Apart from providing death cover under natural circumstances, the plan provides cover against accidental death, a waiver of premium in case of accidental disability and critical illness cover for 12 illnesses with 20% of the basic sum assured prior to the age of 70 years
Mumbai: Kotak Mahindra Old Mutual Life (Kotak Life Insurance) on Monday launched its 'assured protection plan' that aims to provide long term protection against major eventualities besides lump sum benefit at the end of policy term, reports PTI.
It is a protection cum savings scheme providing cover till the age of 75 years, the company said in a release here.
Apart from providing death cover under natural circumstances, the plan provides cover against accidental death with 200% of sum assured, a waiver of premium in case of accidental disability during the premium paying term and critical illness cover for 12 illnesses with 20% of the basic sum assured prior to the age of 70 years, it said.
The benefits are exclusive of each other like even if critical illness and waiver of premium benefits are availed, the maturity amount (basic sum assured) will still be paid full on survival to maturity, the company said.
The minimum age for the plan is 18 years and the maximum is 50 and the premium begins from Rs5,000 per year.
The plan provides flexibility to pay premiums either up to policy anniversary after attainment of 60 years or for 15 years. For policies with higher sum-assured, it offers discounts depending on the premium band chosen.
Kotak Mahindra Old Mutual Life Insurance is a 74:26 joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
