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
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
Benefits
In case of death of the Life Insured, the nominee would get higher of Sum Assured or Fund Value.
On maturity, the Fund Value is paid to the policyholder.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
There are 6 riders available in this policy
- Kotak Term / Preferred Term Benefit (KTB/KPTB)
- Kotak Accidental Death Benefit (ADB)
- Kotak Permanent Disability Benefit (PDB)
- Kotak Critical Illness Benefit (CIB)
- Kotak Life Guardian Benefit (LGB)
- Kotak Accidental Disability Guardian Benefit (ADGB)
Investment Fund Options
There are 3 Investment Funds available
- Guarantee Fund
- Money Market Fund
- Frontline Equity Fund
Not Allowed
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 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.
Eligibility
|
Minimum |
Maximum |
|
|
Sum Assured (in Rs.) |
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) |
|
|
Policy Term (in years) |
10 |
30 |
|
Premium Payment Term (in years) |
5 years / 10 years |
Equal to Policy Term |
|
Entry Age of Policyholder |
0 |
60 |
|
Age at Maturity |
18 |
75 |
|
Regular Pay premium (in Rs.) |
20,000 |
1,50,000 p.a. |
|
Limited Pay premium (in Rs.) |
50,000 |
1,50,000 p.a. |
|
Payment modes |
Only Yearly |
|
FAQs
What happen 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.
What happen if you want a loan against your policy ?There is no loan available under this plan.
