Kotak Mahindra Old Mutual Life Insurance Limited today announced the launch of Kotak Preferred e-Term Plan, an online pure protection plan.
The Plan offers life cover at very competitive rates and can be bought online at Kotak Life Insurance’ website.
The uniqueness of this plan lies in its inbuilt ‘Waiver of Premium on Total Permanent Disability’ option, offered as 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% premium waiver for the remainder of the policy term. This feature ensures that the policyholder’s family continues to remain financially protected at all times, notwithstanding the tremendous financial burden, total and permanent disability brings in its wake.
Kotak Preferred e-Term Plan offers a minimum cover of Rs 25 lakhs, and offers lower premium rates for females and non-tobacco users. It is also among the most competitively priced online term plans. 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).
Buyers 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.
Kotak Life Insurance has also launched a new mobile friendly web interface which features an online eAdvisor to help customers make informed decisions and guide them through the online buying process. The website enhances user experience through simple navigation, faster form filling process and ease of use.