EXECUTIVE SUMMARY Monopoly of LIC has been broken to make Indian Insurance to change its face and pace to tap the market and to make the new challenges in it. Insurance in India is not about India only; it is an open sector for the private players. The name which you would see in Indian insurance market is something like: - BAJAJ (Indian company) + Allianz (foreign player), TATA (Indian company) + Aig (foreign player) and so many like them. Companies now are tapping a lot of ways to capture the market and hence adopting different ways to hold the large portion of the market. My project was to understand the different marketing strategies adopted by the companies to increase their market share and along with it meeting their own targets to achieve the position of no.1 in 1
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
EXECUTIVE SUMMARY
Monopoly of LIC has been broken to make Indian Insurance to change its face
and pace to tap the market and to make the new challenges in it. Insurance in
India is not about India only; it is an open sector for the private players. The
name which you would see in Indian insurance market is something like: -
Charge There is no surrender allowed in the first 3 policy years. Thereafter the
charge is 3% in year 4, 2% in year 5, 1% in year 6 and 0% from year 7
onwards. No surrender charges apply to the Supplementary Account. Two
withdrawals a year are free (including after maturity). Thereafter Rs. 500 per
withdrawal is charged. Switching Charge The first four switches in a year are
free. Rs 500 will be charged for every additional switch.
Mortality Charge
This is the cost of life cover and will be levied by cancellation of units
on a monthly basis.
Miscellaneous Charges
The charges for alteration in policy contract (such as change in sum assured,
change in policy term, change in premium mode, etc.) are Rs. 500/-. For
premium redirection a fee of Rs. 100/- will be charged. Please note, in the event
of experience being worse than expected, the Company reserves its right to
impose charges not beyond the level mentioned below:
• The Fund Management and Administration charges may be increased in future
but only if a change takes place for all the participants in that Fund and on prior
written notice to the policyholder.
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• The administration charge will not be increased by more than 40% from the
original level, for the first 10 years and 100% after 10 years.
• The surrender charge on Supplementary Account may be increased to a
maximum of up to 5% of the value of units after the third policy year.
• The switching and withdrawal charges may be increased to a maximum of Rs.
1000.
Eligibility
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KOTAK CHILD ADVANTAGE PLAN
"What is Kotak Child Advantage Plan?"
The Kotak Child Advantage Plan is an investment plan designed to meet your
child's future financial needs. It's a plan that gives your child the "azaadi" to
realize his dreams. The plan is a participating plan with a 15-day free look
period.
"Who can avail of this plan?"
HOW OLD DOES THE CHILD HAVE TO BE TO AVAIL OF THIS PLAN?
Minimum age - 0 yearsMaximum age -17 years
FOR WHAT TERM CAN I AVAIL OF THIS PLAN?
10 - 30 years
WHAT IS THE MAXIMUM SUM ASSURED ALLOWED UNDER THIS PLAN?
Rs.25,00,000
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"What are the advantages of this plan?"
On Maturity, you would receive the sum assured plus the bonus addition.
Bonus addition is the amount in the Accumulation Account*, in excess of
the sum assured.
The balance available in the Accumulation Account is invested in various
financial instruments (as per IRDA regulations) so your money works hard
to earn more for your child.
The Automatic Cover Maintenance facility ensures the policy remains in
force even if you miss premium payments. This facility is available after the
first three years of the Term.
You can take a loan against this plan, after the policy has been in force
for at least three years.
You have the option of paying premiums quarterly, half yearly or yearly.
You have the benefit of a 15 day free look period.
"What value-adds can you opt for?"
You may avail of these value adds for a nominal premium at the time of taking
the plan. The aggregate premium of the value-adds should not exceed 30% of
the basic policy premium.
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Life Guardian Benefit:
In case of the unfortunate death of the
premium payer, this benefit keeps the policy alive by waiving all future
premiums on the policy.
