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Investment Plans 798 views December 5, 2020
With the Kotak Premier Income Plan from Kotak Life, you can get a guaranteed second income to fulfill your dream and aspirations of your family. This plan can help you in achieving your savings goals as well as protection for your loved ones in case you are not around. One of the best features of this plan is its guaranteed income returns that you get immediately after the premium payment term. This is a limited pay participating life insurance plan that also provides different kinds of bonuses at the end of the policy term. Let’s read this article to know more about this insurance plan.
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Want to choose the Kotak Premier Income Plan for yourself? Well, before that, you should know some of the key benefits of this plan that are mentioned below. Have a look!
You saw some of the key benefits of Kotak Premier Income Plan in the previous section. In this section, we are explaining those benefits in detail so that you can understand them better.
During the policy term, if a policyholder dies due to an unfortunate event, the company will pay the following as a death benefit to the nominee.
Sum Assured on Death will be highest of the following amounts –
At the end of the policy term i.e. maturity, the individual will receive an accumulated simple reversionary bonus along with a terminal bonus. The Simple Reversionary Bonus would come as a percentage of the sum assured. This amount will start to accumulate from the end of the first policy year throughout the policy term, and it will be paid either on maturity or death. You will get the terminal bonus, which accounts for a percentage of the sum assured, at the end of the policy term. Besides, you will get an Interim Bonus, which comes as a percentage of the sum assured.
For female policyholders and individuals who will pay a higher premium amount, Kotak Life will provide enhanced sum assured rates. This increase will be a percentage of the base sum assured rate. You can check the rate below.
Premium Bands | Increase percentage in the Base Sum Assured | |
---|---|---|
Male Policyholders | Female Policyholders | |
Annualised Premium less than INR 40,000 | NIL | 2% |
Annualised Premium between INR 40,000 & less than INR 75,000 | 2% | 4% |
Annualised Premium of INR 75,000 or more | 6% | 8% |
A Policyholder can choose Kotak Premier Income Plan only if he/she fulfills a set of conditions that you can see below.