Kotak Life ULIP Plans

4.1 / 5 based on 22 User Reviews
*Please note that the quotes shown will be from our partners

Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture undertaken by Kotak Mahindra Bank Ltd., affiliates and Old Mutual. It is one of India’s leading financial service providers which offers a host of products specifically designed and customized to meet the individual needs of all its customers. The company offers various insurance plans.

What are ULIPs?

Unit Linked Insurance Plans (ULIPs) are insurance plans which combine the benefit of insurance coverage along with capital market linked returns. It allows you to invest and provides an insurance cover as well. In a ULIP, the premium amounts are invested in various funds and the policyholder gets benefits as per the functioning of the markets. There are various funds available in ULIPs and depending upon the amount of risk you want to take, your money is invested. There is a risk factor associated with every ULIP and this is where it differs from a regular insurance plan. The sum assured is not fixed. It depends greatly upon how the markets function.

What are the risks involved in a ULIP?

The biggest risk in a ULIP arises from the fact that your money is invested in the financial markets. So while a part of your money is safely invested in an insurance fund and your family is assured of a fixed death benefit, the remaining of the money is invested in the volatile market. If the market functions well, you earn a high return but if the markets fail, you suffer heavily as well.

What are the different funds available in a ULIP?

There are four different funds available in a ULIP and you can choose any one, depending upon your risk appetite. The funds are:

  1. Equity Funds – An equity fund is a fund where the money is invested in stocks of companies. The risk factor is the highest in this type of a fund. 
  2. Income, Fixed Interest and Bond Funds – The income, fixed interest and bond funds are funds where the insurance premium is invested in corporate bonds and in fixed income components like government securities, etc. The risk is said to be medium here. 
  3. Cash Funds – In cash funds, the money is directly invested in cash, deposits in banks and other money market instruments. The risk is lowest in this kind of a ULIP.
  4. Balance Funds – In a balance fund, the equity investment is combined with instruments of fixed interest. The balanced funds are of medium risk. It is a balanced ULIP with 60% investment in equity and 40% investment in the debt market.

Kotak Life Unit Linked Insurance Plans

Kotak Life Insurance Company has various types of Unit Linked Insurance Plans to customers to meet their needs for capital appreciation and insurance protection. Let us have a detailed look at the offered plans and their respective features and benefits

Kotak Single Invest Plus plan

A unit linked plan with a single pay option which provides wealth maximization and insurance protection. Other features of the plan are as follows:

  • Premium is paid once in one lump sum under the Single Pay option of premium payment.
  • The premiums paid net of applicable charges can be invested in a choice of five funds available with the company at the discretion of the policyholder. The funds are Classic Opportunities Fund, Frontline Equity Fund, Dynamic Bond Fund, Dynamic Gilt Fund and Money Market Fund
  • The plan provides a joint life cover wherein the death benefit is payable in the event of death of any of the life
  • Loyalty Additions are added to the fund value at the end of the 10th and 15th policy year @3.60% or 4% of the fund value depending on the amount pf premium paid
  • In case of death of any of the two lives, 1.25 times the single premium is paid as the Sum Assured on death and the plan continues till the second life is alive. On consequent death of the second life, higher of 10 times the Single Premium or the available fund value including any loyalty additions or 105% of all premiums paid till death is payable. If both lives die simultaneously, the Sum Assured paid on first death, i.e. 125% of the Single Premium plus higher of 10 times the Single Premium or the available fund value including any loyalty additions or 105% of all premiums paid till death is payable.
  • On maturity, the available Fund Value along with the loyalty additions is paid to the policyholder and he can take the lump sum benefit or use the Settlement option to take it in instalments.
  • Partial withdrawals are allowed after 5 completed policy years
  • The premiums paid are tax-free under Section 80C while the claims received are tax-free under Section 10(10D)

Eligibility Details

 

Minimum

Maximum

Entry Age

Primary Life - 18 years

Secondary Life – 3 years

55 years

Maturity Age

Primary Life - 28 years

Secondary Life – 18 years

67 years

Policy Term

10 and 15 years

Premium amount

Rs.3 lakhs

No limit

Sum Assured

Primary Life – 1.25 times the single premium

Secondary Life – 10 times the single premium

Premium Payment Term

Single Pay

 

Kotak Platinum

A unit linked plan with multiple investment strategies. The features and benefits of the plan are as follows:

