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
2000
Half-Yearly
1020
Quarterly
520
Monthly
170
Single
12000
Premium Payment Frequency
Single, Yearly, Half-Yearly, Quarterly, Monthly
Premium Payment Term
Single, 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.
Surrender Value
Allowed to Single Premium Policyholders. It is calculated as: 75% x Premium paid x (1-1/ Policy Term) x Outstanding Policy Term/ Policy Term
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
Call On
1800 209 8800
SMS
KLIFE to 5676788
Available Rider(s)
Kotak Accidental Death Benefit (ADB): Death due to accident within 120 days of the accident.
Kotak Permanent Disability Benefit (PDB): Rider benefit is paid if life assured becomes permanently disabled due to an accident. Policyholder receives five annual installments of 12 % of sum assured. To claim this rider benefits, policyholder should survive at least for 120 days from date of the accident. Permanent Disability includes-
permanent and immediate inability to work
permanent loss of use of any two limbs
total and permanent loss of sight due to an accident
Kotak Critical Illness Benefit (CIB): It covers critical illnesses namely: Heart attack (MI), Cancer, Stroke, Coronary artery by-pass graft surgery, Kidney failure, Major organ transplants, Paralysis, Loss of limbs, Aorta Surgery, Major burns, Heart valve surgery, Blindness.
Rider Conditions
Entry Age (years)
Minimum
18
Maximum
60
Maximum Maturity Age (years)
70
Rider Term (years)
Maximum
Equal to base policy term
Sum Assured (Rs)
Maximum
Accidental Death Benefit: equal to basic sum assured or Rs 10 lakhs whichever is lesser
Permanent Disability Benefit: equal to basic sum assured or Rs 10 lakhs whichever is lesser
Critical Illness Benefit: 50% of basic sum assured or Rs. 20 lakhs whichever is lesser.
Rider Premium (Rs)
Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the ADB rider and Accidental Total and PDB Rider for Rs 5 lakh sum assured over a 10 year tenure; the annual ADB rider premium works to Rs 882 or Rs 1,745 in case of a single premium plan and the annual Accidental Total and Permanent Disability Benefit rider premium works to Rs 441 or Rs 1395 in case of single premium payment plan. Similarly, Critical Illness benefit of 5 lakh for a policy tenure of 5 years costs Rs2537 per annum
