terms-of-use aegon-religare-term-insurance-plans aviva-life-term-insurance-plans bajaj-allianz-term-insurance-plans bharti-axa-life-term-insurance-plans birla-sun-life-term-insurance-plans canara-hsbc-term-insurance-plans cash-back-term-plan dhfl-pramerica-term-insurance-plans edelweiss-tokio-life-term-insurance-plans esmart-term-plan eterm-plan exide-life-term-insurance-plans future-generali-term-insurance-plans group-term-life-insurance-plan group-term-plan hdfc-life-term-insurance-plans icici-prudential-term-insurance-plans idbi-federal-life-term-insurance-plans indiafirst-life-term-insurance-plans iterm-insurance-plan kotak-life-term-insurance-plans lic-india-term-insurance-plans max-life-term-insurance-plans my-term-plan new-term-assurance-rider-plan online-term-plan-basic-life-cover online-term-plan-life-cover-plus-increasing-monthly-income online-term-plan-life-cover-plus-monthly-income online-term-plan paytermst pnb-metlife-term-insurance-plans preferred-e-term-plan preferred-term-plan reliance-life-term-insurance-plans sahara-life-term-insurance-plans sbi-life-term-insurance-plans shriram-life-term-insurance-plans star-union-dai-ichi-term-insurance-plans super-term-plan tata-aia-term-insurance-plans term-insurance-plan term-insurance-return-of-premium term-insurance term-plan term-rider-plan terms-plans short-term-plans eterm-plan-2 eterm-plan-3 apollo-term-insurance bajaj-term-insurance bharti-axa-term-insurance birla-term-insurance cholamandalam-term-insurance future-general-term-insurance hdfc-term-insurance iffco-term-insurance liberty-term-insurance magama-hdi-term-insurance max-bupa-term-insurance national-term-insurance new-india-term-insurance oriental-term-insurance reliance-term-insurance religare-term-insurance royal-sundram-term-insurance sbi-term-insurance shriram-term-insurance sompo-term-insurance star-union-term-insurance-2 tata-term-insurance united-term-insurance star-health-term-insurance-2 short-term-loan
Preferred e-Term Plan – Overview
Preferred e-Term Plan is an online, pure term life insurance plan that provides a high level of protection at an economical price. It helps protect the family against the uncertainties of life in the absence of the life insured. The plan secures the future of the loved ones so that they can meet their financial obligations and lead a happy life. It can be directly purchased from the website of the insurance company without any intervention of an insurance agent. A unique feature of this term plan is the inbuilt waiver of future premiums in case of total and permanent disability of the policyholder. This ensures that the family does not come under additional financial stress in such testing times.
Preferred e-Term –Benefits
Death Benefit: In the event of the passing away of the life insured during the policy term, the Death Benefit is paid to the nominee. The Death Benefit for regular and limited premium paying policies is higher of the following: Basic Sum Assured 10 times the Annualised Premium, excluding modal factors and extra premiums (if any) 105% of all the premiums paid till the date of death, excluding extra premiums (if any) If the death of the life insured occurs during the grace period, the Death Benefit is paid after deducting any due unpaid premiums. Where the mode of premium payment is monthly, the outstanding premium instalments for the remainder of the policy year of death are deducted from the Death Benefit. The Death Benefit for single premium paying policies is higher of the following: Basic Sum Assured 1.25 times the Single Premium, excluding extra premiums (if any) Maturity Benefit: Since this is a term insurance plan, there is no Maturity Benefit Tax Benefits: Tax benefits are available under Section 80C and Section 10(10D) of the Income Tax Act, 1961
Inclusions
For Limited premium payment modes if for a PPT of ten years if premiums for the first two policy years are not paid within the Grace Period, the policy will lapse. While for a PPT of more than ten years modes if premiums for the first three policy years are not paid within the Grace Period, the policy will lapse.
Exclusions
The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund 80% of the premiums paid until the date of death, to the nominee. In case the Life Insured commits suicide within a year of Minor Revival, the nominee will receive the Death Benefit. If the Life Insured commits suicide within a year of Major Revival, the nominee will receive the higher of 80% of the premiums paid or Surrender Value. The Total and Permanent Disability is not applicable if the disability was caused directly or indirectly by alcohol or drug abuse, failure to seek or follow medical advice, engaging in racing of any kind excluding athletics and swimming, any kind of war or riots, nuclear contamination, participation in hazardous pastimes, any mental or functional disorder, attempted suicide or self injury, etc.