  • The premiums under the plan can either be paid for the entire tenure of the plan or for a limited tenure.
  • The premium paid net of charges can be invested in a choice of 3 investment strategies.
  • Under the first strategy called the Self-Managed Strategy, the policyholder has the choice to invest his premiums in any of the available seven funds namely Classic Opportunities Fund, Frontline Equity Fund, Balanced Fund, Dynamic Bond Fund, Dynamic Floating Rate Fund, Dynamic Gilt Fund and Money Market Fund
  • Under the second Age Based Strategy, there are three risk profiles of Aggressive, Moderate and Conservative and as chosen, the funds are invested in two funds namely Classic Opportunities Fund and Dynamic Bond Fund in a ratio depending on the age of the policyholder. At older ages, the ratio tends to lean more towards the Bond Fund than Equity Fund for protected returns. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility
  • Under the third Systematic Switching Strategy, the net premium is initially invested in Money Market Fund and then gradually transferred to the equity oriented funds. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility
  • Survival units are added to the fund value after 10 policy years and thereafter every 5 years @ 2% of the average fund value in the last 3 years
  • Kotak Accidental Death Benefit Rider (Linked) and Kotak Permanent Disability Benefit Rider (Linked) can be availed for increased protection
  • On maturity, the Fund Value is payable including accrued survival units which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured including top-up Sum Assured or the Fund Value including top-up fund value or 105% of all premiums paid till the date of death
  • Top-ups can be done to increase the Sum Assured and the Fund Value
  • Partial withdrawals can be made after 5 completed policy years
  • 12 free switches are available annually and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one

Eligibility Details

 

Minimum

Maximum

Entry Age

0 years

65 years

Maturity Age

18 years

75 years

Policy Term

10 years

30 years

Premium amount

Rs.99, 000

No limit

Sum Assured

Higher of 10 or 7 times the annual premium or 0.5/0.25*term*annual premium

Premium Payment Term

Equal to policy term or 5 or 10 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Kotak Single Invest Advantage Plan

A unit linked plan with a single pay option which provides wealth maximization and insurance protection. The features and benefits of the plan are as follows:

  • Premium is paid once at the starting of the plan in one lump sum under the Single Pay option of premium payment.
  • The premium paid net of charges can be invested in a choice of 3 investment strategies.
  • Under the first strategy called the Self-Managed Strategy, the policyholder has the choice to invest his premiums in any of the available five funds namely Classic Opportunities Fund, Frontline Equity Fund, Dynamic Bond Fund, Dynamic Gilt Fund and Money Market Fund
  • Under the second Age Based Strategy, there are three risk profiles of Aggressive, Moderate and Conservative and as chosen, the funds are invested in two funds namely Classic Opportunities Fund and Dynamic Bond Fund in a ratio depending on the age of the policyholder. At older ages, the ratio tends to lean more towards the Bond Fund than Equity Fund for protected returns. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility
  • Under the third Systematic Switching Strategy, the net premium is initially invested in Money Market Fund and then gradually transferred to the equity oriented funds. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility
  • Loyalty Additions are added to the fund value at the end of the 10th and 15th policy year @4% or 5% or 6% of the fund value depending on the amount pf premium paid and the paln tenure
  • On maturity, the Fund Value is payable including accrued loyalty additions which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured net of partial withdrawals or the Fund Value including loyalty additions or 105% of all premiums paid till the date of death
  • Partial withdrawals can be made after 5 completed policy years
  • 12 free switches are available annually

Eligibility Details

 

Minimum

Maximum

Entry Age

10 year term - 8 years

15 years term – 3 years

10 year term - 45 years

15 years term – 53 years

Maturity Age

18 years

10 year term -55 years

15 years term – 58 years

Policy Term

10 and 15 years

Premium amount

Rs.3 lakhs

No limit

Sum Assured

10 times the single premium

Premium Payment Term

Single Pay

 

Kotak Ace Investment

A unit linked plan with multiple investment strategies. The features and benefits of the plan are as follows:

