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ULIP:Unit-Linked Insurance Plans

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ULIP-Unit Linked Insurance Plans
What are ULIPS

What are ULIPs or Unit Linked Insurance Plans?


ULIPs, or Unit Linked Insurance Plans, are financial products that allow you to build wealth while maintaining the security of a life insurance policy. In ULIPs, a portion of your premium is allocated to your life cover, while the remainder is allocated to a shared pool of money, known as a fund. This fund is then invested in equities, debts, or a combination of the two. The performance of the fund you choose determines the returns on your investments.

What are the benefits of ULIPs?

Building a corpus to ensure a safe and secure future for your loved ones and yourself holds critical importance, and Unit Linked Insurance Plans have the potential to help with that. They have several advantages as mentioned below -

Benefits of ULIP-Cover Amount

Flexibility to choose a cover amount

You can choose your Life Cover amount as you desire in Unit Linked Insurance Policies. Most ULIPs offer a life cover of 10 times your yearly premium which is minimum. You can choose the life cover value of up to 40 times your yearly premium depending on the type of scheme you choose.

Benefits of ULIP-Type of Investment

Flexibility to choose the type of investment

There are three fundamental types of funds -

  • Equity Funds

    If you think you can take risks, go for equity funds where the returns can also be high. These investments are done in stock market.

  • Debt Funds

    Debt funds are a type of mutual fund that invest in fixed returns instruments like corporate bond, Government bonds etc. These are for people who are looking for secured returns.

  • Balanced Funds (combination of equity and debt fund)

    Balanced funds, invest in both equities and debt funds in equal proportions.

Depending on your financial objectives and risk tolerance, ULIPs allow you to invest in a variety of funds. For example, if you want to expand your wealth and don't mind taking a risk on your investment, equity is a good option to go for. Similarly, if you want consistent returns on your money, debt funds can be an ideal choice.

Benefits of ULIP-Liqidtion of funds

Liquidation of funds

Partial withdrawal of funds is an option available with Unit Linked Insurance Policies that allow you to remove a portion of your invested money. It enables you to pay for quick needs such as your child's 10th, 12th, or graduation fees, a family vacation, or even in a situation of emergency. Such withdrawals are generally free of charge.

Benefits of ULIP-Financial Goal Plans

Financial goal plans

ULIPs are designed to help you achieve your major objectives, such as increasing your wealth, planning for retirement, or preparing for your child's future education plans. These plans also provide you with the assurance that your premium payments are contributing to the achievement of your long-term monetary objectives.

Benefits of ULIP-Tax Advantages

Tax Advantages

At different stages of your life insurance policy, you may be eligible for tax benefits as per the Income Tax Act of 1961.

  • Advantage of Entry: Under Sections 80C , you gain tax savings on your premium payments.
  • Advantage of Exclusive Switching: You can move debt-to-equity fully tax-free.
  • Advantage of Exit: You can also get a tax-free Maturity Benefit if you meet the Section 10 (10D) requirements.

Wealth and Insurance from a single plan with Kotak e-Invest.

What are some key features of ULIPs?

Allocation of Investment

ULIPs allow you to choose investment channels based on your risk tolerance. You can go aggressive with equities, cautious with debt funds, or mix it up with balanced funds to get the best of both worlds. You can also allocate your premiums towards funds of your preference in the future.

Switching of Funds

You can move or switch from one fund to another if the performance of your chosen funds does not meet your expectations, or if the market conditions change. As a result, you can ensure that your returns are well-balanced even when one part of the market is not performing well. This is one of the bigger advantages of ULIPs as compared to equity or mutual fund investments. You can beat volatility. All of this is included in the same contract and is available at any time with no additional fees or charges

Withdrawal Options

After the five-year lock-in period, you can partially withdraw money from your savings in the event of an emergency. The number of withdrawals allowed and the maximum amount that can be withdrawn are determined by the insurance companies.

Additional Top-ups

You can use any money left over after paying your base fee to acquire more units and increase your revenue.

ULIP-Unit Linked Insurance Plans
Invest in ULIPs

Why should you invest in ULIPs?

In comparison to most insurance products, Unit Linked Insurance Plans provide better returns in various asset classes. Depending on the performance of the fund, the policyholder can switch between debt and equity to ensure that the returns are positive and beneficial. Every earning individual is generally advised to get an insurance plan that provides a cover amount worth an income of ten years. In the case of ULIPs, the life cover provided is ten times the amount of annual premium payments, which in turn, makes the insured unsusceptible to market volatility. The insured gets liquidity benefits, transparency, returns, etc., which works in their favour. Therefore, investing in a ULIP makes for a smart decision!

