Kotak Life Insurance, Kotak Smart Life plan, Kotak login & Kotak Platinum plan
Kotak Life Insurance Company Limited is one of India's fastest-growing private life insurance companies. The insurer, which was founded in 2001, now has 15 million customers. Protection, Savings and Investment, Retirement, and Child Education Insurance plans are all available from Kotak Life Insurance Company.
Kotak Life Insurance Company's core purpose is to add value to people's lives through financial instruments that provide protection and long-term savings. To meet the needs of its customers, the company works with strong values such as Professional Approach, Innovation, Continuous Improvement, Financial Prudence, Real Value to Customers, People Friendly, and Integrity.
Kotak Life Insurance has received numerous awards. At DMAsia 2017, Kotak Life Insurance received the 'Best Customer Engagement Campaign Award (Silver Medal).' The company was named the 2017 'Outlook Money Award for Life Insurance Provider'. At Fintelekt's DMAi Awards 2017, Kotak Life Insurance was also awarded the 'Best Persistency Award.'
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Types of Kotak Life Insurance Plans
Kotak Life Insurance provides an extensive range of policies to choose from. Following are the types of life insurance plans offered by the insurance company:
1. Term Insurance Plans: Kotak Life Insurance offers various term insurance plans namely Kotak Term Plan, Kotak E-Term Plan and Kotak Saral Jeevan Bima.
2. Savings and Investments Plans: Kotak Life Insurance has several savings and investments plans to offer namely Kotak Invest Maxima, Kotak Single Invest Plus, Kotak Platinum Plan, Kotak Ace Investment, Kotak Premier Endowment Plan, Kotak Premier Money Back Plan, Kotak Premier Income Plan, Kotak Premier Life Plan, Kotak Sampoorn Bima Micro-Insurance Plan, Kotak Single Invest Advantage, Kotak POS Bachat Bima, Kotak Assured Income Accelerator, Kotak Assured Savings Plan, Kotak Classic Endowment Plan, Kotak Smart Life Plan, Kotak Guaranteed Savings Plan, Kotak e-Invest Plan, and Kotak Wealth Optima Plan.
3. Retirement and Pension Plans: Kotak Life Insurance offers two retirement and pension plans namely Kotak LifeTime Income Plan and Kotak Premier Pension Plan.
4. Health Plans: Kotak Life Insurance offers a health insurance plan with the name Kotak Health Shield Plan.
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Kotak SmartLife Plan
Kotak SmartLife is a Kotak Life Insurance non-linked, participating endowment policy. This policy includes both guaranteed maturity benefits and bonus payouts. If the insured dies during the policy term, the death benefit will be paid.
Smart financial planning is the most important step toward living a worry-free life. Choosing the right plan has a significant impact on your finances, not only now but also in the future. With the Kotak SmartLife Plan, you can rest assured that you are well covered to fulfill all of your dreams and aspirations, as well as those of your loved ones.
This plan is a limited pay, non-linked, participating endowment insurance plan that provides a variety of valuable benefits such as yearly cash bonus payouts and the option to choose between two bonus payout options. You can also select from a variety of add-on riders to not only enhance but also personalize the protection provided by the plan.