Accidental Disability Guardian Benefit:
In case the premium payer is permanently disabled as a result of accident, this
benefit keeps the policy alive by waiving all future premiums on the policy.
Tax Benefit:
Section 80C, 10(10D) of Income Tax Act, 1961 would apply. You are advised
to consult your tax advisor for details.
"How does this plan work?"
Mr. Sanjay Gupta is a 30-year-old professional and has a 6-year-old son. To
secure his child's future, Mr. Gupta decides to buy the Kotak Child Advantage
Plan. He wants to buy a plan with a sum assured of 5 lakh, term of 15 years, so
that when the child is 21 years old, he has at least Rs.5 lakh to invest in his
education/ career etc.
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Mr. Gupta buys the Kotak Child Advantage Plan
along with both the value-adds offered with the basic plan.
Description Premium
KOTAK CHILD ADVANTAGE PLAN PREMIUM 31,857
LIFE GUARDIAN BENEFIT PREMIUM 1,225
ACCIDENTAL DISABILITY GUARDIAN BENEFIT
PREMIUM155
Total Annual Premium Paid 33,237
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"What happens in the event of death of
the life insured?"
In the event of the unfortunate death of the insured during the term of the plan,
the following would become payable:
If the policy has been in force for five years or if the life insured is at
least 18 years old, the beneficiary will receive either the Sum Assured or
Accumulation Account whichever is higher, as on the date of death.
If the death occurs within five years from commencement of policy and if
the insured is less than 18 years old, the death benefit would be either the
total of all premiums paid so far or the surrender value at that time,
whichever is higher.
"General exclusion"
In case the life insured commits suicide within 1 (one) year of the plan, no
benefits outlined in the plan would be payable.
No claim under the Kotak Life Guardian Benefit would be admitted if, within
one year of the date of issue of this policy, the premium payer commits suicide,
whether being sane or insane at the time of committing suicide.
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No claim under the Kotak Accidental
Disability Guardian Benefit would be
admissible in the following circumstances:
(1) The premium payer suffers from self-inflicted injuries, attempt to suicide,
insanity, immorality, committing any breach of law or being under the
influence of drugs, liquor etc.
(2) Where the premium payer is engaged in aviation or aeronautics other than
as a passenger on a licensed commercial aircraft operating on a scheduled route.
(3) The premium payer suffers injuries from war (whether war is declared or
not), invasion, hunting, mountaineering, motor racing of any kind, other
dangerous hobbies or activities, or having been on duty in military, Para-
military, security or police organization.
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KOTAK SUKHI JEEVAN
Life is unpredictable, but the earlier
you plan for your future, the more
likely are you and your family to
reap the rewards. Introducing ‘Sukhi
Jeevan’, a long-term savings and
protection plan from Kotak Life
Insurance that allows you to plan for
your changing needs at every step of
life - be it saving for your kids, or your retirement. It helps you prepare for
important milestones and, most importantly, it ensures your family is secure
when life dishes up harsh misfortunes.
How does this plan benefit me?
Savings for your needs
You would have different financial needs to be met and investing small
amounts in a disciplined manner will help you accumulate a sizeable lump sum.
To structure a plan that is ideal for your needs, it is important for you to
estimate the amount of lump sum required for your goals, i.e. the sum assured.
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Based on this, you would have to set aside small amounts to have an
accumulated lump sum.
Enjoy bonuses
Each year, the company would declare a simple reversionary bonus on the sum
assured of your policy, from the surplus earned on its participating policy funds.
The bonus, once declared, is guaranteed and would be paid on maturity of the
policy or in the event of death. An interim bonus would be paid in case of a
death claim during the course of the year. Also, if you have paid all your
premiums regularly for 15 or more years, a terminal bonus may be paid by way
of a reward for disciplined savings over the long-term.
