Kotak Surakshit Jeevan

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Surakshit Jeevan is a protection sum savings plan from Kotak Life Insurance with an enhanced protection benefit. With this feature, in the event of the death of the policyholder after five years of the policy term, the nominee will be entitled to receive double the amount of sum assured. However, if the policyholder passes away during the first five years of the policy, the nominee will be entitled to receive only the basic sum assured along with vested bonuses.

Apart from the double death benefit, the scheme also offers other incentives. These include simple reversionary bonus — payable every year as a percentage of the sum assured, interim bonus — payable in case of a death claim during the course of the year and terminal bonus — payable on maturity or earlier death subject to completion of 10 policy years. These bonuses, however, are not guaranteed and their payments are subject to the company's discretion.
   

Investors opting to buy this policy get the advantage of a double death cover, but the premium charged for such a benefit is relatively higher especially if one considers the premiums charged by a pure term plan.

 

Thus, if one were to opt for the Kotak Term Plan instead, for a policy term of 25 years and sum assured equivalent to double the death cover as provided for by Surakshit Jeevan, the premiums payable shall be much lower.

While investors here can argue that the premium paid under a term plan is an expense that will eventually be lost if the policyholder were to survive until the end of the policy term, the point worth consideration is that the low cost of these products cannot be ignored if ensuring adequate cover to life is the key concern for the policyholder.

 

 

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