Kotak Premier Moneyback Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Kotak Premier Moneyback Plan a savings and protection plan that provides lump sum payouts at regular intervals to meet your interim financial requirements and provide the best to your family.
Product Description
- Regular payouts at specific intervals throughout the term
- Enhanced death cover with additional payout on accidental death
- Lump sum Maturity Addition
- Additional protection through optional riders
COMPARE & BUY SIMILAR PLANS
Unique Features
- On maturity - Sum assured + maturity addition as per the term mentioned below + accumulated reversionary bonus + terminal bonus, if any.
- Accidental rider is in-built.
Eligibility Criteria
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Eligibility Criteria |
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Minimum |
Maximum |
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Entry Age |
2 Years |
59 years |
16 year term |
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55 years |
20 year term |
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51 years |
24 year term |
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Max age of Maturity |
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75 Years |
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Policy term |
16 years / 20 years / 24 years ( Fixed ) |
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Premium Paying Term |
Limited |
8 years |
16 year term |
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10 years |
20 year term |
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12 years |
24 year term |
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Premium Paying Mode |
Yearly, Half yearly, Quarterly, Monthly |
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Premium |
Minimum - : Rs. 10,000 |
Maximum :- No Limit |
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Premium Levels |
Minimum |
Depends on Minimum Sum Assured |
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Maximum |
Depends on Sum Assured levels |
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Premium Modal Factor |
Yearly |
100% |
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Half yearly |
51% |
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Quarterly |
26% |
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Monthly |
8.80% |
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OneInsure App Benefits
Product Benefit
Maturity Benefit:- Balance of the Basic Sum Assured (i.e. 40% of Sum Assured) + Maturity Addition + Accrued Reversionary bonus (if any) + Terminal bonus (if any).
Accidental Death:- In case of death due to an Accident, an additional Basic Sum Assured will be paid along with the Death Benefit.
Survival Benefit:-
| Policy Term | Payouts at the end of the year (as % of Basic Sum Assured) | |||
| 16 years | 4th year | 8th year | 12th year | 16th year |
| (Maturity payout) | ||||
| 20% | 20% | 20% | 40% | |
| 20 years | 5th year | 8th year | 12th year | 20th year |
| (Maturity payout) | ||||
| 20% | 20% | 20% | 40% | |
| 24 years | 4 year | 8th year | 12th year | 24th year |
| (Maturity payout) | ||||
| 20% | 20% | 20% | 40% | |
Death Benefit:- In the unfortunate event of death due to natural causes (other than accident) during the term of the policy, the nominee will receive the Sum Assured on death (as mentioned below) PLUS accrued Reversionary bonuses and Terminal bonus (if any).
| Sum Assured on death is as follows | ||||
| Entry age of Life Insured < = 45 years | Entry age of Life Insured > 45 years | |||
| Higher of : | Higher of : | |||
| 11 times of Annual Premium OR | 7 times of Annual Premium OR | |||
| Basic Sum Assured | Basic Sum Assured | |||
Other Policy Features
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Feature |
Description |
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Bonus |
Simple Reversionary Bonus |
At the end of each financial year the company may declare a bonus expressed as a percentage of the Sum Assured. |
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These bonuses will accrue from 1st year onwards throughout the policy term and will be payable either on maturity or on death. |
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Interim Bonus |
This bonus will apply to the part of the policy year for which bonus has not been allotted in the earlier Financial Year |
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In the event of a claim, before the declaration of the Simple Reversionary Bonus for the Financial Year in which such a claim is intimated, an interim bonus (if applicable) may be payable at such a rate as may be decided by the Company. |
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Terminal Bonus: |
The Company may decide to pay Terminal Bonus on Death subject to the condition that premiums have been paid in full and as scheduled for 10 policy years. |
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This bonus will be payable along with Maturity Benefit and shall be a percentage of the Sum |
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in-built Accidental Death Benefit: |
Intentional self-inflicted injury, attempted suicide, while being sane or insane. |
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Insured person being under the influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a Doctor. |
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Taking part in any naval, military or air force operation during peace time or during service in any police, paramilitary or any similar organisation. |
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Reduced Paid-Up Benefit |
After the policy acquires Surrender Value, if the subsequent premiums are not paid within the grace period the policy will be converted into a Reduced Paid-Up policy by default to ensure that you continue to enjoy policy benefits. |
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Reduced Paid-Up Policy |
Survival benefits will not be payable while the policy is in Reduced Paid-Up mode; |
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Policy will not be eligible for any future bonuses once it has been converted into a Reduced Paid-Up policy |
