Kotak Single Invest Plus Plan

• Convenience of one time payment
• Take advantage of Loyalty Additions
• Option to invest in any 5 funds
• Joint life cover
• Ease of liquidity through partial withdrawal
• 12 Free switches during a policy year
• Avail tax benefits

This policy offers following 5 investment funds, you can invest with that suit your investment objectives.

• Classic Opportunities Fund
• Frontline Equity Fund
• Dynamic Bond Fund
• Dynamic Gilt Fund
• Money Market Fund

Death Benefit

In the event of death of the any one of the two lives covered during the policy term, the Sum Assured on 1^st Death as 1.25 times of single premium is payable. On second death, the highest of Sum Assured on 2^nd Death as 10 times of Single Premium, 105% of the Single premium paid, or Fund Value including Loyalty Additions is payable.

On simultaneous death of both the lives, Sum Assured on 1^st Death plus highest of Sum Assured on 2^nd Death, 105% of the Single premium paid, or Fund Value including Loyalty Additions is payable.

Up to the age of 60 years of the older life insured, Sum Assured on 2^nd death is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. After 60 years of the older life insured, Sum Assured on 2^nd death is reduced to the extent of Partial Withdrawals made from 58 years onwards.

In all such cases, the minimum death benefit on 2nd death should be 105% of the Single premium paid.

After payment of Death Benefit, the policy will get terminated.

Maturity Benefit

On survival of either of the two lives till the end of the policy term, Fund Value including Loyalty Additions is payable. The maturity benefit can be taken as a lump sum or via settlement option.

Loyalty Additions

Loyalty Additions as 3.60%/4% of the average fund value in the three years prior the benefit payout, when premium amount is less than 7 Lacs/greater than or equal to 7 Lacs, respectively.

Additional units as loyalty additions are credited into the fund at the end of the 10^th policy year for policy term of 10 years and it is credited into the fund at the end of the 10^th & 15^th policy year for policy term of 15 years.

Settlement Option

Settlement Option is available at maturity and it provides you the flexibility to receive the maturity benefits either 50% as lump sum and balance 50% as periodic installments or whole amount through periodic installments. The installment period cannot exceed the maximum period of 5 years.

Switching

You can switch between fund options to capitalize market opportunities.

Partial Withdrawal

Partial Withdrawal is allowed after completion of five policy years. The minimum partial withdrawal amount is Rs 5,000 and futher withdrawals should be in multiples of Rs 1,000. The minimum fund value required post withdrawal is 50% of the single premium.

Bonus

The plan is not eligible for the bonuses as it is a non-participating life insurance plan.

Loan Benefit

No loan benefit can be availed under this plan.

Surrender Value

You can surrender your policy anytime after the payment of the single premium, but it is payable after completion of the first five policy years.

Upon surrendering the policy with-in the lock-in period of 5 years, the fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of lock-in period. The proceeds after addition of interest subject to a minimum of 4% per annum is payable after the end of the lock-in period.

Upon surrendering the policy after the lock-in period of 5 years and on complete withdrawal from the policy, the Fund Value plus Loyalty Additions as on the date of surrender is payable.

No rider is available under this plan.

Premium Allocation Charges (PAC): This charge is deducted from the premium paid and the net premium is then allocated at the Net Asset Value. PAC as 5%/4% of the single premium is payable for single premium band of less than Rs 7 Lacs/greater than or equal to Rs 7 Lacs, respectively.

Policy Administration Charge: Monthly policy administration charge is levied by the redemption of units under the policy. It is 0.05% of the single premium per month, not exceeding Rs 500 per month. This charge is levied for the first 5 policy years only.

Mortality Charges: Mortality charge is applied on Sum at Risk (SAR) and it is deducted on each Policy Month Anniversary. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Classic Opportunities Fund & Frontline Equity Fund, 1.20% p.a for Dynamic Bond Fund, 1% p.a for Dynamic Gilt Fund, 0.60% p.a for Money Market Fund, 0.50% p.a for Discontinued Policy Fund.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Switching Charge: You can avail 12 free switches in a policy year and upon exercising more switches, Rs 250 is applicable on each additional switch.

Partial Withdrawal: Rs 250 per partial withdrawal is levied.

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

Mr. Lokesh at 35 years of age is seeking to buy a plan that can help build the wealth along with financial cover for the family. He then chooses to buy Kotak Single Invest Plus having joint cover for spouse with the policy term of 15 years, single premium of Rs 5 Lacs.

Scenario A- Maturity Benefit: In case of survival of either of the live till maturity of the policy, Fund Value including Loyalty Additions is payable to the surviving policyholder.

Scenario B- Death Benefit: In the event of death of the any one of the two lives during the policy term, the Sum Assured on 1^st Death as 1.25 times of single premium is payable. On second death, the highest of Sum Assured on 2^nd Death as 10 times of Single Premium, 105% of the Single premium paid, or Fund Value including Loyalty Additions is payable. On simultaneous death of both the lives, Sum Assured on 1^st Death plus highest of Sum Assured on 2^nd Death, 105% of the Single premium paid, or Fund Value including Loyalty Additions is payable.