Terms and Conditions

1. This is non-participating term insurance plan. The premium mentioned above is for a healthy individual and under the assumption that this is the only policy the client has with Kotak Life Insurance and would be subject to underwriting.
2. Premium mentioned above is excluding Goods and Services Tax and Cess and Rider Premium, if any.
3. Death Benefit:
   Plan Options:There are 3 plan options available under this plan as mentioned below. The plan option needs to be selected at inception of the policy and cannot be changed during the policy term.
   • Life - 100% of Sum Assured on Death shall be payable
   • Life Plus - 100% of Sum Assured on Death shall be payable plus Additional 100% of Basic Sum Assured shall be payable in case of death due to accident subject to maximum of Rs. 1 Crore
   • Life Secure - Waiver of base policy premiums shall happen on Total and Permanent Disability for the remaining policy term. Policy continues for death cover even after the Waiver of premium claim on Total and Permanent Disability. Subsequently, if death happens during Policy Term, 100% of Sum Assured on Death shall be payable.
   Pay-out options: There are 3 pay-out options available under the plan. The pay-out option needs to be selected at inception of the policy and cannot be changed during the policy term.
   • Immediate- In case of the death of the Life Insured, pay-out of the entire ‘Sum Assured on Death’ shall be made to Nominee / Beneficiary
   • Level Recurring- In case of death of the Life Insured, Lump sum pay-out of 10% of ‘Sum Assured on Death’ at the time of claim settlement shall be made to Nominee and 6% of Sum Assured on Death shall be payable every year for 15 years, with the first such payment made one year after the date of Life Insured’s death.
   • Increasing Recurring- In case of death of the Life Insured, Lump sum pay-out of 10% of ‘Sum Assured on Death’ on the date of death at the time of claim settlement shall be made to the Nominee and 6% of Sum Assured on Death shall be payable at the end of the first year from the date of death, thereafter the pay-out shall continue to increase by 10% every year (simple interest) The instalments shall be payable at the end of every year for 15 years starting from one year after the date of death.
   The instalment pay-out under Level Recurring and Increasing Recurring may be taken monthly instead of yearly.
   Sum Assured on death: In case of Life Insured’s death during the policy term, the Nominee shall receive the Sum Assured on death as mentioned below:

   For Regular and Limited Premium	For Single Premium
   Sum Assured on death shall be highest of the following: Sum Assured+ OR 11 times Annualised Premium@ OR 105% of all premiums paid till the date of death	Sum Assured on death shall be higher of the following: Basic Sum Assured OR 125% of the Single Premium paid

   +Sum Assured shall mean Basic Sum Assured adjusted for decrease in Basic Sum Assured, in case Step-down option is exercised by the policyholder.
   @ Annualised Premium is the premium payable in a policy year, excluding the underwriting extra premiums, loadings for modal premium, Goods and Services Tax, Cess and Rider Premium if any.
   Please read product brochure carefully for more details.
4. Step-Down Option, to reduce the amount of death cover can be exercised anytime during the policy term but shall be effective only from the next premium due date. Step-Down Option can be done only once during the policy term and the premium shall be recalculated based on the revised Sum Assured. Step Down Option shall only be applicable for Regular premium paying policies. For more details please refer Product brochure.
5. Surrender Value:
   • Limited Premium Payment:
     • For policies with Premium Payment Term of 5 years, the policy will acquire Surrender Value provided premiums due for at least 2 consecutive policy years have been paid in full.
     • For policies with Premium Payment Term of 10 years, the policy will acquire Surrender Value provided premiums due for at least 3 consecutive policy years have been paid in full.
   • Single pay policies will acquire Surrender Value immediately after the payment of Single Premium.
   • For Regular pay policy, Surrender value is not available.
   For more details, please refer the Product brochure.
6. Reduced Paid-Up:
   • Regular premium paying policy shall not be eligible for Reduced Paid Up.
   • Single premium paying policy shall become fully Paid-Up after payment of premium.
   • For Limited Premium Paying policy, after the policy acquires Surrender Value, if the subsequent premiums are not paid within the grace period, the Base Policy along with Riders (if any), subject to the Terms and Conditions of the Riders, shall be converted into a Reduced Paid-Up policy by default, by converting Sum Assured on death into Reduced Paid-Up Sum Assured on death.
7. There is no maturity benefit payable under this plan.
8. A lapsed or Reduced Paid-Up policy can be revived with or without riders within 2 years from the date of the first unpaid premium. The Policyholder can revive the Policy without evidence of good health on payment of the outstanding premiums and interest charge, if the payment is made within six months from the date of the first unpaid premium. Thereafter to revive the policy evidence of good health would be required along with payment of the outstanding premiums and interest charge. On revival, all benefits under the policy will be reinstated.
9. Kotak Critical Illness Plus Benefit Rider can be attached to any of the plan options. Please read rider Brochure for more details.
10. Goods and Services Tax & Cess as applicable shall be levied at the applicable Tax rates in accordance with the prevailing Tax Laws. Prevailing Tax Laws will be applicable on this policy which may vary from time to time.
11. TDS at prevailing rate will be deducted from any amount paid under a life insurance policy subject to the provisions of prevailing tax laws. In case of non-availability of valid PAN, TDS will be deducted at higher rate. Tax laws are subject to changes from time to time. Kindly consult your tax advisor for tax implication of your policy.
12. Tax benefits are subject to provisions as per Income Tax Act 1961. Tax laws are subject to changes.
13. For more details on risk factors, terms and conditions, please read Product Brochure carefully before concluding a sale.

