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Kotak e-Term Plan

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At Kotak Life, we understand that FAMILY COMES FIRST! Hence we have specially designed a pure life insurance cover that offers all-round financial security to your family at extremely economical premiums. You can choose from our multiple plan options, opt for our riders and also select a flexible premium payment mode that best suits you.

Why choose
Kotak e-Term Plan

Get Discount on online purchase

Life cover of Rs. 1 Crore at less than Rs. 15/day*

Choice of policy term available (40 years or 75 – age at entry)

**COVID-19 Death claims covered

**All death claims due to Covid-19 infection, subject to policy T&C being met.

What is Term insurance?

Term insurance is the simplest and purest form of life insurance that offers financial protection to your family members in case of any eventualities. With term insurance, you can get an extensive amount of life cover (i.e. sum assured) at the most affordable price. The death benefit is paid out to the nominee in case of death of the insured during the term of the policy.

Why do I need
Kotak e-Term Plan?

My family’s financial protection:

Are you the earning member of the family? With Kotak e-Term plan, you can rest assured knowing that your family is taken care of even in your absence. The policy payout allows your family to live a financially respectable life and achieve their short-term and long-term goals.

Pay off my loans and liabilities:

Do you have a major loan, such as a car loan or a home loan? The term plan payouts allow the family to pay off any outstanding financial liabilities and live a stress-free and debt-free life. Make sure that you account for the total liabilities when deciding your sum assured.

Secure my health expenditure:

Choose the Critical Illness Rider option, and get covered for 37 illnesses. Get assured protection against 37 critical conditions, such as heart ailments and cancer, with flexible sum assured.

Extensive coverage at low premiums:

Kotak e-Term plan offers a high sum assured at extremely affordable premium prices. Additionally, women and non-smokers can avail of special premium rates. Kotak e-Term insurance plan is a cost-effective way of getting long-term and extensive life insurance coverage.

4 Simple steps to
Buy Term Insurance Online

Fill in your basic details
Provide some basic information to get a quick term insurance quote. The information you provide will help us calculate the best premium for you.
Get your free quote
Select the policy details such as the term, premium paying mode and the sum assured. The nature of the policy and the extent of coverage you choose will directly affect the premium you pay.
Choose the add-ons
Add-ons help you to enhance your term insurance coverage for you and your family. Choose from a list of add-ons as per your specific coverage requirements.
Complete the application and buy online
Once you get the final premium amount, start the filling the application. The entire premium calculation and application process is designed to be seamless and quick for you.

Term Insurance Articles

What is Term Insurance?

Term Insurance is a pure protection and the most basic type of insurance plan. Click here to learn what is term plan, why choose term plan, its benefi...
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Section 80D of Income Tax Act of 1961

What is section 80d? section 80d provides tax deductions on Medical insurance premiums and health expenditure. Click here to know what is section 80d ...
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Section 10(10d) Income Tax act 1961

section 10(10D): Any income received from life insurance policy is exempted from income tax under section 10 10D. It can be availed on all life insura...
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How to Claim TDS Refund for Excess TDS Deduction

TDS refund process is very simple. Just login to income tax portal and download the relevant form for an income tax refund. Here’s the simple proces...
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Frequently Asked Questions

