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Protection Plans

Protection Plans

An Introduction to Protection Plans

Securing your family’s well-being is one of the most important goals of life. Insurance Protection plans help you secure your loved one’s future against life’s uncertainties. Your untimely death can cause a major setback to your family - both emotionally as well as financially, especially if you are the sole breadwinner. With a term life insurance policy, you can ensure your family’s financial independence, in case anything untoward happens to you. Besides, term plans are cost-effective too, as they focus on providing only life cover and no returns.

A term life insurance policy, thus, sets you free from the worries of what will happen to your loved ones in your absence, letting your family and you enjoy life with peace of mind.
With protection plans you can give your family:

  • Financial security
  • Emotional wellbeing
  • Freedom from the burden of debt
  • Guarantee of a life with dignity and self-respect

Protecting your future against misfortune should be the first step in financial planning. Once you have secured the future well, you can then look at creating an investment portfolio that will let you achieve your financial goals. In a nutshell, you should first take care of your protection needs before you set aside funds for savings, investments or expenditure.

Ideal Cash Flow

To enjoy an insurance cover wherein you are not under-insured, you need to know your human life value. Simply put, human life value would provide an estimated figure of the financial amount your family would require to meet their expenses and liabilities, in case something unfortunate was to happen to you. To know your human life value, click here.

Though the premium payable on term plans is considerably lower vis-à-vis other life insurance plans, the premium differs with age. As the age increases, so does the cost of the policy.

The following table depicts the premium payable by two non-smoking individuals (males) of different ages to avail of a term cover of Rs 25 lakh for 15 years.

Age Insurance Cover (in Rs) Term (Years) Premium Payable (in Rs)
30 years 25 lakh 15 3557
40 years 25 lakh 15 6011

For the same insurance cover, the younger person pays lesser premium. The earlier you start the better.

Through term plans the biggest gift that you and your family receive is freedom from financial worries. A term plan enables you to give your family:

  1. Financial security
    Your untimely death may deprive your dependants of emotional security. But, your timely and wise decision of choosing a term plan will surely not rob them of financial stability, even when you are no longer around.

  2. Debt-free existence
    You wouldn't want to burden your family with the responsibility of repaying your loans, should anything unfortunate happen to you. Don't let misfortune snatch away your family's happiness. In case of your untimely death, the benefits under your loan protection plan would be sufficient enough for repaying your loans, including your home loan. With a home loan protection plan, you can ensure that your family continues to own the house that you so fondly purchased for them.

  3. Freedom to live your dreams
    With term plans in place, you can be assured that your dear ones continue to enjoy financial independence and live their dreams, even if you are not around to support them.

  4. Enhanced protection through riders
    Riders enhance your insurance cover and are optional benefits that you may add to your term plan policy. You can avail the following riders:

    • Kotak Critical Illness Benefit
      This rider lets you enjoy greater financial stability against chronic diseases such as heart attacks, cancer, stroke, coronary artery by-pass graft (CABG) surgery, kidney failure, major organ transplants, paralysis, loss of limbs, aorta surgery, major burns, heart valve surgery and blindness.

    • Kotak Accidental Death Benefit
      Opting for this rider can render enhanced financial security to your loved ones. In the event of your unfortunate demise arising due to an accident during the term of the insurance policy, an additional amount (Kotak Accidental Death Benefit Sum Assured) is payable.

    • Kotak Permanent Disability Benefit
      This benefit provides basic sum assured to the life insured person in case he/she becomes totally and permanently disabled due to an accident.

  5. Tax benefits Investment in life insurance plans can let you enjoy tax benefits under Section 80C and 10(10D) of Income Tax Act, 1961. As per Section 80C premium paid up to Rs 1 lakh (provided the premium paid is less than or equal to 20 per cent of the sum assured on the policy) can be deducted from your taxable income. Under section 10 (10D), the life insurance proceeds receivable does not attract any tax in the hands of the recipients.

  6. Get more for less

  • Click on the protection plan of your choice to know more about the plan
  • If further information is required, the plan brochure as well as a Premium Calculator is available for reference.
  • Click on send me a life advisor in order to contact an expert advisor who will guide you in the buying process.

Insurance is the subject matter of the solicitation. Kotak Term Plan UIN No.: 107N005V05, Form No. N005. Kotak Term Plan is a non-unit linked, non - participating plan. Kotak Preferred Term Plan UIN No.: 107N009V06, Form No. N009. Kotak Preferred Term Plan is a non-unit linked, non - participating plan. Kotak Saral Suraksha UIN: 107N070V02, Form No: N070. Kotak Preferred e-Term Plan UIN: 107N090V01, Form No: N090. For more details on risk factors, terms and conditions please download and consult the product brochure. Kotak Mahindra Old Mutual Life Insurance Ltd. Regn No. 107.

2nd Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai - 400051
Toll Free No. - 1800 209 8800.
Kotak Mahindra bank Ltd (License No. 1144761) is a Corporate Agent of Kotak Mahindra Old Mutual life Insurance Ltd. The contract of Insurance is between the Kotak Mahindra Old Mutual Life Insurance Ltd. and the Life Insured. Tax benefits are subject to change in tax laws. You are advised to consult your tax adviser for details. Reference Number KLI/10-11/E-WEB/162


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