Maturity Benefit | There is no maturity benefit applicable under this plan. In case you survive till Date of Maturity, no additional benefits are payable and your Policy will terminate. |
Surrender Benefit | Kotak Life advises you to continue your Policy for the complete tenure to enjoy the total benefits of this plan. However, in case one wishes to surrender your policy, the surrender benefit available will depend on the plan option chosen. |
Free Look Period | Distance Marketing Channel – 30 days All Other Channels – 15 days |
Grace Period | 15 days for Policies under Monthly Frequency 30 days for Policies under Yearly / Half-yearly Frequency |
Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI) | Death Claims | Health Claims |
---|---|---|
Raising Claim Requirements | Within 15 days of receipt of claim. | Within 15 days of receipt of claim. |
Settlement or Rejection or Repudiation of claims wherein Investigation is not required | Within 30 days from the date of receipt of last necessary document. | Within 30 days from the date of receipt of last necessary document. |
Settlement or Rejection or Repudiation of claims wherein Investigation is required | Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter. | Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document. |
Life insurance is a contract between an insurance company and the insured whereby the company guarantees payment of an agreed amount (called death benefit) to the named nominee if something untoward happens during the policy period or at the end of the policy, termed as maturity. The insured needs to pay regular premiums to the insurance company for the policy to be valid.
The insurer does, and the amount depends on several factors that can impact the insured’s life expectancy, such as age, gender, smoking habit, personal medical history, and family medical history (such as heart disease or cancer among immediate family members).
All our term insurance plans cover COVID death claims.
Term insurance Plan is a policy which provides pure protection to your family in the event of your death. It is the most basic type of life insurance plan that is available in the market. You are able to avail higher life coverage at an affordable premium and also add riders to maximize your coverage.
Term insurance operates on principles of pure insurance. While being simple and low-cost, it is a very effectual mode of insurance wherein the assured person is covered against the risks of mortality. The premium depends upon the sum assured and the age of the assured person. The younger the person, the lower the premium because the insurance company perceives the risk of mortality, i.e. death of a young and healthy person to be very less.
You can pay your term insurance plan premium online modes via net banking, debit/credit card, among others by visiting website partners including eindiainsurance
The very first thing to know when you buy a term plan is what kind of deaths are not covered in order to ensure that your family’s insurance claim is not rejected. Some of them are suicide, death during childbirth, death due to certain dangerous activity, etc.
Suicidal death is not covered in the first year of the policy term and starts getting included in the cover after the second year. If the policy holder commits suicide in the first year, then the claim gets rejected and no death benefit is paid out.
Traditional life insurances provide you with a maturity benefit along with a life cover whereas term insurance plans give you pure life cover at affordable premiums.
Riders are basically contingent add-ons or supplementary benefits granted over and above a primary term policy in the event of an unforeseen incidence. They aim at expanding or amending the basic life insurance coverage at an additional cost. This means that they offer extended financial cover above the primary sum assured in a life insurance policy. You can avail a critical illness rider, accidental death rider, and a permanent disability rider with Kotak e-Term.
A rider is an additional benefit on your term insurance plan, and it will come into play in case of a specific eventuality, like getting diagnosed with a critical illness. You will receive a lump sum upon diagnosis of one of the covered illnesses which will act as a tool for income replacement and to take care of the medical expenses.
The right time to buy a term life insurance is when you are younger. In your early twenties and thirties, the premiums are cheaper due to younger age and a healthier lifestyle.
There are various premium payment frequencies and modes of payment for term insurance plan. Such options enable you to make payments as per your convenience.
In general, beneficiaries and insured persons can make a term life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.
If premium remains unpaid one month after the due date (that is the ‘grace period’), the policy will lapse. In that case you, as the insured, will have wasted all the premiums you have paid in previous years. Additionally, your beneficiary will also not receive a pay out as the policy will be deemed ‘lapsed’.
In case of a term life insurance policy, there are no paybacks. So, if you as the insured buy a standard term insurance, and you outlive the plan, you get nothing. But do not forget that your primary objective is to create a protective financial umbrella for your loved ones. For other plans, except term plan, you get the money after the policy matures.
We examine and settle claims on the basis of all records related to the claim. Once you report a claim, we request you to submit the required documents. The sooner the documents are submitted, the faster your claim will be processed.
The claim benefit can be received by:
Following KYC documents are required:
Your insurer can reject a life insurance claim on grounds of:
You can buy as many term insurance plans as you want to fulfill your insurance needs. You can even nominate different beneficiaries for both the insurance plans.
It is usually suggested that a life insurance cover should be at least 10 times of your annual income and 15 to 20 times is an even better option. If you have loans such as home loans, car loans, etc. then you should factor that in too. For instance, if your annual income is ₹ 10 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.0 crore, if you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover. It is best to use the term calculator provided by insurance companies before deciding on your life cover.
Online transactions are completely secure and are done directly on the insurance company’s or it’s official distributors’s website. Today almost all financial transactions including banking, stocks, etc have moved completely online and lacs of people are making online payments every day. You can evaluate Kotak’s plans on eindiainsurance.