Launch Date | UIN | Status |
27/1/2017 | 107N099V01 | Active |
The Kotak Premier Income plan is a limited-pay, participating life insurance plan. It is a protection- and savings-oriented plan that offers guaranteed annual income post Premium Paying Term PPT to provide the insurer with an additional annual income every year which means longer you invest; higher guaranteed annual income you get for longer duration. It also provides with accrued bonuses at the end of the policy term in lump sum while providing life cover throughout the policy term. The plan offers additional protection through riders.
Modes of Payment |
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Claim Settlement Ratio of the Insurer | 91.24% |
USPs of the Policy |
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Illustration with Premium of INR 1 Lakh |
If a 30 year old male purchases this plan at INR 1,00,000 premium (yearly mode) for a policy term of 23 years and PPT of 12 years, the policyholder stands to receive a sum assured of INR 9,42,970. |
Guaranteed Benefits:
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Non Guaranteed Benefits at higher rate of interest:
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The individual decides the annual premium to be paid for a pre-determined policy term and premium paying term.
The premium levels are as follows:
Once the PPT is over immediately the policyholder starts receiving a guaranteed annual income till the end of the policy term or date of death whichever is earlier.
A) Guaranteed annual income rates vary by PPT and be as % of Annualized Premium:
B) Payout period for each of the PPT option is as follows:
Now, let us understand the further actions of this plan with the help of various benefits offered with this plan:
A) Death Benefits:
In case of an unfortunate event of death of the policyholder during the policy term, the nominee will receive the following irrespective of the guaranteed annual income already paid:
Sum Assured on death + Accrued Simple Reversionary bonuses (if any) + Interim bonus (if any) + Terminal Bonus (if any)
Where sum assured on death is, higher of the following:
B) Maturity Benefit:
On survival till the end of the policy term the following maturity benefit will be paid:
Accrued Simple Reversionary bonus (if any) + Terminal bonus (if any)
BonusYear | RevBonus | MinPPT | ||||||||
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2017 | 2.90% | 8 | ||||||||
2017 | 3.25% | 10 | ||||||||
2017 | 3.50% | 12 |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
Along with the various benefits that are mentioned above, there are various other reasons to ‘why you must buy this plan?’. They are as follows:
The minimum entry age to buy this plan is 3 years whereas the maximum entry age is
50 years for 8 pay; 55 years for 10 pay and 12 pay.
Kotak Premier Income plan proves to be an ideal plan for it accommodates your requirements for a comfortable today by asking for limited premiums, whilst securing a bright tomorrow by offering high protection cover along with additional benefits.
Kotak Mahindra Old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual plc, an international group offering solutions for long-term savings, protection and investment. With more than 200 branches and wide distribution network, in India, Kotak Mahindra Old Mutual Life Insurance is one of the fast growing life insurance company. The company offers a range protection, savings and investment plans, child and retirement plans.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.