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Kotak Smart Life Plan Review


The Kotak Smart Life Plan is a new product in the Indian insurance industry. It has several advantages, including guaranteed added benefits, flexible payment options, and an Accidental disability guardian benefit. It also offers a cash payout option for Paid-Up Additions. However, this plan is not suitable for all individuals.

Guaranteed added benefits

The Kotak Smart Life Plan has been designed to provide high-protection coverage and additional benefits to its members. The plan offers various benefits to its members, such as a maturity benefit, Kotak Accidental Death Benefit, and a flexible premium payment schedule. It also offers a tax deduction.

A non-linked participating life insurance plan, the Kotak SmartLife plan offers flexible annual cash bonus options that can be used to meet interim financial obligations or accumulate wealth for larger future goals. The Kotak SmartLife plan is designed to cover the financial needs of the policyholder and his or her family for up to 75 years. The plan offers the flexibility of choosing from two bonus options – cash payout or paid-up addition.

The Kotak Critical Illness Plus Benefit Rider covers 37 critical illnesses. The plan pays a lump sum if the life assured contracts one of these illnesses or undergoes covered surgery. This rider is available at the policy initiation or anniversary and provides life cover for the policy’s term. The policy also offers a lump-sum death benefit if the policyholder dies of any covered critical illness.

Flexible payment options

If you’re concerned about the high cost of premiums, Kotak Smart Life Plan offers many flexible payment options. The plan’s monthly premium payment option allows you to pay your premiums throughout eight, ten, twelve, or twenty years. In addition to flexible premium payment options, Kotak Smart Life Plan offers high protection cover.

Flexible payment options are essential if you’re concerned about your financial future. For instance, the Kotak Smart Life Plan allows you to withdraw partially during a 30-day grace period. The plan also has an annual cash bonus option that pays out a portion of the sum assured upon death. You can also choose to receive partial payouts in the event of an emergency.

A money-back plan gives you the money you paid in premiums back if you die within the term of the plan. This feature is known as a survival benefit. In addition, Kotak Smart Life Plan has an enhanced death cover that provides additional cash in the event of an accident. You can use the money to pay off debts, buy valuable possessions, or start a retirement corpus.

Accidental disability guardian benefit

The Kotak Accidental Disability Guardian Benefit Rider provides monthly income to your beneficiaries if you become disabled. It waives off the future premiums of your base insurance plan and provides 120% of the rider sum assured over five years. A part of the benefit is paid every year, while the rest is paid at the end of the fifth year. You can get the benefits on single, limited, or regular pay.

Kotak SmartLife Plan offers many additional riders and protection. It is flexible and allows you to customize your policy with optional riders. It also offers a grace period of 15 days for the monthly modes of payment and 30 days for other payment modes. The plan also includes cash bonus payouts. The Cash Bonus Payment Option pays the sum assured at the time of death, plus the Interim Bonus, if any, plus the Present Value of the Outstanding Cash Bonus Payout for the remaining months in the year of the policyholder’s death. The Paid-Up Addition Option provides the sum assured upon death, plus any Paid-up additions that accrued during the policyholder’s life.

You can opt for a Participating Endowment plan with Kotak Life Insurance Company Ltd. It provides death cover, an enhanced death benefit, and an accidental death benefit. There are also four riders available for this plan.