The insurance plan provides life cover at very competitive rates and can be bought online at Kotak Life Insurance.
The policy has an inbuilt standard feature called ‘Waiver of Premium on Total Permanent Disability’, which gives a 100% premium waiver for the remainder of the policy term to the policyholder, in case the policyholder becomes totally and permanently disabled during the policy term.
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This feature has been designed to ensure that the policyholder’s family continues to remain financially protected at all times, despite the tremendous financial burden, caused by total and permanent disability.
Kotak Preferred e-Term Plan offers a minimum cover of INR2.5m, and provides lower premium rates for females and non-tobacco users.
Customers can choose from two payout options, including the Immediate payout option, which pays off the sum assured as a lump sum on the death of the policyholder, and the Recurring payout option that ensures regular income to the family for 15 years after the policyholder’s death.
Under the second option, the nominee can select for either monthly payout or annual payout at the time of claim settlement.
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