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Kotak Premier Moneyback Plan is a participating, savings cum protection plan. This limited pay plan provides lump-sum cash payouts at periodic intervals throughout the policy term to meet interim financial requirements. Savings grow with yearly reversionary bonuses and a lump-sum maturity addition. The plan offers superior life protection as it includes death due to an accident in which case an additional Basic Sum Assured is paid along with the Death Benefit. It offers a choice of fixed policy term of 16, 20 and 24 years.
Death Benefit = Sum Assured on Death
+ Accrued Reversionary Bonuses and Terminal bonus (if any)
If the entry age of the life insured is less than or equal to 45 years, the Sum Assured on Death is higher of the following:
If the entry age of the life insured is greater than 45 years, the Sum Assured on Death is higher of the following:
The minimum Death Benefit at any given point in time is 105% of the total premiums paid till the date of death (excluding any extra premium).
The Death Benefit is paid irrespective of the regular payouts (survival benefits) already paid.
Maturity Benefit = Balance of the Basic Sum Assured (i.e. 40% of the Sum Assured)
+ Maturity Addition
+ Accrued Reversionary Bonus (if any)
+ Terminal Bonus (if any)
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Minimum |
Maximum |
|
Entry Age (last birthday) |
2 years |
59 years for a 16 year policy term 55 years for a 20 year policy term 51 years for a 24 year policy term |
|
Maturity Age (last birthday) |
- |
75 years |
|
Policy Term (fixed) |
16, 20 and 24 years |
|
|
Sum Assured |
Rs. 1,50,000 |
No limit (subject to underwriting acceptance) |
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Premium Payment Term |
Limited: 8 years for a 16 year policy term10 years for a 20 year policy term 12 years for a 24 year policy term |
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Premium Payment Mode |
Yearly, Half-yearly, Quarterly, Monthly |
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Premium Modal Factor |
The following modal loadings are used to calculate the instalment premium: Yearly: 100%Half-yearly: 51% Quarterly: 26% Monthly: 8.8% |
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Premium Levels |
Depends on the minimum Sum Assured |
Depends on the Sum Assured levels |
Grace Period: The insurance company provides a grace period from the premium due date for payment of unpaid premiums. This period is 30 days in case of yearly, half-yearly and quarterly payment modes, and 15 days in case of the monthly mode.
Nomination: The facility of nomination is available under the plan as per the provisions of Section 39 of the Insurance Act, 1938
Assignment: The facility of assignment is available under the plan as per the provisions of Section 38 of the Insurance Act, 1938
