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Investment Plans 562 views December 31, 2020
Kotak Premier Money Back Plan is a savings cum insurance plan that helps plan savings and protection for your family. Under this plan, a lump sum payout is available at regular intervals to meet your interim financial requirements. There is an enhanced death cover in Kotak Premier Money Back Plan with the additional payout on accidental death. And at maturity, a lump sum Maturity Addition will be payable to you along with the basic sum assured, accrued reversionary bonus and terminal bonus, if any. In this plan, you will start earning bonuses from 1st year onward. For additional protection, you can choose any of the mentioned optional riders. Let’s read this page and know more about this Kotak Life Insurance policy!
Table of Contents
Kotak Premier Money Back Plan Benefits
Have a look at the below pointers and find out in which situation you will get benefits from the Kotak Premier Money Back Plan.
Death – In case of a natural death during the term of the policy, the nominee will receive the Sum Assured on Death plus the accrued reversionary bonuses and Terminal Bonus, if any.
| Entry Age <= 45 years | Entry Age > 45 years |
|---|---|
| Sum Assured on Death will be the highest of the following: • 11X Annualised Premium + Extra Premium • Basic Sum Assured • 105% of total paid premiums | Sum Assured on Death will be highest of the following: • 7X Annualised Premium + Extra Premium • Basic Sum Assured • 105% of total paid premiums |
Whereas in case of death due to an accident, an additional Basic Sum Assured will be paid along with the Death Benefit mentioned above.
- Maturity – On the maturity date of Kotak Premier Money Back Plan, you will get the remaining Basic Sum Assured i.e. 40% of the Sum Assured plus Maturity Addition plus Accrued Reversionary Bonus plus Terminal Bonus if any.
- Tax – At the time of tax settlement, you can claim deduction under section 10(10D) and section 80C of the Income-tax Act, 1961.
Kotak Premier Money Back Plan Eligibility
| Particulars | Details |
|---|---|
| Age at Entry | 2-57 years |
| Maturity Age | 75 years |
| Policy Term | 16, 20 and 24 years |
| Premium Payment Term | 8, 10 and 12 years |
| Premium Payment Mode | Yearly, Half-yearly, Quarterly, Monthly |
| Minimum Sum Assured | 1.50 lakh |
Kotak Premier Money Back Plan Terms & Conditions
Regular Payouts
A percentage of the Basic Sum Assured will be payable to you at equal intervals depending on your chosen policy term such as:
| Policy Term (in years) | Payout Period (as % of Basic Sum Assured) | |||
|---|---|---|---|---|
| 16 | 4th year | 8th year | 12th year | 16th year (maturity period) |
| 20% | 20% | 20% | 40% | |
| 20 | 5th year | 10th year | 15th year | 20th year (maturity period) |
| 20% | 20% | 20% | 40% | |
| 24 | 6th year | 12th year | 18th year | 24th year (maturity period) |
| 20% | 20% | 20% | 40% | |
Maturity Addition
With the policy maturity payout, you will get a lump sum Maturity Addition, and this will be calculated as a percentage of the Basic Sum Assured and may vary depending on the Policy Term.
| Policy Term | Maturity Addition |
|---|---|
| 16 | 10% |
| 20 | 20% |
| 24 | 30% |
Note – A total guaranteed payout over the policy term will be 110% of the Sum Assured, 120% of the Sum Assured & 130% of the Sum Assured for policy terms: 16, 20 & 24 years respectively.
Free Look
There’s a free look period of 15 days under Kotak Premier Money Back Plan. During this time, you can review the policy terms and conditions. In some cases, the free look will be 30 days if the policy is sourced via a distance marketing mode.
Grace Period
A grace period of 30 days is provided to you where you can pay your due premiums. The grace period will start from the due payment date, and for monthly premiums, it will be 15 days only.
Suicide Exclusion
In the case of the life insured suicide within one year from the date of commencement of risk or revival, the nominee can claim either 80% of the total premiums paid or Surrender Value as on the date of death, provided the policy is in force.