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Kotak SmartLife Plan

Smart financial planning is the most important stepping stone to enjoying a worry and stress free life. Choosing the right plan has a lot of bearing on your finances, not only for now, but also in the future. With the Kotak SmartLife Plan, you can stay assured that you are well covered to accomplish every dream and aspiration not only your own, but also those of your loved ones. This plan is a limited pay, non-linked, participating endowment insurance plan which offers a wide range of valuable benefits such as yearly cash bonus payouts, as well as the choosing from 2 bonus payout options as well. You also get to choose from a bouquet of add-on riders which will help you not only enhance but also customise the protection provided under the plan.

Eligibility – Kotak SmartLife Plan

Min. entry age Buyer must not be under 3 years of age at the time of entering the plan
Max. entry age
  • For 6 & 15 year PPT – 50 years
  • For 8 & 10 year PPT – 55 years
  • For 12 year PPT – 54 years
Maturity age Insured must not be more than 75 years at the time of plan maturity
Policy term 75 years (minus) entry age of life assured
Basic sum assured The min. sum assured offered under the plan is Rs.2,50,000; No limit on the max. amount offered as sum assured, subject to insurer’s underwriting policy
Min. premium
  • 6-year PPT – Rs.40,120
  • 8-year PPT – Rs.30,955
  • 10-year PPT – Rs.26,175
  • 12-year PPT – Rs.22,778
  • 15-year PPT – Rs.19,505
Max. premium No cap on the max. premium chargeable; subject to underwriting
Premium payment term Premium payment under this plan can be done for 6, 8, 10, 12, or 15 years
Premium payment mode Premiums can be paid on a monthly, quarterly, semi-annual, or an annual basis

Plan Benefits – Kotak SmartLife Plan

Death benefit

The death benefit will be paid if the insured policyholder dies before the end of the policy term, subject to the condition that all due premiums have been paid. The death benefit in this case shall be:

  • Cash Bonus Payout option - Sum assured on death + Interim bonus (if any) + Terminal bonus (if any)
  • Paid-Up Addition option - Sum assured on death + accumulated paid-up additions (if any) + Interim bonus (if any) + Terminal bonus (if any).

Sum assured on death will be the highest of (i) 11x of Annualised Premium (incl. any extra premium), OR (ii) 105% of total premiums paid (incl. any extra premium) till death, OR (iii) Basic sum assured i.e. guaranteed maturity benefit.

Survival benefit

This benefit will be payable if the insured has survived the policy term. The benefit payout under the 2 payout options will be as follows:

  • Cash Payout option -

From the end of the very first policy year onwards, the declared cash bonus will be paid at the end of each policy year till (i) the policyholder passes away, or (ii) the policy term ends, or (iii) till the policy is surrendered, whichever occurs earliest.

  • Paid-Up Addition option -

From the end of the very first policy year onwards, at the end of each policy year, the declared cash bonus will be used to buy paid-up additions i.e. additional sum assured. Paid-up additions are guaranteed added benefits which will be paid either on plan maturity or on the death of the insured.

Maturity benefit

The maturity benefit will be payable if the policyholder survives the policy term, subject to the condition that all due policy premiums have been paid. Once the maturity benefit is paid, the policy will cease to provide cover and end. Under the Cash Bonus Payout option, maturity benefit payable will be equal to basic sum assured + cash bonus (if any) + terminal bonus (if any). Under the paid-up addition option, maturity benefit payable will be equal to the terminal bonus (if any) + accrued paid-up addition (if any) + basic sum assured + cash bonus (if any).

Features of Kotak SmartLife Plan

Tax benefit Policyholders can get tax deductions not only on the premiums they pay for the policy but also on the returns which are received from the policy, under Section 10(10D) and Section 80C of the Income Tax Act.
Rebate on premium Rebates/discounts on premiums will be offered for a high sum assured and to women policyholders
Add-on riders Policy protection can be enhanced with the help of add-on covers that are available at a nominal additional premium. Riders available include the Kotak Term Rider, Kotak Accidental Death Benefit Rider, Kotak Permanent Disability Benefit Rider, Kotak Life Guardian Benefit, Kotak Accidental Disability Guardian Benefit, and the Kotak Critical Illness Plus Benefit Rider
Grace period Policies with the quarterly, semi-annual, and annual payment mode will have a grace period of 30 days; policies with a monthly payment mode will have a grace period of 15 days
Policy lapse The policy will lapse starting from the date of the first missed premium
Policy revival Revival of a lapsed policy can be done within a period of 2 years, starting from the date of the first missed premium
Surrender Policy can be surrendered and will acquire surrender value after premiums payments have been completed for at least 2/3 years, depending on the policy’s premium payment term
Nomination Nomination can be done as per provisions of Sec 39 of the Insurance Act
Assignment Assignment can be done as per provisions of Sec 38 of the Insurance Act
Suicide exclusion If policyholder commits suicide before the end of 12 months starting from the date of policy inception, their nominee will be entitled to 80% of the all premiums paid
Free look period For reviewing the terms and conditions of the policy, buyers will be granted a 15-day free look period. those who have purchased and received the policy via distance marketing channels will be granted a free look period of 30-days

About Kotak Mahindra Life Insurance Co. Ltd.

Kotak Mahindra Life Insurance Co. Ltd. is a wholly owned subsidiary of Kotak Mahindra Bank. Founded in 2001, Kotak Life Insurance is now counted among the leading companies in the Indian life insurance space, offering a bouquet of well-appointed insurance solutions not just in terms of protection, but also to build long-term savings. One of the most rapidly growing insurers in India, Kotak Life currently caters to the needs of nearly 15 million customers and has a country-wide presence in 167 Indian cities.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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