Each and every one of us dreams to ensure a bright future for ones family. Kotak Life Insurance presents Kotak Wealth Insurance, a unit-linked Life Insurance plan that diligently works towards realization of your dreams. This plan ensures that your investments grow with time. It also provides a triple protection so that your family’s aspirations are met even if you are not around.
Kotak Wealth Insurance is an ideal plan as this is a unit-linked insurance plan that provides you with investment growth to take care of your family’s goals and comprehensive protection to help your family and you meet unplanned events head on.
Advantages
- Comprehensive triple benefit to secure your family’s future
- Wide array of fund options to suit your investment needs
- Liquidity to take care of contingencies
- Convenience of shorter payment term
- Optional rider benefits to boost protection
Key Features
1. Maturity Benefit
You are entitled to the Fund Value on maturity. You may withdraw any amount on maturity and the balance, if any, can be taken in periodic installments for up to 5 years after maturity.
2. Death Benefit
This insurance plan provides the following benefits in the event of death:
The Death Benefit in this plan will not be less than 105% of the total premiums paid (adjusted for Partial Withdrawals and outstanding loan amount along with interest).
#Lump Sum Benefit is equal to the future premiums (i.e. basic premium x number of outstanding installments). This benefit is payable only during the premium payment term.
3. Rider Benefits for boosted protection
To ensure comprehensive protection for your family, you may opt for any of the following rider benefits:
- Kotak Accidental Disability Guardian Benefit (ADGB)
- Kotak Accidental Death Benefit (ADB)
- Kotak Critical Illness benefit (CIB)
These benefits will be charged by way of additional unit deductions from the fund.
4. Loans and Partial Withdrawals for easy liquidity
To ensure that your long-term investments are flexible enough to account for your current needs, Kotak Wealth Insurance offers you the option of Loan and Partial Withdrawals. You can avail of a loan up to 40% of the Fund Value in Main and Top-Up Account to meet any contingency, after two years premium have been paid. Partial Withdrawals are allowed after five policy years.
5. Invest surplus capital as Top-Up Premiums
You can invest your surplus funds as Top-Ups, thus adding to your savings potential. You also enjoy Top-Up Sum Assured that add to your existing cover.
6. Switch between funds for better flexibility
Switching is allowed during the term of the policy between the available fund options to match your investment objectives and maximize your returns. First four switches in a year are free.
7. Convenience of shorter payment term
You can choose to pay off your premiums in 5 years and enjoy policy benefits over a policy term of 10 years.
8. Tax Benefits: You can avail tax benefits as per Section 80C and Section 10 (10D) of Income Tax Act, 1961. Premiums paid for Kotak Critical Illness Benefit (CIB) qualify for a deduction under Section 80D. Tax Benefits are subject to change in tax laws. You are advised to consult your Tax Advisors for details.
Eligibility & Exclusions
| Entry Age | Min 0 years, Max 65 years |
| Maturity Age | Min 18 years, Max 75 years |
| Policy Term | 10/15/20/25/30 years |
| For Minors: 0 to 2 yrs – Policy Term of 20, 25 & 30 yrs | |
| 3 to 7 yrs – Policy Term of 15, 20, 25 & 30 yrs | |
| 8 yrs onwards – Policy Term of 10,15,20,25 & 30 yrs | |
| Premium Payment Term | Regular: Equal to policy term |
| Limited: 5 years with 10 year policy term | |
| Premium Payment Mode | Annual |
| Regular Premium | Min: Rs.20,000 p.a. |
| Max: No Limit | |
| Limited Premium Payment (LPP) | Min: Rs 50,000 p.a. |
| Max: No Limit | |
| Basic Sum Assured | Entry age of less than 45 yrs: Min – Higher of (10 X AP) or (0.5 X Policy Term X AP) & Max – 25 x AP |
| Entry age of 45 yrs and above : Min: Higher of (7 X AP) or (0.25 X Policy Term X AP) & Max – 25 x AP | |
| AP : Annual Premium | |
| Top-Up Premium | Min – 10,000 |
| Max – 10 X AP (aggregate of all Top-Up Premiums) | |
| Top-Up Sum Assured | If age at the time of payment of Top-Up Premium is less than 45 yrs: 1.25 X Top-Up Premium |
| If age at the time of payment of Top-Up Premium is 45 yrs and above : 1.10 X Top-Up 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 in the Main and the Top-Up Account. In case the Life Insured commits suicide within one year of date of payment of Top-Up premium, the Top-Up Sum Assured is not payable and only the Fund Value in the Top-Up Accounts is payable.
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.
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Tags: Insurance, KOTAK LIFE INSURANCE, Kotak Wealth Insurance