"What is Kotak Term Plan?" Kotak Term Plan is a pure risk product that aims to cover your life at a nominal cost. You may want to take this plan to cover your outstanding debts like a mortgage, a home loan etc. Since this is a pure risk cover product, there are no maturity benefits payable on survival. This is a non-participating plan. "What are the advantages of this plan?" It is a low-cost insurance plan. You can choose between a regular premium payment option or a single premium payment option. In case you opt for the regular premium payment option, you may pay your premiums either annually, or in half yearly or quarterly installments. Your Kotak Term Plan can be converted into any other plan offered by Kotak Life Insurance (except for another Term plan) provided there are at least 5 years before cover ceases*. In case you forget to pay your premium by the due date, you are entitled to a grace period of 30 days from the date of unpaid premium. In case of a financial emergency, you have the option to surrender the policy provided you have taken the single premium payment option*. "What value-adds can you opt for?" You may avail of the following non-participating value-adds for a nominal premium at the time of taking your policy, subject to aggregate premium on all value-adds (except Critical Illness Benefit) not exceeding 30% of the basic Kotak Term Plan premium. Accidental Death Benefit: This benefit provides an additional amount (over and above the basic sum assured) to the beneficiary in the event of the accidental death of the life insured. The maximum cover available under this rider is equal to the basic sum assured (subject to a maximum of Rs.10 lakhs). Permanent Disability Benefit: This benefit can be added to your basic life insurance policy to provide financial support in case of disability due to an accident. The amount payable under this benefit would be paid out as an annuity. The maximum permanent disability benefit that you can avail of is equal to the basic sum assured (subject to a maximum of Rs.10 lakhs). Critical Illness Benefit: This benefit can be added to your basic life insurance policy to provide financial support in the event of a medical emergency. On the first occurrence of critical illness during the term of the policy, you would receive a portion of the sum assured to reduce your financial burden in this emergency "What do you receive on maturity of the policy?" Since this is a pure risk cover plan, there are no maturity benefits "What happens in the event of death of the life insured?" In the event of death during the term of the policy, the beneficiary would receive the sum assured. "Are there any Tax Benefits?" Section 80C, 10(10D) of Income Tax Act would apply. Premiums paid for Critical Illness Benefit qualify for benefits under Section 80D. These benefits are as per the currently prevailing tax regulations and you are advised to consult your tax advisor for details

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