Terms and Conditions

1. This is non-participating unit-linked endowment plan. The illustration stated is for a healthy individual and under the assumption that this is the only policy the client has with Kotak Life Insurance and would be subject to underwriting.
2. The Maturity Benefit is the Fund Value. This will be inclusive of Survival Units as and when due.
3. If premiums are not paid until (under Regular/Limited Premium Payment option) the end of Grace Period, the policyholder will have the option to either (i) revive the policy or (ii) opt for complete withdrawal from the policy without any risk cover or (iii) Convert the policy into Paid-Up policy (applicable only if the policy is in force for first five policy years). The Fund Value will remain invested in the existing funds as before until the policyholder chooses one of the options mentioned above or till the expiry of the Notice Period, whichever is earlier. During this period, the policy is deemed to be in force with risk cover as per terms & conditions of the policy and all charges are deducted.Death Benefit will be higher of Basic Sum Assured (less partial withdrawal made during the two years preceding the date of death , further on attainment of age 60, all the partial withdrawals made age 58 onwards will be set off against the Basic Sum Assured) or Fund Value, subject to minimum of 105% of all the premiums paid up to the date of death. In addition, higher of Top up Sum Assured or Fund Value of Top-Up Account, in respect of each Top-Up Premium (If any), subject to minimum of 105% of Top up premium paid up to the date of death will be payable.
   In case of discontinuance of Regular/Limited Premium Payment policies (due to non-payment of premium or on request by Policyholder) during the lock-in period of 5 years, the Fund Value of the policy after deduction of discontinuance charges will be credited to the Discontinued Policy Fund. This amount will accumulate at minimum interest rate specified by Insurance Regulatory and Development Authority of India (IRDAI). The proceeds of the discontinued policy will be refunded only after completion of the lock-in period of five years or revival period (in case the option to revive the policy is chosen) whichever is later, except in case of death where it will be paid out immediately.
4. In case a policy is discontinued during the first 5 years: In case policyholder opts for of option ii or if the policyholder does not choose any option,the Fund Value after deducting applicable Discontinuance Charges will be transferred to the Discontinued Policy Fund or In case the Policyholder opts for option i, the policyholder can revive the discontinued policy within two years from the date of discontinuance of policy. All benefits will be reinstated on revival subject to underwriting and other applicable terms & conditions. The outstanding premium paid will be used to purchase units on the date of revival.On Revival policy administration charge and premium allocation charge will be charged as applicable during the discontinuance period and discontinuance charge will be added back to the fund.
5. In case a policy is discontinued after the first 5 years: In case the Policyholder opts for option ii or if the policyholder does not choose any option the Fund Value is available for immediate payment or In case the Policyholder opts for option i, the policyholder can revive the discontinued policy within two years from the date of discontinuance of policy or In case the Policyholder opts for option iii, the policyholder can convert the policy into Paid-Up policy with Reduced Paid-Up Sum Assured calculated as Sum Assured × Total Number of Premiums Paid divided by the Original Number of Total Premiums payable under the Policy. For such policies Mortality Charges and Policy Administration Charges will be charged in addition to Fund Management Charge.
6. The NAV is calculated on daily basis.
   NAV = (Market Value of Investment held by the fund + value of any Current Assets - value of Current Liabilities & Provisions, if any)
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   Number of units existing at the valuation date (before creation/redemption of any units)