Help your kids reach their dreams, or enjoy your retirement
On maturity, you will receive the sum assured along with all the bonuses
declared on the policy. You are likely to require money as your children begin
pursuing higher education and considering careers, marriage and family. As the
years roll on, you may choose to cease working or slow down your business
activities, and there may be expenses that need to be met. Since all these
expenses come along at different times and in varying amounts, this plan allows
you the flexibility to utilize your accumulated kitty in a phased manner after
maturity. At the end of the term, you can withdraw the entire maturity proceeds
and the policy would terminate.
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Provide protection along the way for your loved ones
Provided the premiums are paid regularly, if you meet your unfortunate demise
during the policy term, from the second year on, your beneficiaries will receive
the full sum assured, along with the reversionary bonus declared and interim
bonus, if any. In year 1, on accidental death, they will receive the sum assured
plus bonus, and on natural death, return of the premiums paid (less any rider
premium and extra premium). In case the life insured is a minor, the death
benefit will be a return of premiums paid if death occurs within 5 years from the
date of commencement or before attainment of age 18, whichever is earlier.
Similarly, in the event of permanent accidental disability, installments will be
paid out, should you select the Permanent Disability rider available at a small
additional premium. The life cover will continue.
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How do I apply for this plan?
Step 1: Decide the total amount you require on maturity (sum assured).
Step 2: Decide the term of the policy depending on the goals that you have in
mind. If you would like to choose a term of 15 years, given below are
premiums for a few combinations of age and sum assured.
Eligibility
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Other terms
Surrender
On receipt of all the premiums for a period of at least 3 consecutive years, the
policy shall acquire a guaranteed surrender value from that time on. The
guaranteed minimum surrender value will be 30% of all premiums paid to date,
excluding the first year’s premium and any other extra premiums. The
Company may consider paying an enhanced surrender value, which will not be
less than the guaranteed surrender value as stated above.
Grace period
There is a grace period of 30 days from the due date for payment of premium
for the yearly and half-yearly mode, and 15 days for the monthly mode.
Lapses
Where the premiums for the first 3 policy years are not paid within the grace
period, the policy together with the rider benefit, shall lapse from the due date
of unpaid premiums. A lapsed policy can be revived within 2 years of the date
of lapse by payment of arrears of premiums with interest and collection charges.
After payment of 3 years premiums, if future premiums are not paid within days
of grace and you have not opted for surrender, an extended risk coverage period
of 2 years or up to the date of maturity, whichever is earlier, is
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Provided by default. The benefit payable on death during this extended risk
coverage period of 2 years is the sum assured plus any accrued bonuses, less
any unpaid premiums due at the date of death.
Paid up
On receipt of at least 3 years premiums and after completion of 3 full policy
years, you can elect to stop paying future premiums and make the policy paid
up. The rider benefits will cease and the policy will cease to participate in future
profits. The benefit payable on death, within 2 years from the date of the first
unpaid premium, will be the sum assured plus any accrued reversionary
bonuses up to the date of the first unpaid premium, less any unpaid premiums
due at the date of death. This benefit of payment of sum assured will be
available only if death happens during the 2 years following the policy
becoming paid up for the first or second time during the policy term.
If death occurs any time after the policy becomes paid up for the third or
subsequent time during the policy term, only the reduced paid up value and
vested bonuses will be payable. The sum assured will be reduced by a factor
equal to the proportion of the number of premiums paid to the total number of
premiums payable.
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Policy revivals
The policy may be revived within 2 years from the date of the first unpaid
premium by making payment of the arrears of premiums with interest and
collection charges. Any revivals after six months from the due date of unpaid
premium will require production of evidence of good health.
Loans
Loans will be granted once the policy acquires a surrender value. The loan will
be a maximum of 80% of the surrender value, available at a market related rate
of interest. Interest will be compounded and payable semi-annually.
Accidental death
In the event of accidental death during the first year, the benefit will become
payable subject to the following:
1. This benefit is in full force on the day of the accident.
2. The life insured has sustained any bodily injury directly and solely from the
accident, which has been caused by outward, violent and visible means.
