Kotak Eternal Life Premier Shield
Kotak Eternal Life Premier Shield
Kotak Eternal Life Plan-Premier Shield is a Traditional Participating Whole Life Plan. Thus, it is a non-linked Limited Pay Insurance Plan with Bonus facility which continues till 99 years of age.
How it works –In this plan, premiums are paid for the entire Premium Paying Term from 10 to 40 years as selected but the Life Coverage continues till the end of the Policy tenure, that is 99 years. The premium increases by 5% every year till the Life Insured’s age is 50 years so that there is lesser premium at lower age and premium liability rises with higher paying capacity.
This plan offers additional Accidental Disability Benefit for the Premium Payor where the future premiums would be waived off is case of accidental disability of the policyholder.
Simple Reversionary Bonus accrues after 5 policy years and Terminal Bonus after 10 policy years. Thus, on survival till the end of the Premium Paying Term, accrued Reversionary Bonus + Special Terminal Bonus is payable as Survival Benefit and the policy continue.
On Policy Maturity, i.e. if the Life Insured survives till 99 years of age, Sum Assured + Terminal Bonus (if any) would be paid as Maturity Benefit and the policy would be terminated.
However, if the Life Insured dies within the Premium Paying Term, then Sum Assured + accrued Reversionary Bonus + Interim Bonus + Terminal Bonus would be paid as Death Benefit and the policy would be terminated.
But if the Life Insured dies within the Policy Tenure, but after the Premium Paying Term, then Sum Assured + Terminal Bonus would be paid as Death Benefit and the policy would be terminated.
There are 3 additional and 1 in-built riders available in this plan.
Key Features
- This is a Traditional Whole Life Plan with Bonus facility
- The premium increases by 5% each year till the age of the life insured is 50 years old.
- This plan offers additional Accidental Disability Benefit for the Premium Payor
- This Plan offers Limited Payment Option where premium needs to be paid only for a small time while the Life Coverage continues till 99 years
- On survival till the end of the Premium Paying Term, accrued Reversionary Bonus + Special Terminal Bonus is payable as Survival Benefit
- This plan offers different premium rates for males and females as well as for smokers and non-smokers but beyond Rs 10 Lakhs of Sum Assured
- There are 3 additional riders and 1 in-built rider available with this plan
- This plan offers Simple Reversionary Bonuses, Special Terminal Bonus, Interim Bonus as well as Terminal Bonus
Benefits
- Within the Premium Paying Term, the nominee would receive the Sum Assured + accrued Reversionary Bonus + Terminal Bonus (if any) + Interim Bonus (if any) would be paid as Death Benefit and the policy would be terminated
- After the Premium Paying Term, the nominee would receive the Sum Assured + Terminal Bonus if any) would be paid as Death Benefit and the policy would be terminated
On survival till the end of the Premium Paying Term, the vested Simple Reversionary Bonus + Special Terminal Bonus is payable as a Lump Sum Cash Benefit
On maturity, i.e. if the Life Insured survives till 99 years of age, then the Sum Assured + Terminal Bonus (if any) would be paid to the policyholder as Maturity Benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
- Kotak Critical Illness Benefit
- Kotak Life Guardian Benefit
- Kotak Term/Preferred Term Benefit
- Accidental Disability Benefit for the Premium Payor
- Simple Reversionary Bonus is payable after the 5th year for all the first 5 policy years as well, which is payable on survival at the end of the Premium Paying Term or on earlier death
- Special Terminal Bonus is payable on survival till the end of the Premium Paying Term
- Interim Bonus is payable in case of death within the course of a financial year
- Terminal Bonus is payable after 10 policy years or more, provided all due premiums are paid
Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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1,50,000
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No Limit
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Policy Term (in years)
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99- Age at Entry
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Premium Payment Term (in years)
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10
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40 or
till Life Insured’s age=75 or
till Minor’s age=18
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Entry Age of Life Insured (in years)
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0
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65
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Age at Maturity when premium ceases (in years)
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-
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75
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Age at Maturity (in years)
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-
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99
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Annual Premium (in Rs.)
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PPT=10-14 years, Rs 10,000
PPT=15+ years, Rs 6,000
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No Limit
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly
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FAQs
What happens if You stop paying the premium?What happens if You want to surrender the policy?What happens if You want a loan against your policy?There is Loan available under this plan after 3 Policy Years upto 80% of the Surrender Value.
