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Insurance Company
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Kotak Mahindra Old Mutual Life Insurance Ltd
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Plan Name
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Kotak Loan Protection Plan - RP
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Plan Nature
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TRADITIONAL
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Plan Category
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Protection Plan
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UIN No.
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107N027V01
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About Plan
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It is an insurance plan that shares the burden of your home loan. When you take this plan along with your loan, this plan serves like a safety net so that you are not worried about your family andthe repayment of your loan in case of untimely death. This plan provides a reducing cover that is matched to your liability with minimum paperwork.
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Minimum Entry Age
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18 years
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Maximum Entry Age
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60 years
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Maximum Maturity Age
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65 years
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Minimum Policy Term
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5 years
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Maximum Policy Term
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30 years
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Maximum Sum Assured
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No Limit. Buti will not exceed the actual loan sanctioned
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Minimum Premium
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Rs.2000 p.a.(regular)Rs.5000 p.a.(Single)
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Premium Paying Term
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SinglePremium/Regular Premium
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Benefits
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| Particulars | Description |
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Maturity Benefits
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Since it is a non-oarticipating pure risk cover plan, there are no maturity benefits.
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Death Benefits
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Since it is a non-participating pure risk cover plan, there are no maturity benefits.
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Surrender Benefit
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On completion of three policy years, the policy acquires a Guaranteed Surrender Value provided all due premiums have been paid on time. The Guaranteed Surrender Value for Single Premium will be 75% of Single Premium multiplied by term to run divided by Benefit Term multiplied by outstanding loan divided by initial loan. There will be no surrender value for Regular Premium policies.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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Critical Illness Benefit (Rider) [107C009V01]
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As a term product linked to home loan amount, this plan protects the loan-taker from contingencies. The loan amoun at the beginning decides the cover you receive. As you repay your installments, your outstanding principal declines andthe corresponding policy cover also decreases. You can take a cover of any amount; equal to or less than the actual amount of loan that has been approved.
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You may premiums regularly or as a single premium. This single premium would ensure that you get the cover for the entire term that you wish to.
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21-Jan-09
11:52
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Kotak Life ties up with DHFL Vysya
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15-Jan-09
14:10
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Kotak Life registered a growth of 63%
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24-Dec-08
14:50
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Kotak Life launches interactive Web site
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22-Oct-08
12:10
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Kotak Life launches Kotak long life
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16-Oct-08
11:59
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Insurance cover for student loans
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15-Oct-08
09:35
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Allahabad Bank signs MoU with Kotak Life Insurance
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01-Sep-08
09:35
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Other Insurers to follow Kotak's strategy on cut insurance cost
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28-Aug-08
20:41
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Kotak Life insurance brings down term plan rates up to 40%
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