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TERMS & CONDITIONS

  1. This is an Individual, Non-Linked, Non-Par, Pure Protection Life Insurance Plan. *The above illustration is for a 18 year old healthy male, non-smoker who has opted for the Life Option with a 40 year policy term with regular premium payment mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1 Crore. The per day premium is Rs.15 [Rs.5,400 Annualised Premium / 365 days = Rs.14.794]. The monthly premium of Rs. 475 is arrived at by applying the modal factor on the annual premium i.e. (5,400 X 8.8% = 475.2). The premium is assuming the policy is bought Online and the customer has not purchased any policy from Kotak Life Insurance. The above premium figures are exclusive of Goods and Services Tax and Cess. Goods and Services Tax and Cess thereon shall be charged as per the prevalent tax laws over and above the said premiums. For sub-standard lives, extra premium may be charged based on Kotak Life Insurance underwriting policy. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
  2. This is an Individual, Non-Linked, Non-Par, Pure Protection Life Insurance Plan. *The above illustration is for a 18 year old healthy male, non-smoker who has opted for the Life Option with a 40 year policy term with regular premium payment mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1 Crore. The per day premium is Rs.15 [Rs.5,500 Annualised Premium / 365 days = Rs.15.068]. The monthly premium of Rs. 484 is arrived at by applying the modal factor on the annual premium i.e. ( 5,500 X 8.8% = 484). The premium is assuming the policy is bought Offline and the customer has not purchased any policy from Kotak Life Insurance. The above premium figures are exclusive of Goods and Services Tax and Cess. Goods and Services Tax and Cess thereon shall be charged as per the prevalent tax laws over and above the said premiums. For sub-standard lives, extra premium may be charged based on Kotak Life Insurance underwriting policy. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
  3. Death Benefit:
    Plan Options: There are 3 plan options available under this plan as mentioned below. The plan option needs to be selected at inception of the policy and cannot be changed during the policy term.
    1. Life - 100% of Sum Assured on Death shall be payable
    2. Life Plus - 100% of Sum Assured on Death shall be payable plus Additional 100% of Basic Sum Assured shall be payable in case of death due to accident subject to maximum of Rs. 1 Crore
    3. Life Secure - Waiver of base policy premiums shall happen on Total and Permanent Disability for the remaining policy term. Policy continues for death cover even after the Waiver of premium on Total and Permanent Disability. Subsequently, if death happens during Policy Term, 100% of Sum Assured on Death shall be payable. Life Secure option shall not be applicable for Single Premium Paying policy.

  4. Pay-out options: There are 3 pay-out options available under the plan. The pay-out option needs to be selected at inception of the policy and cannot be changed during the policy term.
    1. Immediate- In case of the death of the Life Insured, pay-out of the entire 'Sum Assured on Death' shall be made to Nominee / Beneficiary.
    2. Level Recurring- In case of death of the Life Insured, Lump sum pay-out of 10% of 'Sum Assured on Death' at the time of claim settlement shall be made to Nominee and 6% of Sum Assured on Death shall be payable every year for 15 years, with the first such payment made one year after the date of Life Insured's death.
    3. Increasing Recurring- In case of death of the Life Insured, Lump sum pay-out of 10% of 'Sum Assured on Death' on the date of death at the time of claim settlement shall be made to the Nominee and 6% of Sum Assured on Death shall be payable at the end of the first year from the date of death, thereafter the payout shall continue to increase by 10% every year (simple interest rate) The instalments shall be payable at the end of every year for 15 years starting from one year after the date of death.

      The instalment pay-out under Level Recurring and Increasing Recurring may be taken monthly instead of yearly.
      1. Sum Assured on death: In case of Life Insured's death during the policy term, the Nominee shall receive the Sum Assured on death as mentioned below:

        For Regular and Limited Premium For Single Premium
        Sum Assured on death shall be highest of Sum Assured on death shall be higher of the following:

        Sum Assured+ OR
        11 times Annualised Premium© OR
        105% of all premiums paid++ till the date of death
        Basic Sum Assured OR
        125% of the Single Premium paid


        +Sum Assured shall mean Basic Sum Assured adjusted for decrease in Basic Sum Assured, in case Step-down option is exercised by the policyholder.
        @Annualised Premium is the premium payable in a policy year, excluding the underwriting extra premiums, loadings for modal premium, Goods and Services Tax and Cess, as applicable and Rider Premium, if any. ++This shall include all extra premium paid under the policy.
      2. Step-Down Option, to reduce the amount of death cover can be exercised anytime during the policy term but shall be effective only from the next premium due date. Step-Down Option can be done only once during the policy term and the premium shall be recalculated based on the revised Sum Assured. Step down Option shall only be applicable for Regular premium paying policies. For more details, please refer Product brochure.
  5. Surrender Value:
    1. Limited Premium Payment:
      1. For policies with Premium Payment Term of less than 10 years, the policy will acquire Surrender Value provided premiums due for at least 2 consecutive policy years have been paid in full.
      2. For policies with Premium Payment Term of 10 years or more, the policy will acquire Surrender Value provided premiums due for at least 3 consecutive policy years have been paid in full.
    2. Single pay policies will acquire Surrender Value immediately after the payment of Single Premium.
    3. For Regular pay policy, Surrender value is not available. For more details, please refer the Product brochure.
  6. Reduced Paid-Up:
    1. Regular premium paying policy shall not be eligible for Reduced Paid Up.
    2. Single premium paying policy shall become fully Paid-Up after payment of premium.
    3. For Limited Premium Paying policy, after the policy acquires Surrender Value, if the subsequent premiums are not paid within the grace period, the Base Policy along with Riders (if any), subject to the Terms and Conditions of the Riders, shall be converted into a Reduced Paid-Up policy by default, by converting Sum Assured on death into Reduced Paid-Up Sum Assured on death.
  7. There is no maturity benefit payable under this plan.
  8. A lapsed or Reduced Paid-Up policy can be revived with or without riders within 5 years from the date of the first unpaid premium. The Policyholder can revive the Policy without evidence of good health on payment of the outstanding premiums and interest charge, if the payment is made within six months from the date of the first unpaid premium. Thereafter to revive the policy evidence of good health would be required along with payment of the outstanding premiums and interest charge. On revival, all benefits under the policy will be reinstated.
  9. Kotak Critical Illness plus Benefit Rider can be attached to any of the plan options. Please read rider Brochure for more details.
  10. Goods and Services Tax & Cess as applicable shall be levied at the applicable Tax rates in accordance with the prevailing Tax Laws. Prevailing Tax Laws will be applicable on this policy which may vary from time to time.
  11. TDS at prevailing rate will be deducted from any amount paid under a life insurance policy subject to the provisions of prevailing tax laws. In case of non-availability of valid PAN, TDS will be deducted at higher rate. Tax laws are subject to changes from time to time. You are advised to take an independent view from tax consultant.

