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Kotak Invest Maxima

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Kotak Invest Maxima Insurance Plan

 

Kotak Invest Maxima is a unit-linked insurance plan (ULIP) with no premium allocation charges. ULIPs are a great choice for customers who want to invest in insurance cum investment products. The features of this Ulip is that there is zero premium allocation charge, flexible payment options-regular, survival units, limited or single premium, additional protection through optional riders.

 

Kotak Invest Maxima allows you to maximize your investments over a long period of time. The premiums paid by you (less any deductions) are invested in your choice of funds, and the company allocates units to you. If you wish to manage investments on your own, then you can opt for Self Managed Fund. If you don’t want to manage it on your own, then opt for Systematic Switching.

 

It is important to know that the premiums paid in unit-linked insurance plans are subject to market fluctuation risks and this risk has to be borne by the policy holder.

 

 

Key Features of Kotak Invest Maxima Insurance Plan

 

§  No premium allocation charge

§  Flexible premium payment option – single premium, regular premium or limited premium

§  Choose from 2 portfolio strategies – Systematic or Self Managed

§  Optional riders for additional protection

§  Survival units are paid – up to 2% of Fund Value starting from 10th year and once every 5th year thereafter 


COMPARE THIS PLAN WITH OTHER ULIP PLANS
 
 

Benefits you get from Kotak Invest Maxima Insurance Plan

 

Death Benefit – In the unfortunate event of death, your family would get receive:

Higher of:

Basic Sum Assured or

105% of the premiums paid up to the time of death

Fund Value including Survival Units

and

Higher of:

Top-up Sum Assured

105% of the Top-up Premium

Fund Value of Top-up Account

 

Maturity Benefit – On maturity, the Fund Value is paid to the policyholder. It will be the sum of Fund Value in the Main Account including Survival Units (if any) and Fund Value in Top-up Accounts (if any)

 

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 Invest Maxima Insurance Plan

 

 

 

Minimum

Maximum

Sum Assured (in Rs.)

For age less than 45 yrs = Higher of (10 x AP) or

(0.5 x Policy Term x AP)

 

For age 45 yrs & above = Higher of (7 x AP) or

(0.25 x Policy Term x AP)

25 x AP

AP = Annualised Premium

Policy Term (in years)

Regular & Limited Premium = 10,15, 20, 25 & 30

Single Premium = 10

Premium Payment Term (in years)

Regular = Same as Policy Term

Limited =  5 years

Entry Age of Policyholder (in years)

0

65

Age at Maturity (in years)

10

75

Payment modes

Yearly and Single

 

 

Sample illustration of premium amount in Kotak Invest Maxima Insurance Plan

 

Age = 35 years

Annual Premium = Rs.1,00,000

Sum Assured = Rs 10,00,000

Policy Term = 20 yrs

Total Investment = Rs 1,00,000 X 20 years= Rs 20,00,000

Kotak Invest Maxima

 

   

Additional Features and Benefits of Kotak Invest Maxima Insurance Plan

 

Riders – There are 3 riders available in this policy

1.     Kotak Accidental Disability Benefit (ADB) – Lumpsum amount paid on accidental death

2.     Kotak Permanent Disability Benefit (PDB) – Installments paid if total and permanent disablement due to an accident

 

Investment Fund Options: In this plan there are 2 Investment Fund Options

1.     Systematic Fund

2.     Self Managed Fund

 

Top-up - You can invest additional premiums as top-up premiums anytime except in the last five policy years. In case of regular or limited payment option, the top-up premium should not be more than 10 times the yearly premium and it should not be more than 5 times the Single Premium for Single Pay option.

 

 

Switching - You have the flexibility to switch investments from one fund to the other any time during the policy term. First 15 switches in a policy year are free.

 

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years. Minimum amount of withdrawal should be Rs 10,000.

 

                                             

What happens if?

 

You stop paying the premium before 5 years - If the policy holder stops paying the premium, 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.

 

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

 

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 - Loans shall be granted against the policy once two years' premiums have been paid. Minimum loan amount is Rs 10,000. The rate of interest shall be determined by the Company from time to time after approval from IRDA.


 

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