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Kotak Platinum Plan

Kotak Platinum Plan is a unit linked insurance plan offered by Kotak Life Insurance. This plan provides for both life insurance and investment opportunity to people who want more than just protection from their insurance scheme.

With comparatively low premium charges and multiple investment options to suit the needs of everyone, Kotak Platinum is one of the most flexible and suitable insurance plan available in the market.

Eligibility - Who is the Kotak Platinum Plan for?

Kotak Platinum Plan can be availed by anyone under 65 years of age. Even minors can be deemed policyholders under this plan.

Parameter Details
Minimum Entry Age 0 years
Maximum Entry Age 65 years, (60 years for limited pay)
Minimum Age at Maturity 18 years
Maximum Age at Maturity 75 years
Minimum Policy Term 10 years
Maximum Policy Term 30 years
Minimum Policy Term for Minors 18 minus the age of policy commencement

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured:

Type Age Minimum Maximum
Regular Pay Less than 45 years Higher of the following:
  • 10 times the annual premium
  • 0.5 x Policy Term times the annual premium
25 times the annual premium
45 years Higher of the following:
  • 7 times the annual premium
  • 0.25 x Policy Term times the annual premium
25 times the annual premium
46 years - 55 years Higher of the following:
  • 7 times the Annual Premium
  • 0.25 x Policy Term times the annual premium
15 times the annual premium
56 years - 60 years Higher of the following:
  • 7 times the annual premium
  • 0.25 x Policy Term times the annual premium
10 times the annual premium
61 years and above 7 times the annual premium NA
Limited Pay Less than 45 years Higher of the following:
  • 10 times the annual premium
  • 0.5 x Policy Term times the annual premium
15 times the annual premium
45 years Higher of the following:
  • 7 times the annual premium
  • 0.25 x Policy Term times the annual premium
15 times the annual premium
46 years-50 years Higher of the following:
  • 7 times the annual premium
  • 0.25 x Policy Term times the annual premium
15 times the annual premium (except for 5 year premium paying term which is 10 times the annual premium)
51 years-60 years Higher of the following:
  • 7 times the annual premium
  • 0.25 x Policy Term times the annual premium
10 times the annual premium (except for 5 year Premium paying term which is 7 times the annual premium)
Top-Up Sum Assured Less than 45 years 1.25 x Top-Up Premium. NA
45 years and above 1.10 x Top-Up Premium. NA

*Premiums vary based on age, location, plan term and other factors.

Premium Range:

Premium Payment Frequency Minimum Maximum
Monthly Rs.8,250 No limit
Quarterly Rs.24,750 No limit
Half-yearly Rs.49,500 No limit
Annual Rs.99,000 No limit
Top-Up Premium Rs.10,000 Less than or equal to the sum of all regular premiums paid till then.

Plan Coverage - What the Kotak Platinum Plan covers?

Maturity Benefit Maturity benefit under this plan is equal to Fund Value plus all Survival Units. Fund Value can be obtained as a lump sum when terminating the policy, or can be got as a Settlement after the policy term expires.
Death Benefit Kotak Platinum Plan safeguards the financial future of loved ones of a policyholder by providing death benefits in event of the unfortunate demise of the policyholder. The death benefit is the higher of:
  • Sum Assured (Basic) minus any amount of partial withdrawal made.
  • 105% of all Premiums paid till death of the policyholder.
  • Main Account Fund Value.
Top-Up Benefit If Top-Up Premium has been paid during the tenure of the policy, policyholders get the higher of:
  • Sum Assured for the Top-Up.
  • 105% of all Premiums paid till death of the policyholder.
  • Top-Up Account Fund Value (if any).
Partial Withdrawals Liquidity After the first 5 years are over, a policyholder is free to access funds from the Main Account to meet unforeseen expenses that may occur any time.
Survival Units This plan comes with the benefit of additional survival units for long term policyholders. Kotak rewards long-term plans from the end of their 10th year onwards by adding Survival Units to the policyholder’s account every 5 years. The Survival Units amount to 2% of the Main Account Fund Value averaged in the last 3 years.

