, 10(10D) of the Income Tax Act, 1961 would apply. Premium paid is eligible for tax deduction as per current income tax act.
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.
Customer Service
Address		Kotak Mahindra Old Mutual Life Insurance Ltd. 4th Floor, Vinay Bhavya Complex, 159 A, C.S.T. Road, Kalina, Santacruz (East), Mumbai - 400 098

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