Kotak Single Invest Advantage
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
In this plan, a single premium enables you to enjoy the benefits of investment and insurance throughout the policy term. There is no obligation of future payments, which means that now you can sit back and relax.
Product Description
- Easy one-time payment
- Advantage of Loyalty Additions
- Protection through life cover
- Option to invest in a wide array of funds
- Loyalty Additions are available under this plan
COMPARE & BUY SIMILAR PLANS
Unique Features
- The plan provides loyalty additions on 10th and 15th policy year (wherever applicable), which are premium dependent and ranges between 2.25% and 3% of the average fund value of previous 3 years.
- No surrender charge applicable after the completion of 5 policy years.
Eligibility Criteria
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Eligibility Criteria |
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Minimum |
Maximum |
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Entry Age |
3* Years |
65 Years |
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Max age of Maturity |
18 Years |
75 Years |
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Policy Term |
10 |
15 |
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Premium Paying Term |
Single Premium |
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Single Premium |
Rs. 30,000 |
No Limit |
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Top-Up Premium |
Rs. 10,000 |
5 x Single Premium (aggregate for all Top-Ups) |
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Basic Sum Assured |
Option I: Basic Sum Assured = 5 X Single Premium |
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Option II: Basic Sum Assured = 1.25 X Single Premium |
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Top-Up Sum Assured |
If age at the point of Top-Up is less than 45 yrs: |
1.25 X Top-Up Premium |
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If age at the point of Top-Up is 45 yrs and above |
1.10 X Top-Up Premium |
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Notes: *For age 3 to 7 years, underwriting screening will apply. |
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OneInsure App Benefits
Product Benefit
- Maturity Benefit:-
Fund Value in the Main Account plus Fund Value in the Top-Up Account (if any). - Death Benefit:- The Death Benefits under each of these Sum Assured options are :-
Option I (Basic Sum Assured = 5 X Single Premium):
First Policy Year: Higher of Basic Sum Assured or Fund Value in Main Account
Second policy year onwards: Higher of 25% of Basic Sum Assured or Fund Value + Top-Up Account (if any): Higher of Top-Up Sum Assured or Fund Value
Option II (Basic Sum Assured = 1.25 X Single Premium):
Higher of Basic Sum Assured or Fund Value in Main Account + Higher of Top-Up Sum Assured or Fund Value of Top-Up Account, if any
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Loyalty Benefit | ||||||
| Premium Amount ( Rs ) | Loyalty Addition | |||||
| 50,000 to 1,99,999 | 2.25% | |||||
| 2,00,000 & above | 3.00% | |||||
| Note:- The Loyalty Additions will be calculated as a percentage of the average Fund Value in the Main Account in the three years preceding the date of benefit payment. These additions will be available at the end of the 10th policy year (for policy terms 10 and 15 years) and at the end of the 15th policy year (only for 15 years policy term). Loyalty Additions are not applicable for single premiums below Rs. 50,000. They are paid subject to policy being in force i.e., not in the discontinued state. | ||||||
| Investment Funds | ||||||
| Fund Name & Objective | Asset Allocation | Risk Profile | ||||
| Classic Opportunities Fun | Equity | 75 – 100% | Aggressive | |||
| Debt (Including Money Market Instruments*) | 0-25% | |||||
| Frontline Equity Fund | Equity | 60 – 100% | Aggressive | |||
| Debt (Including Money Market Instruments*) | 0-40% | |||||
| Dynamic Floor Fund II | Equity | 0 – 75% | Cautious | |||
| Debt (Including Money Market Instruments*) | 25 – 100% | |||||
| Bond Fund | Equity | – | Conservative | |||
| Debt Securities | 100% | |||||
| Money Market | ||||||
| Gilt Fund | Equity | – | Conservative | |||
| Debt Securities | 100% | |||||
| Money Market | ||||||
| Money Market Fund | Equity | – | Secure | |||
| Debt Securities | 100% | |||||
| Money Market | ||||||
| Notes: *Investments in Money Market Instruments will not exceed 40%, except for Money Market Fund. | ||||||
| Partial Withdrawal Benefit | Partial Withdrawals are not allowed in the first 5 years | |||||
| From 6yr onwards, a part of the Fund Value can be withdrawn in any policy year. | ||||||
| A charge of Rs.500 per Partial Withdrawal from the Main Account. | ||||||
| Miscellaneous Charge | The charge for replacement of policy contract is Rs. 500 | |||||
| Top-Up Premium | Increase your investment contribution as and when you have surplus money. | |||||
| Loan | You may opt to take a loan anytime after the first policy year. | |||||
| Settlement Options (available at maturity) |
Lump sum payout in one go or | |||||
| Part of it as a lump sum and part as installments | ||||||
| Whole amount as installments | ||||||
Add-ons
Not Aplicacble
Charges
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Charges |
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|---|---|---|---|---|---|
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Fund Management Charges |
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Fund Name |
% of Fund Value |
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Frontline Equity Fund |
1.35% |
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Classic Opportunities Fund |
1.35% |
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Dynamic Floor Fund II |
1.35% |
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Bond Fund |
1.35% |
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Gilt Fund |
1.35% |
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Money Market Fund |
1.35% |
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Notes: Annual charge is levied as a percentage of the Fund Value and is adjusted in the Net Asset Value (NAV) on daily basis. |
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Premium Allocation Charges |
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Single Premium |
Premium Allocation Charge |
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Rs. 30,000 to Rs. 4,99,999 |
5.00% |
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Rs. 5,00,000 and above |
4.00% |
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Notes: Top-Up Allocation Charge will be 3% of the Top-Up Premium. |
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Premium Administration Charges |
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Single Premium |
Administration Charge |
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Rs. 30,000 to Rs. 9,99,999 |
0.10% p.m., subject to a maximum of Rs.500 p.m. |
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Rs. 10,00,000 and above |
Nil |
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Mortality Charge |
Mortality Charge is the cost of life cover levied by cancellation of units on a monthly basis |
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Age Years |
25 |
35 |
45 |
55 |
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Mortality Charegs |
1.688 |
1.994 |
3.898 |
10.333 |
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Notes: * Sum at Risk for the Main Account = Death Benefit - Fund Value. |
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Switching |
There is no charge for first 12 switches in a year under this plan |
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Thereafter a charge of Rs. 500 will be applicable for each additional switch. |
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Partial Withdrawal Benefit |
Partial Withdrawals are not allowed in the first 5 years |
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From 6yr onwards,a part of the Fund Value can be withdrawn in any policy year |
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A charge of Rs.500 per Partial Withdrawal from the Main Account . |
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Surrender Charge |
If within 5 years of policy, funds are transferred to the Discontinued Policy Fund. This amount will grow at minimum interest rate of 3.50% per annum. The proceeds of the discontinued policy will be refunded only after completion of the lock-in period of five years except in case of death, where it will be paid out immediately. |
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No surrender charge after the completion of 5 policy years. |
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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.
Claim Process
Know claim process of Kotak Life Single Invest Advantage 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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