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Insurance CompaniesSeptember 29, 2020

Kotak Mahindra life insurance

The future of you and your loved ones should be free of terms and conditions! 

“Life Insurance is time. The time a man might not have. If he needs time, he needs life insurance.”  – Ben Feldman 

Time is a precious commodity in an age of fly by distractions. In a blink of an eye, you’ve moved from school to college to work and the humdrum of daily existence. Time favours no one, but there are ways to slow it down a tad bit like that moment in a movie that captures the sad yet hilarious moment of wrecking or destroying something precious.

Kotak Mahindra life insurance 3

The world with its new-fangled technology has not only heralded a fast and furious new era, but is also the harbinger of different types of diseases and conditions – a direct consequence of our unhealthy lifestyles. According to data released by the World Health Organisation, over 61% of total deaths in India were linked to lifestyle or NCD’s (non-communicable diseases).  

The hazards of an exploding population increased pollution and depletion of our natural resources has added to our suffering. We are in an age where the odds are stacking up higher as time is going by. Yet, we seem to be oblivious of our surroundings. Like a deer caught in the headlights, we are unaware till the last moment! 

A change in the working styles has created an army of chair sitters peering for long hours into a screen. As per National Sample Survey Office report, India’s working hours are some of the longest among our global peers. Now, after all, to get that all-important promotion, we aim to show our bosses our abilities to sacrifice time. What does this create in the long run? Unhealthy lifestyle diseases and then we wonder how we get such things.

 Our rigid, immobile lives are not just limited to the office. We are becoming increasingly lazy as technology advances and this is adding to the plethora of lifestyle diseases. We would want some way to secure our health in the future and insurance is the way to do it. Yes, we can start eating healthy and exercising, but still the future remains  riddled with uncertainty. 

We are so consumed by the moment that we forget the future. The uncertainties it holds and the problems we may encounter. There is no way to guarantee a fixed future, but there are ways to guarantee support for any surprise that shows up. This is not just for us but our web that we belong to – our family. We want to ensure that we can give them a future free of tensions and perils. Of course, nobody lives forever. So, who protects your family when you are not around?

Thus, the need to look for an economical way to ensure a high level of protection to the family in one’s absence due to unforeseen circumstances is an urgent one. There is also a critical need to start young because, in the long run, this will be beneficial for self as well as a family going forward.

In this age, term life insurance has emerged as just one such solution where the breadwinner can opt to ensure that their family’s needs are looked after in case of any unfortunate event resulting in their demise. This is a very simple and affordable form of life insurance which helps take care of the living expenses of the family in case one is not there to provide them with the means to achieve their future goals.  

One of the foremost companies in India offering term life insurance options is Kotak Mahindra. The Kotak Mahindra Life Insurance Company was founded in 2001 under the flagship of the Kotak Mahindra Finance Company. It is a 100% owned subsidiary of Kotak Mahindra Bank Ltd. (Kotak). They have branches India wide and offer various types of insurance and protection plans. In 2017, Kotak received the award of “Life Insurance Provider of the year 2017” by Outlook. Kotak offers the Kotak e term life insurance plan. 

Why Kotak e term plan? 

As envisioned by Kotak Mahindra Life insurance, through their e life term insurance plan, their core purpose is to add value through protection plans and bring assurance to people’s lives. They have come forward with a plan which offers features designed for optimal protection at a low rate of coverage along with several other elements which make it highly advantageous. 

Let’s take a look at some of its Key Features: 

