Kotak Permanent Disability Benefit Rider

Kotak Permanent Disability Benefit Rider

Kotak Permanent Disability Benefit Rider is aimed at providing support to you and your family in case of unforeseen situations arising out of Total and Permanent disability due to accident. By opting for Kotak Permanent Disability Benefit Rider (hereafter referred as Rider) to the base plan, you can enhance the existing protection available under base plan at affordable rates.

Key Features
* Flexibility to pay premiums as per convenience - Single, Limited and Regular Pay options
* Comprehensive protection till the end of policy term of the base plan
* 120% of the Rider Sum Assured paid over a period of 5 years
* Option to select Rider either at inception or at any policy anniversary

Benefits
1 On Total and Permanent Disability due to an accident: 120% of Rider Sum Assured is paid out over a period of 5 years. Accident is defined as "a sudden, unforeseen and involuntary event caused by external, visible and violent means". Rider Sum Assured will be paid in five annual instalments of 12% of the Rider Sum Assured, followed by a final payment at the end of the fifth year of 60% of the Rider Sum Assured. The first instalment of 12% of the Rider Sum Assured will be paid on claim settlement and the remaining instalments will be paid in intervals of one year. There is no Death Benefit payable under this Rider. However, in case of death of the Life Insured during the benefit payment phase, the discounted value (at 4% rate of interest) of outstanding benefit, if any, will be paid as a lump sum and the rider benefits will terminate.
At Maturity: There is no maturity benefit payable under this Rider.

Eligibility