  • The premiums under the plan are payable for a limited tenure or for the entire duration of the plan
  • The premium paid net of charges can be invested in a choice of 3 investment strategies.
  • Under the first strategy called the Self-Managed Strategy, the policyholder has the choice to invest his premiums in any of the available seven funds namely Classic Opportunities Fund, Frontline Equity Fund, Balanced Fund, Dynamic Bond Fund, Dynamic Floating Rate Fund, Dynamic Gilt Fund and Money Market Fund
  • Under the second Age Based Strategy, there are three risk profiles of Aggressive, Moderate and Conservative and as chosen, the funds are invested in two funds namely Classic Opportunities Fund and Dynamic Bond Fund in a ratio depending on the age of the policyholder. At older ages, the ratio tends to lean more towards the Bond Fund than Equity Fund for protected returns. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility
  • Under the third Systematic Switching Strategy, the net premium is initially invested in Money Market Fund and then gradually transferred to the equity oriented funds. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility
  • On maturity, the Fund Value is payable including top-up fund value which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature
  • In case of death of the insured during the plan tenure, the death benefit is higher of the basic Sum Assured including top-up Sum Assured net of partial withdrawals or the Fund Value including top-up fund value or 105% of all premiums paid till the date of death
  • Top-ups can be done to increase the Sum Assured and the Fund Value
  • Partial withdrawals can be made after 5 completed policy years
  • Kotak Accidental Death Benefit Rider (Linked) and Kotak Permanent Disability Benefit Rider (Linked) can be availed for increased protection
  • 12 free switches are available annually and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one

Eligibility Details

 

Minimum

Maximum

Entry Age

0 years

65 years

Maturity Age

18 years

75 years

Policy Term

10 years

30 years

Premium amount

Regular pay - Rs.30, 000

Limited pay – Rs.50, 000

No limit

Sum Assured

Higher of 10 or 7 times the annual premium or 0.5/0.25*term*annual premium

Premium Payment Term

Equal to policy term or 5 or 10 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Kotak Wealth Insurance Plan

A unit linked plan with the following features and benefits:

  • Premiums under the plan are payable for a limited tenure or for the entire duration of the plan
  • Premiums paid net of charges can be invested in a choice of seven funds namely Classic Opportunities Fund, Frontline Equity Fund, Balanced Fund, Dynamic Bond Fund, Dynamic Floating Rate Fund, Dynamic Gilt Fund and Money Market Fund
  • On maturity, the Fund Value is payable including top-up fund value which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature
  • In case of death, the Sum Assured plus the Fund Value plus a lump sum benefit equal to the aggregate outstanding premiums are paid
  • Top-ups can be done to increase the Sum Assured and the Fund Value
  • Partial withdrawals can be made after 5 completed policy years
  • 12 free switches are available annually and also is the feature of premium redirection to redirect future premiums to a new fund than the actual chosen one

Eligibility Details

 

Minimum

Maximum

Entry Age

0 years

65 years

Maturity Age

18 years

75 years

Policy Term

10 years

30 years

Premium amount

Regular pay - Rs.20, 000

Limited pay – Rs.50, 000

No limit

Sum Assured

Higher of 10 or 7 times the annual premium or 0.5/0.25*term*annual premium

Premium Payment Term

Equal to policy term or 5 or 10 years

Premium Paying Frequency

Yearly

 

Kotak Invest Maxima

A unit linked plan with the following features:

  • Premiums paid net of charges can be invested in a choice of 2 investment strategies.
  • Under the first strategy called the Self-Managed Strategy, the policyholder has the choice to invest his premiums in any of the available seven funds namely Classic Opportunities Fund, Frontline Equity Fund, Balanced Fund, Dynamic Bond Fund, and Money Market Fund
  • Under the third Systematic Switching Strategy, the net premium is initially invested in Money Market Fund and then gradually transferred to the equity oriented funds. As the plan approaches maturity, the fund from the two funds is slowly transferred to the Money Market Fund for protection against market volatility
  • Survival units are added from 10th year and every 5 years @1% or 2% of the fund value
  • On maturity, the Fund Value is payable including top-up fund value which can be availed in lump sum or taken in instalments over a period of 5 years through the Settlement Option feature
  • On death, higher of the basic Sum Assured including top-up Sum Assured net of partial withdrawals or the Fund Value including top-up fund value or 105% of all premiums paid till the date of death

Eligibility Details

 

Minimum

Maximum

Entry Age

0 years

65 years

Maturity Age

10 years

75 years

Policy Term

10 years

30 years

Premium amount

Regular pay - Rs.50, 000

Limited pay – Rs.75, 000

Single Pay – Rs.1 lakh

Regular pay - Rs.1 lakh

Limited pay – Rs.1 lakh

Single Pay – Rs.2.5 lakhs

Sum Assured

Regular & Limited Pay - Higher of 10 or 7 times the annual premium or 0.5/0.25*term*annual premium