PRODUCT SERVICE


Term Life Insurance Calculator
  1. There are numerous life insurance plans available in the market. Such plans cater to the diverse insurance needs of individuals. If you are looking for coverage for a set amount of time, a term life insurance plan is the best fit. Such plans offer coverage against a premature death and may be used to ensure future insurability. You may supplement your existing whole life insurance policy or an endowment policy with a term plan and enjoy comprehensive coverage at an affordable rate.
  2. In order to purchase a term insurance plan, it is necessary to determine the premium amount that caters to your coverage needs. The process of manually calculating the premium amount is cumbersome and is prone to human error. A smarter option would be to use a term insurance calculator.
  3. Most insurance companies have an insurance calculator on their website. An insurance calculator is a digitized tool that helps you calculate term insurance premium to help you get the desired sum assured amount based on your needs.
  4. Method to use a term plan calculator:
    1. Enter your details like gender, tobacco use, date of birth, assured sum, policy term, your residing country and the current state of residence.
    2. You'll be shown your quote and various payout options to select from. You can select immediate payout, level recurring payout or increasing recurring payout.
    3. You can also select payment term you want to pay for - from single premium to various options like 5 years, 10 years etc.
    4. When you choose other options except for single premium, you'll also get the option to select annual or monthly premium.
    5. Once you know the premium, you can fill your details, health detail and nominee details about.
    6. You can then buy the term plan using your net-banking facility or debit card.
  5. Benefits of using a term plan calculator:
    There are numerous benefits offered by a term plan calculator. Following are three major advantages.
    1. Easy to use and time-saving: Given that, the sum assured amount and the premium are usually large numbers, it may be quite difficult to calculate term insurance premium manually. Besides, manual calculations may be time-consuming. In order to avoid any hassles, you may use a term insurance plan calculator. Such a tool is easy-to-use and provides the quote within minutes.
    2. Allows comparisons: Numerous insurance companies offer varied plan features and benefits. Insurance rates too may vary from provider to provider. You may use a term insurance calculator to compare the premiums offered by various providers and select the plan that is suitable to your budget.
    3. Cost-effective: The good news is that term insurance providers offer cheaper premiums to those purchasing their insurance policy online. Lower costs are mainly due to reduced cost of paperwork and non-involvement of any intermediary. You may, therefore, check the premium cost online, and save a great deal of money.
  6. Benefits of a term insurance plan:
    As stated earlier, term plans provide coverage for a fixed term. In case of an unfortunate death of the policyholder during the policy term, the nominee receives the death benefit amount based on the provisions of the plan.
    There are numerous advantages of a term insurance policy. Following are six major benefits to look out for.
    1. Coverage against the unexpected: Given that life is uncertain, chances of an unfortunate event of death cannot be eliminated. You may, therefore, take a proactive measure of financially protecting your loved ones in case the worst were to happen. By opting for a term plan, the policyholder's family may deal effectively with financial trauma arising because of his death. The sum assured amount offers coverage to the policyholder's loved ones and provides them with the much-needed financial security.
    2. Income replacement: In case of death, the policyholder's family may be burdened due to the lack of income generation. The financial strain will be higher in case he is the sole breadwinner of the family. A term plan acts as an income replacement. The sum assured amount received could be used to make ends meet, even in your absence.
    3. Affordability: The good news is that premiums associated with term plans are low. Term insurance policies offer a high level of coverage at an affordable premium rate. The main reason for this is the nature of the plan. Term plans are purely risk plans. This means that they do not offer any returns on investment. Hence, the amount that is paid towards premiums is used entirely to provide protection.
    4. Additional riders: Insurance providers offer the benefit of add-ons, also known as riders. Such riders enhance the level of coverage. You may pay an additional cost and enjoy the benefit of these riders. Some of the popular rider options include accidental death benefit rider, permanent disability benefit rider, and critical illness rider, among others.
    5. Flexibility: You may enjoy the benefit of converting your existing term plan to a policy of any other plan offered by the same company. This helps you to seek the best insurance coverage based on your changing needs.
    6. Income tax benefits: Besides the aforementioned benefits, you may enjoy tax benefits on your term plan. According to Section 80C of the Income Tax Act, 1961, you may avail of tax rebate up to INR 1.5 lakh per financial year. This helps you reduce your tax liability largely. Additionally, you may also enjoy tax deduction under Section 10(10D) on the maturity benefit (applicable to term plans with the return of premium option).
  7. Purchasing a term insurance plan:
    Term insurance plans are indeed an excellent financial planning tool. It offers coverage to the policyholder's loved ones against an unfortunate event of death. While purchasing such a plan, you may keep certain aspects in mind. Firstly, you may identify your coverage needs and determine a sufficient sum assured amount. The sum assured amount should be enough to fulfill the financial obligations of your family and should meet their lifestyle needs. It is also
    important to choose the tenure of the policy wisely. You may opt for a long tenure, at least until your retirement. Besides, do keep in mind the inflation factor. The coverage amount that may seem enough for today may not actually be able to meet your family's expenses down the road. You may either buy a term insurance plan through the internet or by offline means. You may simply visit your local branch and seek information about term plans. The representative will guide you through the process. Alternatively, you may apply through the insurer's website. You may easily purchase a term plan by a mere click of the mouse in the comfort of your home. The online facility provides a high degree of convenience and flexibility.
    Remember, a term plan offers the minimum level of security against an untimely demise. It provides peace of mind knowing that your family's needs will be taken care of, in case of an untoward event. You may, therefore, invest in a term insurance plan at the earliest.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/ FRAUDULENT OFFERS
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
Kotak e-Term Plan - UIN: 107N104V02, Form No: N104, Kotak Critical Illness Plus Benefit Rider - 107B020V01, Form No.: B020. Kotak Permanent Disability Benefit Rider - UIN:107B002V03, Form No.: B002

