Your investments must ensure that your financial requirements are met comfortably. At the same time, it would be ideal if your savings are safeguarded from erosion due to market uncertainties.
Kotak Secure Invest Insurance is a unit linked life insurance plan and lets you enjoy the upside of the market while safeguarding the downside by way of Capital Guarantee. Therefore, on maturity, if the market value of your units is higher, you reap the benefits with the peace of mind whilst in a bear market your investment is protected by Capital Guarantee. In addition, the returns are totally tax-free.
Advantages
- Market participation backed by Capital Guarantee
- Inbuilt investment advice of Guarantee Fund
- Long term benefits of insurance with short term payment
- Tax Benefits
Key Features
Capital Guarantee
This unique feature ensures that while you gain from the upside of rising markets, market under performance will not unnerve you as your capital is guaranteed at maturity.
Capital Guarantee is available if the policy is in force and no partial withdrawals are made. Guarantee Charge of 0.75% p.a. will be applicable on Fund Value
2. Inbuilt Investment Advice
We are offering a unique Guarantee Fund that aims at stable capital appreciation while limiting the downside risk in falling markets through active management of funds by experts. You also have the option of Money Market Fund, which invests in Money Market Instruments.
In cases where Capital Guarantee falls away you have the option to switch your investments to the Frontline Equity Fund and no Guarantee Charge will be applicable.
3. Flexibility of Short Term Payment
You also have the option of a shorter term for premium payment where you can choose to pay off your premiums in 5 years (for 10 year policy term) or 10 years (for 15/20/25/30 year policy terms).
4. Boosted Protection through Riders
You can opt for additional rider benefits if you want to guard against any specific eventuality. This plan offers the following riders:
- Kotak Term / Preferred Term Benefit (KTB/KPTB)
- Kotak Accidental Death Benefit (ADB)
- Kotak Permanent Disability Benefit (PDB)
- Kotak Critical Illness Benefit (CIB)
- Kotak Life Guardian Benefit (LGB)
- Kotak Accidental Disability Guardian Benefit (ADGB)
5. Tax Benefits: You can avail tax benefits under Section 80C and Section 10 (10D) of Income Tax Act, 1961. Premiums paid for Kotak Critical Illness Benefit (CIB) may qualify for a deduction under Section 80D of the Income Tax Act, 1961. Tax Benefits are subject to change in the tax laws. You are advised to consult your tax advisor for details..
Eligibility & Exclusions
| Entry Age | Min 0 years, Max 60 years |
| Maturity Age | Min 18 years, Max 75 years |
| Policy Term | 10/15/20/25/30 years |
| For minors, minimum term – 10 years or 18 less entry age (as on last birthday), whichever is higher, rounded to the next higher policy term available. | |
| Premium Payment Term | Regular: Equal to policy term |
| Limited: 5 years with 10 year policy term | |
| 10 years with 15/20/25/30 policy terms | |
| Premium Payment Mode | Annual |
| Regular Premium | Min: Rs.20,000 p.a. |
| Max: Rs.1,50,000 p.a. | |
| Limited Premium Payment (LPP) | Min: Rs 50,000 p.a. |
| Max: Rs.1,50,000 p.a. | |
| Basic Sum Assured | For entry age less than 45 yrs: Higher of (10 X Annual Premium) OR (0.5 X Policy Term X Annual Premium) |
| For entry age 45 yrs and above: Higher of (7 X Annual Premium) OR (0.25 X Policy Term X Annual Premium) | |
| AP : Annual Premium |
General Exclusions
In case the Life Insured commits suicide within one year of date of issue of the policy, the beneficiary would receive the Fund Value.
Risk Factors
- Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors.
- The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
- Kotak Mahindra Old Mutual Life Insurance Ltd is only the name of the Insurance Company and Kotak Wealth Insurance is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
- Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer.
Know more about Kotak Life Insurance
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Tags: Insurance, KOTAK LIFE INSURANCE, Kotak Secure Invest Insurance