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.
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:
|Minimum Entry Age||
|Maximum Entry Age||
|Minimum Maturity Age||A minimum maturity age of 18 years|
|Maximum Maturity Age||
|Premium Payment Term||Single|
|Type of Plan||Term Insurance Plan|
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|
|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.
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:
|Maturity Benefits||Upon maturity, the policyholder will receive the fund value along with loyalty additions.|
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:
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:
If the policyholder commits suicide within a year after receiving the policy, the nominee will not get the death benefit.
These are some of the other important features of the 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.
Let us discuss some of the other advantages of choosing 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.
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