Kotak Term Plans

A term insurance plan is a part of life insurance which provides pure risk coverage. Term insurance lets you financially secure your loved ones in the case you are not with them. On death of person covered, a lump sum amount becomes payable. This amount is called Sum Assured. You can get life cover by paying premium amount to the insurer.

Kotak Life insurance has many term plans in its portfolio. The term plans are briefly described below:

Kotak e-Term/e-Preferred Term: This is an online term plan and among the cheapest term plans available all term plans. Anyone aged from 18 years to 65 years can buy this plan. The policy term available is from 5 years to 30 years.

For Sum Assured (Rs 3 lacs- Rs 24.99 lacs) - eTerm

For Sum Assured (Rs 25 lacs- no limit) – ePreferred

Increasing Sum Assured:  You can increase sum assured on certain occasions like marriage, birth or adoption of child, purchasing house etc. The premium will be increased accordingly. However no medical tests are required when go for increasing Sum Assured.

Decreasing Sum Assured: You can also decrease sum assured if required and premium will be adjusted accordingly.

Kotak Term/Preferred Term:  This is similar plan to the above mentioned plans except the fact that these are offline term plans and as such premiums will be bit more than online term plans.

For Sum Assured (Rs 3 lacs- Rs 24.99 lacs) - Term

For Sum Assured (Rs 25 lacs- no limit) - Preferred

Additionally, you can add riders- accidental death benefit, permanent disability benefit and critical illness benefit with these plans.

Plan Conversion Option: This option is available with all the term plans mentioned above. This feature allows you to convert your term plan to any other plan offered by Kotak Life Insurance (except term plan). The condition here is that there should be at least 5 years remaining before the cover ends.