LIC Premium and Maturity Calculator

Kotak Income Protection Life Insurance Plan and Policy

Kotak Income Protection Life Insurance Plan and Policy - Times are uncertain and we have to do our best to be prepared for those times. Kotak Income Protection Plan helps you secure your family’s future in the most efficient way. The plan provides a monthly income which increases at a 6% compounding interest per annum for the remaining term of the policy in the event of your death. A lump sum amount will be paid to your family as well so that they can take care of immediate requirements.

Features - Kotak Income Protection Life Insurance Plan and Policy

  • The plan ensures that the monthly income that you have chosen increases at 6% per annum compounding. This simply means that the monthly income will grow 106% every year end from the end of the 1st policy year.
  • Preferred rates are available for female lives and non-smokers.
  • 15 days free look period is offered and 30 days for policy solicited through distance marketing channels to return the policy if you are not happy with it.
  • You can choose riders to enhance your benefits.
  • The premium payment term is regular and limited pay of 12 and 15 years.
  • The premiums can be paid on a yearly, half-yearly, quarterly and on a monthly basis.
  • You get 30 days grace period to pay the premium due if the premium is to be paid on a yearly, half-yearly or on quarterly basis. If the premiums are to be paid on a monthly basis, you get 15 days grace period to pay the premium.
  • Limited premium policies that are surrendered will be converted to reduced paid up policy.

Benefits - Kotak Income Protection Life Insurance Plan and Policy

  • Guaranteed pay outs are offered for monthly income of 5 years.
  • Assured benefit that is equal to 12 times the increased monthly income is paid to your dependent in the event of your untimely death.
  • Riders are available with this term plan. They are Kotak Accidental Disability Guardian Benefit and Reduced Paid-up Benefit.
  • Death benefit offered is the total assured benefit and increased monthly income payout and the higher of 10 times the annualised premiums or 105% of the premiums paid till the death.
  • Assured benefit paid on death is followed by increased monthly income.
  • Limited premium policies can be surrendered.
  • You can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Eligibility - Kotak Income Protection Life Insurance Plan and Policy

The eligibility criteria for this Kotak term plan are as follows:

  • The minimum age at entry is 18 years and the maximum age at entry is 60 years.
  • The maximum age at maturity is 70 years.
  • Minimum annual premium is based on the monthly income chosen by you, your age, gender, smoking status, policy term and the premium payment option that you chose.
  • The maximum premium limit is subject to the underwriting consideration.
  • Policy term for regular pay is 10 to 30 years. For 12 pay option, the term is 17 to 30 years and for 15 pay option the term is 20 to 30 years.

Kotak Protection Life Insurance Plans and Policy