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Kotak Single Invest Advantage Plan

Overview

Kotak Single Invest Advantage is a unit linked plan, that offers hassle-free investment with one payment allowing the insured to reap benefits therafter in the course of the policy term. There are options for eassy liquidity as well as three investment strategies suitable for various objectives for investment. This plan is intended to ensure that the insured’s investments are ultimately fruitful and suitable for various individual needs.

Eligibility Conditions for Kotak Single Invest Advantage ULIP

Entry Age

Minimum: 8 years for 10 years polcy, Maximum: 45 years for 10 years policy OR, 3 years for 15 years policy, Maximum: 43 years for 15 years policy

Maturity Age

Minimum: 18 years, Maximum: 55 years for 10 years polcy, or 58 years for 15 years policy.

Policy Term

10 and 15 years.

Payment Mode

One time

Single Premium Amount

Minimum: Rs. 300,000 Maximum: No restrictions

Basic Sum Assured

10 x Single Premium

Features of Kotak Single Invest Advantage ULIP

The following are the most vital features of the Kotak Single Invest Advantage ULIP:

Plan Type

Unit-linked insurance plan

Basis

Individual policy

Policy Term

10 or 15 years.

Coverage

Death Cover: In the event of death nominees are entitled to: Greatest of the following:

 
  • Basic Sum Assured less applicable partial withdrawal amount or,
 
  • 105% of the Premiums paid till the time of death, or
 
  • Fund Value in the Main Account including additions of Loyality
 

Maturity Benefit:The insured will recieve the Fund Value including Loyalty Additions as Maturity benefit. Also seven Maturity proceeds can be recieved as lump sum amount or as per the Settlement Options

 

3 investment startegies for the Insured

 

The extra Survival Units at the end of 10th policy year and every 5 years thereafter.

Settlement Option

Two settlemet options are available: 50% of the maturity amount as a hige sum and the rest 50% balance as periodic

installments OR the whole of the maturity amount paid in the form of equated periodic installments

Discontinuance of Policy

The insured can make a request to discontinue the policy any given time post the single premium that is paid but the benefit on discontinuance is chargeable post the completion of first 5 years of the policy term or on the date of discontinuance, choosing whichever is later, as based on the policy year when the ULIP requires discontinuance.

Benefits and Advantages of Kotak Single Invest Advantage ULIP

The following are the most fruitful avadnatage of the ULIP, besides the valuable fund investment options to choose from:

  • Death Benefit: In the case of a insured individual’s death, the nominee will recieve either of the following amonts, whichever being the highest:
    • Basic Sum Assured less applicable partial withdrawal amount
    • 105% of the Premiums paid till the time of death, or
    • Fund Value in the Main Account including additions of Loyality
  • Maturity Benefit: The insured will recieve the Fund Value including Loyalty Additions as Maturity benefit. Also seven Maturity proceeds can be recieved as lump sum amount or as per the Settlement Options
  • Convenience of Only One Time Investment: It is a worry-free advantage relieving policy holders of future payments, enabling them to enjoy the advanatges and benefits of investment as well as insurance in the whole course of the policy term.
  • Startegies for Investment: There are three strategies that can be used to invest through ULIP which includes self managed strategy that allows individuals to invest on funds on their own.Age based strategy is useful for people who do not have the time or expertise to manage investing or the systematic switching strategy for exhaustive investment options in equity to be invested on systematically.
  • Settlement Options: There are two settelement options available for this plan which includes:
    • 50% of the maturity amount as a hige sum and the rest 50% balance as periodic installments
    • The whole of the maturity amount paid in the form of equated periodic installments
  • Tax Benefits:Tax benefits can be availed under Section 80C and Section 10 (10D) of Income Tax Act, 1961.
  • Partial Withdrawals: These can be recieved by the insured himself the policy term period.

Funds for Investing in Kotak Single Invest Advantage ULIP

The follwoing fund options are available for invesment in the Kotak Life ULIP:

Fund Name

Objective

Risk Return Profile

Classic Opportunities Fund (ULIF-033-16/12/09- CLAOPPFND-107)

Intends on maximizing opportunity to allow growth of long term capital via holding a significant percentage in a varied and flexible mix of equities belonging to large or medium sized companies.

Aggressive

Frontline Equity Fund (ULIF-034-17/12/09- FRLEQUFND-107)

Intends to enhance a greater level of capital growth with investing in equities of large sized companies.

Aggressive

Dynamic Bond Fund (ULIF-015-15/04/04- DYBNDFND-107)

Intends on preservation of capital by investments in high quality corporate bonds allowing the generation of greater fixed returns

Conservative

Dynamic Gilt Fund (ULIF-006-27/06/03- DYGLTFND-107)

Intends to provide a safety and security to capital by investments in Govt. Securities. There are barely any default risk in Govt. Securities.

Conservative

Money Market Fund (ULIF-041-05/01/10- MNMKKFND-107)

Dedicated to securing capital without any downside risks.

Secure

Charges for Kotak Single Invest Advantage ULIP

Here are the most important charges that may be levied on your Kotak platinum ULIP:

  • Premium Allocation Charges: This is chargeable as a percentage of the premium. The net premium is then based at the Net Asset 8 Value (NAV) that prevails on the date of receipt of premiums.
  • Policy Administration Charges: No policy charges are levied on the Kotak Single Invest Advantage ULIP.
  • Fund Management Charges: The annual FMC of the funds in this plan are:
    • Classic Opportunities Fund @ 1.35% p.a
    • Frontline Equity Fund @ 1.35% p.a
    • Dynamic Bond Fund @ 1.20% p.a.
    • Dynamic Gilt Fund @ 1.00% p.a.
    • Money Market Fund @ 0.60% p.a.
    • Discontinued Policy Fund @ 0.50% p.a.
  • Switching Charges: The first 12 switches are not charged at all. However, after that, each switch is chargeable at Rs.250.
  • Partial withdrawal Charges: Rs. 250 will be charged for every partial withdrawal made. However, this fee may be rise up to Rs. 2,000 to the most based on IRDA approval.
  • Discontinuance Charges: The Discontinuance Charges are levied on the Main Account and are based on term year and for all single premium levels.
  • Mortality Charges: This is chargeable for life cover, that is charged by cancelling units on a every month.
  • Miscellaneous Charges:
    • Replacement of policy document per request: Rs.500
    • Cheque dishonor, each: Rs.250

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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