NewZNew (Chandigarh) : Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance), today announced the launch of Kotak Premier Life Plan. This is a limited premium payment, participating whole life plan. The plan is completely aligned with the firm’s core purpose, which is to add value to lives of customers by providing Protection and Long Term Savings (PALTs). This plan provides customers the option to save and protect up to 99 years of age.
Life expectancy in India has steadily increased due to better health care, rising income levels and enhanced standard of living and is only expected to improve. Kotak Premier Life Plan provides policyholders the ability to meet their present financial commitments while protecting future comfort of their families. The plan can be used to enjoy income benefits or to create a tax-free corpus. It allows to partly encash accumulated corpus during the policy term.
Sunil Sharma, Appointed Actuary & Chief Risk Officer, Kotak Mahindra Old Mutual Life Insurance Ltd.said,“It is important for individualstohave a secure future for themselves and their dependents in a well-planned manner, without compromising current financial goals.Kotak Premier Life Plan is designed with the core purpose of adding value to customers’ life.In alignment with the company’s brand promise “Koi hai… Hamesha“, we have designed Kotak Premier Life Plan as an innovative, participating whole life product for customers across income segments to build a strong foundation of insurance protection and a planned income over their lifetime.”
Kotak Premier Life Plan offers discounts on premium for higher Sum Assured on maturity. Additional discount is also available on the lives of women insured.
Kotak Premier Life Plan provides Simple Reversionary Bonus during the premium payment term. Customers can choose from either the Cash Payout or Paid-Up Additions option. Under the Cash Payout option, bonuses declared under the policy arepaid to the policyholder as a cash pay-out every year post the premium payment term,untilend of term or death or surrender of the policy.
The Paid-Up Additions option allows customers to use their bonuses for purchasing Paid-Up Additions, which accumulate in the policy. This option enablespolicyholdersto build a meaningful retirement corpus over timefor a worry-free post retirement life. The Paid-Up Addition is an additional guaranteed sum assured that is payable on death or maturity and is also eligible for future bonuses.Money can be withdrawn from this accumulated corpus i.e. theaccrued Paid-Up Additions, any time after the expiry of the premium payment term.
In case of theunfortunate death of the life insured during the premium payment term, the benefits payable shall be Sum Assured on Death plus Accrued Simple Reversionary Bonus (if any) plus Terminal Bonus (if any). In case of death after expiry of premium payment term but during policy term, the benefits payable shall be Sum Assured on Death plus Accrued Paid-Up Additions (if any) plus Terminal Bonus (if any).
Policyholdersmay customise and enhance the protection offered by attaching a wide range of optional riders to this plan. The riders offered are Kotak Term BenefitRider, Kotak Accidental Death BenefitRider, Kotak Permanent Disability BenefitRider, Kotak Life Guardian Benefit Riderand Kotak Accidental Disability Guardian BenefitRider.