Insurance

How Kotak Accidental Death Benefit Rider Protects your Family?

Always life is uncertain and no one knows what happens in the next moment of their life journey. Accidents are more nowadays with or without your fault. People have to think about their life and prepare family protection in advance by giving security to their life. Insurance adds security to the person and his entire family in such uncertainties. There are plenty of accidental death insurance plans in the insurance market. Here in the post, we let you know the leading Kotak Accidental Death benefit Rider policy that ensures financial protection with a range of benefits and bestows the policyholder and his/her family.

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Who can Avail Kotak Accidental Death Rider Plan?

  • Age to Apply: Policyholders should have a minimum age of 18 years and a maximum of 60 years.
  • Age at the time of Maturity: An insured person need to have a minimum of 23 years of age and a maximum of 70 years at the time of maturity.

The Kotak Accidental Death Benefit Rider – Inclusions

  • The Accidental Death Rider can be taken along with any of the base policies that Kotak offers.
  • If the policyholder dies unfortunately in any way other than the defined policy exclusion terms, this plan offers the policyholder a death benefit.

Read More – Kotak Mahindra Bank Personal Loan Eligibility, Features and EMI Calculator

The Kotak Accidental Death Benefit Rider – Exclusions

  • The policy gives no maturity benefit to the rider.
  • The policy does not cover self-inflicted drug or alcohol injuries.
  • Additionally, suicides and injuries resulting from the individual’s reported insanity are not included.
  • If the life insured person is engaged in an aeronautical occupation and there is a definite risk in a particular profession.
  • The plan does not discuss war injuries and activities like mountaineering or kayaking.

Key Features of the Kotak Accidental Death Benefit Rider Plan:

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  • Flexible premium payment options for policyholders – Single, Limited and Regular.
  • For single and regular choices, the minimum payment period is five years, while the limited choice is 6 years. The maximum period is 40 years for all three options.
  • You are entitled to three payment options – Limited Pay, Regular Pay, and Single Pay.
  • As long as the base policy is active, the rider will be active. If the base policy matures, the rider plan will no longer exist.
  • When the policyholder dies, the sum assured under the rider policy will be paid to the beneficiary.
  • Policyholders get to assure a minimum amount of Rs. 50,000 to a maximum of Rs. 50,00,000 (The maximum sum assured cannot exceed the base policy’s sum assured).

Benefits of the Kotak Accidental Death Benefit Rider:

  • In case of death due to an accident, the sum assured shall be paid within 120 days from the date of the incident, subject to the terms and conditions specified and nominee proving the same to the Company’s satisfaction.
  • Tax Benefits are offered on premium payments and will be settled in 120 days under Section 80C of the Income Tax Act.

Don’t let unfortunate accidents take away your joyful life. Be prepared and control all consequences. Give a standard of finance living to your family right now!