Eligibility – Kotak SmartLife Plan
Min. entry age; Buyer must not be under 3 years of age at the time of entering the plan
Max. entry age
- For 6 & 15 year PPT – 50 years
- For 8 & 10 year PPT – 55 years
- For 12 year PPT – 54 years
Maturity age; Insured must not be more than 75 years at the time of plan maturity
Policy term; 75 years (minus) entry age of life assured
Basic sum assured; The min. sum assured offered under the plan is Rs.2,50,000; No limit on the max. amount offered as sum assured, subject to insurer’s underwriting policy
Min. premium
- 6-year PPT – Rs.40,120
- 8-year PPT – Rs.30,955
- 10-year PPT – Rs.26,175
- 12-year PPT – Rs.22,778
- 15-year PPT – Rs.19,505
Max. premium; No cap on the max. premium chargeable; subject to underwriting
Premium payment term; Premium payment under this plan can be done for 6, 8, 10, 12, or 15 years
Premium payment mode; Premiums can be paid on a monthly, quarterly, semi-annual, or an annual basis
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Plan Benefits – Kotak SmartLife Plan
Death benefit
The death benefit will be paid if the insured policyholder dies before the end of the policy term, subject to the condition that all due premiums have been paid. The death benefit in this case shall be:
- Cash Bonus Payout option - Sum assured on death + Interim bonus (if any) + Terminal bonus (if any)
- Paid-Up Addition option - Sum assured on death + accumulated paid-up additions (if any) + Interim bonus (if any) + Terminal bonus (if any).
Sum assured on death will be the highest of (i) 11x of Annualised Premium (incl. any extra premium), OR (ii) 105% of total premiums paid (incl. any extra premium) till death, OR (iii) Basic sum assured i.e. guaranteed maturity benefit.
Survival benefit;
This benefit will be payable if the insured has survived the policy term. The benefit payout under the 2 payout options will be as follows:
Cash Payout option;
From the end of the very first policy year onwards, the declared cash bonus will be paid at the end of each policy year till (i) the policyholder passes away, or (ii) the policy term ends, or (iii) till the policy is surrendered, whichever occurs earliest.
Paid-Up Addition option;
From the end of the very first policy year onwards, at the end of each policy year, the declared cash bonus will be used to buy paid-up additions i.e. additional sum assured. Paid-up additions are guaranteed added benefits which will be paid either on plan maturity or on the death of the insured.
Maturity benefit
The maturity benefit will be payable if the policyholder survives the policy term, subject to the condition that all due policy premiums have been paid. Once the maturity benefit is paid, the policy will cease to provide cover and end. Under the Cash Bonus Payout option, maturity benefit payable will be equal to basic sum assured + cash bonus (if any) + terminal bonus (if any). Under the paid-up addition option, maturity benefit payable will be equal to the terminal bonus (if any) + accrued paid-up addition (if any) + basic sum assured + cash bonus (if any).
Features of Kotak SmartLife Plan
Tax benefit Policyholders; can get tax deductions not only on the premiums they pay for the policy but also on the returns which are received from the policy, under Section 10(10D) and Section 80C of the Income Tax Act.
Rebate on premium; Rebates/discounts on premiums will be offered for a high sum assured and to women policyholders
Add-on riders; Policy protection can be enhanced with the help of add-on covers that are available at a nominal additional premium. Riders available include the Kotak Term Rider, Kotak Accidental Death Benefit Rider, Kotak Permanent Disability Benefit Rider, Kotak Life Guardian Benefit, Kotak Accidental Disability Guardian Benefit, and the Kotak Critical Illness Plus Benefit Rider
Grace period; Policies with the quarterly, semi-annual, and annual payment mode will have a grace period of 30 days; policies with a monthly payment mode will have a grace period of 15 days
Policy lapse; The policy will lapse starting from the date of the first missed premium
Policy revival; Revival of a lapsed policy can be done within a period of 2 years, starting from the date of the first missed premium
Surrender; Policy can be surrendered and will acquire surrender value after premiums payments have been completed for at least 2/3 years, depending on the policy’s premium payment term
Nomination; Nomination can be done as per provisions of Sec 39 of the Insurance Act
Assignment; Assignment can be done as per provisions of Sec 38 of the Insurance Act
Suicide exclusion; If policyholder commits suicide before the end of 12 months starting from the date of policy inception, their nominee will be entitled to 80% of the all premiums paid
Free look period; For reviewing the terms and conditions of the policy, buyers will be granted a 15-day free look period. those who have purchased and received the policy via distance marketing channels will be granted a free look period of 30-days
About Kotak Mahindra Life Insurance Co. Ltd.
