Kotak e-Term Plan provides massive cover for a nominal premium. This is a pure risk cover term plan that can be one of the most crucial products of your monetary portfolio. This is especially true when you have family members who depend on your income for their respective expenses.
If an individual dies when the term plan is active, his/her family members will receive a sum in the form of a “death benefit.” The funds will ensure monetary support to the family, which they will definitely require to continue their current life.
Let’s take a quick look at this guide and check out whether it is possible to cash out Kotak e-term plan.
Cashing Out a Kotak E-Term Plan: Is it Possible?
It’s not possible to cash out the Kotak e-Term Plan. When a policyholder dies during the insurance policy term, her/his family will get a sum assured. But if the policyholder survives during the policy term, there will be no maturity advantages. Apart from the sum assured or death benefit, this particular insurance plan does not provide any monetary benefits.
Kotak e-Term Plans are viewed as pure insurance policies. They don’t provide a savings component. It’s primarily used for acting as a replacement for income when the breadwinner meets his/her demise. They offer all the beneficiaries a massive sum, which can be utilized for children’s education, car loan, home loan, and other monetary commitments.
When you’re planning to cash out an insurance plan, you have to invest in plans with a savings element, such as ULIPS, whole life insurance, etc. In these kinds of insurance plans, a portion of the premiums is utilized for investments. When policyholders attain proper cash value, he/she can partially cash out or take a look at the accumulated funds.
Kotak e-Term Plans do not come with cash value, and the premiums of these plans are affordable when compared to other insurance plans, such as investment plans, ULIPs, etc. You can always calculate term insurance premium to know how much premium you need to pay before opting for it.
Main Features of the Kotak E-Term Insurance Plan
Here are some of the attributes of this particular term insurance plan.
● It’s available online
You can purchase this plan in a convenient and quick manner from the official website of the insurance firm. You don’t have to pay up any extra commission during the buying process because it doesn’t have an insurance agent. You will also receive full assistance during the online experience from the e-advisor of the insurance company.
● Receive massive cover at a low price
Through this plan, you will get top-notch protection and also at a very nominal cost. The sum assured or minimum cover amount is Rs.25,00,000, and there is no presence of an upper limit. Also, the insurance premiums are pretty reasonable.
● Favoured rates
The Kotak e-Term Plan provides favoured insurance premium rates to all non-tobacco users and females. People of these two categories pay less premium for the sum assured. This can encourage people to purchase an e-Term Plan to live a healthy lifestyle.
Final Thoughts
The Term Insurance Plan from Kotak will offer financial protection to the policyholder’s family members. It will provide all the nominees with a death benefit when the policyholder passes away suddenly.
Visit here to know more about Kotak Life Term Insurance Plan: https://www.kotaklife.com/online-plans/online-term-insurance-plans
