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Insurance Company
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Kotak Mahindra Old Mutual Life Insurance Ltd
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Plan Name
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Kotak Eternal Life Classic Shield Plan
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Plan Nature
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TRADITIONAL
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Plan Category
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Protection Plan
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UIN No.
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107N040V01
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About Plan
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Kotak Eternal Life Plans are participating whole life plans that provide enhanced protection till the golden age of 99. The plans provide for a high cover at lower premiums, cash lumpsum benefits at desired stage and a way to care for your spouse in the second innings of life.With guaranteed protection for life, opportunity to create wealth, and comprehensive cover options, these plans provide you with a perfect financial solution to suit your needs.
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Minimum Entry Age
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0 Yrs
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Maximum Entry Age
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65 Yrs
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Maximum Maturity Age
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99Yrs
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Premium Paying Term
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Min:10YrsMax: Lesser of (75 minus age at entry, 40)Minor:Min PPT is greater of (10,18 minus entry age)
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Benefits
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| Particulars | Description |
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Maturity Benefits
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Nil
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Death Benefits
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Nil
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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Kotak Term Benefit (Rider) [107C003V02]
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Critical Illness Benefit (Rider) [107C009V01]
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Kotak Life Guardian (Rider) [107C012V01]
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Kotak Preferred Term Benefit (Rider) [107C013V01]
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Kotak Eternal Life Classic Shield is a participating Whole Life plan designed to give you life protection till the golden age of 99. It is a plan that becomes a steady lifelong companion for you and your family.
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Your life is valuable to those who depend on you. Ambitions, aspirations and all the blessings of family life all hang on your ability to create and grow your wealth while you're able. Should something happen to you, you would still want your family to have the means to realize the future dreams that were planned for. To ensure this, you should probably be looking at many multiples of your salary to set aside as insurance cover.Kotak Eternal Life Classic Shield offers this opportunity, with an affordable level of premium. Additional options, to ensure cash becomes available for your use should life threatening illnesses or disability befall you, are also available through the various ôriderö options in the plan.
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With this plan, your cover doesn't end with your premium payment term û you remain protected till your 99th birthday. Thus, you get a guaranteed death benefit that ensures complete protection for your family and complete peace of mind for you.
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Our plan ensures a fixed premium that stays level throughout your premium payment term. So, the value of the premiums you need to pay, as well as the number of years for which you pay them, is pre-determined. This helps you plan and manage your finances better, knowing that your premiums will never escalate, regardless of age or health, once the policy is issued.
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Our plan also offers you the flexibility to choose the premium paying term as per your requirement. With a minimum payment term of just 10 years, you can choose to pay for any number of years, with a maximum payment term of 40 years or until you reach age 75, whichever is earlier. So plan your premium payments as per your financial goals and gain a lifetime of guaranteed protection simultaneously.
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When you opt for a longer premium payment term, you can avail of a higher cover for the given level of premium. So you can now afford to remain covered until age 99 with a meaningful level of a protection, well after youÆve completed your premium payments.
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Our premium rates take into account your gender and lifestyle. They differ for males and females, as well as for male smokers and non-smokers (for sums assured more than Rs. 10 Lakhs). The plan also offers an attractive premium discount for high sums assured. So the premium you pay can actually get you a higher sum assured, depending on your lifestyle and the amount of protection you choose.
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With Kotak Eternal Life Classic Shield, you will share in the profits of the relevant participating fund over time by way of bonuses in addition to your basic sum assured.During the life of the policy, you will be eligible for the following:- Simple Reversionary Bonuses: These are declared annually by Kotak Life Insurance and are expressed as a percentage of your basic sum assured. The bonuses will vest on the policy on the 5th policy anniversary provided all the first 5 years premiums have been paid in full. They are payable on death during the premium payment term or on survival to the end of the selected premium payment term.- Interim Bonus In case of a death claim during the premium payment term in respect of the latest policy year for which the reversionary bonus is yet to be declared. - Additional Terminal Bonuses which are payable only on Maturity or earlier Death, as applicable. These are available throughout the lifetime of the policy, in other words, from the start of the policy right up to age 99, subject to the policy having been in full force for at least 10 years. A special terminal bonus may be payable as a lump sum cash benefit on survival by the life insured to the end of the premium payment term.
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On your survival to the end of your premium payment term, the vested Simple Reversionary Bonuses become payable in a lump sum as a cash benefit. This may be further boosted by a Special Terminal Bonus. The aggregate amount could well be a meaningful portion of the premiums you have paid. This plan also builds a surrender value over time, against which loans may be taken, should you wish your cover to remain in place.
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Your policy acquires a surrender value and can be surrendered only after it has been in force for 3 years and at least 3 years full premiums have been paid. The guaranteed minimum surrender value will be 30% of all premiums paid to date, after deducting the first year's premium, any other extra or rider premiums and any survival benefit paid.
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21-Jan-09
11:52
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Kotak Life ties up with DHFL Vysya
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15-Jan-09
14:10
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Kotak Life registered a growth of 63%
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24-Dec-08
14:50
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Kotak Life launches interactive Web site
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22-Oct-08
12:10
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Kotak Life launches Kotak long life
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16-Oct-08
11:59
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Insurance cover for student loans
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15-Oct-08
09:35
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Allahabad Bank signs MoU with Kotak Life Insurance
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01-Sep-08
09:35
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Other Insurers to follow Kotak's strategy on cut insurance cost
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28-Aug-08
20:41
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Kotak Life insurance brings down term plan rates up to 40%
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