Kotak Mahindra life insurance is a well renowned company that is working in the field of financial aid since many years. Nowadays there are some basic and advanced plans which are taking elevation all over. Kotak life insurance plans are showing a lucrative beneficial outcome and it is now become a favorable policy providing firm of the year. Kotak Life Premier Plan is a participating whole life insurance limited premium payment plan. The plan offers insurance cover in case of demise of the insured person. Moreover it also provides optional accident or disability covers up to the age 99 years along with bonus payout (if any).This is a kind of a plan which is very much favorable for the service class group. All those who have been worried about saving income monthly and need to secure family future at the same time must opt for this Kotak life insurance policy.
Some of the salient features of Kotak Life Premium Plan are:-
· The premium cost of Kotak Life Premium plan is as low as Rs 6,975
· It provides the sum assured amount of Rs1 crore and the tenure of the policy is 25 years.
· Provides concession in premium rates for women, non-smoker and non-tobacco consumers.
· In case of permanent disability due to accident, the premium payments for future is waived off and the policy continues
· Flexible Payout Options: In case of demise of the insured person, the beneficiary will be payable 10 % of sum assured and the remaining balance will be paid in form of monthly income in 15 years. However, according to the beneficiary choice he/she can choose to receive the full sum assured at a discounted amount instead of regular monthly income.
· In case of demise of the life insured Immediate Payout as total sum assured is paid to nominee as death benefit.
Benefits offered by Kotak Life Premium Plan are:-
Death Benefit- This plan assures that the nominee will receive an assured benefit i.e. 12 times of the increased value of the monthly income as mentioned in the policy as per the year of the death commencement. Lump sum amount will be given to the nominee in order to compensate the immediate expenses. In case of demise of the life insured Immediate Payout as total sum assured is paid to nominee as death benefit.
Maturity Benefit: In case the insured survives the entire tenure of the policy, then maturity benefit as sum assured amount is payable along with terminal bonus and additional bonus.
Tax benefits- You can request for the tax benefits under the section 10 and 80C of the income tax Act, 1961. However, tax benefits may alter so it is advisable to take a suggestion or communicate with the Nearest Branch of Kotak life insurance for complete support and instant help about the income tax rebate.
Guaranteed payout tenure of the monthly income
In this plan you will receive a minimum guaranteed payable period for the monthly income at least for 5 years. It is acceptable by the company the above stated benefit if the policy term is less than the 5 years.
In order to gain the entire list of plans and to find the most suitable one, you can contact the online executive at the Kotak life insurance website. There you can find several plans related to child education, savings, retirement, old age, life protection, family savings etc.