Kotak Saral Suraksha

Type of policy: Term Insurance

 

A term insurance is a pure life insurance policy that gives your family a cover in case of an eventuality to the bread winner. This is a fantastic product from customer point of view, and is indeed one that every single family needs to have, for its earning member(s).

Kotak Saral Suraksha is a pure term policy.Itcan be bought without medical check-up but the catch is that sum assured is payable only from the second policy year onwards. If death occurs in the first year only paid premium will be returned.

Saral Suraksha is in fact too saral (simple in English) a policy to own. With maximum sum assured of Rs 1 lakh it offers negligible suraksha (protection in English).We typically recommend an insurance cover of 4-8 times your annual income, for as long a term as is available for your age. Find out the ideal cover for you using this calculator.

 

Product features:

Parameter

Value

Fintotal Comment

Minimum age at entry

18 years

 

Maximum age at entry

55 years

 

Policy term

5 and 10 years

You must choose between the two

Sum assured

5000, 10000, 15000, 25000, 50000, 75000, 100000

Measly cover

 

Returns: No survival benefit available at the end of the term. Pure insurance must be considered an expense and not an investment. Both give best results when handled separately.

 

Illustration:

The table below provides indicative premiums for various age-term combinations for a Sum Assured of Rs. 1 lakh for a premium term of 5 years (you can only choose between 5 years and single payment).

Your age

Term

Indicative Annual Premium

25 years

10 years

Rs. 965

30 years

10 years

Rs. 1,032

40 years

10 years

Rs. 1,603

50 years

5 years

Rs. 3,291

Fintotal Product Analysis is the ideal place to seek unbaised and neutral view on all financial products.

Do not get fooled by agents and distributors, just check here before you make any purchases.


Explore more in a easy manner.


Table of Contents

Table of Contents