Kotak Single Invest Plus Plan
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
- 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
Policy Term = 10 and 15 yearsrespectively
Benefits
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.
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
There are No Additional Riders in this plan
- Classic Opportunities Fund
- Frontline Equity Fund
- Dynamic Floor Fund II
- Dynamic Bond Fund
- Dynamic Gilt Fund
- Money Market Fund
Top Up of Premium facility is not available in this plan
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
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.
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%
|
Variants
Policy Year
|
Policy Administration Charge
|
Year 1 to Year 5
|
0.22% of the Single Premium p.m.
|
Year 6 onwards
|
NIL
|
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.
|
Eligibility
|
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
|
FAQs
Being a Single Premium Plan, there is no requirement of further payment of premium
Surrender Benefit is available after completion of 5 policy years.
Loan facility is not available in this plan.