Kotak Secure Invest Insurance

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

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.

What happens if?

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.