When it comes to life insurance, there are different options to choose from. One of the most popular is Kotak e-Term Plan. This term plan by Kotak Life Insurance offers three payout options designed to meet the needs of different policyholders. Choosing the right payout option depends on many factors, including the policyholder’s needs and beneficiaries.
It’s important to consult with a life insurance agent or financial advisor to make sure that you choose the best option for your situation. This blog post will describe the three payout options in Kotak e-Term Plan.
Let’s get started.
An Overview of Kotak e-Term Plan
Kotak e-Term Plan is a life insurance plan that offers you financial protection at a reasonable price. It is a simple plan that gives you coverage for a specific period. The premium for this plan is fixed, so you know exactly how much you will pay each year. This makes it easy to budget for your Kotak e-Term Plan policy.
One of the great things about Kotak e-Term Plan is that it offers flexibility regarding the death benefit payout options. You can receive the death benefit as a lump sum payment, or you can choose to have the death benefit paid out over time. This flexibility allows you to tailor Kotak e-Term Plan policy to meet your specific needs and goals.
Moreover, you can also calculate term insurance premium online, which gives you an estimate of how much you would need to pay for the coverage.
Three Payout Options in Kotak e-Term Plan
Kotak e-Term plan offers three payout options – Life option, life plus option, and life secure option.
In the Life Option, the full sum assured is payable on the policyholder’s death. If the policyholder dies during the policy term, then the nominee will receive the full sum assured. So, you can choose this option if you want your nominee to receive the full sum assured in case of your death.
Life Plus Option
In this option, the benefit under the life option is payable on the policy anniversary immediately following the date of death of the life assured. In addition, an accidental death benefit is also payable if death occurs due to an accident within 12 months from the date of inception of the policy or revival thereof.
Life Secure Option
The Life Secure Option provides you with a benefit in the event of your death and the waiver of premium in the event of total and permanent disability. This option provides peace of mind knowing that your loved ones will be taken care of financially if something happens to you. What is best about this option is that it does not require any medical exam, which makes it an easy and affordable way to get life insurance coverage.
The Bottom Line
Kotak e-Term Plan is an excellent life insurance policy for those looking for an affordable way to get coverage. It offers three payout options that can be tailored to fit your needs, and it’s easy to apply for and manage online. Because the application and management process is all done online, it’s also convenient. So if you’re in the market for a new life insurance policy, then give Kotak e-Term Plan a look.