7. The above illustrated benefits are derived on the basis of details of life insured provided at the time of filling the proposal form. If the details are found inaccurate or there are any changes before or at the time of the policy issuance for eg: change in age, the illustrated benefits will be subject to revision.
8. Goods and Services Tax & Cess, as applicable are levied at the applicable Tax rates in accordance with the prevailing Tax Laws. Prevailing tax laws are applicable on this policy which may vary from time to time.
9. The values shown are for illustrative purpose only. This illustration is not a contract of insurance and must be read in conjuction with the Product Brochure and Policy Document.
10. If the Top-Up Premiums are paid, the policy's Maturity proceeds might not be eligible for exemption under Sec10(10d). Please consult your tax advisor for details.
11. Clawback Additions would be payable at the point of exit, after the completion of five years, if and only if, it is required to meet the reduction in yield requirements prescribed by the IRDAI Regulations. Exit would mean exit by way of death, surrender or maturity whichever is earliest.
12. The benefits illustrated assume that all premiums that are due over the premium paying term will be paid and no withdrawals will be made during the policy term. In case premiums are not paid for the premium paying term at the original level or withdrawals are made during the policy term, the illustrative benefits will differ.
13. The Premium allocated to Systematic Switching Strategy is entirely allocated to the Destination Fund chosen by the Policyholder for illustrative purposes. Even If Systematic Exit Strategy is chosen, this illustration assumes that the fund will remain under Systematic Switching Strategy throughout policy term.
14. Premium Allocation Rates and Mortality Rates, if applicable, are guaranteed for the lifetime of the policy. All other charges may be altered during the lifetime of the policy with prior approval from the IRDAI.
15. TDS at prevailing rate will be deducted from any amount paid under a life insurance policy subject to the provisions of prevailing tax laws. In case of non-availability of valid PAN, TDS will be deducted at higher rate. Prevailing Tax laws are subject to changes from time to time. Kindly consult your tax advisor for tax implication of your policy.
16. I also understand that whilst 100% of my first year premium will be invested in unit linked investment funds there are charges during the first policy year as given in benefit illustration.
17. Risk Factors:
    • Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors.
    • Kotak Mahindra Old Mutual Life Insurance Ltd. is only the name of the Insurance Company and Kotak Invest Maxima is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
    • Please know the associated risks and the applicable charges, from your Insurance agent or Corporate Agent/Insurance Broker or policy document of the insurer.
18. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

Kotak e-Term Plan - UIN: 107N104V02, Form No: N104, Kotak Critical Illness Plus Benefit Rider - 107B020V01, Form No.: B020

Kotak e-Assured Savings Plan: UIN: 107N080V01, Form No.: N080, Kotak Term Benefit Rider-107B003V03, Form No.: B003, Kotak e-Accidental Death Benefit Rider-107B019V01 Form No.: B019, Ref. No.: KLI/17-18/E-PB/461

Kotak Invest Maxima Plan - UIN: 107LO73V02

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Kotak Mahindra Life Insurance Company Ltd. (Formerly known as Kotak Mahindra Old Mutual Life Insurance Ltd.)
Regd. Office: 2nd Floor, Plot # C-12, G-Block, BKC, Bandra (E), Mumbai - 400 051, India. All rights reserved. Registered with Insurance Regulatory & Development Authority (IRDA) as Life Insurance Company. Regn. No. 107. CIN : U66030MH2000PLC128503. Tax benefits available
with life insurance are as per the Income Tax Act, 1961, and are subject to amendments made thereto from time to time. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

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