  • The policy can be purchased online from the comfort of our homes. This is an advantage since one does not have to pay commission to an agent. 
  • Minimum eligible age is 18 years and maximum age will be 65 years to purchase the policy. The maximum age at maturity is 75 years. Minimum sum Assured is 25, 00,000 and there is no limit on the maximum sum assured.  Accidental Death Benefit payable under Life Plus Option shall be subject to a maximum of Rs 1 Crore. However, this is subject to Underwriting Policy. The Policy term may range from 5 – 40 years. 
  • There are 3 plan options available to choose from
  1. Life option which pays a 100 % Sum Assured upon death 
  2. Life Plus option where an Accidental death benefit up to Rs 1 crore is paid in addition to the 100 %Sum Assured.
  3. Life Secure Option according to which there is a waiver of future premium payments in case of Total & Permanent Disability till the end of the policy term.  
  • The plan offers additional protection by way of a Rider which can be opted for by paying a nominal extra premium. This Rider can be opted at inception or on the Policy anniversary.
  • There are different premium modes that you can opt for such as regular pay, single pay or even limited pay. These are payable annually, bi-annually, quarterly or monthly as suitable. 
  • There are different options available for payout that you can opt at the beginning of the plan to receive either a lump sum amount immediately on death or a 10% of the Sum Assured and subsequently 6% of the Sum Assured will be paid every year for 15 years. Thirdly you may also opt to receive an increasing recurring payout where there is an increase of 10% in payments made each year for 15 years. Under Level /Increasing Recurring Payout option, in case the nominee decides to receive the benefit in a lump sum instead of recurring payouts, a discounted value of the outstanding pay-outs gets paid as a lump sum amount. The discounted value shall be calculated using a discounting rate of 6.0% p.a. (compounded yearly). However, Accidental Death Benefit applicable under ‘Life Plus’ option shall be payable in Lump sum irrespective of the above payout options selected.
  • Step-up option – under the regular Premium paying policy you can opt for this option at specific life stage events such as marriage, the birth of a child, purchase of home etc. without undergoing a medical exam till the age of 45 at a nominal fee. This option, however, is not available if the policy is purchased online.
  • Step down option – you can opt to step down from the increased premium paying option once the life stage event has passed and increased coverage is no longer required by paying a nominal sum. However, Step down can only be opted for in case Step up has not been chosen or the Step-up option has been chosen but not implemented. 
  • You can choose to customize your term insurance by adding the Critical Illness Benefit Rider or the Kotak Permanent Disability Rider.
  • Tax benefits as per prevailing tax laws can also be availed of.
  • In case you wish to discontinue the policy, you may choose to surrender the policy subject to the conditions mentioned under the section Surrender Value.
  • Free look period of a period of 15 days (in case policy is purchased through Distance Marketing, then a period of 30 days will be applicable). 
  • A grace period of 30 days from the premium due date for the yearly, half-yearly and quarterly mode is provided. For the monthly mode, there is a grace period of 15 days. 
  • The policyholder can revive a Lapsed or reduced paid-up policy within 5 years subject to terms and  conditions of the underwriting policy 

With the availability of umpteen term insurance policies in the market, offering attractive benefits, why should one choose the Kotak e Term Plan?

  • First and foremost, this Plan ensures peace of mind for the Insured. One is secure with the knowledge that they have made the right choice for their family’s security and they will be well taken care of in their absence.
  • The biggest advantage of Kotak e Term Plan is that it provides the lowest premium applicable across all age groups as compared to the other top insurers. 
  •  This plan provides a Standalone CI Benefit. This feature is exclusive to this Plan since the Death Benefit is independent of the Critical Illness Benefit payout. This means that in the case of CI payout, Death Benefit stays unchanged, while in other Term Insurance plans with CI Benefit, the Death Benefit amount decreases proportionally. Only Kotak provides enhanced benefits with maximum coverage. 
  • The CI Benefit also provides coverage for 37 illnesses in comparison to 34 illnesses covered by other plans. CI Benefit is available under this Plan till the age of 75 and this is covered under Limited Pay option as well.  Most other insurance plans do not offer this combination in the Limited Pay options.
  • In this plan, the Waiver for future premiums is applicable in both Accidents and Sickness, while the same does not apply to other plans. 
  • By opting to purchase this Plan online, there is the option to receive a discount since there is no intermediary agent involved. 
  • Preferential rates are provided to non-smokers and females, who effectively pay a lower premium for the Sum Assured.  There is a further loyalty discount provided to existing customers. 
  • The Policy acquired a Reduced Paid-up Value if subsequent premiums are not paid after the Policy achieves Surrender Value. However, this does not apply to policies with regular premium payment since they do not acquire Surrender Value. 

However, no plan is without a few disadvantages. In the case of Kotak e Term Plan too, the same applies.  For instance, no benefit is payable if Total and Permanent Disability results from either a Pre-existing condition or disability, Intentional self-inflicted injury, or if the insured person is addicted to drugs or alcohol or if he is a criminal and last but not the least if he is suffering from an STD or HIV with related complications. 

Again, since this is a Term Insurance Plan there is no Maturity Benefit. 

Despite the above, there is no doubt that the Kotak e Term Plan is a very well-formulated plan which adds value to your life by offering maximum benefits against extremely competitive rates of premium.

Be sure to keep some important points in your mind before signing on the dotted line (or in this case clicking on that button). Always make sure your personal details are to the point and share pre-existing health conditions and habits so that there is no rejection to your claim in the future. It is very easy to be refused if something has been hidden. 

Thoroughly analyse the benefits of the policy so that it is aligned with your long-term goals and you must verify that at the time of the purchase. Most importantly, read all the definitions to understand their meanings.  

 The easy, hassle-free way of making sure that these are all taken care of is by checking out plans and features on Bimakaro.in 

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