Kotak Premier Moneyback Plan – Overview
Kotak Premier Moneyback Plan is a participating, savings cum protection plan. This limited pay plan provides lump-sum cash payouts at periodic intervals throughout the policy term to meet interim financial requirements. Savings grow with yearly reversionary bonuses and a lump-sum maturity addition. The plan offers superior life protection as it includes death due to an accident in which case an additional Basic Sum Assured is paid along with the Death Benefit. It offers a choice of fixed policy term of 16, 20 and 24 years.
Kotak Premier Moneyback Plan -Benefits
Death Benefit: In the event of the passing away of the life insured due to natural causes (other than an accident) during the tenure of the policy, the Death Benefit is paid to the nominee.
Death Benefit = Sum Assured on Death
+ Accrued Reversionary Bonuses and Terminal bonus (if any)
If the entry age of the life insured is less than or equal to 45 years, the Sum Assured on Death is higher of the following:
11 times of Annual Premium
Basic Sum Assured
If the entry age of the life insured is greater than 45 years, the Sum Assured on Death is higher of the following:
7 times of Annual Premium
Basic Sum Assured
The minimum Death Benefit at any given point in time is 105% of the total premiums paid till the date of death (excluding any extra premium).
The Death Benefit is paid irrespective of the regular payouts (survival benefits) already paid.
Maturity Benefit: The plan gives a Maturity Benefit on the date of maturity.
Maturity Benefit = Balance of the Basic Sum Assured (i.e. 40% of the Sum Assured)
+ Maturity Addition
+ Accrued Reversionary Bonus (if any)
+ Terminal Bonus (if any)
Tax Benefits: Tax benefits are available for premiums paid and Death/ Maturity Benefit received under Section 80C and Section 10(10D) the Income Tax Act, 1961 respectively
Kotak Premier Moneyback Plan -Product Specifications
Kotak Premier Moneyback Plan -Policy Details
Grace Period: The insurance company provides a grace period from the premium due date for payment of unpaid premiums. This period is 30 days in case of yearly, half-yearly and quarterly payment modes, and 15 days in case of the monthly mode.
Nomination: The facility of nomination is available under the plan as per the provisions of Section 39 of the Insurance Act, 1938
Assignment: The facility of assignment is available under the plan as per the provisions of Section 38 of the Insurance Act, 1938