When it comes to life insurance, Kotak Life Insurance is one of the most well-known and trusted brands in India. They offer a wide range of life insurance policies, including their e-Term plan. This article will tell you everything you need to know about the Kotak e-Term Plan to make an informed decision about whether or not it’s the right policy for you.

Let’s take a look at 10 most frequently asked questions on term insurance.

  • Kotak e-Term Plan Price

One of Kotak e-Term Plan’s primary advantages is its affordability. What’s more, Kotak e-Term Plan offers various additional benefits that make it attractive. Using the insurance premium calculator, you can calculate term insurance premium.

  • Kotak e-Term plan offers death benefit

Under this benefit, your nominees will receive the sum assured on your death. The claim amount received by the nominee(s) is tax free under Section 10 (10D) of the ITA.

  • Kotak e-Term Plan offers flexibility

You can choose the policy term as per your need and convenience. The policy term ranges from a minimum of five years to a maximum of 30 years.

  • Grace Period 

The grace period for Kotak e-Term Plan is 30 days. The policy will lapse if you haven’t paid your premiums within this period. However, you can revive it within the next two years by paying all the missed premiums and interest.

  • The Minimum Age

The minimum age limit for Kotak e-Term Plan is 18 years.

  • Cover Duration

Kotak e-Term Plan offers you cover for up to 30 years. However, the policy term and premium payment term can be different. For example, you can choose a policy term of 30 years and a premium payment term of 10 years.

  • Speed of Claim Settlement

Kotak Life Insurance settles eligible claims within 30 days of receiving all the required documents. The insurer has a very efficient claim settlement process and is known to settle most death claims within this period.

  • Claim Settlement Ratio

The claim settlement ratio of Kotak Life Insurance is 98.50%. This high claim settlement ratio indicates Kotak Life Insurance’s financial strength and ability to meet policyholder obligations.

  • Length of Claim Form

Kotak e-Term Plan has a claim form that requests all the details from you to avoid inquiries and further inspections. This way, your claim process fastens; avoiding constant to and fro.

  • Claim Payout Option

Kotak e-Term Plan offers you three options for paying your death benefit amount. You can choose a one-time lump sum, a monthly income model, or a lump sum with monthly income.

The Bottom Line

Kotak e-Term Plan is a great way to get life insurance coverage without having to go through a medical exam. However, you should know a few things before you purchase this plan. Above, we have listed ten things you need to know about the Kotak e-Term Plan.