Kotak Premier Life Plan

Life Insurance is available from premium as low as Rs 6,975 (exclusive of taxes, for a 30 year old non-smoking male with 1 crore sum assured and policy term of 25 years)

Lower premium for women, non-tobacco consumers

In case of total and permanent disability due to accident, future premium payments are waived off but policy continues (available only if accident insurance rider is availed)

In case of unfortunate death of policyholder, the nominee will receive 10 percent of sum assured upfront and the remaining balance in 15 years as monthly income. However, if nominee sees it fit, they can opt to receive the entire sum assured at a discounted value instead of regular monthly income. The lump sum will be discounted at 6.5 percent per annum compounding yearly of the entire outstanding regular payouts.

Entire sum assured is disbursed to nominee of person assured at the time of death.

n case of death of the policyholder, other than sum assured the plan also pays out bonus, due to the participating nature of the plan.

Sum assured on death is higher of:

• Sum assured on maturity, or
• 11 times of annualized premium or 105 percent of premium paid until death (minus service tax & cess as applicable and rider premium)

When policyholder survives policy term, maturity benefit is sum assured on maturity plus cash bonus (if any) plus paid-up additions bonus (if any) plus terminal bonus (if any). There are two bonus options available: Cash payout and Paid-up additions.

In cash payout option, bonus accrued during the premium payment term is paid in a lump-sum. Additionally, cash bonus (if any) would be paid annually after the end of every year post the premium-payment period till the end of policy term or death whichever is earlier.

While under paid-up addition, the yearly bonus mentioned above will get accrued which means the annual bonus is used to buy paid-up additions (PUAs)

Tax benefit under Section 80C and Section 10(10D) of Income Tax Act, 1961.

In case of death of the life insured, rider sum assured will be paid in addition to the death benefit under the base plan.

In case of an accidental death of the insured, rider sum assured will be paid in addition to the death benefit under the base plan.

In case of death of the policyholder (if different from life insured), outstanding premiums are waived and will be paid by Kotak Life Insurance.

In case of disability due to accident, outstanding premiums are waived and will be paid by Kotak Life Insurance.