Kotak Single Invest Plus is a unit linked joint life insurance plan with a single premium, designed to protect the interests of both a policyholder and his/her loved ones. A single investment helps your hard earned money grow over time, utilising it to its maximum by investing it in the right instruments. The plan offers the safety of insurance with the assurance of an investment plan, making it ideal for people who are keen to get dual benefits.
Features of Kotak Single Invest Plus
Some of the major features of are mentioned below.
- Single premium – This is a single premium plan, ensuring that a policyholder needn’t have to worry about future payments.
- Partial withdrawals – There is a provision for partial withdrawal of funds after the 6th year, helping you meet any financial emergencies without closing the plan.
- Multiple settlement options - A policyholder can choose to receive payment either in the form of a lump sum or through regular instalments.
- Joint cover – Two lives can be protected under this Kotak Life plan, making it perfect for couples or individuals who share a close bond.
- Multiple fund options – Policyholders can choose between 5 funds, each offering different benefits and having unique risk profiles. The fund options available are Classic Opportunities Fund, Frontline Equity Fund, Dynamic Bond Fund, Dynamic Gilt Fund and Money Market Fund.
- Two policy terms – An individual can opt for either a 10 year or a 15 year policy term, as per his/her needs.
- Discontinuance – Policyholders will be paid a discontinuance amount if they opt for discontinuance. This amount is subject to the rules and provisions in place.
Benefits of Kotak Single Invest Plus
Some of the major benefits of Kotak Single Invest Plus are mentioned below.
- Maturity Benefit – Policyholders are entitled to a maturity benefit equivalent to the fund value and any loyalty additions at the end of the policy term, subject to the survival of either of the life insured parties.
- Tax Benefits – Policyholders and their nominees are entitled to tax benefits under Section 80C and 10(10)D of the Income Tax Act.
- Death Benefit – Policyholders are entitled to a death benefit which is equivalent to the sum assured and any additional bonuses accrued. There are three instances in which death benefit will be paid –
- Death of first life insured – In the unfortunate event of demise of 1st life insured, a death benefit equivalent to 1.25 times the premium will be paid.
- Death of second life insured - In the event of demise of second life insured, a death benefit equivalent to the highest of either 10 times the premium, fund value or 105% of the single premium will be paid.
- On simultaneous demise of both parties - In this case a benefit equivalent to 1.25 times the premium plus the highest of either the sum assured for 2nd individual or the total fund value or 105% of the premium will be paid.
- Loyalty additions – A fund is credited with loyalty units after the completion of a specific time period, helping a policyholder achieve greater profit over time.
Eligibility Criteria for Kotak Single Invest Plus
An individual should keep the following eligibility criteria in mind while applying for a Single Invest Plus plan.
- Entry age – The minimum and maximum entry age for the primary life insured is 18 years and 55/52 years for the 10 year policy term and the 15 year policy term respectively. The minimum and maximum entry age for secondary life insured is 3 years and 55/52 years for the 10 year policy term and 15 year policy term respectively.
- Minimum Maturity age- The minimum maturity age for the primary and secondary life insured is 28 years and 18 years respectively.
- Maximum Maturity age - The maximum maturity age for primary and secondary life insured is 65 years and 67 years for a 10 year term and 15 year term respectively.
- Minimum premium- The minimum premium is Rs 3 lakh.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017