What Makes Kotak Life Premier Money Back Plan the Best of All?
Updated On Jul 16, 2021
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When it comes to savings, everyone wants to invest their money in a secure place. If you too have been looking for ways to invest your money, consider buying a money back plan. Why money back? It is because it will keep your loved ones secure by providing a lump sum amount, insurance cover, returns in a few years of investing and additional bonuses as well. Do not forget that low risk and tax benefits are two major advantages as well.
So, which moneyback plan should you buy? Well, Kotak Life Premier Money Back Plan is worth investing in! Why and how? Let us find out!
What is Kotak Life Premier Money Back Plan?
Kotak Life premier money back plan is a savings cum investment plan. This is a limited pay plan, which provides lump sum payouts at regular intervals so that the policyholder can get their current financial requirements met as well as provide the best to their loved ones.
What Are the Key Features of Kotak Life Premier Money Back Plan?
Some of the prime features of the plan include:
- Regular payouts at specific intervals throughout the term period
- Enhanced death cover along with additional payout on accidental death
- Lump sum maturity addition depending on the policy term chosen
- Earn bonuses on the plan from the first years onwards
What Is the Eligibility Criteria for Kotak Life Premier Money Back Plan?
The eligibility criteria is as follows:
- Age criteria - Entry Age: Minimum is 2 yrs; Maximum is 57 yrs for 16 yr term/55 yrs for 20 yr term/51 yrs for 24 yr term
- Maximum maturity age - 75 years
- Policy term - 16 years/20 years/24 years
- Sum assured - Minimum: 1.5Lakhs; Maximum: No limit, subject to underwriting experience
- Premium Levels - Depends on minimum sum assured; Maximum: Depends on sum assured levels
- Premium Payment Term - Limited pay, 8 yrs for 16 yr term/10 yrs for 20 yr term/12 yrs for 24 yr term
- Payment mode - Half-yearly/quarterly/monthly/yearly
- Premium Modal Factor - Yearly: 100% , half yearly: 51% , quarterly: 26%, monthly - 8.8%. These modal loadings are used to calculate the instalment premium
Optional Riders Available With Kotak Life Premier Money Back Plan
The optional riders you can choose from for added protection are:
- Kotak Term Rider - Covers additional death cover over and above base plan’s death benefit.
- Kotak Accidental Disability Guardian Benefit Rider - Remaining premiums are taken care of by the insurance company on behalf of the policyholder if there is a case of accidental disability.
- Kotak Life Guardian Benefit Rider - Remaining premiums are paid by the insurer on behalf of the policyholder if he or she dies.
- Kotak Critical Illness Plus Benefit Rider - This rider provides rider sum assured in part or whole, if the life assured is diagnosed with any of the listed critical illnesses.
Final Words
Kotak Life Premier Money Back Plan is a plan that provides a one-stop solution for all your dreams. One of the top money back plans to invest in India in 2021, Kotak Life Premier Money Back Plan comes at an affordable premium price. In a way, you get a lot more for a lot less. What’s best is that it offers you tax benefits as per section 10(10D) and section 80C of the Income-tax Act, 1961.
So, what are you waiting for? Go ahead and buy it today itself to welcome insurance and savings in one go!
Must Read: What Makes Money Back Plan The Best Investment Option?
Money Back Policy Is The Ideal Investment Option
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
