Income Protection Plan Summary:
Life doesn’t comprises of only good times as it also comprises of bad times. So it is better to plan for those bad times when the going is good. Ensure a better future for your family even in your absence with Kotak income protection plan .This plan will provide you a monthly income with the increase of 6% compounding interest per year for the remaining term of the policy in the unfortunate event of death. It provide a lump sum amount to your family so that they can take care of their immediate requirement.
Feature of Kotak Income Protection Plan
- The monthly income chosen by you increase by 6% per year
- It provide a minimum guaranteed payout of 5 years
- It provide an assured benefit in the form of a lump sum at the time of demise
- The premium can be paid monthly, quarterly ,half yearly ,yearly
- The minimum premium will be determined on the basis of monthly income chosen gender
- age smoking status policy term and the premium payment option choice.
- The maximum premium has no limit but subject to underwriting consideration
- This plan also provide two raiders
Eligibility For Kotak Income Protection Plan
- The minimum age in which one can take this policy is 18 years
- The maximum age in which one can take this policy is 60 years
- The maximum maturity age is 70 years
- The minimum monthly income of the policyholder should be 20000 rupees and the
maximum monthly income has no limits.
Benefits of Kotak Income Protection Plan
- If the policyholder meet to death. Then the family of the policyholder will get the death
benefit as sum assured on death plus the monthly income at the increasing 6% per year
- According to Income Tax Act section 80c. The premium paid under this plan is tax free
also according to Section 10 D. The claim received is tax free that means it is going to save
your tax on the amount paid as premium.
- This plan come with two raider they are
- Kotak accidental disability Guardian benefit.
- reduced paid up benefit.
Document Required For Kotak Income Protection Plan
- Offline/Online filled application form.
- Age proof of policy buyer.
- Address proof.
- PAN card and Aadhar card for KYC document
- Accurate medical history
- Medical examination report if required.
1. Free look period
After taking the policy if you are not satisfied with the coverage of the policy over with the
terms and condition of the policy then you have an option of cancelling the policy within 15
days after receiving the policy document.
2. Grace Period
The grace period of the policy is 15 days for the monthly payment mode and 30 days for the
other payment modes like quarterly,half yearly,or yearly it is 30 days
Mr. Ajay is 35 years old men. He works in a multinational company and earn rupees 50000 per month .He is very hard working. Mr Ajay was capable of fulfilling all his family requirement but he thinks that will happen to his family when he will not be there.So he take the policy of kotak income protection plan for a monthly income of 50000 for a term of 20 years. Therefore his annual premium will be RS 19301. so that after his demise his family be continued to get the monthly income at increasing rate of 6% per year.