What is Automatic Cover Maintenance?

What is Automatic Cover Maintenance?

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If the policyholder has paid the premium for the last 3 years, and if he discontinues paying premium after three years, the policyholder goes into Automatic Cover Maintenance. Under this provision, the customer’s basic life cover will be available and in the event of death, the full death benefit will be payable to the customer. The customer’s fund will be utilised for paying the mortality charges. Once the fund is completely exhausted the policy will terminate. However, this feature is not available in pure risk plans i.e. Kotak Term, Kotak Preferred Term plan.

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