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    You are at:Home»News»What is a Step-Up and Step-Down Option in Kotak e-Term Plan? All You Need to Know

    What is a Step-Up and Step-Down Option in Kotak e-Term Plan? All You Need to Know

    RockyBy RockySeptember 29, 2022No Comments2 Mins Read
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    When it comes to life insurance, there are different options to choose from. One of the most popular choices is Kotak e-Term Plan. This policy offers a lot of flexibility, and two of its popular features are the step-up and step-down options. This blog post will explain both of these features and how they work.

    Let’s get started.

    Step-Up Option

    In Kotak e-Term Plan, the step-up option allows you to increase your sum assured by a certain percentage, usually between five to ten percent, during the policy term. This is beneficial if you have an increase in income or feel that you need a higher coverage amount. The step-up option can be exercised at any time during the policy term and does not require any medical underwriting.

    To avail the step-up facility under Kotak e-Term Plan, you need to pay an additional premium. The increased sum assured will be payable on the death of the policyholder during the policy term. You must also know how to calculate term insurance premium.

    Only anyone under the age of 45 may use the Step-Up option. This option will need a higher premium because the Sum Assured will increase. When activating the Step-Up Option, the Life Insured’s age at that time will determine the amended premium.

    The benefit will be paid according to the payment option selected at the time of initiation. A higher premium will be required due to the increased basic sum insured.

    Step-Down Option

    The step-down option in Kotak e-Term Plan allows the policyholder to reduce the sum assured during the policy term. This option is beneficial if the policyholder’s financial needs change over time and they need a lower level of protection.

    The step-down option can be exercised at any time during the policy term, subject to certain conditions. Once the option is exercised, it cannot be reversed.

    Policyholders should carefully consider their needs before exercising the step-down option, as it will reduce the death benefit and potentially decrease the policy’s value.

    The Bottom Line

    Kotak e-Term Plan is a great way to protect your family’s future. It includes a step-up and step-down option that can benefit in certain situations. Understanding how these options work ensures you are getting the most out of your policy. Also, consult with a financial advisor to see if this is the right type of policy for you.

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    Rocky

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