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Kotak TULIP

Kotak T.U.L.I.P (Term with Unit Linked Insurance Plan) is a protection-oriented ULIP that provides high life cover to cater to your protection needs while fulfilling your investment objective. Let’s understand the Kotak TULIP in detail. 

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Key Features of Kotak TULIP

Here are the features of the TULIP plan provided by Kotak Life Insurance:

  • Option to select a high multiple of sum assured to provide large life cover. 

  • 2X Return of Premium Allocation Charges starting from the 10th policy year.

  • Up to 3X Return of Mortality Charges on survival from the 11th policy year.

  • Loyalty additions to enhance maturity value if policy matures.

  • Flexible premium payment options, including limited duration or throughout policy term.

  • Rider options to enhance protection.

  • Multiple investment strategies to choose from.

one crore term plan
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Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Eligibility Criteria of Kotak TULIP

Here is the eligibility criteria for buying Kotak TULIP 

Parameters Minimum Maximum
Entry Age 18 years 60 years
Maturity Age 48 years 100 years
Policy Term 30 years 40 years
Sum Assured 7 times of the Annual Premium No Limit
Premium Payment Mode Monthly, Quarterly, Half-yearly, Yearly
Premium Payment Term  Limited Pay: 10/12/15 years
Regular Pay: Same as Policy Term
Premium Level Min: Rs. 1,00,000/annum (Annual Mode); Rs. 1,20,000/annum (other modes)
Top-Up Premium Rs. 10,000 Not exceed sum of all regular premiums paid until that point

Benefits of Kotak TULIP

Here are the benefits of Kotak TULIP:

  • Death Benefit: Kotak T.U.L.I.P ensures your family's long-term financial security, providing them with the necessary life cover. If you pass away while the policy is active, your family will receive the highest of:

    • Basic Sum Assured minus any applicable partial withdrawal from the Main Account,

    • Fund Value in the Main Account, including Loyalty Additions (if any),

    • 105% of the total Premiums paid up to the date of death minus any applicable partial withdrawal from the Main Account,

      For each Top-Up Premium paid, the death benefit will be the highest of:

      • Top-Up Sum Assured,

      • Fund Value of the Top-Up Account, or

      • 105% of the total Top-Up Premiums paid.

      Total Premiums Paid exclude Rider and Top-Up Premiums. If the policyholder’s unfortunate death occurs during the policy's Grace Period, unpaid premiums will not be deducted. For non-annual payment modes, the remaining premium for that year won't be deducted. The Death Benefit will be paid in a lump sum, thereby, terminating the policy.

  • Maturity Benefit: If you survive till the end of the policy term with all premiums paid up to date and the policy is active, the Fund Value (Main Account + Top-Up Account, if any), including Loyalty Additions, will be payable. If the policy is reduced to Paid-Up mode (applicable only after the lock-in period of five policy years), only the Fund Value (Main Account + Top-Up Account, if any) will be payable. No Loyalty Additions will be paid for a Reduced Paid-Up Policy.

  • Tax Benefit: Tax benefits are available under the Income-tax Act, 1961, subject to specified conditions. Tax laws may change, so it's advisable to consult with your tax consultant for independent advice.

*Note: Kotak Life Insurance's Claim Settlement Ratio (CSR) for the financial year 2022-23 is 98.80%, which makes it the ideal choice for term insurance plans.

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Additional Benefits of Kotak TULIP

Here are the additional benefits of Kotak TULIP:

  • Top-Up Premiums: Increase your investment contribution whenever you have an extra amount of money available with you.

  • Discontinuance of Policy: If you face financial difficulties, you may stop the policy. Stopping the policy before the 5th policy year will incur Discontinuance Charges.

  • Switching and Premium Re-direction: Switch between different fund options or change how future premiums are allocated to maximize returns based on your investment strategies and objectives.

  • Decrease in Basic Sum Assured: Reduce your Basic Sum Assured to adjust your life cover as needed (subject to limits and underwriting) without changing your premiums.

Riders in Kotak TULIP 

Here are some additional riders that you can add to your base plan and enhance its coverage or investment opportunities:

  1. Riders for Term

    • Kotak Accidental Death Protection Rider:

      If the life insured dies due to an accident, this accidental death benefit rider provides an additional payout (Rider Sum Assured) on top of the death benefit from the base plan.

    • Kotak Critical Illness Benefit Rider:

      If the life insured is diagnosed with any of the 37 listed critical illnesses, this critical illness rider pays the Rider Sum Assured. The base policy remains active and continues to provide coverage.

  2. Riders for Investment

    • Return of 2X of Premium Allocation Charge:

      Starting from the 10th policy year, if all premiums are paid in full and the policy is active, insurer will return double the Premium Allocation Charges deducted in the 1st to 4th policy years. This amount (excluding taxes) will be added to the Fund Value in the form of additional units.

    • Return of 1X to 3X of Mortality Charges:

      Beginning from the 11th policy year, provided all premiums are paid and the policy is active, the insurer will return a multiple of Mortality Charges deducted in the 1st policy month. This amount (excluding taxes and underwriting extra charges) will be added to the Fund Value as additional units.