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  • Return of Mortality Charges
  • Multiple Plan Options
  • Tax Savings
  • Enhanced Protection
  • Zero Premium Allocation Charges
ULIP-Kotak e-Invest Plan

What are the different types of ULIPs?

Depending on your approach or mindset, there are many distinct kinds of ULIPs that are classified in various ways. ULIPs are commonly divided into two categories: risk and investment purpose.

In this, your money is steered towards low-risk financial markets, bank deposits, cash deposits, and other financial market products.

These ULIPs generally focus on high-risk equities and company stocks and it's a high-risk, high-reward situation. They're the riskiest, but also the most rewarding.

In this, your investment is made in government securities, fixed-income securities, corporate bonds, and other investments with medium risk and return profiles.

Because these funds change the amount of money that travels to different regions, they are the most reliable and smart investments. They divide the total amount invested into high-risk shares, business stocks, and other equity assets, as well as lower-risk fixed-interest instruments, thereby providing a high payout for medium risk.

Wealth-Focused ULIPs

  • Life/Non-Life Staged Plans

    As you get older, these plans become your financial aids by varying your investments between high, medium, and low risk. The strategy recognizes that priorities shift throughout time and that your risk appetite is greatest when you're young.

  • Regular/Single Premium

    Everyone has a premium-paying capacity of their own. Regular premium plans separate and spread premium payments at regular intervals, whereas single premium plans need only one lump-sum payment at the commencement of the plan.

  • Guarantee/Non-Guarantee

    Today's ULIPs provide assured advantages and enhancements, but their term periods usually last a very long time. Guaranteed ULIPs protect investors from all types of risk, but the reward is significantly lower. Non-guaranteed ULIPs provide a variety of investment options with varying levels of risk. Though these make no guarantees, they do give you the option of deciding where and when your money goes.

  • Retirement Plans

    When your normal source of income ceases and you're no longer able to work, ULIPs for retirement corpus building can come to your rescue. There are ULIP plans specifically designed for your golden years. They pay on a regular basis when the plan matures, and you get enough money to live comfortably.

  • Medical Plans/Personal Emergencies

    We sometimes have to deal with large, unavoidable bills. Emergency situations, accidents, legal bills, settlement amounts, debt, and other unforeseen circumstances can wreak havoc on your finances when you least expect it. This plan can assist you in building a corpus and using it in the same way that a health insurance policy would. When you're hospitalized and need money quickly, the plan permits you to take a portion of your maturity corpus to cover your emergency expenses.

What are the various factors to consider before buying ULIPs?

ULIPs are life insurance products that are not the same as conventional insurance policies. Here are some factors that must be considered before choosing a Unit Linked Insurance Plan.

  • Objective

    Before you buy a ULIP, you should have a goal (retirement, children’s education) in mind. It should ideally be a long-term goal, as ULIPs provide higher returns over a longer period of time.

  • Charges Involved

    When obtaining a ULIP, there are a number of charges (policy administration, premium allocation, etc.) that must be paid. Knowing what these costs are and what they imply can help you choose the best coverage for your long-term goals.

  • Knowledge of Funds

    Your ULIP premium is split up and invested in a variety of funds. Debt funds, income funds, and equity funds are the most common types. As a policyholder, you need to understand how and where your money is invested, as well as the risks involved.

  • Premium Payment/Lock-in Period

    It's crucial to understand your ULIP policy's premium payment and lock-in periods. The total number of years for which you will pay the premium to the insurer is called the premium payment period/term. You can even make a 'paid-up policy,' where the payment period is less than the maturity time. The lock-in period for ULIPs is five years.

  • Monthly Expenditure

    You should go for a plan wherein you’re sure of making regular premium payments. This will depend on the prior knowledge of all the other expenditures that you have in a month.

  • Inflation Rates

    When choosing an insurance plan, you must keep inflation in mind because the cost of everyday necessities will definitely rise in the future.

Factors before buying ULIPs
  • Risk Factors

    Because ULIP investments are less diversified than other investments like ELSS, the risks involved are likely to be higher. It all depends on your risk appetite.

Documents Requirds to buy ULIPs

What are the documents required to buy ULIPs?

Before purchasing a ULIP, the following documents must be kept handy -

  • Age proof

    This can be verified through a passport, voter’s ID, or driving license.

  • Identity proof

    For this, a PAN card is mandatory.

  • Address proof

    The address can be verified through a passport, voter’s ID, or driving license.

  • Income proof

    For this, you will need to provide salary slips, income tax statements, bank statements, etc.

Unit Linked Insurance Plans (ULIP) FAQs

Unit Linked Insurance Plans, or ULIPs, are a combination of insurance and investment options. These plans provide both life insurance and a means of accumulating wealth.

The ULIP maturity benefit is the sum paid by the insurance company to the insured if he or she lives through the policy's maturity period. The maturity benefit amount is equal to the fund value.

