Kotak Wealth insurance is a unit-linked insurance plan that understands your concern and provides investment growth along with comprehensive protection. In a nutshell, this plan is a complete package that provides you with Investment growth to take care of your family's goals and offers Protection to help your family and you meet unplanned events head on.
Eligibility Criteria |
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Minimum |
Maximum |
Entry Age |
0 Years* |
65 Years |
Max age of Maturity |
18 Years |
75 Years |
Policy Term |
10 |
30 |
Premium Paying Term |
Regular |
Equal to policy term |
Limited |
5 years with 10 years policy term |
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10 years with 15 / 20 / 25 / 30 years policy term |
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Premium Payment Mode |
Annual |
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Regular Premium ( Min ) |
Minimum |
Rs. 20,000 |
Maximum |
No Limit |
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Limited Premium Payment |
Minimum |
Rs. 50,000 |
Maximum |
No Limit |
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Basic Sum Assured |
Entry age of less than 45 yrs |
Min : Higher of (10 X AP) or |
Entry age of 45 yrs and above |
Min : Higher of (7 X AP) or (0.25 X Policy Term X AP) Max : 25 x AP |
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Notes :- AP = Annual Premium |
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Top-Up Premium |
Rs. 10,000 |
10 x Annual Premium (aggregate of all Top-Up premiums) |
Top-Up Sum Assured |
If age at the point of Top-Up is less than 45 yrs: |
1.25 X Top-Up Premium |
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 0 to 7 years, underwriting screening will apply. |
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Policy Term for Minors |
Age Range |
Policy Term |
0 to 2 yrs |
20,25 & 30 |
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3 to 7 yrs |
15,20,25,& 30 |
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8 yrs onwards |
10,15,20,25,& 30 |
Feature |
Description |
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Investment Funds |
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Fund Name & Objective |
Asset Allocation |
Risk Profile |
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Classic Opportunities Fun |
Equity |
75 – 100% |
Aggressive |
Debt (Including Money Market Instruments*) |
0-25% |
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Frontline Equity Fund |
Equity |
60 – 100% |
Aggressive |
Debt (Including Money Market Instruments*) |
0-40% |
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Balanced Fund |
Equity |
30%- 60% |
Moderate |
Debt (Including Money |
40%-70% |
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Dynamic Floor Fund II |
Equity |
0 – 75% |
Cautious |
Debt (Including Money Market Instruments*) |
25 – 100% |
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Bond Fund |
Equity |
– |
Conservative |
Debt Securities |
100% |
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Money Market |
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Floating Rate |
Equity |
- |
Conservative |
Debt (Including Money |
100% |
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Gilt Fund |
Equity |
– |
Conservative |
Debt Securities |
100% |
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Money Market |
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Money Market Fund |
Equity |
– |
Secure |
Debt Securities |
100% |
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Money Market |
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Notes :- *Investments in Money Market Instruments will not exceed 40%, except for Money Market Fund. |
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Partial Withdrawal Benefit |
Be able to meet any sudden or unforeseen expenses, from 5th year onwards |
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Minimum amount for partial withdrawal is Rs. 10,000 |
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Discontinuance of policy |
In the event of unforeseen financial condition, you may decide to discontinue the policy |
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Discontinuance of policy before the 5 year will attract Discontinuance Charges |
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In case of discontinuance during the lock-in period of 5 years: |
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Fund Value of the policy after deduction of Discontinuance Charges, less outstanding loan amounts including interest (if any), will be credited to the Discontinued Policy Fund |
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This amount will grow at minimum interest rate of 3.50% per annum |
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In case of discontinuance after the lock-in period of 5 years |
