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Kotak Single Invest Advantage Plan

 If you want a simple and hassle-free unit linked plan, Kotak Single Invest Advantage is for you. Under this plan, you just have to invest once and you can get the advantages for the rest of the policy term. All you need to do is invest a lump sum amount just once and you will be set for the rest of the policy tenure.

This plan comes with advantages like easy liquidity and investment plans that suit your investment goals. The Kotak Single Invest Advantage plan also makes sure that investments made by you work for you.

The key benefits of this plan are one-time payment, availability of loyalty additions, and the liberty to choose from three investment plans as per your investment goals.

Eligibility - Who is the Kotak Single Invest Advantage Plan for?

A customer has to fulfill certain criteria to be eligible to buy the Kotak Single Invest Advantage plan. The following are the criteria in the table below:

Parameters Eligibility
Minimum Entry Age
  • A minimum age of 8 years for a policy term of 10 years
  • A minimum age of 3 years for a policy term of 15 years
Maximum Entry Age
  • A maximum age of 45 years for a policy term of 10 years
  • A maximum age of 42 years for a policy term of 15 years
Minimum Maturity Age A minimum maturity age of 18 years
Maximum Maturity Age
  • A maximum age of 55 years for a policy term of 10 years.
  • 58 years for a policy term of 15 years.
Premium Payment Term Single
Type of Plan Term Insurance Plan

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

When you opt for Kotak Single Invest Advantage, you get the advantage of paying the premium just once. A single premium will let you reap the benefits of financial security throughout the policy term. Once you pay the premium, you don't have to worry about any more amounts to be paid.

Minimum Basic Sum Assured 10 times of the premium that you pay
Maximum Basic Sum Assured Depends on the maximum premium
Minimum Premium Rs.300,000
Maximum Premium There is no cap on the maximum premium that you can
Premium Payment Mode One-time payment
Policy Period 10 and 15 years

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

Plan Coverage - What the Kotak Single Invest Advantage covers?

The Kotak Single Invest Advantage provides a life cover. Under this plan, when the policyholder passes away, the nominee receives a sum assured once the death claim is approved by the company. Under this plan, the policyholder receives a maturity benefit as well. Once the policy matures, Kotak pays the fund value along with loyalty additions. The policyholder can opt to take the matured sum all at once or they can opt for other settlement options.

Death Benefits The death benefit will be the highest of:
  • The sum assured minus partial withdrawals.
  • Value of the fund in the policyholder's account along with the loyalty additions
  • 105% of the premiums that have been paid up to the date of death.
Maturity Benefits Upon maturity, the policyholder will receive the fund value along with loyalty additions.

Exclusions - What the Kotak Single Invest Advantage does not cover?

The Kotak Single Invest Advantage Plan will not provide you with protection for certain cases. There are a few exclusions that come with this plan. Let us take a look at the exclusions of this plan:

Exclusions for Total and Permanent Disability:

Under this plan, the premium is waived if the policyholder suffers from total or permanent disability. These are certain exclusions for total and permanent disability:

  • When the life insured attempts to commit suicide or injures himself or herself
  • When the life insured suffers from disability due to war, martial law, terrorism, riots, rebellion, or civil war.
  • When the life insured gets disabled after committing an illegal activity or an assault.
  • When the life insured has a pre-existing condition. This refers to an injury or condition that was identified or treated in 48 months before receiving the policy from Kotak.
  • When the life insured is participating in sports professionally.

General exclusion:

If the policyholder commits suicide within a year after receiving the policy, the nominee will not get the death benefit.

Other Key Features of Kotak Single Invest Advantage Plan:

These are some of the other important features of the plan:

  • No expiry for single paying policy: When you go for a single paying policy, you do not have to worry about its expiry.
  • Free look period: Under this plan, the policyholder can return the policy within 30 days by giving the reasons for returning.
  • Flexibility in premium payments: You can pay your premiums on an annual basis or a monthly basis. You can also switch to the alternative option after every policy anniversary.
  • Special rates: This plan gives special rates for women and non-tobacco users.
  • Grace period: Whether you choose an annual or a monthly payment mode, you will get a grace period of 30 days from your last date of premium payment.

Tax Benefits – How you can save with the Kotak Single Invest Advantage Plan?

The Kotak Single Invest Advantage Plan offers great tax benefits as per Section 10(10D) and Section 80C of the Income-tax Act, 1961. This way, you can save on your taxes on the premiums paid and the benefits received from the policy.

Other Benefits - How you can save with the Kotak Single Invest Advantage Plan?

Let us discuss some of the other advantages of choosing the Kotak Single Invest Advantage 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 Single Invest Advantage Plan:

If you are on a quest for a reliable and hassle-free term plan then the Kotak Single Invest Advantage is the one for you. Kotak Life Insurance is one of biggest and best insurance providers in the country. It is a joint venture between Kotak Mahindra Bank Ltd. and other organizations that are affiliated to it. This company offers an array of financial products that are best suited to every kind of financial need. Their round-the-clock customer service helps you in understanding their products and access them.

This Insurance Company has not partnered with BankBazaarInsurance.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.