The death benefit is the sum paid to the policyholder's nominee in the unfortunate event of the policyholder's death during the policy term.

By submitting a surrender request to your insurer and paying certain charges, you can cancel your ULIP insurance. When you surrender the policy, you will be offered the surrender value based on the deposit amount on the surrender date. However, you will not receive this money until your policy's five-year lock-in period has ended. Though you can terminate the coverage at any time throughout the policy's term, experts suggest investing for at least 10 years to get the most rewards.

Every policyholder has the choice of investing in one of several funds, depending on their risk tolerance and market trends. The fund value is the total monetary value of the units owned by the policyholder. On any given day, it can be calculated by multiplying the net asset value (NAV) of each unit by the number of units held by the policyholder. Further, the fund's value can fluctuate depending on the NAV.

Terms and Conditions for ULIPs

Grace Period

  • There is a Grace Period of 30 days for the annual, half-yearly and quarterly mode, and 15 days for the monthly mode from the due date for payment of premium.
  • The policy stays in force during the Grace Period.

Partial Withdrawals

  • Partial withdrawal will be allowed only if the life insured is a major.
  • Partial Withdrawals will be allowed after the completion of the lock-in period of five policy years.
  • The minimum amount for partial withdrawal is ₹5,000.
  • Partial Withdrawals should be in multiples of ₹1,000.
  • The minimum amount required to be maintained in the Fund after Partial Withdrawal is equal to 105% of the total premiums paid till the date of Partial Withdrawal.
  • Partial Withdrawals that result in Fund value being less than 105% of the total premiums paid till the date of Partial Withdrawal will not be allowed. However, if the Fund value (after Partial Withdrawal) falls below 105% of the total premiums paid till the date of Partial Withdrawal, either because of a charge or due to a fall in NAV, the policy will continue till Fund value remains positive.
  • Partial Withdrawals (including Retirement Income applicable under Retire Rich option) will have the following effect on the Basic Sum Assured. Basic Sum Assured payable on death is reduced to the extent of applicable Partial Withdrawals (including Retirement Income) made from the Fund value during the two-year period preceding the date of death of the Life Insured.
  • The partial withdrawal (includes Retirement Income as well) made from the fund during the two-year period immediately preceding the death of the life insured shall be referred to as Applicable Partial Withdrawal.
  • Partial withdrawal will not be allowed during the Discontinuance state and Settlement period.
  • Partial withdrawals shall be allowed when the policy is in Reduced Paid-Up status.
  • The partial withdrawals leading to termination of the policy shall not be allowed.

Rider Details

Applicable Rider Charges will be deducted from the Fund value if the Riders are chosen. For more details on rider eligibility conditions, rider terms and other applicable conditions please refer to the detailed rider brochures for Kotak Accidental Death Benefit Rider (Linked) UIN: 107A017V01 and Kotak Permanent Disability Benefit Rider (Linked) UIN:107A018V01 available on our website.

Policy Loans

Loans are not available under this plan.

Maximum Charge Level

Kotak Life Insurance reserves its right to impose charges not beyond the level mentioned below (Subject to IRDAI approval) -

  • The miscellaneous, partial withdrawal and switching charges may be increased to a maximum of 500.
  • Policy Administration charges and Mortality charges are guaranteed for the term of the policy.
  • The maximum Fund Management Charge applicable for this product except for Discontinued Policy Fund is 1.35% per annum.
  • The maximum Fund Management Charge applicable for Discontinued Policy Fund is 0.50% per annum

Nomination and Assignment

Nomination will be allowed under the plan as per Section 39 of the Insurance Act, 1938 as amended from time to time, while assignment will be allowed in this plan as per Section 38 of the Insurance Act, 1938 as amended from time to time.

Free Look Period

In case the policyholder is not agreeable to any of the provisions stated in the policy, then he/she has the option of returning the policy, stating the reasons thereof within 15 days (30 days in case of electronic policies and policies obtained through Distance Marketing Mode) from the date of receipt of the policy document wherein the policyholder may choose to return the policy document, stating the reasons thereof within 15 days / 30 days of receipt if s/he is not agreeable with any of the terms and conditions of the plan. Should s/he choose to return the policy document, s/he shall be entitled to a refund of the non-allocated premium plus charges levied by cancellation of units plus fund value at the date of cancellation after deducting proportionate risk charges, stamp duty and cost of medical examination, if any.

In addition to the above, Free Look Provision as per the base policy is also applicable to the Riders. The Rider stands cancelled when the Free Look Provision of the base policy is exercised. A policy once returned shall not be revived, reinstated or restored at any point in time and a new proposal will have to be made for a new policy.

