Zurich Kotak General Insurance Company Limited Term Plans
Zurich Kotak General Insurance Company Limited offers five versatile term plans designed to suit diverse insurance needs. Enjoy flexible coverage, low premiums, and easy online access with added tax benefits.
A total of five different plans with variable benefits and features are available through Zurich Kotak General Insurance. In addition to the considerably larger variety of plans, the company also offers the ease and functionality to avail some of these plans online. With minimal or no paperwork, these simple plans are the quickest way one can revert to while looking for affordable term life insurance schemes and additional tax saving features. Tax benefits through this policy cover the premium amounts paid and the death benefit that will be payable to the nominee. These policies also feature the flexibility of availing loans by allowing them to be used as security.
Types of Zurich Kotak General Insurance Company Limited Term Plans:
There are five types of term plans offered by and they are
1. Zurich Kotak Income Protection Plan
2. Zurich Kotak Preferred e-Term Plan
3. Zurich Kotak Preferred Term Plan
4. Zurich Kotak Saral Suraksha
5. Zurich Kotak Term Plan
Zurich Kotak General Insurance Company Limited Income Protection Plan
A traditional term plan from Zurich Kotak General Insurance, this plan is available through the branches of Zurich Kotak and its basic features are as follows -
Features | Description |
Entry Age | Maximum – 60 years |
Maturity Age | Maximum of 70 years |
Monthly Income | Maximum – No limit |
Premium | Maximum – No limit |
Premium Payment Term | Limited Pay – Premium paid for either 12 years or 15 years |
Policy Term | Limited Pay 12 years – 17 years to 30 yearsLimited Pay 15 years – 20 years to 30 years |
Premium Payment Mode | Annual, half-yearly, quarterly or monthly |
Monthly Income | Annually increasing monthly income by 6% compounding rate of interest on previous year’s monthly income. Guaranteed pay out period of 5 years if balance period in policy post death of insured is less than 5 years |
Death Benefit | Assured Benefit of 12 times the increased monthly income in the year of death of the insured life |
Zurich Kotak General Insurance Preferred e-Term Plan
An online only term insurance plan from Zurich Kotak, this plan very similar to its sibling the Preferred Term Plan.
Features | Description |
Entry Age | Maximum – 65 years |
Maturity Age | Maximum of 70 years |
Premium | Maximum – No limit |
Premium Payment Term | Limited Pay – Premium paid for either 5 years or 10 yearsSingle Pay – One time lump sum payment of premium |
Policy Term | Limited Pay 5 years – 10 years to 40 yearsLimited Pay 10 years – 15 years to 40 years |
Premium Payment Mode | Annual or monthly |
Customised Pay out | Can be either Recurring Pay out which gives 10% of Sum Assured immediately and divides the rest 90% as a monthly income for the nominee or Immediate pay out which pays 100% of the sum assured upon the demise of the life insured |
Waiver of Premiums | Upon total and permanent disability of the life insured, future premiums are waived off and the policy continues on |
Zurich Kotak Preferred Term Plan
An offline plan with many similarities to the Zurich Kotak Preferred e-Term Plan. It is mainly popular due to the high amount of cover it offers through a low premium amount. The plan details are as follows -
Features | Description |
Entry Age | Maximum – 65 years |
Maturity Age | Maximum of 75 years |
Premium | Regular Pay for 5 year Policy - INR 3700 to INR 4075Single Pay for 5 year Policy – INR 10375 to INR 117005 year Limited Pay for 10 year Policy – INR 4925 to INR 55507 year Limited Pay for 12 year Policy – INR 4225 to INR 475010 year Limited Pay for 15 year Policy – INR 3775 to INR 4225 |
Premium Payment Term | Limited Pay – Premium paid for either 5 years, 7 years or 10 yearsSingle Pay – One time lump sum payment of premium |
Sum Assured | Maximum – No limit |
Policy Term | Limited Pay 5 years – 10 years to 40 yearsLimited Pay 7 years – 12 years to 40 yearsLimited Pay 10 years – 15 years to 40 years |
Premium Payment Mode | Annual, semi-annually, quarterly or monthly |
