Kotak Life Surakshit Jeevan

Kotak Life Surakshit Jeevan Review 

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Plan Name: Surakshit Jeevan

Insurer: Kotak Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and periodic returns on investment

Major USP of Kotak Life Surakshit Jeevan

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Bonuses- Reversionary, interim, terminal and special terminal

Riders available

Loan

Eligibility of Kotak Life Surakshit Jeevan

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Minimum Entry Age:  0 Years

Maximum Entry Age: 60 Years

Maximum Age at Maturity: 70 Years

Policy Term: 10-25 Years

Premium Payment Term: Policy Term

Minimum Premium: Rs 3,500 per annum (rural)

Premium Modes: Yearly, Half Yearly, Quarterly or Monthly

What benefits does Kotak Life Surakshit Jeevan offer? 

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Death benefit:

The lump sum paid on death insured will depend on the time when it occurs:

Within 6 months: Premiums paid will be returned

6 month-5 Years: 100% of Sum Assured

Year 6- Year 10: 200% of Sum Assured plus bonuses

11^th Year onwards: 200% of Sum Assured plus bonuses (terminal bonus as well)

Maturity Benefit:

On maturity, Sum Assured along with bonuses will be paid.

Settlement Option: Instead of lump sum amount on maturity, you can choose to receive the amount in installments over the next few years.

Riders:

You can opt for the following riders- life guardian benefit and permanent disability benefit with the plan.

Loan:

Loan facility is availed and the maximum loan amount would be 80% of the surrender value.

Are there any tax benefits? 

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Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Under Section 10(10D) death claim is completely tax free.

What else should I know about?

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Revival: If the policy lapses, you can reinstate within 2 years from the due date of the unpaid premium.

Surrender Value: The policy acquires guaranteed surrender value after 3 policy years. The guaranteed surrender value will be equivalent to 30% of all premiums paid less the first years’ premium.

Free Look Period: Surakshit Jeevan plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.