Kotak Platinum Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Kotak Platinum is an investment plan with low charges that you can customize as per your goals and requirements. A great combination of 7 funds and flexibility, this plan gives you complete control over your investments.
Product Description
- Maximize your wealth through a plan with low charges
- Capitalize on a wide array of funds to build a substantial corpus
- Enhance your long term savings through Loyalty Additions
- Opt for convenient policy and premium payment terms
COMPARE & BUY SIMILAR PLANS
Unique Features
- Age of entry start from “zero”, which allows the product to be taken on a child’s name by the parents but there is no option to take a premium waiver rider for the parent (premium payer).
- Loyalty additions are given @2% of average fund value every 5th years, starting from the 10th policy year.
Eligibility Criteria
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Eligibility Criteria |
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Minimum |
Maximum |
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Entry Age |
0 Years* |
65 Years |
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Max age of Maturity |
18 Years |
75 Years |
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Policy Term |
10 |
30 |
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Notes:- The minimum policy term for minors will be greater of 10 or 18 minus age as on the date of commencement. |
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Premium Paying Term |
Regular |
Equal to policy term |
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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, Half-yearly, Quarterly and Monthly |
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Regular & |
Annual |
Rs. 99,000 |
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Half-yearly |
Rs. 49,500 |
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Quarterly |
Rs. 24,750 |
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Monthly |
Rs. 8,250 |
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Maximum |
No Limit |
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Basic Sum Assured |
Entry age of less than 45 yrs |
Min : Higher of (10 X AP) or |
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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) |
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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 0 to 7 years, underwriting screening will apply. |
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OneInsure App Benefits
Product Benefit
Maturity Benefits:- The maturity benefit in this plan will be the Fund Value inclusive of all Loyalty Additions. You can opt to take your Fund Value as a lump sum and terminate your policy OR you can select the Settlement 7 Options. Through the Settlement Option, you can select to receive a percentage of the maturity proceeds in cash and the balance by way of periodic installments for up to 5 years after maturity.
Death Benefits:- In the event of death, your family would receive higher of: Basic Sum Assured Or Fund Value in the Main Account Plus Higher of: Top-Up Sum Assured; or Fund Value of Top-Up Account.
Other Policy Features
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Feature |
Description |
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|---|---|---|---|
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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 |
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Debt (Including Money Market Instruments*) |
0-25% |
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Frontline Equity Fund |
Equity |
60 – 100% |
Aggressive |
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Debt (Including Money Market Instruments*) |
0-40% |
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Balanced Fund |
Equity |
30%- 60% |
Moderate |
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Debt (Including Money |
40%-70% |
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Dynamic Floor Fund II |
Equity |
0 – 75% |
Cautious |
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Debt (Including Money Market Instruments*) |
25 – 100% |
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Bond Fund |
Equity |
– |
Conservative |
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Debt Securities |
100% |
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Money Market |
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Floating Rate |
Equity |
- |
Conservative |
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Debt (Including Money |
100% |
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Gilt Fund |
Equity |
– |
Conservative |
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Debt Securities |
100% |
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Money Market |
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Money Market Fund |
Equity |
– |
Secure |
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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 the policy before the 5th 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 the 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 |
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Add-ons
- Kotak Accidental Death Benefit (ADB):- Lump sum benefit paid on accidental death
- Kotak Term Benefit (KTB)/ Kotak Preferred Term Benefit (KPTB):- Lump sum Benefit paid on death
- Kotak Permanent Disability Benefit (PDB):- Installments paid on being permanently disabled as a result of an accident
Charges
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Charges |
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|---|---|---|---|---|---|
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Policy discontinuance year |
All Premium |
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1 |
Lowest of 6% of AP or 6% of FV or Rs 6000/- |
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2 |
Lowest of 4% of AP or 4% of FV or Rs 5000/- |
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3 |
Lowest of 3% of AP or 3% of FV or Rs 4000/- |
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4 |
Lowest of 2% of AP or 2% of FV or Rs 2000/- |
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5th onwards |
Nil |
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Notes :- AP= Annualized Premium; FV= Fund Value on the date of discontinuance |
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Fund Management Charges |
The annual FMC of all the funds offered in this plan is 1.35% p.a |
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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 |
The charges are applicable until the end of premium payment term: |
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Premium Bands |
Year 1 |
Year 2 to 5 |
Year 6 onwards |
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Rs.99,000 to Rs.4,99,999 |
5.00% |
3.00% |
1.50% |
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Rs.5,00,000 to 24,99,999 |
4.00% |
3.00% |
1.50% |
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Rs.25,00,000 and above |
2.00% |
2.00% |
1.50% |
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Notes :- The allocation charge for Top-Up premiums is 2%. |
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Premium Administration Charges |
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Premium bands |
Charge* |
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Rs. 99,000 to Rs. 4,99,999 |
0.20% p.m. |
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Rs. 5,00,000 to Rs. 9,99,999 |
0.10% p.m. |
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Rs.10,00,000 and above |
Nil |
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Mortality Charge |
Given below are the charges per thousand Sum at Risk for a healthy individual. |
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Age Years |
20 |
30 |
40 |
50 |
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Mortality Charges |
0.999 |
1.445 |
2.328 |
5.244 |
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Notes :- *Sum at Risk = Death Benefit – Fund Value, in respect of both the Main and Top-Up Accounts |
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Switching |
The first four switches in a policy year are free |
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Thereafter a charge of Rs. 500 will be applicable for each additional switch. |
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Partial Withdrawal Benefit |
For each Partial Withdrawal from the Main Account in any policy year Rs. 500 will be charged. |
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Miscellaneous Charges |
The charges for alteration in the policy contract is Rs. 500 per request |
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For premium redirection, a fee of Rs. 100 will be charged |
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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.
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 Platinum 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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