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Everything You Need To Know About Kotak Term Benefit Rider

Updated On Jul 21, 2021

What Is Kotak Term Benefit Rider?

Kotak Term Benefit Rider provides Kotak Life insurance with a supplementary benefit that enables policyholders to improve the assurance in their event of death. This covers a complete life and protects till the policy term of the Basic Plan runs out. In accordance with income tax rules, policyholders may select between flexible premiums and profit tax benefits.The aim is to improve the existing protection supplied in the basic plan by the Kotak Term Benefit Rider. It can be utilised to fund several financial needs including debt, rent, loan, mortgage and other obligations at the time of the owner's death.

What Does The Kotak Term Benefit Rider Cover?

Death benefit - This plan provides a death benefit, whereby the applicants or legal heirs would get a lump sum payment in case of the death of the policyholder.

There is no maturity benefit of the Kotak Term Benefit Rider.

What Is Excluded From The Kotak Term Benefit Rider?

Exclusions In The Event of Suicide: 

  • In the event that the policy owner commits suicide, 80 percent of the paid premiums will be compensated for within 12 months from the date of issuance.
  • In the event of suicide within twelve months of the revival date of the policy and of a revival within six months of the first unpaid premium, the dead benefit shall be paid. The first payment shall be made. The exclusion of suicide will not apply in this circumstance alone.
  • If suicide occurs within 12 months of the regeneration date of the policies and the regeneration occurs after 6 months of the first unpaid premium, the surrender value, or 80% of the premiums paid according to the greater premium, is paid.

Striking Features of Kotak Term Benefit Rider

  • In accordance with Section 10 (10d) and Section 80C of the Revenue Tax Act of 1961, policyholders are eligible for tax benefits. According to tax legislation, tax advantages may fluctuate.
  • This rider is accessible through direct marketing and brokers with Corporate Agents, Tied Agents, under certain non-unit related policies.
  • If the policyholder fails to pay the premium by the grace period, the benefit given under the rider shall cease. The policyholder shall have no rights to any benefits upon the lapse of the rider.
  • Kotak Life Insurance provides clients with a wide variety of customer advantages. This insurer's customer base includes both Indians and NRIs. Indians and NRI clients have distinct telephone lines operating from Monday to Saturday.
  • You can buy riders either with the basic plan or on any of the anniversaries of the insurance. Only at a policy anniversary can alter the policy. The rider is immediately forfeited if the policyholder withdraws the base plan.
  • The website of Kotak Life Insurance also provides possible client support through a life consultant. If you are not sure which plan is most appropriate for you, you are able to enter your details. A life consultant will contact them to assist you in making decisions.
  • The insurer gives clients and policyholders many tools, including an online calculator, to help calculate premiums on different life insurance plans and drivers.

Endnotes

Mahindra Kotak Old Mutual Life Insurance Ltd. is one of its affiliates, the joint venture between Kotak Mahindra and Old Mutual Inc. The insurance has 4 million customers in India, with a significant client base. The company focuses on value and understanding for customers in the delivery of their products and services, both as protection and long-term savings combinations. Kotak Life Insurance is also one of the leading reimbursement companies in its services, including the management of assets, the declaration of fund performance and many other aspects.

Also read 

All About Claim Settlement Procedure for Life Insurance Rider

Terms and Conditions for Life Insurance Riders

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.        

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