Skip to main content

Kotak Term Plan

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

Kotak Term Plan

Objective

This is an offline term insurance policy that aims to help the family members tide over a financial crisis on death of an insured member.

What does it do?

This term plan pays sum assured to the nominee on unfortunate demise of the insured. Policyholder can convert this plan to another plan offered by Kotak (except term plan), provided the policy has 5 years to maturity.
Single premium policyholders can surrender their policy in case of an emergency. The surrender value is calculated as per a pre specified formula.

Pros

Women get lower premium rates. Single premium policies can be surrendered in case of an emergency.
Policyholder has an option to convert the plan.

Cons

Maximum sum insured is limited to Rs 25 lakh, which may not be sufficient for everyone.
Riders cannot be added during the policy term, but only at the time of purchase.

Suited for

This is an offline policy hence suitable for those who prefer traditional channels to buy insurance protection up to Rs 25 lakh.

Our View

A term plan provides adequate coverage at a low price. If you cannot buy a policy without agent's assistance, you may take this policy. However, if you are comfortable with online purchases, look for online policies as they have lower premium rates.

Eligibility

Entry Age (years)

Minimum

18

Maximum

65

Maximum Maturity Age (years)

70

Policy Term (years)

Minimum

5

Maximum

30

Sum Assured (Rs)

Minimum

300000

Maximum

2499999

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

Mail To

lifeexpert@kotak.com.

Call On

1800 209 8800

SMS

KLIFE to 5676788

Additions to the Plan

Available Rider(s)

Kotak Accidental Death Benefit (ADB): covers death due to accident within 120 days of the accident.
Kotak Permanent Disability Benefit (PDB): Policyholder receives five annual installments of 12 % of sum assured as rider benefit. 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 and
total and permanent loss of sight due to an accident
Kotak Critical Illness Benefit (CIB): 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

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

Popular posts from this blog

ICICI Pru Mutual Fund Dividend

ICICI Prudential Mutual Fund has announced dividend under the following schemes: Scheme Dividend ( Rs /unit) ICICI Pru Capital Protection Oriented Ser V Plan B-D 0.03611325 ICICI Pru Capital Protection Oriented Ser V Plan B Direct-D 0.03611325 ICICI Pru Balanced Advantage Direct-DM 0.06 The record date has been fixed as February 08, 2017. ------------------------------ ------ Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds Top 4 Tax Saver Mutual Funds for 2017 - 2018 Best 4 ELSS Mutual Funds to invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Invesco India Tax Plan 3. Tata India Tax Savings Fund 4. BNP Paribas Long Term Equity Fund Invest in Best Performing 2017 Tax Saver Mutual Funds Online Invest Best Tax Saver Mutual Funds Online Download Top Tax Saver Mutual Funds  Application Forms For further information contact  SaveTaxGetRich on 94 8300 8300 ------------------------------ ------ Leave y...
Read more

What is Financial Freedom?

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)     There were many things common between our Freedom fighters. All had the Single vision (Free India), common goal (independence) and had a disciplined and focused approach. They were ready to do anything and everything and had made so many sacrifices to see India free . But the road to freedom was not easy .They had faced lot many hardships, went to jail so many times and even confronted physical and mental torture from the British. There was one more thing which proved to be an advantage to our fighters that most of them were professional lawyers. The knowledge of legal issues and its impact on our country at large has helped them counter various bills and proposed new laws by the then government. It is due to their continuous effort that we are able to achieve the goal of Independent Indi...
Read more

Hidden Bank Fees

  What Banks Hide From Customers Imagine after a peaceful and exciting holiday you receive your bank statement with steep charges. You then rush to your bank and start confronting staff members and to your dismay, you come to know that the high end debit card was charged very heavily. Wouldn't this cause damage to your finances? So remember, the world outside is full of deceptive and double cheating people. Unethical practices are always used by company sales person in order to meet the target. Credit card companies, mutual funds and bank institutions always play dirty tricks to lure customers and the practices are rampant. So here's how you should be careful while dealing with your banks: High End Debit Card Charges While opening an account with a bank you opt for a debit card with minimal charges. But later on when you upgrade your card and opt for high end debit card the annual charge rise by a good amount. Though such a card has slew of features but it all comes at a high ...
Read more

Partial withdrawal from PPF

  Public Provident Fund (PPF) account has a lock in period   If you opened a PPF account to meet your retirement needs,, think twice about withdrawing from this fund before retirement. But provided it's an emergency here are the rules. Public Provident Fund (PPF) account has a lock in period before which you cannot withdraw your money.   The partial withdrawal is allowed after the completion of 6 financial years . This means that you will be allowed a partial withdrawal from 1 April 2017. The maximum partial withdrawal allowed is the least of the following: 50 percent of the account balance at the end of fourth financial year, 31 March 15 50 percent of the account balance of the end of previous financial year, 31 March 17.   There's a loan option available on your PPF account between the fourth and the sixth financial year. You can obtain a loan of up to 25 per cent of the balance in your account. However, this will attract interest of 2 percent more than the prevailing ...
Read more

Updating a minor PAN card upon becoming adults

  Updating a minor's PAN card once they become adults A PAN card issued in the name of a minor does not contain the minor's photograph or signature, and therefore, cannot be used as a valid proof of identity. Once a minor PAN card holder turns 18, the relevant changes must be made in the PAN records. A new card is then issued bearing a photograph and signature. Application The applicant is required to fill up the "Request for new PAN card andor changes or correction in PAN data" form. The form can be filled up online by accessing NSDL's Tax Information Network website and clicking on the online PAN application tab. Information The applicant must mention the existing PAN number in the application and check the `photo mismatch' and `signature mismatch' boxes, and submit the online form. The form must also be printed out, signed by the applicant, and submitted along with two photographs. Documents Identity and address proof in the form of a copy of the app...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now