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  • Kotak Premier Life Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Kotak Premier Life Plan is a limited premium, non-linked, participating whole life insurance plan that offers coverage to policyholders up to 99 years. The plan provides basic life coverage as well as helps the policyholder secure his/her dependents’ future. Policyholders can also build their wealth through the simple annual reversionary bonus that is declared following the end of the premium paying term.

    The policy offers individuals a choice of policy terms as well as a discount on the premium payable in case of high sum assured amounts.

    The policy offers adequate coverage in the event of an unfortunate situation, with the minimum sum assured amount being Rs.2 lakh.

    One of the features of this policy is the choice of benefit pay-out. Policyholders can choose to receive their survival benefit either as a cash payout or as a paid-up additions option, which would increase the payout received by the policyholder. This amount would be added to the death benefit, thus increasing the amount received.

    Eligibility - Who is the Kotak Premier Life Plan for?

    The Kotak Premier Life Plan is an ideal plan for those looking for long term protection and the opportunity to build their wealth through the policy bonuses paid out. The plan is also ideal for those who wish to bolster the death benefit amount payable through the survival benefit options provided.

    The plan is held singly and coverage is extended to the holder only.

    Policyholders who are looking at investing in this plan are required to meet the following criteria:

    Parameter Eligibility
    Entry age 8 year premium paying term: 3-55 years 12 year premium paying term: 3-53 years 15 year premium paying term: 50 years 20 year premium paying term: 45 years
    Maturity age 99 years
    Premium paying term 8, 12, 15 or 20 years
    Policy term 99 years minus the entry age
    Minimum Sum Assured Rs. 2 lakh

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

    Sum Assured:

    The Sum assured amount under the Kotak Premier Life Plan that is payable on maturity is Rs.2 lakh. The plan does not specify a ceiling for the sum assured amount.

    Premium:

    The plan allows for the payment of policy premiums either monthly, quarterly, half-yearly or annually, based on the policyholder’s convenience. The minimum amount payable as premium would depend on the sum assured amount selected, the policyholder’s age at entry, the premium payment term as well as other factors such as gender etc.

    When calculating the amount of premium payable through the various modes, the company uses the following modal factor:

    Instalment Percentage
    Annually 100%
    Semi-annually 51%
    Quarterly 26%
    Monthly 8.8%

    Plan Coverage - What the Kotak Premier Life Plan covers?

    The Kotak Premier Life Plan coverage is as follows:

    • Individuals are required to select a Sum Assured amount based on their needs and requirements.
    • Following this, the individual has to select a premium payment term from among the options provided under the plan.
    • The premium amount, which will be determined by the above factors, is to be paid in instalments as selected at the time of purchasing the plan.
    • Additionally, the policyholder has to choose from the bonus options available under the plan- either a cash bonus or paid-up additions.
    • Under the plan, the sum assured as payable at the time of death is the higher of the following:
      • 11 times the annualised premium
      • Sum assured on maturity
      • 105% of all premiums paid till the date of death.

    The coverage under the plan is as listed in the below table:

    Death benefit In the event of the policyholder’s death during the premium payment term and provided all premiums thus far have been paid, the following will be paid to the nominee:
    • Sum assured on death
    • Accrued simple reversionary bonus (if any)
    • Terminal bonus (if any).
    In the event of the policyholder’s death after the premium term but during the policy term, the following will be paid to nominees:
    • Sum assured on death
    • Accrued paid-up additions (if any)
    • Terminal bonus (if any).
    Maturity benefit The maturity benefit payable under the policy is as follows:
    • Sum assured on maturity
    • Cash bonus (if any)
    • Accrued paid-up additions (if any)
    • Terminal bonus (if any).
    Survival benefit If the policyholder survives till the policy term ends, the bonus (as selected at the time of policy purchase) will be paid out, which is either of the following:
    • Cash payout, where bonuses will be paid in cash at the end of each policy year after all premiums have been paid. This bonus will be paid till the end of the policy term or the death of the holder or surrender of the policy, whichever is earlier.
    • Paid-up additions, where the bonus amount will be used to purchase paid-up additions and accumulate in a corpus.
    Paid-up additions Policyholders who choose to receive their bonus in the form of paid-up additions will have their cash bonus and accrued simple reversionary bonus used to buy paid-up additions. These are additional benefits that will be payable on the policyholder’s death or at policy maturity. The paid-up additions can be encashed up to 6 times in a policy year while the balance will part of a participating fund.

    Riders/ Add-on Plans - Additional Coverage under the Kotak Premier Life Plan:

    Additional coverage under the Kotak Premier Life Plan:

    Kotak gives its policyholders the opportunity to enhance the life coverage received under their insurance plans through additional cover in the form of add-ons or riders. The Kotak Premier Life Plan is one such plan where policyholders can enhance coverage by opting for specific additional coverage based on their needs. The riders can be added to the base plan at the time of purchasing the plan or at the end of a policy year. The following is the list of riders available under this plan:

    • Kotak Term Benefit Rider: This rider provides the life insured with additional coverage, increasing the death benefit received under the plan.
    • Kotak Permanent Disability Benefit Rider: This rider pays the life insured a fixed sum in instalments if he/she is permanently disabled due to an accident.
    • Kotak Accidental Death Benefit Rider: This rider provides a lump sum pay-out in the event of the accidental death of the life insured. This lump sum is in addition to the death benefit payable under the plan.
    • Kotak Life Guardian Benefit Rider: This rider waives off the remaining premiums payable in case of the life insured’s death during the premium paying term, with the company paying them till the end of the premium paying term.
    • Kotak Accidental Disability Guardian Benefit Rider: Under this rider, the company will pay any remaining premiums if the life insured is permanently disabled due to an accident.

