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Kotak Premier Life Plan

What is the Plan all About?

Kotak Premier Life Plan is a non-linked participating, limited premium paying whole life plan that offers life protection till 99 years of age. This plan also provides bonus payouts after completion of premium payment term. This life insurance plan helps grow your savings that can further be utilized to meet financial obligations or create a retirement corpus.

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What are the Key Features?

  • Life protection till 99 years
  • Avail survival & maturity benefit
  • Get Simple Reversionary bonus
  • Receive bonus payouts or accumulate it
  • Discount for high Sum Assured on maturity
  • Enhance protection through riders
  • Loan facility against the policy
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the premium payment term, Sum Assured on death plus Accrued Simple Reversionary Bonuses plus Terminal bonus is payable to the nominee. In the event of death of the life insured after the premium payment term & during the policy term, Sum Assured on death plus Accrued Paid-Up Additions plus Terminal bonus is payable to the nominee.

    Sum Assured on death is higher of Sum Assured on maturity, 11 times of Annualized Premium, or 105% of the premiums paid.

Survival Benefit

    The life insured can get the Survival Benefit as Cash Payout or Paid-Up Additions, as per the option chosen. This option can also be altered by giving a written request within three months before end of premium payment term.

    • Cash Payout This option provides accrued Simple Reversionary Bonus at the end of the premium payment term. After completion of the premium payment term, Cash Bonus is payable at the end of each policy year till surrender, maturity, or death, whichever is earlier.
       
    • Paid-Up Additions The accrued Simple Reversionary Bonus can be used to buy Paid-Up Additions. After completion of the premium payment term, Cash Bonus at the end of each policy year can be utilized to buy Paid-Up Additions. Paid-Up Additions are additional guaranteed benefits payable on maturity or death. The life insured has the option to encash the accrued Paid-up Additions when required by getting cash value of the accrued Paid-Up Additions.

Maturity Benefit

    On survival of the life Insured till the end of the policy term, Sum Assured on maturity plus Cash Bonus plus Accrued Paid-Up Additions plus Terminal bonus is payable.

Bonus

    Simple Reversionary Bonus is a percentage of the Sum Assured on maturity and it is declared regularly at the end of each financial year during the premium payment term. These bonuses are vested from the first policy year till end of premium payment term.

    Cash Bonus is declared at the end of each financial year after the premium payment term. It is payable till maturity, death, or surrender whichever is earlier.

    Interim Bonus on Sum Assured on maturity and accrued Paid-Up Additions (if applicable) may be payable at a rate as decided by the company.

    Terminal Bonus is expressed as a percentage of the Sum Assured on maturity and it is payable, in the event of death after 10 policy years. It is also payable on Maturity.

Loan Benefit

    The loan amount that can be availed is 80% of the Surrender Value, subject to the minimum loan amount of Rs 10,000.

Surrender Value

    In case of policies with premium paying term of less than 10 years, the Surrender Value is acquired after paying at least two full policy years’ premium. In case of policies with premium paying term of 10 years or more, the Surrender Value is acquired after paying at least three full policy years’ premium. Upon surrendering the policy, a Guaranteed Surrender Value is acquired.

Tax Benefit

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

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 3 Years 55 Years (8 Years PPT), 53 Years (12 Years PPT), 50 Years (15 Years PPT), 45 Years (20 Years PPT)
Age at Maturity - 99 Years
Policy Tenure 99 Years Minus Entry Age -
Premium Paying Term (PPT) 8/12/15 Years 20 Years
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Depends On The Basis Of Sum Assured On Maturity, Entry Age, Gender And Premium Payment Term No Limit (subject To Underwriting)
Sum Assured on Maturity Rs 2 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 Benefit Rider
  • Kotak Accidental Death Benefit Rider
  • Kotak Permanent Disability Benefit Rider
  • Kotak Life Guardian Benefit Rider
  • Kotak Accidental Disability Guardian Benefit Riderb

How the Plan Works?

Raman at 35 years, wants to buy Kotak Premier Life Plan to gain control over savings with whole life protection. He opts the plan with the premium paying term of 15 years, Sum Assured on Maturity is Rs 10,00,000.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, he receives Rs 10,00,000 plus Cash Bonus plus Accrued Paid-Up Additions plus Terminal bonus. The maturity benefit helps fulfill your financial objectives.

Scenario B: Raman dies during the Term of the Policy

In the event of demise of Mr. Raman during the premium payment term, the Death Benefit payable is Rs 10,00,000 plus Accrued Simple Reversionary Bonuses plus Terminal bonus. In the event of death of the life insured after the premium payment term & during the policy term, Rs 10,00,000 plus Accrued Paid-Up Additions plus Terminal bonus.

Benefit Illustration:

Kotak Premier Life Plan Benefit Illustration