Kotak Mahindra Life Insurance Co. Ltd. is a wholly owned subsidiary of Kotak Mahindra Bank. Founded in 2001, Kotak Life Insurance is now counted among the leading companies in the Indian life insurance space, offering a bouquet of well-appointed insurance solutions not just in terms of protection, but also to build long-term savings. One of the most rapidly growing insurers in India, Kotak Life currently caters to the needs of nearly 15 million customers and has a country-wide presence in 167 Indian cities.
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Kotak Platinum plan
The is a powerful unit-linked plan that is a great plan not only as a life insurance investment but also as a regular investment tool, allowing the insured to use strategies with various strategic options available to them for a profitable long-term investment. This is a unit-linked insurance plan with a variety of investment options that benefit both the nominees and the insured.
Eligibility Conditions for Kotak Platinum - ULIP
Entry Age
Minimum: 0 years, Maximum: 65 years (i.e. 60 years for limited pay)
Maturity Age
Minimum: 18 years, Maximum: 75 years
Policy Term
10 to 30 years. Note that the minimum policy term will be higher of 10 or 18 minus age as on the date of commencement, for minors.
Premium Payment Term (PPT)
For Regular Pay: Same as policy term For Limited Pay: Five years along with ten years policy term or ten years with fifteen to thirty years policy term
Payment Mode
Monthly, quarterly, half-yearly or annually
Annual Premium - Regular & Limited Pay
Minimum: Annual-` Rs.99,000, Half-Yearly- Rs.49,500 , Quarterly-Rs.24,750 and Monthly - Rs.8,250 Maximum: No restrictions
Basic Sum Assured
For Regular Pay: (AP: Annualized Premium )
- Less than 45 years = Minimum: Greater of 10 times AP or 0.5* Policy Term * AP; Maximum: 25 times AP
- 45 years = Minimum: Greater of Greater of 7 times AP or 0.25* Policy Term* AP; Maximum: 25 times AP
- 46 - 55 years = Minimum: Greater of 7 times AP or 0.25* Policy Term* AP; Maximum: 15 times AP
- 56 - 60 years = Minimum: Greater of 7 times AP or 0.25* Policy Term* AP; Maximum: 10 times AP
- 61 years and above = 7 times AP
- Limited Pay: (AP: Annualized Premium )
- Less than 45 years = Minimum: Greater of 10 times AP or 0.5* Policy Term * AP; Maximum: 15 times AP
- 45 years = Min: Greater of Greater of 7 times AP or 0.25*Policy Term* AP; Maximum: 15 times AP •
- 46 years – 50 years = Minimum: Greater of 7 times AP or 0.25* Policy Term* AP; Maximum: 15 times AP except for 5 PPT which is 10 times AP
- 51 years - 60 years = Minimum: Greater of 7 times AP or 0.25* Policy Term* AP; Maximum: 10 times AP except for 5 PPT which is 7 times AP
Top-up Premium
Minimum: Rs.10,000 Maximum: The sum of Top-Up premium paid must not exceed the sum of all the regular premiums paid at the moment.
Key Features of Kotak Platinum - ULIP
The following are notable key features of this product from :
Plan Type
Unit-linked insurance plan
Basis
Individual policy
Policy Term
10 to 30 years. Note that the minimum policy term will be higher of 10 or 18 minus age as on the date of commencement, for minors.
Policy Validity
Will be for the chosen policy term in case all premiums have been paid
Top up Sum Assured (TSA)
Less than 45 years (last birthday): 1.25 X Top-Up Premium and 45 years (last birthday) and above: 1.10 X Top-Up Premium
Coverage
Death Cover: In the event of death nominees are entitled to: Greatest of the following:
Basic Sum Assured less applicable partial withdrawal amount from Main Account (if any), or
105% of the Premiums paid till the time of death, or
Fund Value in the Main Account
- Additional Benefit on Death Coverage: Based Top-Up Premium paid, highest of:
- Top-Up Sum Assured or
- 105% of the Premiums paid till the time of death, or
- Fund Value in the Top-Up Account, if any
- Maturity Benefit: The Fund Value that are inclusive of the Survival Units which includes Fund Value in Top-Up Account(s)i.e. if any will be paid as maturity benefit. Insured can also take the Fund Value as a 7 lump sum and terminate the policy OR choose the Settlement Option
- 3 investment strategies for the Insured
- The extra Survival Units at the end of 10th policy year and every 5 years thereafter.