3. The death occurs within 120 days of the date of the accident due to such
injury as stated above, solely, directly and independently of all other causes of
death.
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LONG LIFE SECURE PLAN
Both joys and successes come
with their fair share of
uncertainties – uncertainties you
constantly strive to insulate your
family from. Protecting your
family and ensuring their comfort
has always been your primary
concern and key responsibility.
All responsibilities require careful
planning; for yourself and your
family, for the present and the future. Careful planning is all about the right
investment strategy secured with appropriate protection - a necessary cushion to
face the unexpected events of life.
To ensure that your investments give maximum protection to secure your
family’s future and their financial independence, we at Kotak Life bring to you
the Kotak Long Life Secure Plus plan. It is a unit-linked plan that gives you the
dual benefit of:
Fulfillment of your family goals without any obstacles
Comfort of meeting unplanned events head on
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Enhanced Protection for Your Family
Superior Protection
Life is uncertain, so when it comes to your family’s future, you would not want
to leave anything to fate. Your absence is bound to leave an irreplaceable void
in the life of your family. At such a trying time, Kotak Long Life Secure Plus
can ensure that the dreams you aspired for your family, don’t remain
unfulfilled. Moreover, it will assist in meeting the planned and unplanned
financial obligations your family may face under such a circumstance. This plan
provides you the following benefits1 on death of the life insured:
100% of the Sum Assured paid out immediately
plus Fund Value
An additional “Lump sum Benefit*”, on death of the policyholder, equal to
your outstanding premiums (i.e. basic premium x number of outstanding
installments) is added into the policy fund. This corpus of the fund value and
additional “Lump sum Benefit” would be available immediately or by way of
equal semi-annual installments for 5 years (settlement option9).
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Timely Protection
Accidents are a harsh reality that no one can ever be prepared for. In the
unfortunate event of a permanent accidental disability, all plans tend to go
awry. However, in such circumstances, Kotak Long Life Secure Plus steps in
as a complete protection plan. The additional “Lump sum Benefit” equal to
your outstanding premiums (i.e. basic premium x number of outstanding
installments) will also be paid by Kotak Life in case of a permanent accidental
disability2 of the policyholder. This will ensure that your policy continues with
an immediate lump sum addition into your fund account. The planned amount
for your dreams continues to accumulate with no future premium payment
obligations. In this way, Kotak Long Life Secure Plus ensures that neither you
nor your family loses out on the benefits you had originally planned for.
Boosted Protection
Kotak Long Life Secure Plus offers you a range of options to ensure
comprehensive protection throughout the policy term for your family against
any eventuality. You can opt for additional rider benefits for protection against
critical illnesses and accidental death. In case of a critical illness, a portion of
the sum assured will be immediately made available to you and your family.
Should an unfortunate accident lead to a sudden demise, an additional benefit
would be paid out on opting for the accidental death benefit (ADB) rider.
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Accessible Protection
With costs being different for every need, the financial requirements for your
family’s comfort would change from time to time. Kotak Long Life Secure Plus
is designed in a way that it takes these changing needs and unfortunate
emergencies into account.
You can access your investments after completion of the 3rd policy year
by way of partial withdrawals or surrender. There will be no surrender
charges from year 11 onwards.
On maturity you can avail of the full fund value and the policy terminates
OR selects the settlement option. Through this option you can elect to
receive a percentage of the maturity proceeds in cash and the balance by
way of pre-selected periodic installments, for up to 5 years after maturity
(settlement period)9. All insurance cover will cease on the maturity date
of the policy.