Riders – Additional coverage under the Kotak Platinum Plan:

  • Kotak Accidental Death Benefit Rider (Linked): This rider provides for additional death benefit in case the death of a policyholder occurs due to an accident. The Sum Assured for this Rider is payable above and over the death benefit offered under the base plan.
  • Kotak Permanent Disability Benefit Rider (Linked): This rider provides additional benefits in the event the policyholder suffers from Total and Permanent disability as the result of an accident. The Sum Assured under the Rider is paid without affecting the base policy.

Exclusions - What the Kotak Platinum Plan doesn’t cover?

Suicide exclusion:

  • If a Kotak Platinum policyholder commits suicide within a year from the commencement of the policy, not-considering any revival down in the interim, the benefits under this plan like Sum Assured (Basic) and Sum Assured (Top-Up) will not be paid to the nominee. However, they will receive the Main Account and the Top-Up Account Fund Values as on the day of demise of the policyholder.
  • If a Kotak Platinum policyholder commits suicide within a year from policy revival, and the revival has been done within 6 months of the discontinuance date, then no exclusion would be applicable and all Death Benefits for the plan would be payable.
  • If a Kotak Platinum policyholder commits suicide within a year from policy revival, and the revival has been done after 6 months of the discontinuance date, only the Main Account and the Top-Up Account Fund Values as on the day of demise of the policyholder will be paid to the nominee.

Other Key Features of Kotak Platinum Plan:

Top-Up Premiums Policyholders can increase their original investment with top-ups whenever they have extra money.
Partial Withdrawals Policyholders can partially withdraw their Fund Value to meet any emergency expense.
Discontinuance of policy Policyholders can decide to discontinue this plan due to any financial issue without incurring any charge after 5 years of policy date. Discontinuation of policy within 5 years would invite discontinuation charges.
Free Look Period If the master policyholder disagrees with the terms and conditions of the policy, he/she can return the policy back to the insurer within 15 days of receipt of the policy documentation. This interval is referred to as the free-look period. The policyholder is then liable to receive a refund of the premiums paid minus the charges borne by the insurer for stamp duty and other charges.
Grace Period and Notice period: Grace Period for premium payment is available
  • For 30 days with policies following quarterly, half-yearly and annual modes of payment.
  • For 15 days with policies following the monthly mode of payment.
If premium remains unpaid at the end of this period, the policyholder receives a notice by the next 15 days stating that the policyholder can either,
  • Within 2 years, revive policy.
  • Terminate policy without risk cover.
  • Convert policy into Reduced Paid-Up Sum Assured (Basic).
Notice Period ends after 30 days of the policyholder receiving the notice.
Policy Revival A Policyholder can revive their policy till the Notice Period expires. The Policyholder can also revive a discontinued policy within 2 years from its discontinuance date if they have already chosen the option to revive the policy. In such case any discontinuance charge levied earlier will get reversed.
Switching/Premium Re-direction This plan allows policyholder to switch between the different fund options available. They can also change premium allocation based on their changing investment needs.
Change in Basic Sum Assured Policyholders can increase or decrease their Sum Assured (Basic) without changing premiums to keep their insurance cover relevant to their requirements.

Tax Benefits – How you can save with Kotak Platinum Plan?

Tax benefits under Kotak Platinum Plan is available under the following sections of the Income-tax Act, 1961:

  • Section 80C for the premiums paid for the policy.
  • Section 10(10D) for the Maturity benefits received from the policy.

Other Benefits of Kotak Platinum Plan:

Let us discuss some of the other advantages of choosing the Kotak Platinum Plan:

  • You can apply for this plan online simply by making a few clicks on the official website of Kotak Life Insurance.
  • All Kotak online plans can be taken with the assistance of KK, the e-advisor of Kotak.
  • You can always ask for a life advisor by just clicking one button on the Kotak website. You will be asked to fill a few mandatory details and then you can complete the buying process in no time.
  • You can get answers to all your queries regarding Kotak life insurance products by calling the toll free number at 1800 209 8800.

Why you should buy the Kotak Platinum Plan?

You should go for the Kotak Platinum Plan if you are looking for an authentic investment cum insurance plan. This plan will keep your dependents financially independent even if something ill-fated happens to you and also keep you independent in the future. You can buy this plan online quickly without any trouble. This plan comes with a removal of premiums when you go through total or permanent disability and the plan will continue as usual.

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