If you are looking for an affordable term insurance plan, then Kotak e-Term Plan is a great option. This plan offers a minimum sum assured of up to ₹25,000 that can go as high as ₹1 crore, and the premiums start at just ₹17 per day. However, there are some eligibility requirements that you must meet in order to qualify for this plan. In this blog post, we will discuss the income eligibility requirements for Kotak e-Term Plan.
Why is Income Important for Kotak e-Term Plan?
Income is one of the most important eligibility factors for Kotak e-Term Plan. This is because your income will determine the sum assured that you are eligible for. The higher your income, the higher the sum assured that you would be eligible for. In order to calculate term insurance premium, Kotak Life Insurance uses a multiple of your annual income.
Income Eligibility for Kotak e-Term Plan
The minimum income required for Kotak e-Term Plan is ₹4 Lakhs per annum. The reason for this eligibility criteria is to ensure that your premiums are paid timely and you can still manage a living. So, to purchase Kotak e-Term Plan; you must have an annual income of at least 4 lakhs.
Other Eligibility Factors that You Must Meet
In addition to meeting the income eligibility requirements, you must also meet the following criteria in order to qualify for Kotak e-Term Plan:
- You must be between the ages of 18 years and 65 years.
- The maximum maturity age for this plan is 75 years.
- You must have a valid bank account in India.
- You must be a resident of India.
- The minimum premium term is 5 years, and the maximum premium term is 40 years.
- You must pay the premium on a monthly, quarterly, half-yearly, or yearly basis.
If you meet all of the above eligibility requirements, then you can apply for Kotak e-Term Plan. This plan offers a great death benefit and is an affordable way to get term insurance coverage.
What are the Key Features of the Kotak e-Term Plan?
When it comes to features, Kotak e-Term Plan offers some great benefits that make it an attractive option for those looking for term insurance coverage. Some of the key features of this plan include:
- Affordable Insurance: This is one of the most affordable term insurance plans available in the market. The premiums start as low as ₹ 17 per day, which makes it very easy to get coverage.
- High Sum Assured: The sum assured for this plan starts at ₹25,000 and can go as high as ₹1 crore. This gives you a lot of flexibility when it comes to choosing the right amount of coverage for your needs.
- Multiple Plan Options: Kotak allows you to choose between Life, Life Secure, or Life Plus option. This gives you the flexibility to choose the right plan for your needs.
The Life option provides you with a 100% sum assured on death. The Life Secure option frees the policyholder from any future premium payments in case he/she becomes disabled while ensuring complete death benefit for the remaining policy term. Lastly, the Life Plus option provides you with a 100% sum assured on death while offering Accidental Death benefits.
The Bottom Line
If you are looking for an affordable term insurance plan, then Kotak e-Term Plan is a great option. However, it is important to calculate term insurance premium before you apply for this plan. You can use Kotak Life Insurance’s online premium calculator to calculate your term insurance premium. Once you have calculated your premium, you can then decide whether or not this plan is right for you.