Everything You Need To Know About Kotak Life Insurance Riders

Kotak Life Insurance Riders are an affordable and inexpensive way of making your insurance plan more robust. They offer specialised cover for circumstances that incur more expenses than usual. These range over a large variety and the choice of the rider lies with the policyholder. Consider purchasing a rider if you feel the need to enhance your insurance cover. It is a far cheaper instrument than a completely new insurance plan.

Types of Kotak Life Insurance Riders

Take a look at the different types of Kotak Life Insurance Riders and what their benefits and functions are:

• Kotak Term Benefit Rider

The Kotak Term Benefit Rider can be added at the commencement of the base insurance policy or when you are renewing your plan. Under this rider, you can receive a death benefit on the death of the policyholder. It is a lump sum amount that is paid out to the nominees. 

• Kotak Accidental Death Benefit Rider

If the life insured under the insurance plan dies from an accident, the nominees will receive an additional death benefit from this rider. It is paid out within 120 days of the accident and the subsequent claim made by the nominee(s).

• Kotak Critical Illness Plus Rider

This rider provides financial help if the policyholder suffers from any critical illness. The critical illness must be pre-specified and vetted by a certified medical practitioner. The comprehensive list of critical illnesses covered by this rider can be found in the product brochure. It includes such illnesses as kidney failure, cancer and more.

• Kotak Life Guardian Benefit Rider

This rider is available for those insurance plans wherein the policyholder and the life insured are two different individuals. Under this rider, all future payable premiums are waived if the policyholder dies before the end of the policy term.

• Kotak Accidental Disability Guardian Benefit Rider

This rider also waives all future premiums under the base insurance plan in case the policyholder becomes permanently disabled due to any accident. The disability must be proved to the satisfaction of the company to avail the benefits from this rider.

• Kotak Permanent Disability Rider

In case the policyholder suffers from a permanent disability, this rider pays out a benefit over the course of five years. The total amount given out is 120% of the Rider Sum Assured. There are no death benefits under this rider but if the policyholder dies within the benefit payment phase, the remaining discounted benefit is paid out in lump sum.

Endnotes

A Kotak Life Insurance Rider is an affordable and efficient way to get comprehensive protective cover from your insurance plan. Be prepared for all situations and remain stress-free with Kotak Life Insurance Riders.

Also read

Types of Life Insurance Policies and Riders

Why Should You Buy Life Insurance Riders?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.