Kotak SmartLife is a non-linked, participating life insurance plan. It provides an option to get cash bonus payouts from the end of the 1st policy year to look after immediate financial needs. Policyholders can use such bonuses to take care of their families in their absence.
Kotak SmartLife Plan is an endowment plan which enables the policyholder to achieve their life's financial goals while simultaneously ensuring the family's financial security in your absence. Let's take a look at some of the policy's characteristics.
Below-mentioned are the features of Kotak SmartLife Plan that will help you to get an insight of the plan and will let you understand the plan in a better way:
The plan offers insurance coverage up to the age of 75 years.
The plan offers the flexibility to customize your bonus options. The two options available are: cash payout and paid-up addition.
The plan allows the policyholder to avail of extra protection by adding several riders by paying extra premiums.
In case you are unable to make the premium payment on time, then the policy provides a grace period of 15 days (for monthly mode) and 30 days (for other payment modes).
Kotak Mahindra Smart Life plan ensures that all your long-term goals are fulfilled and helps you to plan for a stress-free life. The plan comes with a wide range of benefits. Take a look at some of the Kotak SmartLife plan benefits:
In case of the unfortunate death of the policyholder, the death benefit will be paid provided all the due premiums have been paid. The Death Benefit paid will be:
The company will pay the survival benefits on the basis of 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 1st policy year.
One can also choose Cash Payout on a monthly basis, which will be calculated as:
(102.25% * Yearly Cash Bonus Payout) / 12
Under this plan, if the policyholder survived till the end of the policy term, then the maturity benefit is provided as follows:
Once the policy has acquired a guaranteed surrender value after full payment of premiums for two continuous years, an insured can surrender the policy.
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.
To provide additional coverage to the individual, Kotak Smart Life comes with 6 riders. These riders are designed to allow the policyholder to customize their plan as per their needs & requirements. Take a look at the riders available under Kotak Mahindra Smart Life plan :
If the life insured is permanently disabled due to an accident, the benefit is paid in instalments.
In case of the death of the policyholder, the premiums will be waived off and the plan will continue without any effect.
If the policyholder is the victim of any of the 37 critical illnesses (subject to terms and conditions), the rider sum assured will be paid.
On the death of the insured, lump-sum benefit is paid along with death benefit under the base plan.
If the insured is disabled due to an accident, all future premiums will be waived off and the base plan will continue the same way.
In the case of the unfortunate death of the policyholder, this rider gives an additional death cover along with the basic death benefit of the base policy.
|Minimum Entry Age||3 years|
|Maximum Entry Age||50 years (6 & 15 pay) |
55 years (8 & 10 pay)
54 years (12 pay)
|Maturity age||75 years|
|Policy term||75 years less entry age of life insured|
|Basic sum assured||Minimum- Rs. 2,50,000 |
Maximum- No limit
|Premium level||Minimum- |
6 Pay- Rs. 40,120
8 pay- Rs. 30,955
10 Pay-Rs. 26,175
12 Pay- Rs. 22,778
15 Pay- Rs. 19,505
Maximum- No limits
|Premium payment term||6, 8, 10, 12, and 15 years|
|Premium payment mode||Yearly, Half-yearly, Quarterly, Monthly|
**Last Updated on August, 2021
For a better understanding of how much premium one needs to pay under Kotak SmartLife Insurance, take a look at the below example:
Mr Puneet, a 30 years old individual decided to invest in Kotak SmartLife Plan for the next 45 years. He chooses the Cash Payout bonus option with a sum assured of Rs. 10 Lakhs. Take a look at the annual premium payable by Mr Puneet under different premium payment term:
|Premium Payment Frequency||Yearly|
|Option for Bonus||Cash Payout|
|Sum Assured||10 Lakhs|
**Last Updated on August, 2021
Graphical Premium Illustration of Kotak SmartLife Insurance Plan
If in case the policyholder dies by suicide within 12 months, starting from the date of policy inception, His/her nominee will be entitled to 80% of all premiums paid.
If in case the policyholder dies by suicide after 12 months from the commencement of risk, the following standards are applicable:
Kotak SmartLIfe Plan is available offline. To buy this plan, one needs to follow the below mentioned steps:
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