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Kotak Life ULIP Plans
Kotak Life Insurance Company has various types of Unit Linked Insurance Plans to customers to meet their needs for capital appreciation and insurance protection. Let us have a detailed look at the offered plans and their respective features and benefits Kotak Single Invest Plus plan A unit linked plan with a single pay option which provides wealth maximization and insurance protection. Other features of the plan are as follows: Premium is paid once in one lump sum under the Single Pay option of premium payment. The premiums paid net of applicable charges can be invested in a choice of five funds available with the company at the discretion of the policyholder. The funds are Classic Opportunities Fund, Frontline Equity Fund, Dynamic Bond Fund, Dynamic Gilt Fund and Money Market Fund The plan provides a joint life cover wherein the death benefit is payable in the event of death of any of the life Loyalty Additions are added to the fund value at the end of the 10th and 15th policy year @3.60% or 4% of the fund value depending on the amount pf premium paid In case of death of any of the two lives, 1.25 times the single premium is paid as the Sum Assured on death and the plan continues till the second life is alive. On consequent death of the second life, higher of 10 times the Single Premium or the available fund value including any loyalty additions or 105% of all premiums paid till death is payable. If both lives die simultaneously, the Sum Assured paid on first death, i.e. 125% of the Single Premium plus higher of 10 times the Single Premium or the available fund value including any loyalty additions or 105% of all premiums paid till death is payable. On maturity, the available Fund Value along with the loyalty additions is paid to the policyholder and he can take the lump sum benefit or use the Settlement option to take it in instalments. Partial withdrawals are allowed after 5 completed policy years The premiums paid are tax-free under Section 80C while the claims received are tax-free under Section 10(10D) Eligibility Details Kotak Platinum A unit linked plan with multiple investment strategies. The features and benefits of the plan are as follows: The premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure. The premium paid net of charges can be invested in a choice of 3 investment strategies. Under the first strategy called the Self-Managed Strategy, the policyholder has the choice to invest his premiums in any of the available seven funds namely Classic Opportunities Fund, Frontline Equity Fund, Balanced Fund, Dynamic Bond Fund, Dynamic Floating Rate Fund, Dynamic Gilt Fund and Money Market Fund Under the second Age Based Strategy, there are three risk profiles of Aggressive, Moderate and Conservative and as chosen, the funds are invested in two funds namely Classic Opportunities Fund and Dynamic Bond Fund in a ratio depending on the age of the policyholder. At older ages, the ratio tends to lean more towards the Bond Fund than Equity Fund for protected returns. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility Under the third Systematic Switching Strategy, the net premium is initially invested in Money Market Fund and then gradually transferred to the equity oriented funds. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility Survival units are added to the fund value after 10 policy years and thereafter every 5 years @ 2% of the average fund value in the last 3 years Kotak Accidental Death Benefit Rider (Linked) and Kotak Permanent Disability Benefit Rider (Linked) can be availed for increased protection On maturity, the Fund Value is payable including accrued survival units which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured including top-up Sum Assured or the Fund Value including top-up fund value or 105% of all premiums paid till the date of death Top-ups can be done to increase the Sum Assured and the Fund Value Partial withdrawals can be made after 5 completed policy years 12 free switches are available annually and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one Eligibility Details Kotak Single Invest Advantage Plan A unit linked plan with a single pay option which provides wealth maximization and insurance protection. The features and benefits of the plan are as follows: Premium is paid once at the starting of the plan in one lump sum under the Single Pay option of premium payment. The premium paid net of charges can be invested in a choice of 3 investment strategies. Under the first strategy called the Self-Managed Strategy, the policyholder has the choice to invest his premiums in any of the available five funds namely Classic Opportunities Fund, Frontline Equity Fund, Dynamic Bond Fund, Dynamic Gilt Fund and Money Market Fund Under the second Age Based Strategy, there are three risk profiles of Aggressive, Moderate and Conservative and as chosen, the funds are invested in two funds namely Classic Opportunities Fund and Dynamic Bond Fund in a ratio depending on the age of the policyholder. At older ages, the ratio tends to lean more towards the Bond Fund than Equity Fund for protected returns. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility Under the third Systematic Switching Strategy, the net premium is initially invested in Money Market Fund and then gradually transferred to the equity oriented funds. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility Loyalty Additions are added to the fund value at the end of the 10th and 15th policy year @4% or 5% or 6% of the fund value depending on the amount pf premium paid and the paln tenure On maturity, the Fund Value is payable including accrued loyalty additions which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value including loyalty additions or 105% of all premiums paid till the date of death Partial withdrawals can be made after 5 completed policy years
What are ULIPs?
Unit Linked Insurance Plans (ULIPs) are insurance plans which combine the benefit of insurance coverage along with capital market linked returns. It allows you to invest and provides an insurance cover as well. In a ULIP, the premium amounts are invested in various funds and the policyholder gets benefits as per the functioning of the markets. There are various funds available in ULIPs and depending upon the amount of risk you want to take, your money is invested. There is a risk factor associated with every ULIP and this is where it differs from a regular insurance plan. The sum assured is not fixed. It depends greatly upon how the markets function.