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Policy ends and the proceeds i.e.the Fund Value in Main and Top-Up Account will become payable immediately, less outstanding loan amounts including interest. |
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Policy Revival |
A policy can be revived with or without riders until the expiry of the Notice Period |
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All benefits will be reinstated on revival. |
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The outstanding premium paid will be used to purchase units on the date of revival. |
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Top-Up Premium |
Increase your investment contribution as and when you have surplus money |
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Loan |
Avail of a loan if required, subject to conditions |
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Alteration in Basic Sum Assured |
Alter your Basic Sum Assured to keep your cover relevant (subject to limits). |
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Switching/Premium Re-direction |
Switch between fund options or change your future premium allocation as per your needs and investment objectives to maximize your returns |
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Settlement Options |
On selecting the Settlement Option, the number of units to be liquidated to meet each payment shall depend on the respective fund NAVs as on the date of each payment |
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During the settlement period, the investment risk in the investment portfolio is borne by the policyholder |
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In case of death, Fund Value shall be paid immediately as a lump sum. |
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Life cover and other benefits are not provided during the settlement period |
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Then the balance Fund Value will be payable and the policy will be terminated. |
Charges | |||||
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Policy discontinuance year | For Premiums upto Rs. 25,000 p.a |
For Premiums above Rs. 25,000 p.a | |||
1 | Lower of 20%* of (AP or FV ) subject to max Rs 3,000 |
Lower of 6%* of (AP or FV) subject to max Rs.6,000 |
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2 | Lower of 15%* of (AP or FV) subject to max Rs.2,000 |
Lower of 4%* of (AP or FV) subject to max Rs.5,000 |
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3 | Lower of 10%* of (AP or FV) subject to max Rs.1,500 |
Lower of 3%* of (AP or FV) subject to max Rs.4,000 |
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4 | Lower of 5%* of (AP or FV) subject to max Rs.1,000 |
Lower of 2%* of (AP or FV) subject to max Rs.2,000 |
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5th onwards | Nil | ||||
Notes :- AP= Annualized Premium; FV= Fund Value on the date of discontinuance | |||||
Fund Management Charges | The annual FMC of all the funds offered in this plan is 1.35% p.a | ||||
Notes :- Annual charge is levied as a percentage of the Fund Value and is adjusted in the Net Asset Value (NAV) on daily basis. | |||||
Premium Allocation Charges | The charges are applicable until the end of premium payment term: | ||||
Year 1 | Year 2 | Year 3 to 5 | Year 6 onwards | ||
9% | 7.75% | 6.00% | 3.00% | ||
Notes :- The allocation charge for Top-Up premiums is 2%. | |||||
Premium Administration Charges | |||||
Premium Bands | Policy Year | ||||
1 to 5 | 6 onwards | ||||
Up to Rs. 1,99,999 | Nil | 0.20% p.m | |||
Rs. 2,00,000 to Rs. 3,99,999 | NIl | 0.10% p.m | |||
Rs. 4,00,000 & above | Nil | Nil | |||
Mortality Charge | Given below are the charges per thousand Sum at Risk for a healthy individual. | ||||
Age Years | 20 | 30 | 40 | 50 | |
Mortality Charges | 0.899 | 1.301 | 2.095 | 4.72 | |
Notes :- * Sum at risk = Basic Sum Assured + Lump Sum Benefit (if Life Insured and Policyholder are the same) else Basic Sum Assured only. | |||||
Switching | The first four switches in a policy year are free | ||||
Thereafter a charge of Rs. 500 will be applicable for each additional switch. | |||||
Partial Withdrawal Benefit | For each Partial Withdrawal from the Main Account in any policy year Rs. 500 will be charged. | ||||
Miscellaneous Charges | The charges for alteration in the policy contract is Rs. 500 per request | ||||
For premium redirection, a fee of Rs. 100 will be charged | |||||
Rider Charge | For providing the additional rider benefits, charges will be recovered by monthly cancellation of units throughout the rider term. |
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 under the policy will be as per the prevailing Income Tax laws and they are subject to change in the tax laws
Know claim process of Kotak Wealth Insurance Plan
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.
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.