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.
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.
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.
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.
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
Mail To
[email protected].
Call On
1800 209 8800
SMS
KLIFE to 5676788
Cost Details
| Annual Premium Option for Male | |||||||||
| Policy Term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | |
| 5 | 3750 | 3885 | 4540 | 6135 | 8730 | 13175 | 21215 | 36320 | 50745 |
| 10 | 3750 | 3885 | 4540 | 6135 | 8730 | 13175 | 21215 | 36320 | NA |
| 15 | 3765 | 3945 | 4805 | 6830 | 10050 | 15910 | 26450 | NA | NA |
| 20 | 3810 | 4165 | 5385 | 7825 | 12070 | 19725 | NA | NA | NA |
| 25 | 3870 | 4570 | 6150 | 9270 | 14765 | NA | NA | NA | NA |
| 30 | 4140 | 5080 | 7180 | 11165 | NA | NA | NA | NA | NA |
| Figures indicate premiums on a Rs 40 lakh policy across different age over different policy tenures exclusive of service tax. | |||||||||
| Annual Premium Option for Female | |||||||||
| Policy Term (in years) | Age (in years) | ||||||||
| 25 | 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | |
| 5 | 3325 | 3430 | 3925 | 5170 | 7085 | 10435 | 16490 | 27815 | 38955 |
| 10 | 3325 | 3430 | 3925 | 5170 | 7085 | 10435 | 16490 | 27815 | NA |
| 15 | 3325 | 3475 | 4095 | 5600 | 8005 | 12385 | 20330 | NA | NA |
| 20 | 3355 | 3575 | 4450 | 6315 | 9480 | 15230 | NA | NA | NA |
| 25 | 3400 | 3860 | 5000 | 7385 | 11485 | NA | NA | NA | NA |
| 30 | 3525 | 4210 | 5775 | 8790 | NA | NA | NA | NA | NA |
| Figures indicate premiums on a Rs 40 lakh policy across different age over different policy tenures exclusive of service tax. | |||||||||
| Premium for Step Up Option | |||||||||
| In case applicant takes Step Up Option at the time of purchasing the policy, he has to pay a fees over and above the base premium. . For an instance, a 30 year old healthy male has to pay an additional premium of Rs 128 p.a for taking the Step Up option for Base Sum Assured of Rs 40 lakh and policy term of 10 years. Similarly, he has to pay Rs 230 p.a for a 20 year policy term. |
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