Kotak Premier Moneyback Plan -Key Features
Regular Payouts: The plan provides regular cash backs at equal intervals as a percentage of the Basic Sum Assured depending on the chosen policy term. The remaining Sum Assured is paid at policy maturity. These payouts help meet requirements at different stages in life during the policy term.
Maturity Addition: Maturity Addition is paid as a lump-sum benefit along with the final payout at the end of the policy term. It is determined as a percentage of the Basic Sum Assured and differs based on the chosen policy tenure.
In-Built Accidental Death Benefit: The plan also covers accidental death and offers it as a standard feature. In the event of the death of the life insured as a result of an accident, an additional Basic Sum Assured is paid along the Death Benefit.
High Sum Assured Discount: The plan offers a premium discount for large Sum Assured amounts where the Sum Assured is greater than or equal to Rs. 5 lakh. The discount is to the tune of Rs. 2 per Rs. 1,000 of Sum Assured.
Additional Protection through Riders:The plan offers a choice of 3 optional riders which help increase the level of protection. These can be opted for by paying reasonable additional premiums.
Kotak Term Rider (KTB): This rider provides an additional death cover over and above the Death Benefit of the base plan
Kotak Life Guardian Benefit Rider (LGB): This rider waves off the future insurance premiums in case of death of the life insured. The remaining premiums are paid by the insurance company on behalf of the policyholder.
Kotak Accidental Disability Guardian Benefit Rider (ADGB): This rider waves off the future insurance premiums in case the life insured becomes disabled as a result of an accident. The remaining premiums are paid by the insurance company on behalf of the policyholder.
Reduced Paid-Up Benefit: If subsequent premiums are not paid within the grace period once the policy has acquired a Surrender Value, the policy is automatically converted into a Reduced Paid-Up policy. This ensures that policy benefits continue as before.
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