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Kotak Life Insurance (Kotak Mahindra Old Mutual Life) is a joint venture between India’s eminent bank, the Kotak Mahindra Bank Ltd., and one of the world’s highly acclaimed investment group, Old Mutual. While the former holds a 74% stake in the company and is known for rendering avant-garde financial services in the country, the latter holds a 26% stake in the insurance company, and provides asset management, banking, & insurance solutions to individuals & organizations across Europe, America, Africa, and Asia. In India, the insurer serves 4 million customers and helps them to achieve their financial goals and protection requirements, through an exceptional range of cost-effective products.
As the bread-earner of the family, you would always want to set your family on the path of financial security, while you’re alive and after you’re gone. Kotak Mahindra Old Mutual Life offers a bouquet of unit-linked insurance plans that help you create wealth over a period of time, which can become a source of funding that you can utilize for supporting your family’s requirements and fulfilling their dreams. They also help to minimize the financial impact and ease the burden on your family, in case any unforeseen exigency occurs. These plans come with a great level of flexibility by allowing you to switch between funds and redirect future premiums, so that you are assured of maximum returns on your investment. Further, if need be, you can also withdraw funds or add funds, as per your financial status and commitments.
Investment plans serve as a great tool for ensuring the financial well-being of your family, by providing you with a lump sum at the end of a specific period of time chosen by you, and rendering an amount to your family to compensate for the loss of income, if you encounter any unfortunate incident. These plans offer a variety of funds, wherein you can invest your premiums, according to your risk-taking capacity and investment objectives. At policy maturity or on death of the insured, the fund value of this amount is returned to the policyholder/beneficiary.
Common Features of Kotak Mahindra Old Mutual Life Investment Plans:
A variety of Investment Strategies to choose from
Option of choosing from a range of funds as per your risk appetite
Liberty to switch between funds
Facility of Premium Redirection
Provision of making partial withdrawals
Availability of three settlement options at maturity
Income tax benefits
Classic Opportunities Fund: Offers long term capital growth by investing in large & medium sized company equities
Frontline Equity Fund: High level of capital growth by parking the funds in large sized company equities
Balanced Fund: Maintains a balance by investing in equities as well as fixed interest instruments
Dynamic Bond Fund: Preserves the capital by investing in high quality corporate bonds
Dynamic Floating Rate Fund: Invests funds in floating rate debt instruments
Dynamic Gilt Fund: Safeguards the capital by investing in Government Securities
Money Market Fund: The most secure fund of the lot, wherein all the funds are parked in the money market
Survival Units: By staying invested over a long term horizon, you become eligible to receive Survival Units, which are added to your Fund Value after every 5 years, starting from the end of the 10th policy year, provided the policy is in force. These Survival Units are equivalent to 2% of the average Fund Value in the Main Account in the immediately preceding three years.
Maturity Benefit: Under this plan, the Maturity Benefit is computed as
Fund Value including Survival Units + Fund Value in Top-Up Account(s), if any.
At the end of the policy term, you have two options to avail the Maturity Benefit. You can either exercise your option to take the entire Fund Value as a lump sum, or you can choose the Settlement Option, whereby the maturity proceeds are given out in pre-selected periodic installments (yearly, half-yearly and quarterly only). The policyholder has a further option to select between taking the entire proceeds as equated periodic installments, or taking 50% of the proceeds as a lump sum, with the remaining 50% as periodic installments.
