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Kotak Life ULIP Plans

Kotak Life Insurance is one of the exponentially growing insurance firms in the country and their ULIPs are set to fulfil every investor’s unique requirements. The best practices make sure that a person receives proper help at the time of dodging risks and uncertainties of life. Through Kotak Life ULIP Plans, you can give a boost to wealth generation and also take a little risk in the volatile market for securing the post-retirement phase.

Overview

Of course, mutual funds and unit-linked insurance policies appear to have the same structure and both fulfil different financial goals. Contrasting from the mutual funds, the ULIPs of Kotak offer enticing tax benefits on the investment up to Rs.1.5 lacs. In addition, the unit-linked insurance plans provide the flexible investment options and the independence of switching funds at a marginal or zero cost. The flexible payment period is another cherry on the cake for the investors because the plans can meet your convenience level and ensure a high level of financial security.

The unit-linked insurance plans of Kotak Life present various investment fund option along with the distinct risk-return profile. As the funds have certain limitations on the debt and equity amount, the exposure is allowed. Following the fund performance over the months, you can switch the funds. The charge of fund switches is free up to a specific limit and then you will have to pay a minimal cost.

Among various life ULIPs, the company has made sure that your child’s education expense is covered. Upon the policyholder’s demise, the beneficiary can be protected from the inflation and rising costs in the market. In equity, the unit-linked insurance plans offer solid opportunity to gain market-related returns while saving your child or family’s future.

Types of Kotak Life ULIP Plans

Kotak Platinum

Instead of offering liquidity in the first 5 years of the plan, the combination of investment and insurance product of Kotak Life ULIP Plans fulfils your requirements. If you want to take a risk with investment in your 30s, you can choose a policy term of 20 years with a yearly premium of Rs. 5,00,000. The sum assured will be Rs.50,00,000 for having a worry-free retirement.

Features and Benefits

  • Maximum earning is guaranteed through the minimum charges as 95%-98.5% of the premium payment goes into the investment.
  • Choosing own investment horizon for establishing a risk-return profile.
  • Flexible investment strategies: age-based strategy, self-managed strategy and systematic switching strategy.
  • Leverage to do a top-up in order to increase the sum assured and the fund value
  • Best option of partial withdrawal post completion of 5 years of policy period

Kotak Ace Investment

Paving the path for generating wealth creation, this type of Kotak Life ULIP Plans also provides financial security and independence to the policyholder and his/her family. With the yearly premium of Rs.50,000 and payment term of 20 years, the sum assured becomes Rs.5,00,00.

Features and Benefits

  • A perfect solution for retirement, the plan has a flexible payment period (10, 15, 20, 25 and 30 years).
  • Three investment strategies; same as Kotak Platinum.
  • 7 investment funds: Money Market Fund, Dynamic Gilt Fund, Dynamic Floating Rate Fund, Dynamic Bond Fund, Frontline Equity Fund, Classic Opportunities Fund and Balanced Fund.
  • Tax benefits under Section 10(10D) and Section 80C of Income Tax Act, 1961
  • Flexibility to add riders such as Kotak Permanent Disability Benefit Rider and Kotak Accidental Death Benefit Rider to ensure extra coverage. Both these riders are linked.
  • Allows 12 free switches annually

Kotak Invest Maxima

Differing from other Kotak Life ULIP plans, the linked insurance product values every portion of the financial investment. The systematic entry in the equity market cushions against the volatile market.

Features and Benefits

  • 0% premium allocation charge
  • Single, limited and regular payment options
  • Self-managed and systematic switching portfolio strategies
  • First 15 switches are free

Kotak Headstart Child Assure

It is one of the effective Kotak Life ULIP Plans which aids a child in achieving dreams and goals after losing his/her parents. The ULIP allows the investor to create corpus systematically. Therefore, the child’s education expense is covered through this unit-linked insurance plan.

Features and Benefits

  • Flexible premium payment period of 5, 10, 15 and 25 years
  • Future premium is waived and paid for compensating the loss of income
  • Death benefit is 105% of the entire premium paid and more than basic sum assured
  • Premium allocation can be changed as per the investment objective and needs
  • Fund value is received at maturity

Kotak Wealth Insurance

In order to prepare your future from financial securities, the Kotak Life ULIP Plans ensure high investment growth. If you pay a premium of Rs.50, 000 for the policy term of 20 years, the sum assured will be Rs.12, 50, 000.

Features and Benefits

  • Comprehensive triple protection for your family
  • No policy administration charges in first 5 years
  • Lump sum benefit along with fund value at maturity
  • Maturity can be taken on the quarterly, half-yearly and yearly basis
  • 4 switches in a policy year are free of cost
  • Assessment of investments can be done through partial withdrawals whenever required

Kotak Single Invest Plus

To secure the bright future of your family, this type of Kotak Life ULIP Plans excel at its best. The hassle-free premium option guarantees high benefit throughout the policy term. Along with the right amount of protection, the loyalty additions justify your investment option.

Features and Benefits

  • Loyalty additions: 3.60% loyalty additions for premium under 7 lacs and 4.00% of loyalty additions for a premium of 7 lacs
  • Joint life cover for two lives like the policyholder and his/her parent, child, grandparent, grandchild or spouse.
  • Single premium lets you pay for once only.
  • 5 fund (Money Market Fund, Classic Opportunities Fund, Dynamic Gilt Fund, Dynamic Bond Fund and Frontline Equity Fund) options as per risk profile
  • Best option of partial withdrawal post completion of 5 years of policy period

Kotak Single Invest Advantage

Another single-premium plan from the bag of Kotak Life ULIP Plans, this one ensures high benefits. The solid investment strategies mingle with the easy liquidity for adhering to your investment objective.