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Enhanced Protection for Your Growing Investments
Protected Growth
Economic stability is an important aspect to consider while planning for your
family’s future security. After all, costs and needs only keep increasing as the
years go by. This makes it important for your investments to grow alongside
too. Equity exposure is essential to keep pace, but it Rquires you to keep a
constant eye on the volatile market. Switching your money efficiently from one
fund to another to balance risk and return is not an easy task. Understanding
this, Kotak Long Life Secure Plus brings you the unique Dynamic Floor Fund,
which allows you to enjoy the benefits of a rising capital market, but actively
trims back your equity exposure during a slump, thus locking in your gains and
shielding your savings from the market volatility.
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Eligibility – A Ready Reckoner
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Illustration
Mr. Dutt is a 35-year-old professional, working in a private organization. He
lives with his dependent parents, wife and child. He is looking for ways and
means of protecting his family and their future from unexpected vagaries of life.
He also needs a plan that allows his hard-earned savings to grow, but with
adequate protection - A plan that protects his family’s interests and goals, come
what may. Mr. Dutt has the perfect solution in Kotak Long Life Secure Plus.
Given below is an illustration of the benefits payable to Mr Dutt in different
scenarios with a sum assured of Rs. 500,000:
Net yield (gross of mortality charges) at 6% investment return 4.59%
Net yield (gross of mortality charges) at 10% investment return 8.50%
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Charges
Premium allocation charges
An allocation charge that is a percentage of the premium received is levied. The
first premium will be allocated at the NAV12 of the date of commencement of
the policy and the subsequent renewal premiums will be allocated at the NAV
prevailing on the date of receipt of the premiums13.
The table below gives you details of the percentage of premium invested in
each policy year:
The Premium allocation after year 10 would be 100%. For Top up premiums,
the allocation will be 99%.
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Fund management charge (FMC)
To manage your money efficiently, thereby enabling you to earn handsome
returns, an annual fund management charge that is a percentage of the fund
value, is applicable. Here are the details for your easy reference:
Administration charge
A nominal flat fee of Rs. 75 per month in year 1 and Rs. 40 per month from
year 2 onwards inflating at 5% every year is recovered by monthly deduction of
units. Administration charges for annual premiums of Rs. 1 Lac and above are
waived. The renewal administration charge at the prevailing level is re-instated
where premiums are reduced below Rs.1 Lac. In ACM mode, the renewal
administration charges will continue to apply at the prevailing level.
Partial withdrawal charge
Partial withdrawal is not allowed in the first 3 policy years. The partial
withdrawal charge expressed as a percentage of the amount withdrawn is as
follows : 5% in the 4th and 5th year, 2.5% from the 6th to 9th year, 1% in the
10th year and no charges thereafter. There is an additional charge of Rs. 500 per
withdrawal for the third and subsequent withdrawal in a policy year.
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Mortality and Disability charge
This is the cost of life cover, calculated as per thousand Sum at Risk (Basic
Sum Assured + Lump sum Benefit) which will be levied by cancellation of
units on a monthly basis. The indicative mortality charge per thousand sum at
risk for a healthy individual will be:
Lifelong Security in 5 Easy Steps
Now that you are aware of the Kotak Long Life Secure Plus details, here’s how
you can ensure your family’s comfort and happiness in 5 easy steps.
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KOTAK CAPITAL MULTIPLIER PLAN
Kotak is the only plan of its kind that allows the return to be enjoyed beyond
maturity. It is a kind of super endowment plan that offers the bonus every year,
and also offers the facility to increase the investment and it also offers the
facility to withdraw the money as when wants to over a 15 year period post
maturity, apart from that additional life cover of 10%, which is over and above
the life cover which has been opted. Other Features like surrender to the policy
can be opted out of any medical urgency, following riders can be opted:-
· Preferred term Benefit
· Accidental Death Benefit
· Permanent disability Benefit
· Critical Illness Benefit
· Life Guardian Benefit
· Accidental Disability Guardian Benefit
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KOTAK ENDOWMENT PLAN
"What is Kotak Endowment Plan?"
Kotak Endowment Plan is a protection plan that covers your life and at the
same time ensures that your money does not lie idle. It invests a portion of your
premium in financial instruments and ensures a considerable growth in savings.