Death Benefit: In the unfortunate event of your death during the policy term, your nominee is entitled to receive the Death benefit, which is computed as the highest of:
Plus, For Top-Up Premiums paid, the highest of
Entry Age | Minimum: 0 years | Maximum: 65 years (60 years for limited pay) |
Maturity Age | Minimum: 18 years | Maximum: 75 years |
Policy Term | Minimum: 10 years | Maximum: 30 years |
Premium Payment Options | Regular Pay | Limited Pay |
Premium Payment Term (PPT) | Regular Pay: Equal to policy term | Limited Pay: For 10 years policy term: 5 years; For 15 to 30 years policy term: 10 years |
Premium Payment Mode | Yearly, Half-yearly, Quarterly and Monthly |
Annual Premium | Minimum: Rs. 99,000 | Maximum: No limit |
Basic Sum Assured | Regular Pay:
Limited Pay:
|
Minimum Entry Age | For 10 yrs policy term: 8 yrs | For 15 yrs policy term: 3 yrs |
Maximum Entry Age | For 10 yrs policy term: 45 yrs | For 15 yrs policy term: 43 yrs |
Minimum Maturity Age | 18 years |
Maximum Maturity Age | For 10 yrs policy term: 55 years | For 15 yrs policy term: 58 years |
Policy Terms (Fixed) | 10 and 15 years |
Premium Payment Option | Single |
Basic Sum Assured | 10 times of Single Premium |
Single Premium Amount | Minimum: Rs. 3,00,000 | Maximum: No limit |
Maturity Benefit: At the time of maturity, you become eligible to receive the full Fund Value (including Fund Value in Top-Up Account, if 4 any). You may take this amount as a lump sum in one go. Alternatively, you may choose any one of the two settlement options:
Death Benefit: In the event of death of the life assured during the policy term, the family would receive a Death Benefit, which is calculated as the highest of:
Plus, In respect of each Top-Up Premium paid (if any), highest of:
Entry Age | Minimum: 0 years | Maximum: 65 years (60 years for limited pay) |
Maturity Age | Minimum: 18 years | Maximum: 75 years |
Policy Term | 10 / 15 / 20 / 25 / 30 years |
Premium Payment Options | Regular Pay | Limited Pay |
Premium Payment Term (PPT) | : For Regular Pay: Equal to policy term | For Limited Pay: For 10 years policy term: 5 years; For 15/20/25/ 30 years policy term: 10 years |
Premium Payment Mode | Yearly, Half-yearly, Quarterly and Monthly |
Minimum Annual Premium | For Regular Pay : 30,000 | For Limited Pay : Rs. 50,000 |
Maximum Annual Premium | No limit for Regular pay & Limited Pay |
Basic Sum Assured | Regular Pay:
Limited Pay: |
Classic Opportunities Fund: An aggressive fund, which invests primarily in equities
Frontline Equity Fund: Another aggressive fund, which parks 60%-100% of the money in equities and 0-40% in debt & money market
Balanced Fund: A moderate fund, which aims to maintain a balance by investing in equities as well as debts
Dynamic Bond Fund: A conservative fund, which offers high fixed returns
Dynamic Floating Rate Fund: A conservative fund, which invests in floating rate debt instruments
Dynamic Gilt Fund: Conservative in nature, this fund only invests in Government Securities
Money Market Fund: A secure fund, which parks all the investments in the money market
Maturity Benefit: On survival at policy maturity, you can avail the full Fund Value at one go or make a choice between any of the two settlement options. These include taking the entire proceeds in equated installments over a maximum period of 5 years, or withdrawing a part of the proceeds as a lump sum in cash, with the balance by way of periodic installments for up to 5 years after the maturity date.
Death Benefit: In the eventuality of death of the insured, the nominee receives the Death Benefit, depending upon the following 3 situations:
When the Life Insured and Policyholder is the same, the Death Benefit is equivalent to:
100% of the Basic Sum Assured + Fund Value + Lump Sum Benefit (equal to outstanding premiums)
On Death of Life Insured, when Life Insured and Policyholder are different, the Death Benefit is calculated as:
100% of the Basic Sum Assured + Fund Value
On Death of the Policyholder, when Life Insured and Policyholder are different, the Death Benefit is computed as:
Lump Sum Benefit + waiver of future premiums
In this case, the policy continues as is until maturity and the Life Insured is entitled to receive the policy proceeds.
Further, if there have been any Top-ups, the higher of Top-Up Sum Assured or Fund Value in the Top-Up Account will also be paid along with the above mentioned benefits.
Here, the minimum amount of Death Benefit is equal to 105% of total premiums paid (including Top-Up premiums) up to the date of death.
Entry Age | Minimum: 0 yrs (Life Insured), 18 yrs (Policyholder) | Maximum: 65 years (for both) |
Maturity Age | Minimum: 18 years | Maximum: 75 years |
Policy Term | 10 / 15 / 20 / 25 / 30 years |
Premium Payment Options | Regular Pay | Limited Pay |
Premium Payment Term | Regular Pay: Equal to policy term | Limited Pay: 5 years with 10 year policy term |
Premium Payment Mode | Annual |
Regular Premium | Minimum: Rs. 20,000 p.a. | Maximum: No Limit |
Limited Premium | Minimum: Rs. 50,000 p.a. | Maximum: No Limit |
Basic Sum Assured | Entry age less than 45 yrs: Minimum: Higher of (10 X Annualized Premium) or (0.5 X Policy Term X Annualized Premium) | Maximum: 25 x Annualized Premium Entry age of 45 yrs and above: Minimum: Higher of (7 X Annualized Premium) or (0.25 X Policy Term X Annualized Premium) | Maximum: 25 x Annualized Premium |
Top-Up Premium | Minimum: Rs. 10,000 | Maximum: Total Top-Up premium paid shall not exceed the sum of all the regular premiums paid at that point of time |
Top-Up Sum Assured | If age at the time of payment of Top-Up Premium is less than 45 yrs: 1.25 X Top-Up Premium If age at the time of payment of Top-Up Premium is 45 yrs and above : 1.10 X Top-Up Premium |
Self Managed Strategy: For those who wish to manage their investments according to their specific investment objectives and risk bearing capacities. They can choose to allocate their funds in 5 different funds - Classic Opportunities Fund, Frontline Equity Fund, Balanced Fund, Dynamic Bond Fund, or Money Market Fund.
