Kotak Ace Investment Plan
Product Info
UIN
107L064V01
Status
Withdrawn
Launch Date
08/11/2010
Withdrawn Date
14/10/2013
Product Overview
Kotak Ace Investment plan is an investment-oriented unit linked life insurance plan that offers you a wide range of funds along with convenient payment options to ensure efficient wealth creation.
Product Description
- Wide array of funds
- Convenient premium payment options
- Life insurance cover as per your need
- Flexibility through partial withdrawal
COMPARE & BUY SIMILAR PLANS
Unique Features
- A vanilla unit linked endowment plan with limited premium paying term.
- The plan has an average charge structure with many flexibilities available in unit linked endowment plan.
- The plan allows alteration of sum assured i.e. one can increase/decrease the sum assured on policy anniversaries subject to TnC of the plan.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| 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 | ||||
| 10 years with 15 / 20 / 25 / 30 years policy term | |||||
| Mode | Annual, Half-yearly, Quarterly and Monthly | ||||
| Regular Premium ( Min ) | Annual | Rs. 30,000 | |||
| Half-Yearly | Rs. 18,000 | ||||
| Quarterly | Rs. 9,000 | ||||
| Monthly | Rs. 3,000 | ||||
| Max -: No Limit | |||||
| Limited Premium Payment ( Min ) |
Annual | Rs. 50,000 | |||
| Half-Yearly | Rs. 30,000 | ||||
| Quarterly | Rs. 15,000 | ||||
| Monthly | Rs. 5,000 | ||||
| Max -: No Limit | |||||
| Basic Sum Assured | Entry age of less than 45 yrs | Min : Higher of (10 X AP) or (0.5 X Policy Term X AP) Max : 25 x AP. |
|||
| 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 | ||||
| Notes: AP = Annual Premium | |||||
| 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 | ||||
| Notes: *For age 0 to 7 years, underwriting screening will apply. | |||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity | On maturity, you can avail of the full Fund Value and the policy terminates OR you can select the 7 Settlement Option. Through this option, you can elect to receive a percentage of the maturity | |||||
| Survival Benefit | NA | |||||
| Death | In the event of death, your family would receive highest of : | |||||
| Basic Sum Assured less applicable partial withdrawal amount (if any) or | ||||||
| 105% of the Premiums paid up to the time of death, or | ||||||
| Fund Value in Main Account | ||||||
| Plus Higher of: | ||||||
| Top-Up Sum Assured less applicable partial withdrawal amount (if any), or | ||||||
| Fund Value of Top-Up Account | ||||||
| 105% of the Top-Up Premium | ||||||
| (in respect of each Top-Up Premium paid (if any) | ||||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| 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% | |||||
| Balanced Fund | Equity | 30%- 60% | Moderate | |||
| Debt (Including Money Market Instruments*) |
40%-70% | |||||
| Dynamic Floor Fund II | Equity | 0 – 75% | Cautious | |||
| Debt (Including Money Market Instruments*) | 25 – 100% | |||||
| Bond Fund | Equity | – | Conservative | |||
| Debt Securities | 100% | |||||
| Money Market | ||||||
| Floating Rate Fund |
Equity | - | Conservative | |||
| Debt (Including Money Market Instruments*) |
100% | |||||
| 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 | Be able to meet any sudden or unforeseen expenses, from 5th year onwards | |||||
| Minimum amount for partial withdrawal is Rs. 10,000 | ||||||
| Discontinuance of policy | In the event of unforeseen financial condition, you may decide to discontinue the policy | |||||
| Discontinuance of policy before the 5 year will attract Discontinuance Charges | ||||||
| In case of discontinuance during the lock-in period of 5 years: | ||||||
| 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 | ||||||
| This amount will grow at minimum interest rate of 3.50% per annum | ||||||
| In case of discontinuance after the lock-in period of 5 years | ||||||
| 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. | ||||||
| Policy Revival | A policy can be revived with or without riders until the expiry of the Notice Period | |||||
| All benefits will be reinstated on revival. | ||||||
| The outstanding premium paid will be used to purchase units on the date of revival. | ||||||
| Top-Up Premium | Increase your investment contribution as and when you have surplus money | |||||
| Loan | Avail of a loan if required, subject to conditions | |||||
| Alteration in Basic Sum Assured | Alter your Basic Sum Assured to keep your cover relevant (subject to limits). | |||||
| 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 | |||||
| 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 | |||||
| During the settlement period, the investment risk in the investment portfolio is borne by the policyholder | ||||||
| In case of death, Fund Value shall be paid immediately as a lump sum. | ||||||
| Life cover and other benefits are not provided during the settlement period | ||||||
| Then the balance Fund Value will be payable and the policy will be terminated | ||||||
Add-ons
- Kotak Accidental Death Benefit (ADB) :
Lump sum benefit paid on accidental death - Kotak Permanent Disability Benefit (PDB) :
Installments on admission of a claim on becoming disabled - Kotak Term Benefit (KTB)/ Kotak Preferred Term Benefit (KPTB :
Lump sum Benefit paid on death - Kotak Life Guardian Benefit (LGB) :
Premiums waived on death and all future premiums will be paid by Kotak Life Insurance - Kotak Critical Illness Benefit (CIB) :
Portion of Sum Assured (75% of Sum Assured or Rs. 2,000,000 whichever is lower) payable on admission of a claim on a critical illness. - Kotak Accidental Disability Guardian Benefit (ADGB) :
Future unpaid premiums waived on accidental disability
Charges For Kotak Ace Investment Plan
| Charges | |||||
|---|---|---|---|---|---|
| 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: | ||||
| All Premiums | Year 1 & 2 | Year 3 to 5 | Year 6 onwards | ||
| 6.00% | 4.00% | 2.00% | |||
| Notes: The allocation charge for Top-Up premiums is 2%. | |||||
| Premium Administration Charges | |||||
| Premium Bands | Administration Charge | ||||
| Up to Rs.9,99,999 | 0.10% p.m., subject to a maximum of Rs.500 p.m. | ||||
| Rs. 10,00,000 and above | 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 | 0.999 | 1.445 | 2.328 | 5.244 | |
| Notes: * Sum at Risk for the Main Account = Death Benefit - Fund Value. | |||||
| Switching | The first two switches in a 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 | |||||
| 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. | ||||
| No surrender charge after the completion of 5 policy years. | |||||
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 Ace Investment 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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