Kotak Life ULIP Plans- FAQ
1. How to pay a premium? What are the modes of payment available? Kotak Mahindra Old Mutual Life insurance company Ltd. offers 12 modes of premium payment namely: Cash/ cheque payment at the branch Online Payment Payment at the Kotak bank ATM drop boxes NEFT ECS Standing Instructions Direct Debit IMPS Payment thorough bill desk Electronic bill payment Postal money order Bank guarantee For the online payment mode, the policyholder can pay via; Credit Card, Debit Card Net banking 2. How can I check policy status for Kotak Life ULIP plans? If you are a registered user, simply log into the e-Portal with your policy details to check the policy status. 3. What is the policy renewal process for Kotak Life ULIP plans? If you are a registered user, you can pay online in 3 easy step Step 1: Logging into the e-Portal with your policy details to check the policy status. Step 2: Select the policy and payment option- Net Banking. Debit/Credit Card Step 3: Pay via the secured gateway and print/save the recipt of payment. In the offline mode, you deposit cash/cheque at the nearest branch. 4. What is the companys process to settle claim for Kotak Life ULIP plans? The nominee can visit the branch personally with the policy document and accidental/death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within 30 days the accidental/death claim without investigation cases is cleared. 5. What is the policy cancellation process for Kotak Life ULIP plans? Submit your policy documents along with duly filled surrender form at the service desk in any of the branches. Upon successful proccedings, the refund will be credited directly into your bank account and the policy stands cancelled. The comoany claims to setlle it within 7 working days.
What are the different funds available in a ULIP?
There are four different funds available in a ULIP and you can choose any one, depending upon your risk appetite. The funds are: Equity Funds – An equity fund is a fund where the money is invested in stocks of companies. The risk factor is the highest in this type of a fund. Income, Fixed Interest and Bond Funds – The income, fixed interest and bond funds are funds where the insurance premium is invested in corporate bonds and in fixed income components like government securities, etc. The risk is said to be medium here. Cash Funds – In cash funds, the money is directly invested in cash, deposits in banks and other money market instruments. The risk is lowest in this kind of a ULIP. Balance Funds – In a balance fund, the equity investment is combined with instruments of fixed interest. The balanced funds are of medium risk. It is a balanced ULIP with 60% investment in equity and 40% investment in the debt market.
Kotak Life ULIP Plans
Kotak Life Insurance Company has various types of Unit Linked Insurance Plans to customers to meet their needs for capital appreciation and insurance protection. Let us have a detailed look at the offered plans and their respective features and benefits Kotak Single Invest Plus plan A unit linked plan with a single pay option which provides wealth maximization and insurance protection. Other features of the plan are as follows: Premium is paid once in one lump sum under the Single Pay option of premium payment. The premiums paid net of applicable charges can be invested in a choice of five funds available with the company at the discretion of the policyholder. The funds are Classic Opportunities Fund, Frontline Equity Fund, Dynamic Bond Fund, Dynamic Gilt Fund and Money Market Fund The plan provides a joint life cover wherein the death benefit is payable in the event of death of any of the life Loyalty Additions are added to the fund value at the end of the 10th and 15th policy year @3.60% or 4% of the fund value depending on the amount pf premium paid In case of death of any of the two lives, 1.25 times the single premium is paid as the Sum Assured on death and the plan continues till the second life is alive. On consequent death of the second life, higher of 10 times the Single Premium or the available fund value including any loyalty additions or 105% of all premiums paid till death is payable. If both lives die simultaneously, the Sum Assured paid on first death, i.e. 125% of the Single Premium plus higher of 10 times the Single Premium or the available fund value including any loyalty additions or 105% of all premiums paid till death is payable. On maturity, the available Fund Value along with the loyalty additions is paid to the policyholder and he can take the lump sum benefit or use the Settlement option to take it in instalments. Partial withdrawals are allowed after 5 completed policy years The premiums paid are tax-free under Section 80C while the claims received are tax-free under Section 10(10D) Eligibility Details Kotak Platinum A unit linked plan with multiple investment strategies. The features and benefits of the plan are as follows: The premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure. The premium paid net of charges can be invested in a choice of 3 investment strategies. Under the first strategy called the Self-Managed Strategy, the policyholder has the choice to invest his premiums in any of the available seven funds namely Classic Opportunities Fund, Frontline Equity Fund, Balanced Fund, Dynamic Bond Fund, Dynamic Floating Rate Fund, Dynamic Gilt Fund and Money Market Fund Under the second Age Based Strategy, there are three risk profiles of Aggressive, Moderate and Conservative and as chosen, the funds are invested in two funds namely Classic Opportunities Fund and Dynamic Bond Fund in a ratio depending on the age of the policyholder. At older ages, the ratio tends to lean more towards the Bond Fund than Equity Fund for protected returns. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility Under the third Systematic Switching Strategy, the net premium is initially invested in Money Market Fund and then gradually transferred to the equity oriented funds. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility Survival units are added to the fund value after 10 policy years and thereafter every 5 years @ 2% of the average fund value in the last 3 years Kotak Accidental Death Benefit Rider (Linked) and Kotak Permanent Disability Benefit Rider (Linked) can be availed for increased protection On maturity, the Fund Value is payable including accrued survival units which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured including top-up Sum Assured or the Fund Value including top-up fund value or 105% of all premiums paid till the date of death Top-ups can be done to increase the Sum Assured and the Fund Value Partial withdrawals can be made after 5 completed policy years 12 free switches are available annually and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one Eligibility Details Kotak Single Invest Advantage Plan A unit linked plan with a single pay option which provides wealth maximization and insurance protection. The features and benefits of the plan are as follows: Premium is paid once at the starting of the plan in one lump sum under the Single Pay option of premium payment. The premium paid net of charges can be invested in a choice of 3 investment strategies. Under the first strategy called the Self-Managed Strategy, the policyholder has the choice to invest his premiums in any of the available five funds namely Classic Opportunities Fund, Frontline Equity Fund, Dynamic Bond Fund, Dynamic Gilt Fund and Money Market Fund Under the second Age Based Strategy, there are three risk profiles of Aggressive, Moderate and Conservative and as chosen, the funds are invested in two funds namely Classic Opportunities Fund and Dynamic Bond Fund in a ratio depending on the age of the policyholder. At older ages, the ratio tends to lean more towards the Bond Fund than Equity Fund for protected returns. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility Under the third Systematic Switching Strategy, the net premium is initially invested in Money Market Fund and then gradually transferred to the equity oriented funds. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility Loyalty Additions are added to the fund value at the end of the 10th and 15th policy year @4% or 5% or 6% of the fund value depending on the amount pf premium paid and the paln tenure On maturity, the Fund Value is payable including accrued loyalty additions which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value including loyalty additions or 105% of all premiums paid till the date of death Partial withdrawals can be made after 5 completed policy years
What are ULIPs?
Unit Linked Insurance Plans (ULIPs) are insurance plans which combine the benefit of insurance coverage along with capital market linked returns. It allows you to invest and provides an insurance cover as well. In a ULIP, the premium amounts are invested in various funds and the policyholder gets benefits as per the functioning of the markets. There are various funds available in ULIPs and depending upon the amount of risk you want to take, your money is invested. There is a risk factor associated with every ULIP and this is where it differs from a regular insurance plan. The sum assured is not fixed. It depends greatly upon how the markets function.
Kotak Life ULIP Plans- FAQ
1. How to pay a premium? What are the modes of payment available? Kotak Mahindra Old Mutual Life insurance company Ltd. offers 12 modes of premium payment namely: Cash/ cheque payment at the branch Online Payment Payment at the Kotak bank ATM drop boxes NEFT ECS Standing Instructions Direct Debit IMPS Payment thorough bill desk Electronic bill payment Postal money order Bank guarantee For the online payment mode, the policyholder can pay via; Credit Card, Debit Card Net banking 2. How can I check policy status for Kotak Life ULIP plans? If you are a registered user, simply log into the e-Portal with your policy details to check the policy status. 3. What is the policy renewal process for Kotak Life ULIP plans? If you are a registered user, you can pay online in 3 easy step Step 1: Logging into the e-Portal with your policy details to check the policy status. Step 2: Select the policy and payment option- Net Banking. Debit/Credit Card Step 3: Pay via the secured gateway and print/save the recipt of payment. In the offline mode, you deposit cash/cheque at the nearest branch. 4. What is the companys process to settle claim for Kotak Life ULIP plans? The nominee can visit the branch personally with the policy document and accidental/death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within 30 days the accidental/death claim without investigation cases is cleared. 5. What is the policy cancellation process for Kotak Life ULIP plans? Submit your policy documents along with duly filled surrender form at the service desk in any of the branches. Upon successful proccedings, the refund will be credited directly into your bank account and the policy stands cancelled. The comoany claims to setlle it within 7 working days.
What are the different funds available in a ULIP?
There are four different funds available in a ULIP and you can choose any one, depending upon your risk appetite. The funds are: Equity Funds – An equity fund is a fund where the money is invested in stocks of companies. The risk factor is the highest in this type of a fund. Income, Fixed Interest and Bond Funds – The income, fixed interest and bond funds are funds where the insurance premium is invested in corporate bonds and in fixed income components like government securities, etc. The risk is said to be medium here. Cash Funds – In cash funds, the money is directly invested in cash, deposits in banks and other money market instruments. The risk is lowest in this kind of a ULIP. Balance Funds – In a balance fund, the equity investment is combined with instruments of fixed interest. The balanced funds are of medium risk. It is a balanced ULIP with 60% investment in equity and 40% investment in the debt market.