    Exclusions - What the Kotak Premier Life Plan does not cover?

    The Kotak Premier Life Plan provides policyholders with a number of features and benefits. However, there are some exclusions, in which case the company will not provide coverage or benefits to the policyholder. The exclusions under this policy are as follows:

    • Suicide: If the life insured commits suicide within 12 months of the purchase of the policy, 80% of the premiums paid thus far would be payable to the life insured’s nominees.
    • If the life insured commits suicide within 1 year of the revival of the policy and if the revival is done after a period of 6 months from the date of the first unpaid premium, the company will pay either the surrender value of the policy or 80% of the premiums paid, whichever is higher.

    Other Key Features - Freelook Period, Surrender Value, Grace Period etc.

    The features and benefits provided by the Kotak Premier Life Plan are as follows:

    Free look period If the policyholder is not satisfied with any of the conditions or provisions of the policy, he/she may return the policy during the free look period and not incur any penalties. The free look period is 15 days from the date of receipt of the physical policy document. For distance marketing policies, it is 30 days from the date of receipt of the policy.
    Grace period Policyholders who default on a premium instalment are provided with a 30 day grace period within which the premium amount can be paid with no penalties.
    Lapse of policy The policy will lapse if a certain number of premiums are not paid during the grace period. The number of premiums to be paid is as mentioned below:
    • For a 10 year premium paying term, full premiums for 2 policy years are to be paid.
    • For a premium paying term of more than 10 years, full premiums for 3 years are to be paid.
    Policy revival Policyholders can revive a policy that has lapsed or is reduced paid-up by fulfilling the below requirements:
    • Payment of outstanding premium amount and any other additional fees
    • Providing evidence of good health
    • Written request to be submitted to the company.
    Surrender value The policy will acquire a Guaranteed Surrender Value (GSV) if the minimum required premiums as per the premium paying term are paid. The surrender value calculated would be a percentage of total premiums paid and any additions in the form of bonuses and paid-up additions. The value of these would depend on the year of surrender and range from 30%-85%.
    Loan against policy The policy allows policyholders to take out a loan against the policy up to 80% of the surrender value of the policy. If the loan is not repaid, the policy will be terminated and no benefits will be paid out.
    Reduced paid-up After acquiring surrender value, the policy will be converted into a reduced paid-up by default if premiums are not paid. On acquiring reduced paid-up, the following will occur:
    • Policy will be ineligible for any bonus or paid-up additions
    • Sum assured payable on maturity and death will be the reduced paid-up sum assured, subject to the premiums paid.
    • If the policy is not revived during the revival period, any bonus accrued will be paid out at the end of the premium paying term.
    • In the case of vesting (for minors), the policy will automatically vest from the date the minor turns 18 years.
    Policy termination The policy will be terminated under the following circumstances:
    • Evidence of fraud
    • Misrepresentation of facts by the insured
    • On payment of death benefit, following the policyholder’s death
    • If a lapsed policy is not revived during the revival period specified
    • If a loan taken out against the policy is not repaid
    • On surrender of the policy
    • On the completion of the policy term and payment of maturity benefit to the policyholder/nominees.

    Tax Benefits - How You Can Save With the Kotak Premier Life Plan?

    The Kotak Premier Life Plan offers policyholders tax benefits through investing in the policy, enabling them to receive life coverage as well as save on tax. The tax benefits offered to policyholders are as listed below:

    • The policyholder can avail tax benefits on insurance premiums paid under Section 80C of the Income Tax Act of 1961.
    • Under Section 10(10D) of the Income Tax Act of 1961, all benefits received from a href="/insurance/life-insurance.html">life insurance policy such as maturity benefit, death benefit, survival benefit etc. are eligible for tax deductions.

    It is to be noted that tax exemptions are subject to change. It is advisable to consult with a tax advisor for information on current exemptions.

    Other Benefits - How You Can Save With Kotak Premier Life Plan?

    The Kotak Premier Life Plan provides policyholders with myriad benefits and features, as listed above. In addition to these, Kotak provides a host of services and perks that help the policyholder save, some of which are mentioned below:

    • Ease of premium payment: Kotak Mahindra Life Insurance provides its customers with various options with regard to premium payments. Customers can choose to pay their premiums either offline or online based on their convenience. A list of payment methods is provided below:
      • Through debit/credit card.
      • Through netbanking.
      • Through a branch office of Kotak Mahindra Old Mutual Life Insurance.
      • Through NEFT.
      • Through Electronic Clearing Service (ECS).
      • Through cheques deposited at a Kotak Mahindra Bank ATM drop box.
      • Through Bill Desk.
    • Kotak provides its customers with information pertaining to their plans at the tap of a button, with all documents available online, making it more convenient for customers, who need not visit a branch office for policy information. The company also provides SMS alerts to customers, notifying them of upcoming premium payments, fund performance, policy renewals etc.

    Why you should buy the Kotak Premier Life Plan from Kotak Life Insurance?

    Kotak Mahindra Old Mutual Life Insurance Ltd. is one of the most trusted names in the field of life insurance. Set up in the year 2001, the company is a joint venture between the Kotak Mahindra Group and the South African banking conglomerate Old Mutual plc. The company brings together expertise in the fields of banking and insurance, which is evidenced in their insurance products. Catering to various diverse groups, the company’s insurance offerings provide life coverage solutions to suit the needs of working professionals, pensioners, women, children as well as the rural sector. The company’s commitment to excellence and providing the best service is seen through their stellar customer service and quick claims processing. The company has been recognised for their innovative practices and emphasis on customer satisfaction, which have contributed to making them one of the most sought after brands in insurance.

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