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KOTAK -- MONEY BACK PLAN |
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Money Back Plan |
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Kotak Money Back Plan is a conventional money back plan with some unique features. This life insurance product is a participating plan from the stable of Kotak Mahindra Old Mutual Life Insurance Ltd. |
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Eligibility |
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Entry age: Minimum – 18 years; Maximum – 60 years |
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Maximum age at maturity: 75 years |
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Policy term: minimum 15 years, or 20 years or 25 years |
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Increasing life cover |
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The life assurance cover provided under the plan automatically increases by 7% of the sum assured each year, thus taking care of the negative effects of inflation on the value of the life cover. The premium payable however, does not change with the increase in sum assured, with no requirement for any further medical tests. |
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Maturity Benefit |
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The plan offers the lump sum benefit payments at regular intervals of 5 years. The plan is available for a term period of 15 years, 20 years, or 25 years. |
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Guaranteed additions on maturity |
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The final maturity benefit payment includes guaranteed additions depending upon the term of the policy. |
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Bonus |
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A bonus declared at the end of each financial year is credited to the Accumulation Account, which comprises of the premiums paid net the charges. This bonus is over and above the guaranteed additions receivable on maturity of the policy. |
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Survival Benefits |
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The table below illustrates the survival benefits as a percentage of the sum assured. |
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Survival Benefits |
Payouts (percentage of sum assured) |
5th yr |
10th yr |
15th yr |
20th yr |
25th yr |
15 Year Plan |
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Survival Benefit |
25% |
25% |
50% |
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Guaranteed Addition |
- |
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20%* |
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20 Year Plan |
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Survival Benefit |
20% |
20% |
20% |
40% |
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Guaranteed Addition |
- |
- |
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30%* |
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25 Year Plan |
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Survival Benefit |
15% |
15% |
15% |
15% |
40% |
Guaranteed Addition |
- |
- |
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40%* |
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* Bonus, if any is payable over and above these benefits. |
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Automatic cover maintenance |
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In the event of non-payment of some premium, the automatic cover maintenance facility ensures that the policy remains in force. This facility is available, subject to payment of premium of the initial three years of the policy. |
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Riders available |
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The following add-on riders provide the scope for customization of the policy as per ones specific insurance requirements: |
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- Term / Preferred term rider
- Accidental death benefit
- Permanent disability benefit
- Critical illness benefit
- Life guardian benefit
- Accidental disability benefit
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Tax Benefits |
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Premiums paid for the policy are eligible for tax benefits available under Section 80C and Section 10(10)D of the Income Tax Act, 1961. Premiums paid for Critical Illness Benefit qualify for a deduction Section 80D. |
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