Preferred e-Term -Key Features
Term Insurance Plan: This is the purest form of insurance where a life insurance cover offers financial protection to the family of the policyholder. The nominee receives the policy benefit (Death Benefit) on the demise of the life insured. Online Plan: The plan can be bought in a quick and convenient manner, directly from the website of the insurance company. This also means that one does not have to pay any additional commission as the purchase process does not involve an insurance agent. The e-advisor of Kotak Mahindra Old Mutual Life Insurance Limited – KK, provides assistance throughout the online experience. 2 Plan Options:The plan offers the following customised payout options: Immediate Payout: The full Sum Assured is paid to the nominee in a lump sum, immediately after the death of the life insured Recurring Payout: This option provides a regular income to the family post the demise of the life insured. The nominee receives 10% of the Sum Assured on the death of the life insured as a lump sum amount. The balance is subsequently paid in monthly or yearly payouts for a period of 15 years. Recurring payout option also allows the beneficiary to receive a lump sum benefit instead of regular monthly or yearly payouts anytime after the death of the life insured. In such a case, the discounted value of the outstanding regular payouts is paid as lump sum. Large Cover at Low Cost: The plan provides a high level of protection at a nominal cost. The minimum cover amount (Sum Assured) is Rs. 25 lakh and there is no upper limit. The insurance premiums are affordable. Preferential Rates: The plan offers a preferential rate of insurance premium to female lives and non-tobacco users. In effect, these 2 categories of policyholders pay a lower premium for the basic Sum Assured. This encourages women to buy a term life insurance policy and people to lead a healthy lifestyle. Waiver of Future Premiums on Total and Permanent Disability: If the life insured becomes totally and permanently disabled during the premium payment term, all his/ her future basic premiums are waived off and the policy continues unhindered. This is offered as a standard feature in the plan. Rider:The plan offers additional protection by way of an optional rider. This can be opted for by paying a nominal extra premium. Kotak e-Accidental Death Benefit Rider: This pays a lump sum benefit if the death of the life insured occurs due to an accidental in addition to the Death Benefit under the base plan
Additional Features or Riders
If the Life Insured wishes to have their premiums waived in the case of total and permanent disability, they have to be examined by a medical examiner sent by the company. Furthermore, the company has to be informed of the total and permanent disability of the Life Insured within 150 days of the occurrence of the disability, giving sufficient evidence and details of the same. The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium. The policyholder has the option to decrease the Sum Assured if the need for protection decreases. The policy acquires Reduced Paid-up Value if subsequent premiums are not paid within the Grace Period after the policy acquires Surrender Value. Paid-up Value is not applicable on Regular payment policies as they do no acquire Surrender Value.
Documents Required
The policyholder has to fill up an online `Application form with photo identity proof (Passport, PAN Card or Driving License) and income proof in the form of a copy of the latest ITR or Form 16 or copies of the last three months salary slips. You may also like to read: Kotak Life Term Insurance Plan
Preferred e-Term Plan – Overview
Preferred e-Term Plan is an online, pure term life insurance plan that provides a high level of protection at an economical price. It helps protect the family against the uncertainties of life in the absence of the life insured. The plan secures the future of the loved ones so that they can meet their financial obligations and lead a happy life. It can be directly purchased from the website of the insurance company without any intervention of an insurance agent. A unique feature of this term plan is the inbuilt waiver of future premiums in case of total and permanent disability of the policyholder. This ensures that the family does not come under additional financial stress in such testing times.
Preferred e-Term –Benefits
Death Benefit: In the event of the passing away of the life insured during the policy term, the Death Benefit is paid to the nominee. The Death Benefit for regular and limited premium paying policies is higher of the following: Basic Sum Assured 10 times the Annualised Premium, excluding modal factors and extra premiums (if any) 105% of all the premiums paid till the date of death, excluding extra premiums (if any) If the death of the life insured occurs during the grace period, the Death Benefit is paid after deducting any due unpaid premiums. Where the mode of premium payment is monthly, the outstanding premium instalments for the remainder of the policy year of death are deducted from the Death Benefit. The Death Benefit for single premium paying policies is higher of the following: Basic Sum Assured 1.25 times the Single Premium, excluding extra premiums (if any) Maturity Benefit: Since this is a term insurance plan, there is no Maturity Benefit Tax Benefits: Tax benefits are available under Section 80C and Section 10(10D) of the Income Tax Act, 1961
Inclusions
For Limited premium payment modes if for a PPT of ten years if premiums for the first two policy years are not paid within the Grace Period, the policy will lapse. While for a PPT of more than ten years modes if premiums for the first three policy years are not paid within the Grace Period, the policy will lapse.
