Kotak Wealth Insurance is a unit-linked life insurance plan. The plan provides investment growth with comprehensive protection. It provides investment growth that will enable you to take care of your family’s growth and it protects your family against unplanned events. A lump sum amount is paid on the death of the policyholder. You can also choose from the 7 fund options to balance your risk. This plan also provides maternity benefits to the policyholder.
You will have to meet certain eligibility requirements to avail this plan, they are as follows:
|Entry age||Policyholder: 18 – 65 years. Life assured: 0 – 65 years.|
|Maximum maturity age||75 years.|
|Premium payment mode||Annual.|
|Policy term||You have the option of 10, 15, 20, 25, and 30 years.|
The sum assured is based on the premium payment option you choose. The sum assured for Kotak Wealth Insurance Plan is as follows:
|Minimum sum assured||Entry age below 45 years:
|Maximum sum assured||25 times the annual premium.|
|Top-up sum assured||Ages below 45 years: 1.25 times the top-up premium. Ages above 45 years: 1.10 times the top-up premium.|
You will have to pay a premium for the coverage. The premiums payable are as follows:
|Premium payment term||Limited: For a 10-year policy term, the premiums have to be paid for 5 years. Regular: The premiums are to be paid throughout the policy term.|
|Minimum premium amount||Limited premium – Rs.50,000. Regular premium – Rs.20,000.|
|Maximum premium amount||No limit.|
|Minimum top-up premium payment||Rs.10,000.|
|Maximum top-up premium payment||The total top-up premium shall not exceed the sum of the regular premiums paid.|
*Premiums vary based on age, location, plan term and other factors.
The premium amount is based on the age of the life assured, policy term, sum assured, and premium payment term. The frequency of the premium is based on the policy term.
Kotak Wealth Insurance Plan provides protection and helps investment growth. The plan offers death benefits and maturity benefits. The following are the benefits offered under this plan:
|Benefit option||Features of the benefit|
|Maturity benefit||The fund value is paid. You can withdraw any amount on the maturity. If you have any balance, it can be taken in periodic installments for 5 years after maturity. The balance amount can be taken in yearly, half-yearly, or quarterly installments.|
|Death benefit||On death when life insured and policyholder are the same:
Most of the insurance plans have exclusions. The following cases will not be covered under this policy:
The other key features of Kotak Wealth Insurance Plan are as follows:
|Grace period||You get a grace period of 30 days from the due date to pay the premium. If the payment is not paid, you will receive a notice from Kotak Life Insurance. You will get 2 years to revive the policy or the policy will be terminated.|
|Discontinuance of policy||You can decide to discontinue the policy if you have financial problems. If you discontinue the policy before 5th year, you will be charged Discontinuance Charges.|
|Partial withdrawals||You can make partial withdrawals to meet any unforeseen expenses from 5th year onwards.|
|Top-up premiums||You can increase your investment contribution when you have surplus money.|
|Switching||You can switch between the fund options and also change the premium allocation as per your needs in order to maximise your returns.|
|Alteration in basic Sum Assured||You can alter your Basic Sum Assured.|
|Free-look period||You get 15 days free-look period for a policy. For a policy that you purchase through Distance Marketing Channel, you get 30 days to return the policy.|
|Nomination||Nomination is allowed as per Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment is allowed as per Section 38 of Insurance Act, 1938.|
The benefits offered under this plan are in accordance with the Income Tax Act, 1961. The following tax benefits can be availed:
Following are the other benefits you can avail with Kotak Life Insurance:
Kotak offers the appropriate balance of protection and wealth accumulation with Wealth Insurance Plan. It offers a wide range of fund options to choose from. You get a limited premium payment option and complete flexibility from 5th policy year. Kotak has outstanding experience in settling claims. You can trust Kotak to give you the best protection along with wealth accumulation.
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