Online Term insurance plans are getting more popularity these days due to their low premium and hassle free subscription procedure via online procedure. For that reasons every insurance company is coming up with their own online term insurance plans. Now you have many options to choose from. Here we will discuss about 2 popular online term plans from Kotak and Bharati Axa life. Kotak e preferred term plan and Bharti Axa e-protect term plan. Though are pure term plans they have few differences than each other and also common term insurance factors.
These 2 policy has all such common term plan features which is provided by almost all the insurance plans in market. But besides that they have some unique feature which is quite interesting. For Kotak e-Preferred term plan you will get Step Up and Step Down option to increase or decrease your sum assured amount as per your requirement and situation in life. When in other case Bharti Axa e-Protect has Family Care Benefit option with which insurer can get some extra monetary benefit besides sum assured under few condition.
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Let’s compare these 2 policy features, premium calculation in a Tabular format
Kotak e-Preferred vs Bharati Axa e-Protect
- A pure Term plan for Sum Assured above 25 lacs
- You can move to other non-term plans from Kotak itself
- Step Up Option : This is one of the new feature of this policy. You can increase your sum assured in various situations of life like Marriage, House purchase etc. And also you can reduce with the Step Down option.
- Women subscriber can get less premium.
- A pure term insurance plan with minimum sum assured 25 lacs
- This policy has a maximum maturity age of 60 years
- Family Care Benefit: After continuing for 2 years policy holder can go for this feature. Under this feature a part of Sum Assured equal to Rs 100,000 is provided to the nominees within 48 hours of submitting all the required claim documents.
- You can avail premium discount if sum assured is more than 50 lacs
There is no maturity benefits
A healthy Male (non-tobacco user) Sum Assured = Rs. 30 lakhs A Cover of 1 Crore for Rs. 6100 only. This one you can get from their brochure itself
Premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C So if you have not yet subscribed to a pure term insurance plan, then you might think any of these 2 plan. Besides that there are many other plans as well. But if you think why you need a pure term plan then you must read the below post. Why Term is must for you