Kotak Smart Life 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 or use such bonuses to create a decent corpus to take care of bigger future goals.
Minimum entry age
Maximum entry age
50 years (6 & 15 pay)
55 years (8 & 10 pay)
54 years (12 pay)
75 years less entry age of life insured
Basic sum assured
Minimum- Rs. 2,50,000
Maximum- No limit
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
Annual, semi-annual, quarterly, and monthly
**Last Updated on 18-12-2020
Under the cash bonus payment option
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.
Under paid-up addition option
Sum assured on death + accrued paid-up additions (if any) + interim bonus (if any) + terminal bonus (if any).
It is based on the bonus option chosen by the policyholder at the beginning of the policy.
Cash payment- 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.
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 1st policy year.
Under this plan, 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).
Thanks to Section 80C and Section 10(10D) of the Income Tax Act, 1961, you can grab tax benefits for the premium paid against this policy.
Once the policy has acquired a guaranteed surrender value after full payment of premiums for two continuous years, an insured can surrender the policy.
There are 6 riders available under this plan. Let's take a look at them.
There are two key reasons to buy this plan. Let's have a look.
Full Protection: Kotak Smart Life offers comprehensive protection to the customers. It is designed to generate returns on the money invested by the policyholder. It grants retirement benefits and joint covers to protect the family's future financial needs.
Wealth Creation- Kotak Smart Life provides full support in investment and financial planning. It not only keeps the money safe but also helps earn a guaranteed income.
Individuals who wish to buy this plan must visit the nearest branch of the company. For more details of this plan, please get in touch with the customer care team of Kotak Life.
There are two ways to file a claim for this plan. Let's take a look at them.
Kotak Mahindra Life Insurance Company Limited
Kotak Infiniti, Building no. 21, 7th Floor - Zone 2, Infinity Park,
Off Western Express Highway, General A K Vaidya Marg,
Malad (E), Mumbai – 400 097
His or her nominee will get 80% of the total premiums paid till the death date.
Your policy will lapse (at the end of the grace period) and no benefits will be paid.
Yes, the policy can be canceled within 15 days (for all channels except for the distance marketing channel) from its purchase date.
Last updated on 18-12-2020