Kotak Preferred Term Plan of Kotak Life Insurance is a pure risk cover plan has been designed to offer enhance insurance coverage to the family members of an insured. This is one such plan that has been targeted especially to women and non users of tobacco by offering them special premium rates. This plan is a non participating plan and contains maturity benefits.
Some of the salient features and benefits of Kotak Preferred Term Plan of Kotak Life Insurance are as follows:
- Various options have been offered to the policy holder regarding the payment of insurance premiums. The terms that are offered in this policy are single, regular and limited premium. The rates of the insurance premiums are also very low that further enhances the appeal of this policy.
- The option of conversion has been added in this policy in which the insured can convert their existing Kotak Term Insurance Plan to a new term insurance policy of Kotak very easily.
- Riders are also offered in this policy, which can be availed after making an additional payment of insurance premiums. The riders that are offered in this policy are accidental death benefit, permanent disability benefit and critical illness benefit.
- The policy subscribers of Kotak Preferred Term Plans of Kotak Life Insurance are also eligible of getting tax benefit as per the provisions of section 80C and 10(10D) of the Indian income tax act. Apart from this the premiums that have been paid for the critical illness benefit rider is eligible for tax rebate as per section 80D.
- A person needs to be more then eighteen years but less then sixty five years of age to become eligible for having this policy. The minimum and the maximum term of this policy five and thirty in case of single and regular payment option. For limited payment option, the minimum and the maximum term of the plan are ten and thirty years respectively.