Kotak Life Secure Invest Insurance Plan
Kotak Secure Invest Insurance is a unit linked insurance plan (ULIP) with Capital Guarantee. This means that if the market value of units on maturity is higher, then you get fund value based on the same. And in case if the market performance is poor, then your investment is protected by Capital Guarantee
Key Features of Kotak Secure Invest Insurance
· Unit linked insurance plan with a capital guarantee
· Inbuilt investment advice so as to assist capital appreciation
· Option of shorter premium payment terms
Benefits you get from Kotak Secure Invest Insurance
Death Benefit – In case of death of the Life Insured, the nominee would get higher of Sum Assured or Fund Value.
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.
Income Tax 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
Eligibility conditions and other restrictions in Kotak Secure Invest Insurance
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Minimum
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Maximum
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Sum Assured (in Rs.)
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For age< 45 yrs: Higher of (10 X Annual Premium) OR (0.5 X Policy Term X Annual Premium)
For age>= 45 yrs: Higher of (7 X Annual Premium) OR (0.25 X Policy Term X Annual Premium)
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Policy Term (in years)
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10
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30
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Premium Payment Term (in years)
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5 years / 10 years
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Equal to Policy Term
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Entry Age of Policyholder
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0
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60
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Age at Maturity
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18
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75
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Regular Pay premium (in Rs.)
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20,000
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1,50,000 p.a.
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Limited Pay premium (in Rs.)
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50,000
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1,50,000 p.a.
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Payment modes
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Only Yearly
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Sample illustration of premium amount in Kotak Secure Invest Insurance
Premium = Rs.1,00,000
Age = 35 years
Policy Term = 20 years
Premium Paying Term = Regular Pay
Total Investment = Rs. 1,00,000 x 20 years = Rs. 20,00,00
Additional Features and Benefits of Kotak Secure Invest Insurance
Riders – There are 6 riders available in this policy
1. Kotak Term / Preferred Term Benefit (KTB/KPTB)
2. Kotak Accidental Death Benefit (ADB)
3. Kotak Permanent Disability Benefit (PDB)
4. Kotak Critical Illness Benefit (CIB)
5. Kotak Life Guardian Benefit (LGB)
6. Kotak Accidental Disability Guardian Benefit (ADGB)
Investment Fund Options
There are 3 Investment Funds available
1. Guarantee Fund
2. Money Market Fund
3. Frontline Equity Fund
Top-up - Not Allowed
Switching - You have the flexibility to switch investments from one fund to the other any time during the policy term. First 4 switches are free in every policy year.
Partial Withdrawal - Partial withdrawals are allowed only after completion of 5 policy years. The minimum Partial Withdrawal is Rs 10,000 such that at least one years’ premium remain in the Fund Value.
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policy - There is no loan available under this plan.
Alternate ULIPs from different insurance companies
LIC Endowment Plus
AEGON Religare Future Protect Plan
India First Life Smart Save Insurance Plan
Other ULIPs from Kotak Life Insurance
Kotak Platinum Plan
Kotak Ace Investment
Kotak Wealth Insurance
Kotak Invest Maxima
