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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.
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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 -
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.
There are three fundamental types of 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 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, 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.
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.
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.
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.
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
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.
You can use any money left over after paying your base fee to acquire more units and increase your revenue.
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!
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
When choosing an insurance plan, you must keep inflation in mind because the cost of everyday necessities will definitely rise in the future.
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.
Before purchasing a ULIP, the following documents must be kept handy -
This can be verified through a passport, voter’s ID, or driving license.
For this, a PAN card is mandatory.
The address can be verified through a passport, voter’s ID, or driving license.
For this, you will need to provide salary slips, income tax statements, bank statements, etc.
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.
Loans are not available under this plan.
Kotak Life Insurance reserves its right to impose charges not beyond the level mentioned below (Subject to IRDAI approval) -
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.
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 -
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, 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.
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.
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 -
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.
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.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/ FRAUDULENT OFFERS
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: 2nd 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
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