Single Pay – 5 or 1.25 times the annual premium

Premium Payment Term

Equal to policy term or 5 years

Premium Paying Frequency

Yearly

 

Applying for a Unit Linked Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For ULIPs through PolicyBazaar

  1. On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Kotak Life ULIP Plans - FAQ

1. How to pay a premium? What are the modes of payment available?

Kotak Mahindra Old Mutual Life insurance company Ltd. offers 12 modes of premium payment namely:

  • Cash/ cheque payment at the branch
  • Online Payment
  • Payment at the Kotak bank ATM drop boxes
  • NEFT
  • ECS
  • Standing Instructions
  • Direct Debit
  • IMPS
  • Payment thorough bill desk
  • Electronic bill payment
  • Postal money order
  • Bank guarantee

    For the online payment mode, the policyholder can pay via;
  • Credit Card,
  • Debit Card
  • Net banking

2. How can I check policy status for Kotak Life ULIP plans?

If you are a registered user, simply log into the e-Portal with your policy details to check the policy status.

3. What is the policy renewal process for Kotak Life ULIP plans?

If you are a registered user, you can pay online in 3 easy step

Step 1: Logging into the e-Portal with your policy details to check the policy status.

Step 2: Select the policy and payment option- Net Banking. Debit/Credit Card

Step 3: Pay via the secured gateway and print/save the recipt of payment.

In the offline mode, you deposit cash/cheque at the nearest branch.

4. What is the company’s process to settle claim for Kotak Life ULIP plans?

The nominee can visit the branch personally with the policy document and accidental/death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within 30 days the accidental/death claim without investigation cases is cleared.

5. What is the policy cancellation process for Kotak Life ULIP plans?

Submit your policy documents along with duly filled surrender form at the service desk in any of the branches. Upon successful proccedings, the refund will be credited directly into your bank account and the policy stands cancelled. The comoany claims to setlle it within 7 working days.

Kotak Life ULIP Plans Reviews

TOTAL REVIEWS (22)
Murli
Kamala_bagan
July 11, 2016

ULIP Policy

Ulip insurance policy is one of the very nice insurance option. The investment is less and benefits are more. Service provided by company is fantastic and claims are easily sanctioned. Policy coverage is high and the premium is less. Online service is nice which has easy interface.

Supriya
Ahmedabad
June 29, 2016

Good Service

The ulip insurance plan of mine is nice insurance policy in low premiums. The service is good and claiming get easily done because of fast service by executives. Policy coverage is high and internet portal service is easy to operate.

Kunal
Gautam_buddha_nagar
April 25, 2016

Marvelous Policy

Policy premiums are low and the claims are high. Kotak life ulip plan facilitate the people, provide good response. Getting reminders regularly and sum assured is double. Accidental and risk coverage is there. Good service by executives. Great future investment which save tax.

Lokesh
Kalyan
April 25, 2016

Great Deal

I have ulip plan from kotak mahindra life insurance. The plan works for me. Policy coverage is also good i.e., 82% with claiming amount of Rs.32 L. Service provided by you is awesome and fabulous with fast interface. Good future investment.

Gagan
Ghaziabad
April 25, 2016

Responsive Facalty

My kotak life ulip plan is really nice. It has good benefits and services. Policy coverage is 87% and claims are around Rs.40 L. Service is very good and fast that's why the work is done in very shot time period. Behaviour is also nice from staff members and executives.

Ravi
Raipur
April 25, 2016

Perfect Plan

My ulip policy plan is from kotak mahindra life insurance and the policy is the best because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high 87% and the premiums are low. Claims are 1.25 times of the investment. The service is fast and very quick. Great future investment with tax saving.

Akshay
Chaksu
April 25, 2016

Tax Saver

The kotak life ulip plan and happy to own it. The policy coverage is 82% and the claims are normal. Services are little bit slow provided by the staff members. Good future investment which saves tax also. Just improve the services and even the web services are better.

Raftar
Nilgiris
April 25, 2016

Working Good

Recently find the great policy plan that is ulip insurance policy plan and buy one from kotak mahindra life insurance. The policy coverage is high ~83% with very low premium. The service of all staff of your company is great with nice response. The return payback amount is around Rs.33 L at end of the policy.