    • Loyalty Additions:

      Insurer will pay Loyalty Additions as a percentage of the average Fund Value at maturity, given that all premiums are paid and the policy is active. The percentage of Loyalty Additions varies based on the selected premium payment term and policy term. These additions will be added to the term insurance policy as a percentage of the average Fund Value (excluding Top-up Fund Value) 3 years before the maturity date, depending on the chosen policy and premium payment terms.

Charges in Kotak TULIP

Here are the charges in Kotak TULIP:

  • Premium Allocation Charge: A percentage of the premium is charged. The remaining amount is invested at the current NAV. This charge applies until the end of the premium payment term. Top-Up premiums have a 2% charge.

    Policy Year Charges as Percentage of Annual Premium
    Year 1 12%
    Year 2 3%
    Year 3 6%
    Year 4 6%
    Year 5 Onwards Nil
  • Policy Administration Charge: There is no charge for the first four years. From the 5th year onwards, it's Rs. 500 per month, deducted from the Fund Value by canceling units.

  • Fund Management Charge: Charged as a percentage of the Fund Value, deducted during the NAV calculation.

    Funds Fund Management Charge
    Classic Opportunities 1.35% per annum
    Frontline Equity 1.35% per annum
    Kotak Mid Cap Advantage 1.35% per annum
    Balanced  1.35% per annum
    Dynamic Bond  1.20% per annum
    Dynamic Floating Rate  1.20% per annum
    Dynamic Gilt  1.00% per annum
    Money Market  0.60% per annum 
    Discontinued Policy  0.50% per annum
  • Switching Charge: This Kotak Term Insurance policy year's first 12 fund switches are free. Additional switches cost Rs. 250 each.

  • Partial Withdrawal Charge: The policy year's first 12 partial withdrawals are free. After that, each withdrawal from the Main Account costs Rs. 250. Withdrawals from Top-Up Accounts are free.

  • Discontinuance Charge: Applied only to the Main Account, not Top-Up Accounts.

    Year of Policy Discontinuance Year 1 Year 2 Year 3 Year 4 Year 5 and onwards
    For All Regular/Limited Premium Levels Lowest of
    6% of AP
    6% of FV
    Rs. 6,000
    Lowest of
    4% of AP
    4% of FV
    Rs. 5,000
    Lowest of
    3% of AP
    3% of FV
    Rs. 4,000
    Lowest of
    2% of AP
    2% of FV
    Rs. 2,000
    NIL
  • Mortality Charge: Calculated monthly based on the Sum at Risk and deducted from the Fund Value by canceling units. Rates are based on the insured's age.

Policy Details of Kotak TULIP

Here are the policy details of Kotak TULIP:

  • Grace Period: 30 days for annual, half-yearly, and quarterly payments and 15 days for monthly payments. The policy remains in force during this period. The death benefit remains the same if the insured dies during the grace period.

  • Policy Loan: Loans are not available under this plan.

  • Nomination and Assignment: Section 39 of the Insurance Act of 1938 allows nomination, and Section 38 allows assignment.

  • Free-look Period: 15 days (30 days for electronic and distance marketing policies) to review and return the policy for a refund of the Fund Value, non-allocated premium, and charges deducted by unit cancellation, minus risk charges, stamp duty, and medical exam costs.

  • GST and Cess: Goods and Services Tax and Cess are applicable taxes charged as per current tax laws and deducted from the Fund Value.

Exclusions in Kotak TULIP 

The only exclusion in Kotak TULIP is mentioned below:

Suicide Exclusion
If the insured dies by suicide within 12 months of the policy start date, the nominee will receive the fund value in the Main and Top-Up Accounts as of the death notification date.

If the insured dies by suicide within 12 months of this life insurance policy’s revival (if revived within 6 months of discontinuance), the full death benefit is payable.

If the insured dies by suicide within 12 months of policy revival (if revived after 6 months of discontinuance), only the fund value in the Main and Top-Up Accounts as of the death notification date is payable.

How To Buy Kotak TULIP?

Here are the steps to buy Kotak TULIP from Policybazaar:

Step 1: Visit the official Policybazaar website and click on “Term Insurance.”

Step 2: Submit basic details, like your name, contact details, gender, and date of birth.

Step 3: Submit information regarding your job type, yearly income, educational qualifications, and smoking/tobacco consumption habits.

Step 4: Choose Kotak TULIP from the available list of term insurance plans.

Step 5: Pay using your preferred mode to complete the process.

*Note: It is wise to know what is term insurance at first and then purchase Kotak TULIP online.

How To Contact Kotak Life Insurance Customer Care?

You can easily contact Kotak Life Insurance Customer Care by following these steps:

  • Call
    You can call in this toll free number 1800 209 8800 from 8 AM to 10 PM (Monday to Saturday)

  • WhatsApp
    You can send “Hi” to 9321003007 

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