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Kotak Premier Moneyback Plan

What is the Plan all About?

Kotak Premier Moneyback Plan is a savings cum protection plan with limited premium payment option. This plan provides lump sum payouts at regular intervals, so you can easily meet your short term financial needs. With life cover, you can ensure the financial security of the family, even when you are not there.

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What are the Key Features?

  • Regular cash backs for easy liquidity
  • Maturity benefit with lump sum maturity addition
  • Life cover to ensure family protection
  • Get bonus amount from 1st year onwards
  • In-built cover for accidental death
  • Choose appropriate rider (s) to enhance protection
  • Get high sum assured discount
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured due to natural causes during the term of the policy, Sum Assured on Death plus accrued Reversionary bonuses and Terminal bonus is payable to the nominee. Sum Assured on Death is higher of Basic Sum Assured or multiple of annual premium. Where multiple is 11 times when age at entry is less than or equal to 45 years and it is 7 times when age at entry is more than 45 years.

    The total death benefit is subject to the minimum of 105% of the total premiums paid, as on the date of death.

    In the event of death of the life insured due to an accident, an additional Basic Sum Assured is paid along with the Death Benefit.

Maturity Benefit

    On survival of the life insured till maturity of the policy, 40% of Sum Assured plus Maturity Addition plus Accrued Reversionary bonus plus Terminal bonus is paid.

Regular Payouts

    Regular cash backs as a percentage of basic sum assured is payable at regular intervals. The balance sum assured amount is then paid at the policy maturity.

    Kotak Premier Moneyback Plan

Maturity Addition

    A lump sum maturity addition is provided with the maturity payout, provided the policy is in-force. Maturity addition is 10%/20%/30% of basic sum assured for 16 years/20 years/24 years policy term, respectively.

Bonus

    Simple Reversionary Bonus is a percentage of the Sum Assured and it is declared at the end of each financial year. These bonuses accrue from the 1st policy year onwards, until death or maturity. Interim bonus is payable to the part of the financial year for which bonus has not been allotted in the earlier financial year. Terminal Bonus is a percentage of the sum assured and it is payable with maturity benefit. The company may decide to pay this bonus on death, provided the premiums have been paid for 10 years.

Loan Benefit

    No loan facility can be availed under this policy.

Surrender Value

    This policy acquires Surrender Value after paying at least two full policy years’ premium for 16 years policy term and the surrender can be acquired after paying at least three full policy years’ premium for 20 years & 24 years policy term. The Surrender Value payable is higher of Guaranteed Surrender Value or Special Surrender Value.

Tax Benefit

    Under this policy, you can avail tax benefits under section 80C & 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 2 Years 59 Years (policy Term 16 Years), 55 Years (policy Term 20 Years), 51 Years (policy Term 24 Years)
Age at Maturity - 75 Years
Policy Tenure 16/20 Years 24 Years
Premium Paying Term 8 Years (policy Term 16 Years), 10 Years (policy Term 20 Years), 12 Years (policy Term 24 Years) -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Depends On Minimum Sum Assured Depends On Sum Assured Levels
Sum Assured Rs 1.5 Lacs No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Following riders can be opted, on payment of additional rider premium.

  • Kotak Term Rider
  • Kotak Life Guardian Benefit Rider
  • Kotak Accidental Disability Guardian Benefit Rider

How the Plan Works?

Raman at 35 years, wants to buy Kotak Premier Moneyback Plan to get regular money backs along with life protection. He opts the plan with the policy term of 20 years, premium paying term of 10 years, sum assured is Rs 5,00,000 with annual premium of Rs 2,93,375.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, he receives Rs 2,00,000 plus Maturity Addition plus Accrued Reversionary bonus plus Terminal bonus.

Scenario B: Raman dies during the Term of the Policy

In the event of demise of Mr. Raman during the policy term, Rs 5,00,000 plus accrued Reversionary bonuses and Terminal bonus is payable to the nominee

Benefit Illustration:

Kotak Premier Moneyback Plan

Note: The assumed non-guaranteed rates of return as shown in the above illustration are @ 4% per annum & 8% per annum. These are not the upper or lower limits of what you might get back as it depends on a number of factors.