Features and Benefits

  • Perks of loyalty additions
  • From 10th policy year, loyalty additions will be included every 5 years
  • One-time investment
  • Systematic switching strategy, age-based strategy and self-managed strategy
  • Allows 12 free switches annually

Why Choose Kotak Life ULIP Plans?

Kotak Life ULIP Plans guarantee a financial protection and find a way to increase market returns. The plans have the potential to save your life after retirement and a crucial milestone in life. Catering to multiple needs of the investor, the investor can choose the right annuity (deferred or immediate) according to the requirements.

Take a look at the following table (updated on 13.11.18) to make an informed decision.

ULIPNet Asset Value (Rs Unit)% Chg% Chg
Kotak Headstart Child Plans (Dynamic Balanced)63.075000.270.44
Kotak Headstart Child Plans (Dynamic Growth) 74.435100.450.60
Kotak Invest Maxima (Dynamic Floor Fund)27.608500.080.31
Kotak Single Invest (Classic Opportunities Fund)26.238000.190.72
Kotak Ace (Classic Opportunities Fund)26.238000.190.72

Documents Required

  • Bank account proof
  • Identity proof
  • Address proof
  • Medical examination
  • Income proof
  • Duly filled the application form

Eligibility Details

ULIP Entry AgeMaturity AgePolicy TermPremium AmountPremium Payment FrequencyPremium Payment Term
Kotak Platinum0-65 years 18-75 years 10-30 years Rs. 99,000-no limitEqual to policy term, 5 or 10 years Monthly, quarterly, half-yearly and yearly
Kotak Ace Investment0-65 years18-75 years 10-30 yearsRegular: Rs. 30,000-no limit Limited: Rs. 50,000-no limitEqual to policy term, 5 or 10 years Monthly, quarterly, half-yearly and yearly
Kotak Invest Maxima0-65 years10-75 years10-30 yearsRegular: Rs. 50,000- Rs. 1 lac Limited: Rs. 75,000-Rs. Single: 1 lac- 2.5 lacs Equal to policy term or five years Annually
Kotak Headstart Child Assure0-65 years 10-75 years Regular: 10,15,20,25 and 30 years Limited: 10,15,20,25 and 30 years Single: 10 years Regular: Rs. 50,000-1,00,000 Limited: Rs. 75,000-1,00,000 Single: Rs. 1,00,000-2,50,000 Same as policy term or 5 yearsSingle or annually
Kotak Wealth Insurance0-65 years 18 years-65 years10 years-30 years Regular: Rs. 20,000-no limit Limited: Rs. 50,000-no limit Same as policy term or 5 or 10 years Annually
Kotak Single Invest PlusPrimary: 18 years-55 years Secondary: 3 years-55 years Primary: 28 years-67 years Secondary: 18 years-67 years 10 years and 15 years Rs. 3 lacs-no limit-Single
Kotak Single Invest Advantage10 year term: 8 years-45 years 15-year term: 3 years-53 years10-year term: 18 years-55 years 15-year term: 18 years-58 years 10 years and 15 years Rs. 3 lacs-no limit- Single

FAQ’s on Kotak Life ULIP Plans

What should I do if I want to change my premium paying?

You need to register a service request on the e-portal for changing the premium payment or its frequency.

Why you should opt for Kotak Wealth Insurance?

If you wish to save your family from the uncertainties of life, Kotak Wealth Insurance is the one. The high investment growth fulfils the family goals and aids you in handling the unplanned events. You can get lump sum benefit, fund value plus and 100% of basic sum assured. It guarantees triple protection to stand strong against eventualities.

How to pay a premium? Modes of payment available?

13 modes of premium payment:

  • Net banking
  • Credit/debit card
  • Bank guarantee
  • Postal money order
  • E-bill payment
  • Bill desk
  • Direct debit
  • ECS
  • NEFT
  • IMPS
  • Standing instructions
  • ATM drop boxes
  • Cheque/cash

How can I check policy status for Kotak Life ULIP Plans?

The online portal of Kotak lets the users get themselves registered. You can find an option regarding policy details there.

What is the policy renewal process for Kotak Life ULIP Plans?

Online process:

  • Log into the official site with the policy details and check the status
  • Choose the policy payment option: debit/credit card or net banking
  • Pay and print/save the receipt

Offline process: Visit the nearest Kotak branch to deposit the cash or cheque.

What is the company’s process to settle claim for Kotak Life ULIP Plans?

The nominee needs to pay a visit to the Kotak branch with policy document along with death or accident certificate. The claim intimation form must be duly filled and the nominee can receive the reference number. Without further investigation, the claim is cleared in a month usually.

What is the policy cancellation process for Kotak Life ULIP Plans?

If you wish to cancel your Kotak Life ULIP Plan, all you need to do is submit the policy document and the surrender form duly filled and signed in any nearest Kotak Life branches. Within 7 working days, the refund would be processed and credited to your bank account, post which your policy stands cancelled.

How does Kotak Life ULIP Plans work?

A part of the investor’s investment goes into the shares and the rest of the amount works as insurance cover. The fund managers of Kotak handle the investments and provide a detailed report on the fund performance. Also, the investor can switch the funds between equity and debt according to the risk appetite.

What is Kotak Life ULIP Plans in India?

Kotak Life ULIP Plans provide security to avert the financial risks in life, whether it is to meet a child’s education expense or lead a safe life after retirement. There are top 7 unit-linked insurance plans which are the mixture of capital market-linked gains and insurance coverage.

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