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• Kotak Wealth Saving and Investment Life Insurance Plan and Policy

Kotak Wealth Saving and Investment Life Insurance Plan and Policy

Kotak Wealth Saving and Investment Life Insurance Plan and Policy - The Kotak Wealth Insurance plan is unit linked insurance plan (ULIP) that ensures a secure future financially for you and a sizable life insurance cover for your loved ones. The plan is designed so as to provide a balance between wealth accumulation and protection. You can create a corpus for yourself through periodic investments in funds of your choosing, and secure your family’s financial future through the comprehensive life cover.

Features - Kotak Wealth Saving and Investment Life Insurance Plan and Policy

• Switch between fund options according to your requirements and objectives to maximise returns.
• Build a corpus through your fund investments and use the money for large expenses like marriage or holidays when you need it.
• Customize your portfolio by yourself or let the experts at Kotak take care of your investments according to your risk profile.
• Option to choose between regular premium payment and limited premium payment.
• Option to invest surplus funds as top-up premiums, which provides higher additional payout at death/maturity.
• Option to alter the basic sum assured so as to keep your cover relevant.

Benefits - Kotak Wealth Saving and Investment Life Insurance Plan and Policy

• Death benefits include the sum of 100% of basic sum assured, fund value and lump sum benefit.
• If opted for top-up, the death benefit will also include the higher of top-up sum assured or fund value of top-up account, with respect to each top-up premium.
• If life insured and policyholder are different, death benefit includes 100% of basic sum assured plus fund value.
• Lump sum benefits are provided on death of the policyholder, and is equal to all the outstanding premiums (basic premium instalments*number of outstanding instalments).
• Partial withdrawals are allowed after completion of the 5th policy year.
• Tax benefits are available under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.
• Maturity benefits include fund value, which can be withdrawn as and when you see fit in lump sum or in instalments.

Eligibility - Kotak Wealth Saving and Investment Life Insurance Plan and Policy

• Policyholders should be within 18 years to 65 years of age. The life insured can be between 0 years to 65 years.
• Policy terms of 10, 15, 20, 25 or 30 years.
• Premium payment plans are available as regular premium term and limited premium term. Limited premium term requires you to pay premiums only for 5 years for the 10 year policy term.
• Regular premium plan’s minimum premium amount is Rs.20,000, and limited premium plan’s minimum premium amount is Rs.50,000. There is no cap on the maximum amount of premium in either case.
• For entry age below 45 years, basic sum assured is higher of (10*AP) or (0.5*policy term*AP), where AP is the annual premium.
• For entry age including and above 45 years, basic sum assured is higher of (7*AP) or (0.25*policy term*AP).
• The maximum sum assures is 25 times the AP.
• Top up premium minimum amount is Rs.10,000, while the maximum should not exceed all regular premiums paid till date.
• Top up sum assured is 1.25 times the top-up premium (entry age less than 45 years) and 1.10 times top-up premium (entry age above and including 45 years).