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Kotak Loan Protection Plan

  •  Overview & Key Features

 
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Home> For Individuals> Protection Plans> Kotak Loan Protection Plan
Overview
Kotak Loan Protection Plan is a protection plan that helps share the burden of your loan. When you take this plan along with your loan, it serves like a safety net so that you are not worried about your family, and the repayment of your loan in case of untimely death. This plan provides a reducing cover that is matched to your liability with minimum paperwork.
 Why an ideal plan
This plan is ideal for you if you are planning to avail of a loan.
 Advantages
  • Protects your loved ones against untimely death, which would otherwise burden them with the loan amount.
  • Hassle free single premium payment option
  • Can be surrendered* at any point in time
*Applicable only for Single Premium plan
 Key Features
Decreasing cover
As a term product linked to home loan amount, this plan protects the loan-taker from contingencies. The loan amount at the beginning decides the cover you receive. As you repay your installments, your outstanding principal declines and the corresponding policy cover also decreases. You can take a cover of any amount; equal to or less than the actual amount of loan that has been approved.
Premium payment
You may pay premiums regularly# or as a single premium. This single premium would ensure that you get the cover for the entire term that you wish to.
# The premium payment term will be 2/3rds of the policy term rounded off to the nearest integer.
Death Benefit
In the event of death during the term, the beneficiary would be entitled to the Sum Assured as per a predetermined Benefit schedule.
Maturity Benefit
Since it is a non-participating pure risk cover plan, there are no maturity benefits.
Rider Benefit
We offer Kotak Critical Illness Benefit (CIB) under this plan. A portion of Sum Assured (max 75%) is payable on admission of a claim on a critical illness, through this rider.
 Tax Benefits
Section 80C, 10(10D) of Income Tax Act, 1961 would apply. Premium paid for Kotak Critical Illness Benefit (CIB) qualify for a deduction under Section 80D. Tax Benefits are subject to changes in tax laws. You are advised to consult your tax advisor for details.
For more details on terms and conditions please download the product brochure.
UIN: 107N027V01, CIB – UIN: 107C004V02
Ref No. KLI/08-09/P-PF/166
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Kotak Mahindra Old Mutual Life Insurance Ltd. A joint venture between Kotak Mahindra Bank Ltd. and Old Mutual plc.
9th floor, Godrej Coliseum, Behind Everard Nagar, Sion (E), Mumbai - 400 022

All rights reserved. Registered with Insurance Regulatory & Development Authority (IRDA) as Life Insurance Company. Regn. No. 107.
Insurance is the subject matter of the solicitation
Tax benefits available with life insurance are as per the Income Tax Act, 1961, and are subject to amendments made thereto from time to time.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.