This is a participating plan (with profits).
Who can avail of this plan?"
HOW OLD DO YOU HAVE TO BE TO AVAIL OF THISPLAN?
Minimum age - 18 yearsMaximum age - 65 years
FOR WHAT TERM CAN I AVAIL OF THIS PLAN?
10-30 years
WHAT IS THE MAXIMUM AGE THAT THE PLAN CAN COVER YOU TILL?
75 years
What are the advantages of this plan?"
1. On maturity, you would receive the sum assured plus the bonus addition.
Bonus addition is the amount in the Accumulation Account*, in excess of
the sum assured.
2. The amount available in the Accumulation Account is invested in various
financial instruments (as per IRDA regulations) so your money works
harder for you.
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3. The Automatic Cover Maintenance facility ensures the policy remains in
force even if you miss premium payments. This facility is available after
the first three years of the term.
4. You can take a loan against your policy, after the policy has been in force
for at least three years.
5. You have the option of paying premiums quarterly, half yearly or yearly.
You also have the flexibility to pay premiums through the full term of the
policy or pay it for a fixed term of 3, 5, 7, 10 or 15 years.
6. You have the benefit of a 15-day free look period.
"What value-adds can you opt for?"
You may avail of the following value-adds for a nominal premium at the time
of taking the plan, subject to the aggregate premium on all value-adds not
exceeding 30% of the basic plan premium.
Term Benefit / Preferred Term Benefit: In the event of death during the term
of this benefit, the beneficiary would receive an additional death benefit
amount, which is over and above the sum assured. The maximum term benefit
you can avail of is equal to the basic sum assured.
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Accidental Death Benefit: This benefit provides an additional amount (over
and above the basic sum assured) to the beneficiary in the event of the
accidental death of the life insured. The maximum cover available under this
benefit is equal to the basic sum assured (subject to a maximum of Rs.10 lakhs).
Permanent Disability Benefit: This benefit provides financial support in case
of your permanent disability due to an accident. The amount payable is over
and above the basic sum assured and would be paid out as an annuity. The
maximum Permanent Disability Benefit that you can avail of is equal to the
basic sum assured (subject to a maximum of Rs.10 lakhs).
Critical Illness Benefit: This benefit can be taken with the basic life insurance
policy to provide financial support in the event of medical emergencies. On the
first occurrence of critical illness during the term of the policy, you would
receive a portion of the sum assured to reduce your financial burden in this
emergency. The maximum Critical Illness Benefit that you can avail of is equal
to half the basic sum assured subject to maximum of Rs. 20 lakhs
Life Guardian Benefit: This benefit can be availed of, only in a case where the
life insured and the propose are two different individuals. In case of the
unfortunate death of the propose, this benefit keeps the policy alive by waiving
all future premiums on the policy.
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Accidental Disability Guardian Benefit: In case the proposer
is permanently disabled as a result of an accident, this benefit keeps the policy
alive by waiving all future premiums on the policy. This benefit is available
also where the life insured is the proposer.
"How does this plan work?"
Mr. Sanjay Gupta, who is 30 years old, decides to buy a Kotak Endowment
Plan for a sum assured of Rs. 5,00,000 for a 20-year term for his wife, who is
aged 28. Mr. Gupta decides to take the Life Guardian Benefit as a rider to the
plan. He does this to provide enhanced security and protection to his wife.
The annual premiums paid by Mr. Gupta are as follows Amount (Rs.)Kotak Endowment Plan Premium 22,552Life Guardian Benefit Premium 1,106Total Annual Premium Paid 23,658
What would be the payout maturity?
On maturity Sanjay Gupta would receive the sum assured or Accumulation
Account, whichever is higher. Assuming that the Accumulation Account grows
at a rate of 6%, the payout on maturity would be Rs. 6,93,800. At a growth rate
of 10%, the maturity amount payable would be Rs. 10,97,700.