This is an Individual, Non-Linked, Non-Par, Pure Protection Life Insurance Plan.

For sub-standard lives, extra premium may be charged based on Kotak Life Insurance underwriting policy. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. #Kotak Permanent Disability Benefit Rider is not available for policies sold through online channel.

Tax are subject to provisions as per Income Tax Act 1961. Tax laws are subject to amendments from time to time. Customer is advised to take an independent view from tax consultant.

^Kotak Critical Illness Plus Benefit Rider. In case of diagnosis with any one of the 37 Critical Illnesses specified under Kotak Critical Illness Plus Benefit Rider, the Rider shall terminate post Rider Sum Assured has been paid to the Life Insured, and the Base Plan shall continue for the remaining policy term. In case the life insured undergoes Angioplasty, a minimum of Rs.5 Lakhs or Base Rider Sum Assured will be payable and the remaining rider sum assured (if any) shall continue for the remaining 36 Critical Illnesses. This Rider shall terminate once 100% of the Rider Sum Assured has been paid or on the completion of the Rider Benefit Term, whichever is earlier. For more details on riders, please read the Rider Brochure. Ref. No. KLI/21-22/E-WEB/544

Kotak Mahindra Life Insurance Company Ltd ; Regn. No.:107, CIN : U66030MH2000PLC128503, Regd. Office: 2nd Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai- 400 051. All rights reserved. Registered with Insurance Regulatory & Development Authority of India (IRDAI) as Life Insurance Company.

Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Ltd. under license.