Posts Tagged ‘life insurance policies’

Kotak Life Insurance Preferred Term Plan

Kotak life insurance ‘Preferred Term Plan’ is a pure risk cover plan and is truly designed to offer insured person’s family member financial protection at an affordable cost. This plan offers further reduced premiums for women. kotak life insurance Preferred Term Plan also offers special premium rates to non-consumers of tobacco, for a sum assured of Rs. 25 lakhs or more. Kotak Preferred Term Plan is an non participating plan and offers no maturity benefits. If the life insured dies before the policy gets over, the beneficiary would receive the Sum Assured as a lump sum.

Features & Benefits:

1. A truly affordable life insurance product that offers the insured person high cover at low term insurance premiums.
2. Regular and single premium payment options.
3. Option to convert to any other plan.
4. Death Benefit

Eligibility Criteria:

1. Entry Age – Minimum age limit is 18 years and Maximum age limit is 65 years.
2. Premium Paying Term – Single and Regular
3. Premium Paying Option – Min 5 years, Max 30 years
4. Age at Maturity – Maximum maturity age is 70 years
5. Premium rates for Half-yearly, Quarterly and Monthly modes are 51%, 26% and 8.5% of Annual rates respectively

The policy holder of Kotak Life Insurance are also eligible under tax benefit as per the provisions of section 80C and 10(10D) of the Indian income tax act.

Life Insurance – Most popular Insurance in India.

life insurance is the sole investment option that gives you specific insurance policies customized for every life stages. This policy ensures that the benefits given to the customer meets the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.

Life insurance is basically categorized into two classes -

• Temporary life insurance.
• Permanent life insurance.

And the below listed are it’s subclasses-

term insurance, Unit Linked Insurance Plan ( ulip ), Whole life, Endowment Plan, Money Back Policy, Children Plan, pension plan.

Temporary life insurance:-

Temporary life insurance provides insurance coverage for a particular period of time and for specific amount of premium. Generally the premium buys protection in the event of policy holder’s death.

Three things to be considered in temporary insurance -

1. Face value
2. Premium to be paid
3. Coverage length.

Permanent life insurance -

Permanent life insurance is a insurance that can be extended further until or unless the insurer fails to pays the premium due. The insurer cannot withdraw the policy for any reason except fraud in application, by which cancellation is done by Law within a period of time.

The types of permanent life insurance -

1. whole life.
2. universal life.
3. endowment.