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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 Premier 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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107N041V01
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About Plan
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It is a participating Whole Life plan that allows you to pay it forward for a lifetime of enhanced protection for you and your family. It offers you: An affordable premium in the initial years, that grows as your earning potential rises. A flexible payment schedule and cash rewards on survival to the end of the premium payment term. Access to enhanced insurance cover that's affordable from the start, and lasts till you are 99!. In short, it is plan that keeps pace with your ever-growing success and wealth.
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Minimum Entry Age
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0 years
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Maximum Entry Age
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65 years
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Maximum Maturity Age
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99 years
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Maximum Premium
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75 years last birthday
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Maximum Policy Term
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(99-Entry Age)years
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Premium Paying Term
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Minimum: 10 yearsMaximum: Lesser of (75 minus age at entry,40)For a minor life insured, minimum PPT is greater of (10,18 minus the entry age)
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Minimum Premium
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Min: 10-14 years PPT-Rs.10000p.a.Min: 15+ years PPT-Rs.6000 p.a.
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Benefits
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| Particulars | Description |
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Death Benefits
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Death Benefit is continually boosted by bonuses, ensuring your cover measures up to your growing responsibilities.
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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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SEC 80 D
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Under Section 80 D premium up to Rs 10,000 (Rs.15,000 for senior citizens) are allowed as deduction from taxable income.
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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 Premier Shield is a participating Whole Life plan that allows you to pay it forward for a lifetime of enhanced protection for you and your family. It is a plan that keeps pace with your ever-growing success and wealth.
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Our plan ensures that you get much higher protection for the premiums you pay during the initial phase of the policy (around 35-45 times of the initial premium for younger ages and longer policy terms). So, you pay less for higher cover at a younger age - a dual benefit of substantial life cover at an affordable price when it is most needed.
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With this plan, you gain from absolute guaranteed protection till the age of 99. Your family is assured of a guaranteed death benefit, no matter what life has in store for you. So you can now look ahead to retirement knowing that you have amply provided for your loved ones.
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With Kotak Eternal Life Premier Shield, the premium payer automatically benefits from a waiver of future policy premiums in case of such accidental disability. In short, Kotak Life will pay in full the outstanding policy premiums as and when scheduled, on behalf of the premium payer. In this way, Kotak Life ensures that neither you nor your family loses out on the policy benefits you had planned originally. At the same time to assist the premium payer in meeting unanticipated financial obligations now facing him/her, Kotak Life will make available an additional cash lump sum benefit equivalent to the basic sum assured. This only applies to policies where the basic sum assured is greater than 5 lakhs and subject to a maximum payout of Rs. 25 lakhs.
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Our plan has a unique feature that allows you to dramatically scale up your insurance cover (in relation to the initial premiums paid). Your premium payable increases by a fixed 5% simple of the base premium each year. This ensures that you derive maximum value for your money in terms of substantially boosting the level of insurance cover when you most need it, without comprising your current style of living.
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Our plan ensures that your gender, health and lifestyle are fairly reflected in your premiums. Our premium rates differ for male and females, as well as for male smokers and non-smokers. With this plan, you accrue Simple Reversionary Bonuses as declared by the Company every year. These are payable on death during the Premium Payment Term or as a cash lump sum on survival to the end of the Premium Payment Term (as illustrated above).
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During the premium payment term, you will be eligible for Simple Reversionary Bonuses* that are declared annually by Kotak Life Insurance and are expressed as a percentage of your basic sum assured. Once declared, they are guaranteed. These bonuses vest on the policy at the end of 5 years provided all the first five years premiums have been paid. They are payable on death during the premium payment term, or on survival to the end of the selected premium payment term. Your payment on survival to the end of the Premium Payment Term may be further boosted by a Special Terminal Bonus*. This is applicable only to policies in full force at the end of Premium Paying Term.Your plan also entitles you to an Interim bonus* in case of a death claim during the course of financial year (and during the premium payment term). Finally, if you have paid all your premiums in full and as scheduled for 10 years or more and your policy is still in force, a Terminal bonus* may be paid on maturity or earlier death by way of a reward for disciplined savings over the long-term.
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On your survival to the end of your premium payment term, the vested Simple Reversionary Bonuses become payable as a lumpsum 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 (see terms and conditions below).
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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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