Distance Marketing includes every activity of solicitation (including lead generation) and sale of insurance products through the following modes -

  • Voice mode, which includes telephone calls.
  • Short Messaging service (SMS).
  • Electronic mode which includes e-mail, internet and interactive television (DTH).
  • Physical mode which includes direct postal mail and newspaper & magazine inserts.
  • Solicitation through any means of communication other than in person.

Suicide Exclusion

In case of death due to suicide within 12 months from the date of commencement of the policy or from the date of revival of the policy, as applicable, the nominee or the beneficiary of the policyholder shall be entitled to the fund value, as available on the date of intimation of death.

In the event of the Life Insured committing suicide within 12 months from the date of revival of the policy, when the revival is done within 6 months from the date of discontinuance, Suicide Exclusion shall not be applicable and the Death Benefit under the product shall be payable.

However, in case of suicide within 12 months from the date of revival, when the revival is done after 6 months from the date of discontinuance, only the fund value as on the date of intimation of death is payable. Further, any charges other than Fund Management Charges (FMC) and guarantee charges recovered subsequent to the date of death shall be added back to the fund value as available on the date of intimation of death.

Goods and Services Tax and Cess

Goods and Services Tax and Cess, as applicable shall be levied on all applicable charges as per the prevailing tax laws and/or any other laws. In case of any statutory levies, cess, duties etc., as may be levied by the Government of India from time to time, the Company reserves its right to recover such statutory charges from the policyholder(s) by deduction from the fund value.

Vesting in case of minor life

If the policy has been taken on the life of a minor, the policy shall automatically vest on him/her with effect from the date of completion of 18 years of age and the Life Insured will become the Policyholder from such date.

Foreclosure and Termination of Policy

If the fund value is not sufficient to cover the charges, then the policy will be foreclosed and the remaining fund value will be paid to Policyholder. The policy will terminate at the earliest of any of the below scenarios -

  • Date the customer requests for termination of the cover (subject to lock-in period).
  • Date of discontinuance & release of discontinuance payout to the policyholder (subject to lock-in period).
  • Date on which the revival period ends and the policy is not revived by the policyholder.
  • For Maximizer and RetireRich option: Date on which the death claim payment has been made
  • For Rising Star Option: In case of Death of the Life Insured where all due premiums are paid till the date of death, the policy still continues till Maturity).
  • On cancellation/ termination of the Policy by us on grounds of misstatement, fraud or non-disclosure established in accordance with Section 45 of the Insurance Act, 1938.
  • Date of cancellation of the policy when the policy is in the free look period.
  • Date on which the policy matures & release of maturity benefit to the policyholder.
  • Date on which the last benefit payout under the Settlement Option (if opted for) is paid to the policyholder.
  • Force Majeure Event

    An event by which performance of any of Our obligations is prevented or hindered as a consequence of any act of God, State, strike, lock-out, legislation or restriction by any government or other authority or any circumstance beyond our control.

    Kotak e-Invest: UIN - 107L121V01, Form No. - L121. This is an individual non-participating unit linked endowment plan. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

    Plan Option needs to selected on inception of the policy. The premium payable is net of Goods and Services Tax and Cess, as applicable. Goods and Services Tax and Cess rates are subject to change from time to time as per the prevailing tax laws and/or any other laws. Tax benefits are subject to conditions specified under the Income-tax Act, 1961. Tax laws are subject to amendments from time to time. Customer is advised to take an independent view from tax consultant.

    Section 41-
    Extract of Section 41 of the Insurance Act, 1938 as amended from time to time states: (1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. (2) Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakhs rupees.

    Section 45-
    Fraud and Misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act, 1938 as amended from time to time. Please visit our website for more details: Read more about section38_39_45_of_insurance_act_1938

    Risk Factors: The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender /withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year from inception. Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. In this policy, the investment risk in the investment portfolio is borne by the policyholder. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Kotak Mahindra Life Insurance Company Ltd. is only the name of the Insurance Company and Kotak e-Invest 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 funds, their future prospects and returns. The past performance of other Funds of the Company is not necessarily indicative of the future performance of the funds. Please know the associated risks and the applicable charges (along with the possibility of increase in charges), from your Insurance Agent / Corporate Agent / Insurance Broker / Intermediary or policy document of the insurer. All benefits payable under the Policy are subject to the Tax Laws and other financial enactments, as they exist from time to time.


    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

    Regd. Office: Kotak Mahindra Life Insurance Company Ltd. Reg No. 107; CIN : U66030MH2000PLC128503; Regd. Office: 8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai – 400051 | Website: www.kotaklife.com | WhatsApp: 9321003007 | Toll Free: 1800 209 8800 | Ref. No. KLI/22-23/E-WEB/158

    Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Ltd. under license.