Kotak Wealth Insurance Plan

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.

Eligibility – Who is the Kotak Wealth Insurance Plan for?

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.

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

Sum Assured:

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: Higher of- 10 times the yearly premium or 0.5 times the policy term and annual premium. Entry age above 45 years: Higher of- 7 times the yearly premium or 0.25 times the policy term and annual premium.
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.

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.

Plan Coverage – What the Kotak Wealth Insurance Plan covers?

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: Lump sum benefit. Fund value. 100% of the basic Sum Assured. On the death of the life insured, when policyholder and life insured are different: Fund value. 100% of the basic Sum Assured. On the death of the policyholder, when policyholder and life insured are different: The future premium obligation will cease. Lump sum benefit is paid. The policy will continue till its maturity and the Life Insured will get the policy proceeds.

Exclusions – What the Kotak Wealth Insurance Plan doesn’t cover?

Most of the insurance plans have exclusions. The following cases will not be covered under this policy:

• If the life insured commits suicide within 1 year from the date the policy was issued, the Fund Value and the Top-up account is paid.
• If the life insured commits suicide within 1 year of revival of the policy. But, if the revival is done within 6 months from the date of discontinuance, this exclusion will not be applicable and the Death Benefit will be paid.
• If the revival is done after 6 months and the Life Insured has committed suicide within 1 year of the date of revival, the Fund Value and the Top-up account are payable. Top-up Sum Assured is paid for all other Top-up premiums.

Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

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.

Tax Benefits – How you can save with the Kotak Wealth Insurance Plan?

The benefits offered under this plan are in accordance with the Income Tax Act, 1961. The following tax benefits can be availed:

• You get benefits under Section 80C for the premiums paid.
• You can claim for benefits under Section 10 (10D) for the maturity or death claim proceeds.

Other Benefits – How you can save with the Kotak Wealth Insurance Plan?

Following are the other benefits you can avail with Kotak Life Insurance:

• You can check the Insurance Guide to get a glimpse of the plans offered by Kotak and figure out which is the right plan for you.
• You can get advice from the professional Life Advisor by just giving basic information.
• You can use the premium calculator which will give you a clear idea of how much premiums you will have to pay to reach your goal.
• You can pay the premiums through different modes.

Why should you buy the Wealth Insurance Plan from Kotak?

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.