Kotak Platinum Plan

Kotak Platinum Unit Linked Insurance Plan is a simple Unit Linked Insurance Plan or ULIP. Thus, it is a Non-Traditional Insurance Plan without Bonus facility.

How it works – In this plan, premium needs to be paid for the entire policy tenure under Regular Payment Option or for a limited period for Limited Payment Option.

There are 8 funds for investment purpose. There are Loyalty Additions in this plan every 5 years starting from the end of the 10 policy year onwards which is equal to 2% of the Average Fund Value. There are additional riders in this plan as well, for enhanced coverage.

The Fund Value, inclusive of all Loyalty Additions, is paid at the end of the policy tenure as Maturity Benefit. However, if the Life Insured dies within the policy tenure, higher of the Sum Assured or the Fund Value is paid to the nominee as Death Benefit.

Unit Linked Insurance Plan

8 funds for investment

Regular and Limited pay option

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Key Features

It is a Unit Linked Insurance Plan without Bonus

There is Regular and Limited pay option in this plan

There are 8 funds for investment purpose

There are Loyalty Additions in this plan every 5 years starting from the end of the 10 policy year onwards

Loyalty Additions in this plan is equal to 2% of the Average Fund Value

On survival till the end of the Policy Tenure, the Fund Value, inclusive of Loyalty Additions is paid to the policyholder as Maturity Benefit

In case of death of the Life Insured within the Policy Tenure, higher of the Sum Assured or the Fund Value is paid to the nominee as Death Benefit

There are additional riders in this plan

Sample Benefit Illustration of Kotak Platinum Unit Linked Insurance Plan

The below illustration is for a healthy Male (non-tobacco user) of 35 years opting for an Annual Premium = Rs. 5,00,000 and Sum Assured of Rs 50,00,000 for Policy Tenure of 20 years

Benefits

Death Benefit

In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of the Sum Assured and the Fund Value.

Maturity Benefit

When the policy matures, the Fund Value, inclusive of all Loyalty Additions, is paid to the policyholder as Maturity Benefit.

Income Tax Benefit

Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions

Riders

There are Additional Riders in this plan:

Kotak Term Benefit (KTB)/ Kotak Preferred Term Benefit (KPTB) - Lump sum Benefit paid on death
Kotak Accidental Death Benefit (ADB) - Lump sum Benefit paid on accidental death
Kotak Permanent Disability Benefit (PDB) - Installments paid on being permanently disabled as a result of an accident

Investment Fund Options

In this plan, there are 8 Funds available for Investment purpose:

Classic Opportunities Fund
Frontline Equity Fund
Balanced Fund
Dynamic Floor Fund II
Dynamic Bond Fund
Dynamic Floating Rate Fund
Dynamic Gilt Fund
Money Market Fund

Top-up

Additional Premium is payable Minimum Top Up is Rs 10,000 and maximum Top Up is 10 x Annual Premium. The Top Up Sum Assured also increases with each Top Up. If the age at the time of Top-Up is less than 45 years, then the Sum Assured increases by 1.25 X Top-Up Premium and if the age at the time of Top-Up is 45 years and above, then the Sum Assured increases by 1.10 X Top-Up Premium.

Switching

Switching is an option provided to shift between fund options. The first 12 switches in a policy year are free. For every additional switch thereafter, Rs 500 will be charged.

Partial Withdrawal

In this policy, there are Partial Withdrawals options which will be allowed only after completion of 5 policy years. Minimum amount for partial withdrawal is Rs 10,000 subject a minimum balance of 1 year’s Annualized Premium should be maintained in the Fund Value after Partial Withdrawal. For each Partial Withdrawal there will be a charge of Rs 500.

Variants

Premium Allocation Charge – This charge is deducted from the Premium Paid by you

Policy Year	Premium of Rs 99,000 to Rs 4,99,999	Premium of Rs 5,00,000 to Rs 24,99,999	Premium of Rs 25,00,000 and above
1^st	5% of Premium	4% of Premium	2% of Premium
2^nd to 5^th	3% of Premium	3% of Premium	2% of Premium
6^th onwards	1.5% of Premium	1.5% of Premium	1.5% of Premium

Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.

Premium Bands	Premium Allocation Charge
Rs 99,000 to Rs 4,99,999	0.2% of the Annualized Premium p.m.
Rs 5,00,000 to Rs 9,99,999	0.1% of the Annualized Premium p.m.
Rs 10,00,000 and above	NIL

Fund Management Charge and Guarantee Management Charge – This charge is deducted by adjusting the NAV of the units on a daily basis.

Type	Charge
Classic Opportunities Fund	1.35% of the Classic Opportunities Fund Value
Frontline Equity Fund	1.35% of the Frontline Equity Fund Value
Balanced Fund	1.35% of the Balanced Fund Value
Dynamic Floor Fund II	1.35% of the Dynamic Floor Fund II Value
Dynamic Bond Fund	1.20% of the Dynamic Bond Fund Value
Dynamic Floating Rate Fund	1.20% of the Dynamic Floating Rate Fund Value
Dynamic Gilt Fund	1.00% of the Dynamic Gilt Fund Value
Money Market Fund	0.6% of the Money Market Fund Value
Discontinued Policy Fund	0.5% of the Discontinued Policy Fund Value

Surrender Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.

Year of Discontinuation	All Premiums
1^st	Lowest of 6% of AP or 6% of FV or Rs 6000/-
2^nd	Lowest of 4% of AP or 4% of FV or Rs 5000/-
3^rd	Lowest of 3% of AP or 3% of FV or Rs 4000/-
4^th	Lowest of 2% of AP or 2% of FV or Rs 2000/-
5^th onwards	NIL

Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.

Service Tax would be applicable on the charges depending on the applicable rates.

Eligibility

	Minimum	Maximum
Sum Assured (in Rs.)	Age<45 yrs, SA= Higher of (10 X AP) or (0.5 X PTX AP) Age>=45 yrs, SA= Higher of (7 X AP) or (0.25 X PT X AP)	25 X AP
Policy Term (in years)	10	30
Premium Payment Term (in years)	Regular: Equal PT Limited: 5 years for PT= 10 and 10 years for PT=15 to 30
Entry Age of Life Insured (in years)	0	65
Age at Maturity (in years)	18	75
Premium (in Rs.)	Annual – Rs 99,000, Half-Yearly - Rs 49,500 , Quarterly - Rs 24,750 Monthly - Rs 8,250	No Limit
Payment modes	Annual, Half-yearly, Quarterly and Monthly

FAQs

What happens if You stop paying the premium before 5 years ?

If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate according to the norms of the IRDA and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated Fund Value will be payable to the nominee.

The policy can be revived as well but within a period of 2 years from the Date of Discontinuance of the Policy or before completion of the Lock-in period of 5 policy years, whichever is earlier.

What happens if You stop paying the premium after 5 years?

If the policy holder stops paying the premium after 5 years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.

What happens if You want to surrender the policy?

If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the Fund Value net of any discontinuance charge, if at least 5 years’ premiums have not been paid, will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate according to the norms of the IRDA and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

If the policyholder surrenders the policy after completion of 5 policy years, then there is no Surrender/Discontinuance Charges and the Fund Value is paid to the policy holder and the policy will terminate immediately.

What happens if You want a loan against your policy?

There is loan available under this plan but only after at least of 2 years' premiums have been paid for. The minimum Loan amount is Rs 10,000 and the maximum of 40% of the Fund Value of the policy at that time.

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