Kotak T-ULIP Nxt is a unique life insurance product that combines life protection with the potential for wealth creation. It offers a blend of insurance coverage and market-linked growth, helping individuals achieve their financial goals. This plan is ideal for those looking to secure their future, a child’s education, purchasing a dream home, for a secure retirement. It provides both financial security for loved ones and the opportunity to grow wealth, giving the confidence to move forward with their aspirations.

The plan offers market-linked returns along with protection benefits and a high sum assured. It also provides additional money in the form of loyalty additions plus, you also receive return of Premium Allocation Charges and Mortality Charges that are deducted during the policy term, which is not something all ULIPs offer.

Return of Mortality Charges is a feature that adds a percentage of the life cover charges back to your fund value. This means that a portion of the charges you’ve paid for life cover will be returned to you, which helps increase your fund value.

Kotak T-ULIP Nxt offers two strategies:

• Self-Managed Strategy: You pick your own funds based on how much risk you're comfortable with.
• Age-Based Strategy: Kotak automatically adjusts your fund mix depending on your age and how much risk you’re willing to take.

On survival of Life Insured till the end of the policy term provided all the premiums are paid up to date and the policy is in force, Fund Value (Main Account + Top up Account, if any) inclusive of Loyalty Additions and Return of Mortality Charges if any shall be payable.

In the event of death, where all due premiums have been paid, your family would receive:

Highest of:

• Basic Sum Assured less applicable partial withdrawal amount from Main Account (if any), OR
• Fund Value in the Main Account which will include Loyalty Additions, if any, OR
• 105% of the total Premiums paid up to the date of death less applicable partial withdrawal amount from the Main Account, if any

Plus

in respect of each Top-Up Premium paid (if any), highest of:

• Top-Up Sum Assured, OR
• Fund Value of Top-Up Account, OR
• 105% of the total Top-Up Premiums paid

The death benefit shall be payable in lumpsum and the policy terminates thereafter.

You can start withdrawing money from your fund from 6^th policy year onwards after the lock-in period of 5 years. The minimum withdrawal is ₹10,000.

Yes! You can switch your funds or investment strategy up to 12 times per policy year for free. Thereafter, ₹250 will be charged for every additional switch.

The Policyholder is offered a 30 days’ free look period to review the terms and conditions of the Policy (except for policies having a policy term of less than a year) beginning from the date of receiving the Policy Document in electronic form. In case the Policyholder is not agreeable to any terms and conditions of the Policy or otherwise; then subject to no claims having been made hereunder, the Policyholder may choose to return the Policy to the Insurer for cancellation, stating the reasons thereof within the aforesaid free look period.

Should the Policyholder choose to return the Policy, the Policyholder shall be entitled to a refund of the Fund Value on the date of cancellation plus the non-allocated premium (if any) plus any charges levied by cancellation of Units; after deducting the proportionate risk Premium for the period of cover, stamp duty charges and expenses of medical examination (if any). A Policy once returned shall not be revived, reinstated or restored at any point of time and a new proposal will have to be made for a new Policy. Where Rider(s) are available under the base Policy and so opted by the Policyholder, the same would also stand cancelled when the free look provision of the base Policy is exercised.

Kotak T-ULIP Nxt is designed to provide great value while maintaining transparency. Here’s a breakdown of the charges and the benefits they offer:

• Premium Allocation Charge: 12% for the 1^st year, 6% for the 2^nd year, 3% for the 3^rd & 4^th year of annualized premium will be levied for first 4 years and no charge from 5th^th year onwards.
  
• Policy Administration Charge: 0.5% p.m. of annualized premium, subject to maximum of ₹500 per month.
  
• Fund Management Charge: From 0.50% up to 1.35% of fund value per year depending on the fund invested.
  
• Mortality Charge: This is the cost of life cover, which will be levied by cancellation of units on a monthly basis based on your age and coverage.


• Switching Charges:First 12 free switches in a policy year, you have flexibility to adjust your investment according to your changing needs. Thereafter, ₹500 will be charged for additional switch.


• Partial Withdrawal Charges: First 12 partial withdrawals in a policy year are free thereafter for each Partial Withdrawal from the Main Account in any policy year ₹250 will be charged.


• Discontinuance Charges: This will be applicable only for discontinued policies and the charges will vary basis your annualized premium, year during which the policy is discontinued and your premium payment mode.