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Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) today announced the launch of Kotak Preferred e-Term Plan, an online pure protection plan.
The cover offers inbuilt 'Waiver of Premium on Total Permanent Disability' option as a standard feature. As per this, in the eventuality of the policyholder becoming totally and permanently disabled during the policy term, the policyholder gets a 100 per cent premium waiver for the remainder of the policy term.
Kotak Preferred e-Term Plan offers a minimum cover of Rs 25 lakh, and offers lower premium rates for females and non-tobacco users. For instance, it offers life cover of Rs 1 crore for as low as Rs 578 per month, inclusive of all taxes, in the case of a 30 year old healthy non tobacco user male for a 25 year term under the Recurring Payout option. The plan also offers a longer policy term of up to 40 years with the maximum age at policy expiry of 75 years (end of policy term).
Customers can choose between two payout options. 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, which ensures regular income to the family for 15 years after the policyholder's death.
Under the latter, the nominee can opt for either monthly payout or annual payout at the time of claim settlement. Recurring payout option is designed to take care of the policyholder's family's financial liabilities on a day to day basis. Recurring payout option also affords lower premium for the same cover.
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