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Overview
Invest once and get benefits for life with the Kotak Single Invest Plus Plan. The Kotak Single Invest Plus Plan is a single-pay unit-linked insurance plan that offers dual benefits: protection and savings. You make a one-time premium payment and enjoy the benefits throughout the policy term while staying protected with life coverage. The Kotak Single Invest Plan helps you stay invested and generate wealth through unit-linked funds and loyalty additions provided by the company. This investment plan offers easy liquidity and numerous fund options to choose from, which sets this plan apart from others. With the Joint Life Cover feature, you can add your spouse and get life coverage for two people under a single plan. You can withdraw money wholly or partially after the five-year lock-in period.
Key Benefits of Kotak Life Insurance Single Invest Plus Plan
- Make a single premium payment and get the benefits of long-term coverage.
- The Joint Life Cover feature offers coverage for both the husband and the wife under a single policy.
- Get the advantage of Loyalty Additions.
- Convenience of choosing your investment funds as per your risk profile.
- Pay the premium once and enjoy life coverage throughout the policy term.
- At maturity, fund value, with added loyalty additions, will be payable along with the last payout.
How to Buy Kotak Single Invest Plus Plan on PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the 'Investment' tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of Kotak Life Insurance Single Invest Plus Plan
There are various benefits to buying the Kotak Life Insurance Single Invest Plus Plan. Let's understand each of them in detail:
- Joint Life Cover: With the Kotak Single Invest Plan's Joint Life Cover feature, you'll get coverage for both the husband and the wife under a single policy. In case one of the policyholders dies, the sum assured is paid to the other policyholder. Any two people can be added to protect each other's future, such as a spouse, parent, child, grandparent, or grandchild.
- Loyalty Additions: At the end of the 10th year of a 10-year policy term and at the end of both the 10th & 15th years of a 15-year policy term, extra units called Loyalty Additions will be added to the fund. These additions are based on a percentage of the average fund value over the three years before the end of the policy year.
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Death Benefit: Death benefits under various circumstances will be as follows:
- Upon the first death of any of the two lives covered, the death benefit will be paid to the nominee, and the policy will continue for the remaining policy term: Sum Assured on 1st Death (1.25 times Single Premium).
- Upon the second death, the death benefit will be paid to the nominee, and the policy will be terminated. The sum assured will be the highest of the:
- Sum Assured on 2nd Death (i.e., 10 times Single Premium)
- Fund Value, including Loyalty Additions, if any
- 105% of the Single premium paid
- Upon the death of both lives covered in the plan, the nominee shall receive the death benefit, and the policy will be terminated. The sum assured will be the highest of the:
- Sum Assured on 2nd Death
- Fund Value, including Loyalty Additions, if any
- 105% of the Single premium paid
- Maturity Benefit: Upon the survival of either of the two lives till the end of the policy term, you shall receive the Fund Value, including Loyalty Additions. You have the flexibility to take maturity benefits either in a lump sum or through settlement options.
How to Buy Kotak Single Invest Plus Plan on Kotak Life Insurance Website
- Visit the official website of Kotak Life Insurance.
- Hover over 'Investment Plans' from the top menu.
- Click on 'Kotak Single Invest Plus Plan'.
- Click on 'Buy Now' and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- Suicide within 12 months of the policy purchase is not covered.
- Consumption of any intoxicants.
- Death due to any aviation accident.
- Death due to any adventurous sports.
Documents Required to Buy Kotak Single Invest Plus Plan
Here is the list of documents required to buy the Kotak Single Invest Plus Plan:
Photo ID Proof
Photo ID Proof (either of one) - Passport, Aadhaar card, PAN card, Driving license.
Age Proof
Age Proof (either of one) - Passport, Aadhaar card, PAN card, Driving license.
Address Proof
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
Medical Records
Medical Records of the policyholder if requested.
Income Proof
Income Proof (either of one) - bank statement, last three months' salary slips (if you are salaried).
Plan At a Glance
| What's Good Here | What's Missing |
|---|---|
| Choice of Fund Options | Guaranteed Additions |
| One-time Investment | Premium Offset |
| In-built Joint Life Cover | No Auto Cover Continuance |
| Loyalty Additions | Large Premium Boost Discounts |
| Flexibility to withdraw fund partially | Whole Life Cover |
In a Nutshell
The Kotak Single Invest Plan is a single-pay unit-linked insurance plan that helps you stay invested and generate wealth through unit-linked funds and loyalty additions. For further assistance, you can reach out to us at PolicyX.com. With the expertise of our insurance experts, you will indeed get all of your answers in no time.
