Kotak Loan Protection Plan:

In today’s modern world, amenities like a house or car is not so difficult to build or buy.  You also are not needed to have ready cash to buy your house or car like the yesteryears.  You can pay for your house or car by making use of the number of attractive house loans or car loans available in the market today.

How does taking a Kotak Loan Protection Plan help you?
Mind you, the most important part of taking a loan is, how are you going to pay the installments, if you or your family is in a financial crisis due to your untimely death, or you are critically ill, how will you or your family pay the loan installments?

The Kotak Loan Protection Plan will pay your loan under this plan.  This plan acts as a security against your loan payment, if you are in such a situation that you are unable to pay it yourself.

You can avail of many benefits by buying this plan.  They are,
You have the benefit of securing your family, in the event of your untimely death, against paying the pending loan.  The premium can either be paid in installments or by a single payment.  If at any time during the policy term you want to get released from it, you have the option to do so.

This plan is designed to protect the loan taker from emergency situations.  How this plan works is, the cover you are eligible to receive depends on how much of loan you have taken.  If you buy this plan, as you start paying your loan installments, the principal amount will keep decreasing at each loan installment payment and so also will your policy cover.

This plan offers the death benefit wherein in the event of your unfortunate death; your nominee is eligible to get the sum assured so that the loan payment will be looked after. However, this plan does not offer any maturity benefits, since it is purely a plan designed to take care of an emergency situation.

This plan also has the Kotak Critical Illness Benefit rider.  By opting for this rider if you are critically ill, and because of that you are unable to pay your loan, you are eligible to get a maximum of seventy five percent of the sum assured.

The Kotak Loan Protection Plan is one of its kind, which many of the middle class people will benefit from, while taking a loan.