Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and insurance cover against any eventuality.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Our representative will get in touch with you at the earliest.
ULIP policies are quite straightforward insurance policies. They offer many great features to investors. The best part about ULIPs is that you get the benefit of both insurance and investment in a single product. However, since the policy is comparatively new and serves the modern investment approach, people have a lot of doubts about it. However, ULIPs allow you to stay protected and manage financial growth by investing in different ULIP funds as per market trends.
You get benefits when a ULIP policy matures. For example, suppose the policyholder has paid all the premiums of the ULIP on time, and the policy has completed its full tenure. In that case, the maturity benefits will be paid to the policyholder itself or the nominee as per the policy guidelines
At the maturity of the ULIP policy, a policyholder receives a total fund value based on the NAV of the policy on the day of disbursement, along with other bonuses and loyalty benefits, if any, as per the policy.
Maturity proceeds in ULIPs are the total amount that the policyholder receives after the ULIP policy completes its maturity period as chosen by the policyholder.
The insurance company issues a letter to the policyholder containing all the procedures and forms to be filled out for claiming maturity benefits and the total ULIP maturity amount. Policyholders must ensure that all the claims related to the maturity proceeds in ULIPs are settled on or before the due date. However, they can further decide to keep the amount invested, subject to the guidelines of the policy and the insurance company.
Once ULIP policy has completed its maturity tenure, the sum insured and invested is paid to the policyholder/nominee (in case of demise of the policyholder). However, for claiming maturity benefits of ULIPs, the investor or the policyholder must ensure that all the documents are correct and the premiums are paid on time.
Claiming maturity benefits of ULIPs is not rocket science. You just have to follow the policy guidelines, fill out some forms, and that’s it. Here is a brief explanation of how you can claim the maturity benefits of ULIP policies:
As soon as your ULIP policy’s maturity nears its completion, the insurance company issues all the documents required for claiming maturity benefits and all ULIP returns. The discharge form is one of these documents. It is also available on the insurance company’s website. While filling out this form, the policyholder needs to provide some information for identification purposes. The information asked may include details such as the policy number, the policyholder/client ID, the policyholder’s name, the date of maturity and the ULIP plan type, etc.
You will also need to provide some documents like the paperwork related to the original policy, bank details, and KYC, along with the discharge form and some valid identifications.
Once you have all these forms and documents in place, you need to submit all these to the insurance company before the due date.
In conclusion, you must understand that to get the best ULIP returns; the policyholder must do his research and go through a proper ULIP plan comparison. Most experts suggest a thorough ULIP plan comparison via various online tools available. This is to help the investor understand his investment needs and know the different types of ULIP plans available in the market.
- A Consumer Education Initiative series by Kotak Life
Kotak Credit Term Group Plan provides life cover to a group of borrowers of credit institutions where the life assured is the borrower and the credit ...
Know moreKotak Gratuity Group Plan is a Unit-linked group gratuity plan that helps you fund for the gratuity obligation systematically & effectively and releas...
Know moreKotak Assured Income Accelerator ensures that you get Guaranteed Income every year on the same amount of savings and that the Guaranteed Income increa...
Know moreKotak Fortune Maximiser is a limited pay participating endowment plan, which can be customized as per your requirement to help you achieve your life g...
Know more