Kotak Life Fortune Maximiser Plan

Eligibility Criteria for the Kotak Life Fortune Maximiser Plan

These eligibility parameters allow individuals at different life stages to invest and plan for their financial goals.

Features of Kotak Life Fortune Maximiser Plan

Here are the key features of the plan:

• Market-Linked Investment Opportunity: This plan offers market-linked returns via investment in different funds, which include equity, debt, or a combination of both. The policyholders are free to choose funds based on their investment risk and financial goals, and therefore, the possible long-term development of the market.
• Flexible Premium Payments: The plan allows paying premiums for the policy period or for a limited period. It allows policyholders to select a payment plan that will fit their income stream and financial planning requirements.
• Fund Switching Facility: Policyholders can switch investment funds during the course of the policy. This helps adjust the investment plan to account for changes in the market environment or financial objectives.
• Top-Up Premium Option: This plan enables the policyholders to add additional amounts to the normal premium as top-up payments. This helps multiply the value of the fund and create long-term wealth.
• Partial Withdrawal Facility: Once the required lock-in period is met, the policyholder can receive a specified amount of fund value to meet monetary requirements, such as emergencies, education, or other anticipated expenses, and the remaining investment will continue to grow.
• Life Insurance Protection: This is in addition to the investment benefits of having a life insurance cover under this plan. Should the unfortunate happen and the policyholder dies during the policy term, the death benefit is paid to the nominee in accordance with the policy's terms.
• Online Policy Management: The policy provides access to manage their policies, allowing policyholders to view their fund performance, change funds, pay premiums, and update their particulars online through their online services.

Benefits of the Kotak Life Fortune Maximiser Plan

Below are the benefits of this plan:

• Maturity Benefit: At the end of the policy term, the policyholder receives the total fund value accumulated under the plan, subject to policy terms.
• Death Benefit: In the unfortunate event of the policyholder’s death during the policy term, the nominee receives the higher of the sum assured or fund value, ensuring financial protection for the family.
• Investment Growth: Since the plan is market-linked, investments can grow based on the performance of the selected funds. Kotak Life Investment Plans are designed to help you save consistently while ensuring financial security for your family.
• Tax Benefits: The premiums paid under the Kotak Life Kotak Fortune Maximiser Plan may be deducted from taxable income under Section 80C of the Income Tax Act, 1961, subject to the applicable limits. The tax exemption provided by Section 10(10D) on the maturity and death benefits obtained under the policy is also subject to the conditions mentioned.

Riders Under the Kotak Life Fortune Maximiser Plan

The policyholders can increase their coverage with optional riders like the following:

• Accidental Death Benefit Rider.
• Total And Permanent Disability Rider.
• Critical Illness Rider
• Waiver Of Premium Rider

These riders offer more financial assistance in unexpected circumstances.

Policy Details of the Kotak Life Fortune Maximiser Plan

The following are the policy details of the Kotak Life Kotak Fortune Maximiser Plan:

1. Grace Period:

   The time allowance granted to the policyholder upon the expiry of the premium date to keep the policy alive. Normally, the monthly premium mode has 15 days, the annual mode has 30 days, the half-yearly mode has 30 days, and the quarterly mode has 30 days. In the process, the policy still persists.

2. Revival:

   If the policy is issued due to non-payment of premiums despite the grace period, it can be revived during a specified revival period (normally 75 days within 3 years of the initial unpaid premium). Revival involves payment of all outstanding premiums, together with the charges, as per the insurer's terms.

3. Free Look Period:

   Within 30 days of the policy document being delivered to the policyholder, he may review its terms and conditions. They may cancel their policy within this period if they are not satisfied, and a refund will be issued in accordance with the guidelines.

4. Surrender:

   The plan is subject to a 5-year lock-in period. If the policy is surrendered upon expiry of this period, the fund amount is paid to the policyholder, and the policy is terminated. When the surrender is made before the expiry of the lock-in period, the fund's value is usually transferred to a policy fund for termination.

5. Fund Switching

   Two policyholders can transfer funds to adjust their investment strategies to suit market changes. The best investment plans include a mix of market-linked and guaranteed return options for diversified growth.

Exclusions Under the Kotak Life Fortune Maximiser Plan

Suicidal Cover

If the life assured dies due to suicide within 12 months from policy commencement or revival, the insurer may pay the fund value or refund premiums as per policy conditions.