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A triple protection offer

Monday, December 06, 2010
By Manoj Aswani

Kotak Wealth Insurance offers a unit-linked Life Insurance plan that ensures that your investments grow with time. It also provides a triple protection so that your family's aspirations are met even if you are not around.
 
Policy Snapshot
  • Triple death benefit available
  • Death Benefit available even on death of the policyholder, if different from the life insured
  • Option of shorter premium payment term
  • Flexible options after 5th policy year
 
Death Benefit
  1. If Life Insured and Policyholder are the same, then death benefit is Sum Assured plus Fund value plus Lump Sum Benefit of all future premiums that are due.
  2. If Life Insured and Policyholder are not the same, then
    • On Death of the Life Insured, death benefit is Sum Assured plus Fund value
    • On Death of the Policyholder, Lump Sum Benefit of all future premiums that are due would be paid
 
Maturity Benefit
If the policy holder survives the policy term, then he gets the Fund Value at the end of the policy term.
 
Eligibility Criteria
 
Minimum Premium
Rs 20,000 (if regularly paid)
Rs 50,000 (if opted for a limited premium payment term)
Maximum Premium
No limit
Minimum Age at Entry
0
Maximum Age at Entry
65 years
Maximum Age at Maturity
75 years
Minimum Policy Term
10 years
Maximum Policy Term
30 years
Premium Payment Term
Regular: Equal to policy term
Limited: 5 years (10 year policy term)
Mode of Premium
Annual
 
Riders – There are some rider options available with this policy. They are
  • Kotak Accidental Disability Guardian Benefit (ADGB)
  • Kotak Critical Illness Benefit (CIB)
  • Kotak Accidental Death Benefit (ADB)
 
Investment Fund Options– Under this plan the policy holder gets a lot of investment options:
  1. Classic Opportunities Fund
  2. Frontline Equity Fund
  3. Balanced Fund
  4. Dynamic Floor Fund II
  5. Bond Fund
  6. Floating Rate Fund
  7. Gilt Fund
  8. Money Market Fund
 
Charges
Premium Allocation Charge
Premium Year
Allocation Charges
1st Year
9.00%
2nd Year
7.75%
3rd Year
6.00%
4th Year
6.00%
5th Year
6.00%
6th Year onwards
3.00%
Policy Administration charge
Year
Monthly Charge as a % of premium
1 to 5
Nil
 
 
6th year onwards
0.20%
(below Rs. 2 Lacs premium)
0.10%
(2 lacs to 3.99 lacs)
Nil
(4 lacs & above)
 
Fund Management Charge
Fund Name
Charges per annum
1.     Classic Opportunities Fund
1.35%
2.     Frontline Equity Fund
1.35%
3.     Balanced Fund
1.35%
4.     Dynamic Floor Fund II
1.35%
5.     Bond Fund
1.35%
6.     Floating Rate Fund
1.35%
7.     Gilt Fund
1.35%
8.     Money Market Fund
1.35%
 
Top-up
  • The minimum top-up premium is Rs. 10,000.
  • Every Top-up premium shall have an Additional Sum Assured which will be 1.25 times or 1.10 times of the Top-up premium paid depending on the age of the life insured at the time of payment of the top up premium. This Additional Sum Assured will be in addition to the existing life cover.
Switching
4 free switches are available in a policy year, any additional switch within that policy year will be charged Rs 500 per switch.
 
Partial Withdrawal
  • You are allowed to make partial withdrawals in this policy after 5 complete policy years or after the Life Insured is at least 18 years old, whichever is later.
  • For each Partial Withdrawal from the Main Account in any policy year Rs. 500 will be charged. 
Loans
This policy provides loan facility to the policy holder.
 
Alteration in Basic Sum Assured
Subject to certain limits, the policy holder can alter his/her sum assured in this policy.
 

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