Akash
Agra
April 25, 2016

Trustable

I purchase ulip policy plan from kotak mahindra life insurance. The policy coverage is high around 82% and the claims are huge. The policy premiums are low ~31 K and the recovery returning amount is 35 L. Services are good and on time too. Executives are doing there jobs very well and with nice behaviour too. And the web services are also fantastic. Superb future investment which reduces taxes.

Dixit
Mangalore
April 25, 2016

Excellent Work

The policy coverage is 84%, The claims are high and the claiming is easy because of the executives and the staff members of the company. The services provided by you guys is very fast and on time. Good work guys on your kotak life ulip plans which i own. The premiums are less ~31 K and the returns are ~Rs.34 L.

Raghav
Lucknow
April 25, 2016

Fair Policy

I had ulip policy plan which i buy from kotak mahindra life insurance. The policy coverage is high 88% and the claims are good. The premiums are normal as the returns are huge with respect to investment. Policy plan which has fast service facilitate by company members. Responsive staff members on working hours.

Abhinav
Mysore
April 25, 2016

Good Benefits

Kotak life ulip plans are very good and they are fantastic in terms and conditions. The premiums are low, the policy coverage is high 85% and the claims are easily sanctioned. The services are really fast and the staff members are responding with good behaviour. There is an inbuilt accidental death benefit feature.

Jayant
Hyderabad
April 25, 2016

Low Premium

I purchase ulip policy plan from kotak mahindra life insurance. The policy coverage is high ~84% and the claims are huge. The policy premiums are low ~39 K and the returning amount is 33 L. Services are good and on time too. Executives are doing there jobs very nicely. And the web services are also fantastic.

Chintu
Firozabad
April 25, 2016

Manageable

My kotak life ulip plan is nice which have low premiums and the paybacks are high. The policy coverage is good ~82% and the claims are approx. 1.25 times the amount invested. The services is good and on time till date provided by the members. Good future investment which save taxes too.

Varun
Mathura
April 25, 2016

Good ULIP Plan

I buy kotak life ulip plan. The policy premium is low and the paybacks are high. The policy coverage is 89% and the claims are high. Investment is 32 K per year and the returns are very high. Services you provided by the executives and staff members is good. This policy plan work's for me.

Bhavna
Siliguri
April 25, 2016

Above Average

My kotak life ulip plan is really very good. The service is bit slow. The policy coverage is 86% and claims are high but the investments are low. Service facilitate from executives and staff members are nice. Good future investment and saves tax too.

Hemant
Jaipur
April 25, 2016

Damn Good

I have ulip plan from kotak mahindra life insurance. The plan works for me very well. Policy coverage is also good approx. 80% with claiming amount of Rs.30 L. Service provided by you is awesome with fast interface. Good behaviour from executives and staff members. Good investment.

Nirmal
Lonavla
April 25, 2016

Very Nice

I have less idea about the insurance and after friend suggestion I purchase kotak life ulip plan, the policy is great. Premium for my plan is 14 K thrice per year and at the time of maturity the sum assured might be 32 L. They have send daily update through mails from them.

Manak
Pune
April 25, 2016

Safe Investment

One of the most convenient insurance policies provider is kodak mahindra life insurance, so i buy term insurance plan and my investments will be safe. As I seen this company is coming generation to generation. Everybody is been benefited with its benefits. Customer service need to be improved as that is bit slow and never on time. Good future investment and save tax too.

Jiten
Delhi
April 25, 2016

Super Policy

My ulip policy plan is from kotak mahindra life insurance and the policy is the awesome because the policy has many benefits like the accident insurance is inbuilt in this policy. Policy coverage is high ~81% and the premiums are low. Claims are high. The service is fast and very quick.

Kamal
Greater_noida
April 25, 2016

Nice Policy

From kotak life insurance i have taken a ulip policy plan for the tenure of 31 years in which we get lumps um amount after the maturity of the policy plan. Policy coverage is 87% of investment. Accident and natural death is inbuilt secure in this policy. Service is fast and on time which is facilitate from staff members.

Prashant
Nawada
April 25, 2016

Good

The policy coverage is 81%, The claims are high and the claiming is easy because of the executives and the staff members service they provide. The benefits provided by you guys kotak life term insurance plans is fantastic. The premiums are less ~35 K and the returns are high ~Rs.39.2 L.