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The Reduced Paid - up Sum Assured will be calculated as: |
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[Basic Sum Assured × (Total Premiums paid / Total Premiums payable over the term)] |
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High Sum Assured |
You will get a premium discount of Rs. 2 per 1000 Sum Assured, for higher Sum Assured of Rs. 5,00,000 & above |
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Lapse |
Policy shall lapse from the due date of the first unpaid premium in accordance with the following rules and no benefits will be payable |
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For 16 yr term: If premiums for the first two policy years are not paid within the grace period; |
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For 20 yr & 24 yr term: If premiums for the first three policy years are not paid within the grace period. |
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Revivals |
A lapsed / Reduced Paid Up policy can be revived within two years from the due date of the first unpaid premium |
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The revival can be done without evidence of good health on payment of the outstanding premiums with handling charges (currently 9% p.a. of outstanding premiums), if the payment is made within six months |
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If lapsed policy is not revived during the revival period, the policy will be terminated without paying any benefits. |
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Surrender |
For 16 years term, the policy will acquire Surrender Value after payment of full premiums for two consecutive years; |
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For 20 yrs & 24 yrs term, the policy will acquire Surrender Value after payment of full premiums for three consecutive years |
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Surrender Value will be higher for Guaranteed Surrender Value or Special Surrender Value. |
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Guaranteed Surrender Value |
The Guaranteed Surrender Value (GSV) shall be a percentage of total Premiums paid (excluding Service Tax, Rider premium and Extra Premium, if any) LESS( - ) Survival benefits paid, if any PLUS ( + ) value of Subsisting Bonuses, if any. |
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GSV Factors as percentage of total premiums paid are mentioned in the table below: |
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Policy Year |
PPT / Term (in yrs) |
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8 / 16 |
10 / 20 |
12 / 24 |
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1 |
0.00% |
0.00% |
0.00% |
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2 |
30.00% |
0.00% |
0.00% |
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3 |
30.00% |
30.00% |
30.00% |
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4 |
50.00% |
50.00% |
50.00% |
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5 |
50.00% |
50.00% |
50.00% |
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6 |
50.00% |
50.00% |
50.00% |
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7 |
50.00% |
50.00% |
50.00% |
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8 |
60.00% |
54.00% |
55.00% |
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9 |
65.00% |
56.00% |
58.00% |
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10 |
68.00% |
65.00% |
60.00% |
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11 |
72.00% |
67.00% |
62.00% |
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12 |
75.00% |
69.00% |
70.00% |
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13 |
77.00% |
72.00% |
72.00% |
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14 |
78.00% |
74.00% |
74.00% |
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15 |
79.00% |
76.00% |
76.00% |
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16 |
79.00% |
78.00% |
80.00% |
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17 |
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80.00% |
82.00% |
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18 |
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82.00% |
84.00% |
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19 |
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84.00% |
86.00% |
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20 |
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84.00% |
88.00% |
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21 |
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89.00% |
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22 |
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90.00% |
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23 |
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90.00% |
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24 |
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90.00% |
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Notes :- Value of Subsisting Bonus (if any) is calculated as: (Accrued Bonuses X GSV Factor |
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Add-ons
- Kotak Term Rider:- Allows additional death cover over and above the base plan's Death Benefit
- Kotak Life Guardian Benefit:- Remaining premiums will be paid by the KLI on behalf of the policyholder in case of his / her death
- Kotak Accidental Disability Guardian Benefit:- Remaining premiums paid by the KLI on behalf of the policyholder in case of accidental disability
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits under the policy will be as per the prevailing Income Tax laws and they are subject to change in the tax laws
Claim Process
Know Claim Process of Kotak Premier Moneyback Plan
Company Overview
Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture between Kotak Mahindra Bank Ltd., its affiliates, and Old Mutual. Kotak Mahindra is one of India's leading banking and financial services organizations, offering a wide range of financial services that encompass every sphere of life. Old Mutual is an international long-term savings, protection and investment group.
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