Systematic Switching Strategy: For those who are willing to invest funds in the equity market, but in a systematic fashion. This option can be chosen at the time of taking the policy or on any policy anniversary. Under this strategy, the funds, in full or part thereof, are initially invested in the Money Market, followed by transfer of a pre-defined amount every month into the more aggressive funds, the Classic Opportunities Fund or the Frontline Equity Fund.
Survival Units: Get rewarded for pursuing long-term protection and being loyal to the company, by receiving Survival Units in your Main Account, every 5 years, starting from the end of the 10th policy year, provided your policy is in force. These units are expressed as a percentage of the Fund Value and are calculated on the average of the Fund Value on the relevant date and the two preceding year ends. For Annual / Single Premiums ranging between Rs.50,000 to Rs. 74,999, the Survival Units are 1% of the Fund Value, and for premiums over Rs. 75,000, the Survival Units are computed as 2% of the Fund Value.
Maturity Benefit: Upon survival at policy maturity, you are entitled to receive a Maturity Benefit, which is an accumulation of Fund Value in the Main Account including Survival Units, if any, and Fund Value in Top-Up Accounts, if any. You can avail these maturity proceeds in any of the three following manners:
Death Benefit: In the unfortunate event of your demise during the policy term, your nominee is entitled to receive an amount, which is highest of:
Plus, the highest of
Entry Age as on last birthday | Minimum: 0 years | Maximum : 65 years |
Maturity Age as on last birthday | Minimum: 10 years | Maximum : 75 years |
Policy Terms (fixed) | Regular Premium: 10, 15, 20, 25 & 30 yrs | Limited Premium: 10, 15, 20, 25 & 30 yrs | Single Premium: 10 yrs |
Premium Payment Term | Regular: Same as Policy Term | Limited: 5 years |
Premium Payment Mode | Annual & Single |
Premium | Regular: Rs. 50,000 to Rs. 1,00,000 | Limited: Rs. 75,000 to 1,00,000 | Single: Rs. 1,00,000 to Rs. 2,50,000 |
Basic Sum Assured | Regular and Limited Premium: |
Top-Up Premium | Minimum: Rs. 20,000 | Maximum: Total Top-Up premium paid shall not exceed the sum of all the regular premiums / Single Premium paid at that point of time |
Top-Up Sum Assured | Age at the time of Top-Up less than 45 yrs: 1.25 X Top-Up Premium Age at the time of Top-Up is 45 yrs and above: 1.10 X Top-Up Premium |
Loyalty Additions: These are the rewards you get for being invested over a long term horizon. These are additional units that are credited to your Fund at the end of the 10th policy year for a policy of 10 year term and at the end of the 10th & the 15th policy year for a Policy of 15 year term. These are expressed as a percentage of the average fund value in the three years preceding the benefit payment. While premium amounts lesser than 7 lacs offer a Loyalty Addition of 3.60%, premiums of more than 7 lacs attract a loyalty addition of 4.00%.
Death Benefit : The amount of Death Benefit payable for the various circumstances is as follows:
After payment of this Death Benefit, the policy is terminated.
After payment of this Death Benefit, the policy is terminated.
Maturity Benefit: At the time of maturity, if either of the two lives survives, the Maturity Benefit payable is equivalent to Fund Value including Loyalty Additions. These maturity proceeds may be withdrawn in the following three ways:
Entry Age | Primary Life: Minimum: 18 yrs Maximum: 55 yrs for 10 yrs term | 52 yrs for 15 yrs term : Secondary Life Minimum: 3 yrs Maximum: 55 yrs for 10 yrs term | 52 yrs for 15 yrs term |
Maturity Age | Primary Life: Minimum: 28 yrs Maximum: 65 yrs for 10 yrs term | 67 yrs for 15 yrs term :Secondary Life Minimum: 18 yrs Maximum: 65 yrs for 10 yrs term | 67 yrs for 15 yrs term |
Policy Term | 10 and 15 years |
Premium Payment Option | Single Pay |
Premium | Minimum: Rs. 3,00,000 | Maximum: No limit |
Sum Assured | Sum Assured on 1st Death: 1.25 times of the Single Premium | Sum Assured on 2nd Death: 10 times of the Single Premium |