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Kotak Single Invest Plus Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

Kotak Single Invest Plus Plan 

Kotak Single Invest Plus Plan is a Single Premium Unit Linked Insurance Plan. Thus, it is a Non-Traditional Insurance Plan without Bonus facility.
 
How it works – In this plan, premium needs to be paid in a lumpsum under Single Premium Payment facility. The premium, net of charges is allocated in the Fund as per the choice of the policyholder. There is no Premium Allocation Charge in this plan. There is also a facility of Joint Life Coverage in this plan for close relationships like Spouse, Parent and Child or Grandparent and Grandchild in this plan.
 
There is Loyalty Additions in this plan at the end of 10 year for a policy of 10 year term and at the end of 10 and 15 year for a Policy of 15 year term but for premium size of Rs 50,000 or more as per the schedule mentioned. On survival of either of two lives to the end of the policy term, the Fund Value + Loyalty Additions would be paid as Maturity Benefit and the policy terminates.
 
However, if any of the Life Insured dies within the Policy Tenure, 1.25% of the Single Premium would be paid as Death Benefit on death of the Life Insured and the policy continues. On death of the second Life Insured within the Policy Tenure, the higher of 10 X the Single Premium or Fund Value + Loyalty Additions would be paid as Death Benefit and the policy terminates.
 
Thus, this plan has Double Death Benefit since on simultaneous death of both the lives, 1.25 X of Single Premium + the higher of 10 times the Single Premium paid or the Fund Value including Loyalty Additions, if any would be paid as Death Benefit and the policy would terminate.
 
 

Key Features of Kotak Single Invest Plus Insurance Plan

  • This is a Single Premium Unit Linked Insurance Plan
  • There is no Premium Allocation Charge in this plan
  • There is a facility of Joint Life Coverage in this plan for close relationships like Spouse, Parent and Child or Grandparent and Grandchild
  • There is Loyalty Additions in this plan at the end of 10 year for a policy of 10 year term and at the end of 10 and 15 year for a Policy of 15 year term but for premium size of Rs 50,000 or more
  • There is 2 fold death benefit in this plan- 1.25 X the Single Premium is paid as Death Benefit on death of fist Life Insured and higher of 10 X Single Premium or Fund Value + Loyalty Additions on death of Second Life Insured
  • On survival of either of two lives to the end of the policy term, the Fund Value + Loyalty Additions would be paid as Maturity Benefit

COMPARE THIS PLAN WITH OTHER ULIP PLANS

 
 

Benefits you get from Kotak Single Invest Plus Insurance Policy

Death Benefit – In case of first death of the Life Insured within the Policy Tenure, 1.25 times the Single Premium is paid as Death Benefit and the policy continues on the cover of the second life. However, if the second Life Insured also dies within the policy tenure, the higher of 10 times the Single Premium Paid or the Fund Value including Loyalty Additions, if any would be paid to the nominee as Death Benefit and the policy terminates.
 
On simultaneous death of both the lives, 1.25 times of Single Premium + the higher of 10 times the Single Premium paid or the Fund Value including Loyalty Additions, if any would be paid as Death Benefit and the policy would terminate.
 
Maturity Benefit – On survival of either of two lives to the end of the policy term, the Fund Value + Loyalty Additions would be paid as Maturity Benefit and the policy would terminate.
 
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 and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
 
 
 

Eligibility conditions & other restrictions in Kotak Single Invest Plus Policy                

 
Minimum
Maximum
Sum Assured (in Rs.)
1st Death : 1.25 X the Single Premium
2nd Death: 10 X the Single Premium
Policy Term (in years)
10
15
Premium Payment Term (in years)
Single
Entry Age of Primary Life Insured (in years)
18
60
Age at Maturity of Primary Life Insured (in years)
28
70
Entry Age of Secondary Life Insured (in years)
3
60
Age at Maturity of Secondary Life Insured (in years)
13
75
Single Premium (in Rs.)
30,000
No Limit
Payment modes
Only Single
 
 

Sample Illustration of returns of Kotak Single Invest Plus Plan

The below illustration is for a healthy Male (non-tobacco user) of 30 years of age opting for a
Single Premium = Rs. 1,00,000

Policy Term = 10 and 15 yearsrespectively

Kotak Single Invest Plus Plan Sample Illustration

 

Additional Features and Benefits of Kotak Single Invest Plus Plan

Riders – There are No Additional Riders in this plan
 
Investment Fund Options - In this plan, there is a choice of 6 Investment Funds:
  1. Classic Opportunities Fund
  2. Frontline Equity Fund
  3. Dynamic Floor Fund II
  4. Dynamic Bond Fund
  5. Dynamic Gilt Fund
  6. Money Market Fund
 
Top-up – Top Up of Premium facility is not available in this plan
 
Switching - There is no charge for first 12 switches in a policy year under this plan. Thereafter a charge of Rs 500 will be applicable for each additional switch in a policy year
 
Partial Withdrawal - In this policy, Partial Withdrawals are not allowed in the first 5 policy years. From 6 year onwards, a part of the Fund Value can be withdrawn in any policy year. However, each partial withdrawal will be charged Rs 500 per withdrawal. Minimum amount of Partial Withdrawal allowed is Rs 5000 subject to at least Rs 10,000 remaining in the Fund Value post withdrawal.
 
Loyalty Additions— This plan offers a Loyalty Addition at the end of 10 year for a policy of 10 year term and at the end of 10 and 15 year for a Policy of 15 year term
 
Premium Size
Loyalty Addition
Rs 30,000 to Rs 49,999
NIL
Rs 50,000 to Rs 1,99,999
2.25%
Rs 2,00,000 and more
3.00%
 
 
 

Charges in Kotak Single Invest Plus Plan

Premium Allocation Charge – There is no Premium Allocation Charge in this plan
 
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.

 

Policy Year
Policy Administration Charge
Year 1 to Year 5
0.22% of the Single Premium p.m.
Year 6 onwards
NIL
 
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

 

Type
Charge
Classic Opportunities Fund
1.35% p.a.
Frontline Equity Fund
1.35% p.a.
Dynamic Floor Fund II
1.35% p.a.
Dynamic Bond Fund
1.20% p.a.
Dynamic Gilt Fund
1.00% p.a.
Money Market Fund
0.60% p.a.
Discontinued Fund
0.50% p.a.
 
 
Discontinuation Charge— There is no charge for discontinuing in this plan after 5 years. Surrender/Discontinuation before 5 years is not allowed.
 
 
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
 
Service Tax would be applicable on the charges depending on the applicable rates.
 

What happens if?

You stop paying the premium – Being a Single Premium Plan, there is no requirement of further payment of premium
 
You want to surrender the policy – Surrender Benefit is available after completion of 5 policy years.
 
You want a loan against your policy – Loan facility is not available in this plan.



 
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