Kotak Life Confident Retirement Builder Plan

Eligibility Criteria for Kotak Life Confident Retirement Builder Plan

Features of Kotak Life Confident Retirement Builder

Here are the key features of Kotak Life Confident Retirement Builder Plan:

• Zero premium allocation charges: The entire amount spent on the premium goes directly into the funds of your choice, and thus, without any deductions, 100% of the premium is allocated to the chosen funds, and your retirement corpus grows.

• Yearly additions: Provided that all the due premiums are paid, additions of 3% of the premium amount are credited at the end of the 6th policy year up to the maturity or death.

• Five investment fund options: Being one of the best retirement investment plans, the Policyholders have options of five diversified funds, depending on their risk profile; aggressive equity funds to safe money market funds.

• ​The facility of partial withdrawal: Partial withdrawals can be made after the five-year lock-in period, with a maximum of 3 withdrawals during the policy term, each limited to 25% of the fund value. These withdrawals must be spent on the specified purposes as stipulated by the IRDAI.

• Flexible premium payment plans: The policy offers limited and normal premium payment schedules to help the policyholder match their finances with the plan.

• Free funds switching with no limits: Portfolio adjustments allow investors to switch funds or redirect future premiums without any charges, helping them adapt their investment allocation according to changing market conditions.

Benefits of the Kotak Life Confident Retirement Builder Plan

Here are the primary benefits offered by Kotak Life Confident Retirement Builder: Plan

1. Vesting / Maturity Benefit:

   If the policyholder survives until the policy's maturity, the fund value, including annual contributions, will be paid as the vesting benefit. This value should be invested to purchase either an immediate or a deferred annuity to generate retirement income. At vesting, the policyholder must utilise the proceeds to purchase an annuity, with an option to commute up to 60% as a lump sum, as per prevailing IRDAI regulations.

2. Death Benefit:

   In case of the death of the life insured within the policy term, the nominee gets the greater of the following: Fund Value (including yearly additions), or 105% of total premiums paid. The nominee can withdraw the proceeds as a lump sum or use them to purchase an annuity.

3. Tax Benefits:

   In accordance with current tax regulations, premiums and benefits may be tax-advantageous under the Income Tax Act, 1961.

Policy Details of the Kotak Life Confident Retirement Builder Plan

To manage the policy effectively, it is important to understand the plan's operational provisions. Here are the policy details:

1. Grace Period

   Annual, half-yearly, and quarterly premium payments have a 30-day grace period, and monthly premiums have a 15-day grace period.

2. Revival

   In the event of non-payment of premiums, the policy may be reinstated within three years from the date of the first unpaid premium upon payment of all outstanding premiums.

3. Free Look Period

   The policyholders have a 30-day free look period after receiving the policy document to review the terms and cancel the policy if dissatisfied.

4. Surrender

   If the policy is surrendered before the five-year lock-in period, the fund value is transferred to the discontinued policy fund and is not payable until after the lock-in period.

Exclusions Under the Kotak Life Confident Retirement Builder Plan

The insurance plans include exclusions that limit benefits in certain situations.

1. Suicidal Cover

   In case the policyholder commits suicide within 12 months of taking the policy, then the amount of the fund will only be paid on the date of the intimation of death.