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KOTAK ETERNAL LIFE PLANS
Kotak Eternal Life Plans are participating whole life plans that provide
enhanced protection till the golden age of 99. The plans provide for a high
cover at lower premiums, cash lump sum benefits at desired stage and a way to
care for your spouse in the second innings of life.
With guaranteed protection for life, opportunity to create wealth, and
comprehensive cover options, these plans provide you with a perfect financial
solution to suit your needs.
"What can Eternal Life do for you?"
Provides you with lifelong protection which continues well beyond
retirement to ensure that your loved ones remain secure, irrespective of
the uncertainties in life.
Enables a high amount of insurance cover at affordable premiums which
takes into account your growing responsibilities and keeps pace with
your increasing needs.
Offers liquidity for planned and unplanned needs so that you have access
to your money when you need it the most, adding to your comfort and
security at important stages in life.
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"Why Eternal Life Plan?"
Permanent and complete protection till your 99th birthday
o Insurance cover that extends well beyond 60-70 years, to protect
your loved ones till you turn 99
o Guaranteed Death Benefit till age 99
o A complete protection package guarding you against risk of Death,
Disability* as well as Critical Illness^
Adequate protection to meet your growing needs
o High amount of insurance cover that is almost 25-45 times the
initial premium paid
o Regular bonuses# that boost guaranteed death benefit to provide
for higher protection during and after the premium payment term
Cash lump sum to fulfill your dreams
o A significant cash lump sum paid at the end of the premium
payment term to secure your dreams (Bonuses# accumulated till
the end of the premium paying term)
o In case of emergencies, loan facility can be provided to help you
tide through adversities.
Increased choice through a range of plan options
o Increasing Premium Option that keeps income and offers
affordable protection from the start
o A few years of premium payment (option to choose between 10-40
years) offers a lifetime of protection
o Special rates for females and non-smokers (For Sum Assured
greater than Rs. 10 lakhs)
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"How does the product work?"
Step 1: Choose your life cover - the basic Sum Assured, based on your existing
insurance cover and needs.
Step 2: Decide the number of years you wish to pay premiums, based on your
personal and financial goals.
Step 3: Choose a plan from two unique variants based on premium option
preference.
Step 4: Receive a lump sum Cash Benefit at the end of your Premium Payment
term.
Step 5: Get guaranteed protection till your 99th birthday and enjoy the potential
for additional bonus boosts to your life cover along the way!
Key Features:
Lifelong cover protection till age 99 with a few years of premium
payment.
Higher Protection at affordable premiums
Complete safeguard against uncertainties of Accidental Disability# and
Critical Illness^
Lump sum Cash at the end of the premium payment term
Premiums that match your preference and lifestyle
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Tax Benefits under Sec 80C and Sec
10(10) D.
KOTAK MONEY BACK PLAN
"What is Kotak Money Back Plan?"
The Kotak Money Back Plan not only covers your life, it also assures you a
certain percent of the sum assured as cash payment at regular intervals of every
5 years. It is a savings plan with the added advantage of life cover and regular
cash inflow. This plan is ideal for planning special moments like a wedding,
your child's education or purchase of an asset etc. This is a participating plan
"What are the advantages of this plan?"
The plan not only covers your life but also provides you with a survival
benefit payout every 5 years.
In the unfortunate event of death of life insured, the beneficiary would
receive the death benefit. The death benefit keeps increases by 7% of the
sum assured every year.
On maturity, you would receive the sum of the Survival Benefit, Bonus
addition* and Guaranteed addition**.
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"What do you receive on maturity of this plan?"
On maturity, you would receive the sum of the Survival benefit,
Guaranteed addition and Bonus addition. The table below illustrates the
survival benefit pay out for every Rs.1000 of sum assured.
Survival Benefit Payout for every Rs. 1000 Sum AssuredPayouts (in Rs.) 5th