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Overview
Kotak SmartLife is a non-linked, participating life insurance plan. It provides an option to get cash bonus payouts from the end of the first policy year to look after immediate financial needs. Policyholders can use such bonuses to take care of their families in their absence.
The Kotak SmartLife Plan is an endowment plan that enables the policyholder to achieve their financial goals while simultaneously ensuring the family's financial security in their absence. Key benefits include:
- Death Benefit
- Survival Benefit
- Maturity Benefit
- Surrender
- Grace Period
- Availability of Riders
How to Buy Kotak SmartLife Plan from 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 SmartLife Plan
There are various benefits to buying the Kotak SmartLife Plan. Let’s understand each of them in detail:
- Death Benefit: In case of the unfortunate death of the policyholder, the death benefit will be paid provided all due premiums have been paid. The Death Benefit paid will be: Sum assured on death + Interim Bonus (if any) + Terminal Bonus (if any) + Present Value of Outstanding Cash Bonus Payout for the remaining months of the year of death of the policyholder.
- Survival Benefit: The company will pay the survival benefits based on the bonus option chosen by the policyholder at the beginning of the policy.
- Cash Payout Option: Declared cash bonus is paid till the end of the policy term or surrender/death, whichever is earlier. This is applicable at the end of each policy period, beginning from the end of the first policy year. One can also choose Cash Payout on a monthly basis, which will be calculated as: (102.25% * Yearly Cash Bonus Payout) / 12.
- Paid-up Additions: Declared cash bonus is utilized to buy paid-up additions (additional sum assured). This is applicable at the end of each policy period, beginning from the end of the first policy year.
- Maturity Benefit: Under this plan, if the policyholder survives till the end of the policy term, then the maturity benefit is provided as follows:
- Cash Payout: Basic Sum Assured + Cash Bonus + Terminal Bonus (if any).
- Paid-up Additions: Basic Sum Assured + Cash Bonus + Accrued Paid-up Addition (if any) + Terminal Bonus (if any).
- Tax Benefit: You can avail tax benefits for the premium paid against this policy under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Flexibility
The plan offers the flexibility to customize your bonus options. The two options available are: cash payout and paid-up addition.
Grace Period
If you are unable to make the premium payment on time, the policy provides a grace period of 15 days (for monthly mode) and 30 days (for other payment modes).
Surrender
Once the policy has acquired a guaranteed surrender value after full payment of premiums for two continuous years, the insured can surrender the policy.
Additional Riders
To provide additional coverage to the individual, Kotak SmartLife offers 6 riders.
How to Buy Kotak SmartLife Plan from Kotak Life Insurance
- Visit the official website of Kotak Life Insurance.
- Hover over the 'Investment Plans' from the top menu.
- Click on the 'Kotak SmartLife 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
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy Kotak SmartLife Plan
Here is the list of documents required to buy the Kotak SmartLife Plan:
-
Photo ID Proof
Photo ID Proof (any one of the following) - Passport, Aadhaar card, PAN card, Driving license.
-
Age Proof
Age Proof (any one of the following) - Passport, Aadhaar card, PAN card, Driving license.
-
Address Proof
Address Proof (any one of the following) - Utility bill, passport, voter ID, ration card.
-
Medical Records
Medical records (if requested).
-
Income Proof
Income Proof (any one of the following) - bank statement, last three months' salary slips (for salaried individuals).
Plan At a Glance
| What's Good | What's Missing |
|---|---|
| Death Benefits | Premium Offset |
| Survival Benefits | High sum assured rebate |
| Maturity Benefits | Auto cover continuance |
| Tax benefits | Top-up premium |
In a Nutshell
If you are looking for an investment plan that offers cash bonus payouts from the end of the first policy year, you should buy Kotak SmartLife Plan.
For more information about this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
