Launch Date | UIN | Status |
1/9/2017 | 107N102V01 | Active |
The Kotak Smart Life plan is a limited-pay, non-linked participating life insurance plan. The individual has the freedom to choose a bonus option as per his/her requirement and offers protection up to the age of 75 years. The plan also provides guaranteed maturity benefits along with bonus pay-outs and additional riders. Death benefit is paid at the event of death of the policyholder during the policy term.
Let’s understand this plan in brief before getting into its details:
Modes of Payment |
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Claim Settlement Ratio of the Insurer | 91.24% |
USPs of the Policy |
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Illustration with Premium of INR 1 Lakh | If a 30-year-old male (non-smoker) purchases this plan with the paid-up bonus option at INR 1,00,000 premium (yearly mode) for a policy term of 45 years and premium payment term (PPT) of 15 years, the policyholder gets a sum assured of INR 13,00,000. S/he will receive cash pay-outs of INR 2,36,704 + accrued paid-up additions (if any) of INR 66,80,418 + terminal bonus on basic sum assured + paid-up additions at maturity of INR 34,03,844 and maturity benefit of INR 1,16,20,966 and total death benefit of INR 1,17,00,149. |
The individual decides the basic sum assured, premium paying term, and the frequency of the premium paying term. Based on these details and your age and gender, the premium payable is determined. The individual also decides the bonus options (that is, the cash pay-out or paid-up additions).
Now, let’s understand the other benefits offered with this plan.
A) Survival Benefits
The survival benefits shall be payable as per the chosen bonus option, as explained here:
B) Death Benefits
In case of the untimely demise of the policyholder during the policy term, the benefit pay-out shall vary based on the selected bonus option. If all the due premiums have been paid, the death benefit shall be:
Here, sum assured on death is the highest of:
C) Maturity Benefit
On survival till the end of the policy term and all due premiums are paid, the following maturity benefit will be payable and the policy will get terminated.
The Kotak Smart Life plan offers the following riders:
Besides the benefits mentioned earlier, here are some other features of the Kotak Smart Life plan:
The minimum entry age to buy this plan is 3 years, while the maximum entry age is 50 years for 6-pay and 15-pay modes; 55 years for 8-pay and 10-pay modes; and 54 years for the 12-pay mode. The Kotak Smart Life plan proves to be an ideal plan for it accommodates your requirements for a comfortable today by asking for limited premiums, whilst securing a bright tomorrow by offering high protection cover along with additional benefits.
Kotak Mahindra Old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual plc, an international group offering solutions for long-term savings, protection and investment. With more than 200 branches and wide distribution network, in India, Kotak Mahindra Old Mutual Life Insurance is one of the fast growing life insurance company. The company offers a range protection, savings and investment plans, child and retirement plans.
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