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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 Term Plan
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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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107N005V04
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About Plan
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Kotak Term Plan is a pure risk product that aims to cover your life at a nominal cost. You may want to take this plan to cover your outstanding debts like a mortgage, a home loan etc. Since this is a pure risk cover product, there are no maturity benefits payable on survival. This is a non-participating plan.
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Minimum Entry Age
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18Yrs
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Maximum Entry Age
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65Yrs
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Minimum Policy Term
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5Yrs (Single & Regular Payment Option)10Yrs (Limited Payment Option)
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Maximum Policy Term
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30Yrs (Single & Regular payment Option)30Yrs (Limited Payment Option)
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Minimum Maturity Age
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Not Available
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Maximum Maturity Age
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70Yrs
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Minimum Sum Assured
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Rs.3 Lacs
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Maximum Sum Assured
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Rs.24,99,999/-
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Benefits
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| Particulars | Description |
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Maturity Benefits
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Nil
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Death Benefits
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In the event of death during the term, the beneficiary would receive the sum assured.
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Surrender Benefit
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In case of a financial emergency you may surrender the policy if you have chosen single or limited premium payment optins.
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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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Kotak Permanent Disability Benefit (Rider) [107C002V01]
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Kotak Critical Illness (Rider) [107C004V01]
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Accidental Death Benefit (Rider) [107C005V01]
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It offers the benefit of having a high life insurance cover at economical prices. The plans offer reduced premiums for women. Furthermore, in Kotak Preferred Term Plan, for Sum Assured of Rs.25 lakhs and above, special premium rates are offered to non-consumers of tobacco.
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You may convert your Kotak Term Plan policy to a policy of any other plan offerd by Kotak Life Insurance provided there are at least 5 years remaining before the cover ceases.
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You have the premium payment options of Single and Regular pay. If you opt for regular premium payment option, you can pay your premiums annually, half yearly, quarterly or monthly.
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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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