Customised Pay out | Can be either Recurring Pay out which gives 10% of Sum Assured immediately and divides the rest 90% as a monthly income for the nominee or Immediate pay out which pays 100% of the sum assured upon the demise of the life insured |
Customised Cover | The cover amount can be increased or decreased as per the person’s needs and the age |
Zurich Kotak Saral Suraksha
A that can be really beneficial for people in the lower income group. The plan has two policy terms and convenient premium payment terms in addition to the low cost feature. The basic features of this plan are as follows -
Features | Description |
Entry Age | Minimum – 18 yearsMaximum – 55 years |
Maturity Age | Minimum of 23 yearsMaximum of 65 years |
Premium | Minimum – depends on factors decided by the insurerMaximum – No limit subject to the Sum Assured amount chosen |
Premium Payment Term | Limited Pay – Premium paid for 5 yearsSingle Pay – One time lump sum payment of premium |
Sum Assured | Can be either INR 5000, INR 10000, INR 15000, INR 25000, INR 50000, INR 75000, INR 100000 |
Policy Term | 5 years and 10 years |
Premium Payment Mode | Annual, semi-annual and single payment |
Zurich Kotak Term Plan
A no-nonsense plan with multiple rider options and the choice to convert the plan into any other offered from Zurich Kotak General Insurance. The basic features and benefits of this plan are as follows -
Features | Description |
Entry Age | Minimum – 18 yearsMaximum – 65 years |
Maturity Age | Maximum of 70 years |
Premium | Minimum – depends on factors decided by the insurerMaximum – No limit subject to the Sum Assured amount chosen |
Premium Payment Term | Regular Pay – Premium paid throughout policy termSingle Pay – One time lump sum payment of premium |
Sum Assured | Minimum – INR 300000Maximum – INR 24,99,999 |
Policy Term | 5 years to 30 years |
Premium Payment Mode | Single, annually, semi-annually, quarterly or monthly |
Plan Conversion Option | With 5 years pending in the main policy, the policyholder can change the policy to any other policy from Zurich Kotak (excluding Term Plans) |
Riders | Zurich Kotak Critical Illness Benefit – Part of Basic Sum Assured paid in advance on acceptance of a critical illness claimZurich Kotak Accidental Death Benefit – Lump sum benefit paid in the event of accidental deathZurich Kotak Permanent Disability Benefit – Pay-out is made in instalments |
Basic Features & Benefits of Zurich Kotak General Insurance Company Limited Term Plans:
- Low cost of insurance with premiums at INR 6975 per annum or even lower
- Flexible options in insurance pertaining to term, cover amount and premium payment
- Special rates for non-smokers and female lives
- Customers can buy select plans online in the comfort of their homes
- Customers can avail of certain tax benefits under relevant sections of the IT Act, 1961
- Some plans can be converted to other plans offered by Zurich Kotak General Insurance
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
FAQs on Zurich Kotak General Insurance Company Limited Term Plans
- What are the various types of Zurich Kotak General Insurance Company Limited Term Plans?
The five types of term plans are Income Protection Plan, Preferred e-Term Plan, Preferred Term Plan, Saral Suraksha, Term Plan.
- What are the various benefits available under the plans from Zurich Kotak General Insurance?
Each term plan from Zurich Kotak has differing death benefits and add-on benefits as per the riders chosen, but the basic benefits allow a pay-out of sum assured either in a lump sum amount or a staggered manner. Additionally, one can also change the cover amount, or change the policy to another policy from Zurich Kotak.
- What is the minimum sum assured for Zurich Kotak Life Term Plans?
The minimum sum assured under the various term plans from Zurich Kotak is INR 100000 and that is available under the Saral Suraksha plan.
- Can one be given rebates on premiums?
All term plans from Zurich Kotak offer preferential rates on premiums for non-smokers and females.
- What is the maximum and minimum policy term available under these plans?
have a minimum policy term of 5 years and a maximum term of 40 years, subject to the entry age and the maturity age of the life insured.
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