Exclusions
The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund 80% of the premiums paid until the date of death, to the nominee. In case the Life Insured commits suicide within a year of Minor Revival, the nominee will receive the Death Benefit. If the Life Insured commits suicide within a year of Major Revival, the nominee will receive the higher of 80% of the premiums paid or Surrender Value. The Total and Permanent Disability is not applicable if the disability was caused directly or indirectly by alcohol or drug abuse, failure to seek or follow medical advice, engaging in racing of any kind excluding athletics and swimming, any kind of war or riots, nuclear contamination, participation in hazardous pastimes, any mental or functional disorder, attempted suicide or self injury, etc.
Preferred e-Term -Key Features
Term Insurance Plan: This is the purest form of insurance where a life insurance cover offers financial protection to the family of the policyholder. The nominee receives the policy benefit (Death Benefit) on the demise of the life insured. Online Plan: The plan can be bought in a quick and convenient manner, directly from the website of the insurance company. This also means that one does not have to pay any additional commission as the purchase process does not involve an insurance agent. The e-advisor of Kotak Mahindra Old Mutual Life Insurance Limited – KK, provides assistance throughout the online experience. 2 Plan Options:The plan offers the following customised payout options: Immediate Payout: The full Sum Assured is paid to the nominee in a lump sum, immediately after the death of the life insured Recurring Payout: This option provides a regular income to the family post the demise of the life insured. The nominee receives 10% of the Sum Assured on the death of the life insured as a lump sum amount. The balance is subsequently paid in monthly or yearly payouts for a period of 15 years. Recurring payout option also allows the beneficiary to receive a lump sum benefit instead of regular monthly or yearly payouts anytime after the death of the life insured. In such a case, the discounted value of the outstanding regular payouts is paid as lump sum. Large Cover at Low Cost: The plan provides a high level of protection at a nominal cost. The minimum cover amount (Sum Assured) is Rs. 25 lakh and there is no upper limit. The insurance premiums are affordable. Preferential Rates: The plan offers a preferential rate of insurance premium to female lives and non-tobacco users. In effect, these 2 categories of policyholders pay a lower premium for the basic Sum Assured. This encourages women to buy a term life insurance policy and people to lead a healthy lifestyle. Waiver of Future Premiums on Total and Permanent Disability: If the life insured becomes totally and permanently disabled during the premium payment term, all his/ her future basic premiums are waived off and the policy continues unhindered. This is offered as a standard feature in the plan. Rider:The plan offers additional protection by way of an optional rider. This can be opted for by paying a nominal extra premium. Kotak e-Accidental Death Benefit Rider: This pays a lump sum benefit if the death of the life insured occurs due to an accidental in addition to the Death Benefit under the base plan
Additional Features or Riders
If the Life Insured wishes to have their premiums waived in the case of total and permanent disability, they have to be examined by a medical examiner sent by the company. Furthermore, the company has to be informed of the total and permanent disability of the Life Insured within 150 days of the occurrence of the disability, giving sufficient evidence and details of the same. The revival of a lapsed policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium. The policyholder has the option to decrease the Sum Assured if the need for protection decreases. The policy acquires Reduced Paid-up Value if subsequent premiums are not paid within the Grace Period after the policy acquires Surrender Value. Paid-up Value is not applicable on Regular payment policies as they do no acquire Surrender Value.
Documents Required
The policyholder has to fill up an online `Application form with photo identity proof (Passport, PAN Card or Driving License) and income proof in the form of a copy of the latest ITR or Form 16 or copies of the last three months salary slips. You may also like to read: Kotak Life Term Insurance Plan
acko adityabirla healtisurance apollo health isurance bajajallianz general insurance bharti axa insurance cholamandalam general insurance manipal health insurance dhfl general insurance edelweis general insurance futuregenerali general insurance godigit general insurance hdfcergo general insurance icicilombard general insurance iftokio general insurance kotak gener insurance libert general insurance magmahdi general insuance maxbupa health insurance national generla insurance Rahejaqbe general insurance reliancegeneral reliance health insurance reliance general insurance royalsundaram general insurance sbigeneral general insurance shriram general insurance star health insurance tataaig general insurance new india assurance general insurance oriental general insurance united general insurance universalsompo general insurance