- Additional protection through a choice of 2 riders
Settlement Option
There is a settlement option to be paid maturity benefit via lump sum payment or in the form of installments
Reinstatement or revival
A insured has can choose for revival options upto the expiration date of the Notice Period. The insured can revive a discontinued policy within 2 years from the date of discontinuity and any discontinuance charge will be reversed. All benefits will be revived including the features, strategies, policy premium, etc.
Benefits of Kotak Platinum - ULIP
The following are major benefits from the Kotak Life plan;
3 Investment Strategies: There are three strategies that can be used to invest through ULIP which includes self managed strategy that allows individuals to invest on funds on their own.Age based strategy is useful for people who do not have the time or expertise to manage investing or the systematic switching strategy for exhaustive investment options in equity to be invested on systematically.
Nominal Charges: the plan has nominal charges to make sure that 95% to 98.5% of premium payment for maximum returns.
Additional Survival Units: Extra survival units are given at the end of the tenth policy year and every 5 year after that. The Survival units are calculated as 2% of the average Fund Value that is in the Main Account in the last three years.
Settlement Option: Insured can get maturity benefit through lump sum payment or in the form of installments via settlement option.
Accidental Death and Permanent Disability Benefit Riders to choose from.
Partial Withdrawals can also be made during the policy term period.
Tax Benefits: Tax benefits can be availed under Section 80C and Section 10 (10D) of Income Tax Act, 1961.
Charges for the Kotak Platinum ULIP
Here are the most important charges that may be levied on your Kotak platinum ULIP:
Premium Allocation Charges: This is chargeable as a percentage of the premium. The net premium is then based at the Net Asset 8 Value (NAV) that prevails on the date of receipt of premiums.
Policy Administration Charges: This is a portion of the 1st year’s annualized premium and which will be recovered via monthly unit cancellation.
Fund Management Charges: The annual FMC of the funds in this plan are:
- Classic Opportunities Fund @ 1.35% p.a
- Frontline Equity Fund @ 1.35% p.a
- Balanced Fund @ 1.35% p.a
- Dynamic Bond Fund @ 1.20% p.a.
- Dynamic Floating Rate Fund @ 1.20% p.a.
- Dynamic Gilt Fund @ 1.00% p.a.
- Money Market Fund @ 0.60% p.a.
- Discontinued Policy Fund @ 0.50% p.a.
Switching Charges: The first 12 switches are not charged at all. However, after that, each switch is chargeable at Rs.250.
Partial withdrawal Charges: Rs. 250 will be charged for every partial withdrawal made.
Discontinuance Charges: The Discontinuance Charges are levied on the Main Account and are based on term year and age of insured.
Mortality Charges: This is chargeable for cover, that is charged by cancelling units on a monthly basis.
Miscellaneous Charges:
- Replacement of policy document per request: Rs.500
- Alteration in Basic Sum Assured per request: Rs. 500
- Premium redirection: Rs.100
- cheque dishonor, each: Rs.250
Riders Available for Kotak Platinum ULIP
There are 2 riders available for this plan;
- Kotak Accidental Death Benefit Rider (Linked): In the case of demise caused by accident an added sum will be given equal to the sum assured for the rider, besides the death benefit.
- Kotak Permanent Disability Benefit Rider (Linked): In case of complete or permanent disability of the policyholder due to accident, the Rider Sum Assured is entitled to the insured while the base policy continues.
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