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A plan that gives you the
twin benefit of a life cover and fixed returns. |
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"What
is Kotak Insurance Bond?"
The Kotak Insurance Bond is an investment plan
that protects you and multiplies your money like
a fixed deposit. It lets you pay a one-time premium
so you are saved the hassle of remembering to make
annual payments.
"Who
can avail of this plan?"
| How old do you have to be to
avail of this plan? |
Minimum age- 18 years
Maximum age- 60 years |
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| For what term can I avail of
this plan? |
7 ,10 and 15 years |
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| What is the one-time
premium that I need to pay? |
Rs.25,000 to
Rs.1,00,00,000
(in multiples of Rs.1000) |
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| What is the maximum age that
the plan can cover you till? |
75 years |
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"What are the
advantages of this plan?"
- The Kotak Insurance Bond combines the advantages
of a savings instrument to that of an insurance
plan.
- One time premium payment.
- You have the option of choosing between a
7-year term, a 10-year term or a 15-year term.
- The plan provides for guaranteed returns.
Your returns could be as high as 7.16%. However, this is a non-participating
plan.
- The insurance cover increases every year to
combat inflation. The plan also provides enhanced
cover for accidental death.
- No medical tests / health proof required.
- You can take a loan against this plan depending
on the premium paid.
- You have the benefit of a 15-day free look
period.
"What do you receive on Maturity of the plan?"
The maturity benefit that you receive would depend
on the term selected and the amount paid as the
one-time premium.
For a 7-year term:
For amount upto Rs.50,000/- you would receive 146%
of single premium as maturity benefit. For amounts
exceeding Rs.50,000, you would receive 149% of single
premium for portion of single premium in excess
of Rs. 50,000/-.
For a 10-year term:
For amount upto Rs.50,000/- you would receive 181%
of single premium as maturity benefit. For amounts
exceeding Rs.50,000, you would receive 185% of single
premium for portion of single premium in excess
of Rs. 50,000/-.
For a 15-year term:
For amount up to Rs.50,000/-, you would receive
248% of the single remium as maturity benefit. For
amounts exceeding Rs.50,000, you would receive 257%
of single premium for the portion of single premium
in excess of Rs.50,000/-.
What
happens in the event of death of the life insured?
In the event of death during the term of the plan,
the beneficiary would receive the death benefit.
The death benefit has been designed such that it
increases over the years to combat the effect of
inflation.
|
| Years |
7-year-term |
10-year-term |
15-year-term |
| |
Accidental
Death |
Death due
to any other cause |
Accidental
Death |
Death due
to any other cause |
Accidental
Death |
Death due
to any other cause |
| 1 |
130 |
100 |
130 |
100 |
130 |
100 |
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| 2 |
130 |
106 |
130 |
106 |
130 |
106 |
|
| 3 |
130 |
112 |
130 |
112 |
130 |
112 |
|
| 4 |
130 |
118 |
130 |
118 |
130 |
118 |
|
| 5 |
130 |
126 |
130 |
126 |
130 |
126 |
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| 6 |
134 |
134 |
134 |
134 |
134 |
134 |
|
| 7 |
142 |
142 |
142 |
142 |
142 |
142 |
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| 8 |
|
|
152 |
152 |
152 |
152 |
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| 9 |
|
|
162 |
162 |
162 |
162 |
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| 10 |
|
|
174 |
174 |
174 |
174 |
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| 11 |
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186 |
186 |
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| 12 |
|
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|
198 |
198 |
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| 13 |
|
|
|
|
212 |
212 |
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| 14 |
|
|
|
|
226 |
226 |
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| 15 |
|
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240 |
240 |
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"Are there any Tax Benefits?"
Yes, the premiums paid under the plan qualify
for tax rebate under Sec. 88* of the Income Tax
Act, 1961 and the returns are fully tax exempted
under Sec. 10 (10 D).
*Please consult your
tax advisor for further details.
"How
does the plan work?"
To explain, how this plan works…
Mr.
Sanjay Gupta decides to invest Rs.1,00,000 for a
15-year term in the Kotak Insurance Bond. On Maturity,
i.e. after 15 years, he would receive the Rs. 2,52,500
In the event of unfortunate death of Mr. Gupta,
say in the 3rd year of the plan, due to ill health,
his family would receive Rs.1,12,000. In case the
death was due to an accident, Mr. Gupta's family
would receive Rs.1,30,000.
| Particulars |
Amount |
| Initial Investment |
1,00,000 |
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| Tax Benefit u/s 88* |
10,500 |
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| Net Investment |
89,500 |
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| Maturity Benefit |
2,52,500 |
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| Return on Investment |
7.16% |
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* Assuming Mr. Sanjay Gupta has
a gross annual income of Rs.4,50,000, and that
Rs. 70,000
of the premium qualifies for rebate.
What do you do
next?
To find out more about this plan, you can call
us at any Kotak Life Insurance
Branch Offices or send us an e-mail at lifeexpert@kotak.com
"Prohibition of Rebates"
Section 41 of the Insurance Act, 1938 states: -
(1) No person shall allow or offer to allow, either
directly or indirectly, as an inducement to any
person to take out or renew or continue an insurance
in respect of any kind of risk relating to lives
or property in India, any rebate of the whole or
part of the commission payable or any rebate of
the premium shown on the policy, nor shall any person
taking out or renewing or continuing a policy accept
any rebate, except such rebate as may be allowed
in accordance with the published prospectuses or
tables of the insurer.
(2) Any person making default in complying with
the provision of this section shall be punishable
with fine, which may extend to five hundred rupees.
Form no.: KIB01 |
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