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• Kotak Saral Suraksha Protection Life Insurance Plan and Policy

Kotak Saral Suraksha Protection Life Insurance Plan and Policy

Kotak Saral Suraksha Protection Life Insurance Plan and Policy - If your family is dependent on your and you worry what will happen in your absence. Life is very unpredictable and you absence will cause a lot of trauma for your family. If you want to secure your loved one’s future financially then Kotak Saral Suraksha is the right plan for you. It provides your family the financial help in your absence. This is a low cost term plan that provides protection to your family in the event you die. This plan ensures financial security to your dependents even in your absence.

Features - Kotak Saral Suraksha Protection Life Insurance Plan and Policy

The features of Kotak life plan are as follows:

• The insurance cost is low and provides you significant cover at a low premium.
• You get to choose the policy term based on your need. The policy term you can opt from is 5 or 10 years.
• Premiums can be paid in a lump sum or can be paid through a single pay option. If you choose a premium pay out for 5 year, you can pay it either annually or half yearly depending on your convenience and income pattern.
• Medicals are not required to avail this policy.
• Sum assured is fixed and they are:

  • Rs.5,000
  • Rs.10,000
  • Rs.15,000
  • Rs.25,000
  • Rs.50,000
  • Rs.75,000
  • Rs.1,00,000
• You get 30 days grace period to pay the premium due.
• 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.

Benefits - Kotak Saral Suraksha Protection Life Insurance Plan and Policy

• Death benefit payable is the sum assured on death. For single premium plan, the sum assured on death is higher of 1.25 times the single premium or sum assured chosen at the time of taking the policy.
• The sum assured on death benefit payable for a 5 year premium payment plan is the higher of 10 times the annual premium or sum assured that you have chosen at inception or 105% the total premium paid till the date of death.
• The policy can be surrendered after completing one year for a single premium plan and for the 5 year limited premium plan with policy term of 10 years, the policy can be surrendered after paying premiums for the first 2 years.
• 5 year limited premium plan with policy term of 10 years can be converted to reduced paid-up plan.
• You can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Eligibility - Kotak Saral Suraksha Protection Life Insurance Plan and Policy

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

• The minimum age at entry is 18 years and the maximum age at entry is 55 years.
• The minimum age at maturity is 23 years and the maximum age at maturity is 65 years.