Kotak Wealth Insurance
Kotak Wealth Insurance
Entry age : Up to 65 years
Maturity age : Minimum 18 years, Maximum 75 years
Policy term : 10/15/20/25/30 Years
Sum assured
If the age is less than 45 years, Higher of (10 X annual premium) or (0.5 X Policy Term X annual premium) & Max – 25 x Annual Premium
If the age is above 45 years, Higher of (7 X Annual Premium) or (0.25 X Policy Term X Annual Premium) & Maximum – 25 x Annual Premium
Premium payment term
Regular – equal to policy term
Limited – 5 years with 10 Years policy term
Premium payment mode
Annual
Premium
Minimum: Rs 20000(annual premium)
Maximum: no limit
Investment options
Classic Opportunities Fund, Frontline Equity Fund, Balanced Fund, dynamic floor fund, bond fund, floating rate fund, gilt Fund, Money market Fund
Maturity benefit
Policy fund value
Top up facility
Available, minimum Rs 10000
Charges
Premium allocation charge will be the percentage of the premium
Premium Allocation Charge
| Policy year | Charges in percentage |
| 1 | 9 |
| 2 | 7.75 |
| 3-5 | 6 |
| 6 onwards | 3 |
Policy Administration Charge
This charge will be recovered from 6th year. there will not be any charges up to 5 year.
Policy Administration Charges
| Premium bands | Charge from 6th year(percentage) |
| Up to Rs 199999 | 0.2 p.m. |
| Rs 200000 to Rs 399999 | 0.1 p.m. |
| Rs 400000 and above | Nil |
Fund Management Charge
Classic Opportunities Fund: 1.35%
Frontline Equity Fund: 1.35%
Dynamic Floor Fund II: 1.35%
Balanced Fund: 1.35%
Bond Fund: 1.35%
Floating Rate Fund: 1.35%
Gilt Fund: 1.35%
Money Market Fund: 1.35%
Discontinuous Charge
| Year in which the policy is discontinued | 1 | 2 | 3 | 4 | From 5th Year |
| Premium
below and equal to Rs.25,000 |
Lowest of:
20% of fund value, 20% of annual premium or Rs 3000/ |
Lowest of:
15% of fund value, 15% of annual premium, or Rs 2000/ |
Lowest of:
10% of fund value, 10% of annual premium, Or Rs 1500/ |
Lowest of:
5% of fund value, 5% of annual premium, Or Rs 1000/ |
Nil |
| Premium above
Rs.25,000 |
Lowest of:
6% of fund value, 6% of annual premium Or Rs 6000/ |
Lowest of:
4% of fund value, 4% of annual premium Or Rs 5000/ |
Lowest of:
3% of fund value, 3% of annual premium Or Rs 4000/ |
Lowest of:
2% of fund value, 2% of annual premium Or Rs 2000/ |
Nil |
Mortality charges
Indicative Mortality Charge per thousand sums at risk for a healthy individual: (Sum at risk means Basic Sum Assured + Lump Sum Benefit (if Life Insured and Policyholder are the same) else Basic sum assured only)
| Age (in years) | 20 | 30 | 40 | 50 |
| charge | 0.899 | 1.301 | 2.095 | 4.720 |
Mortality charge will be deducted by the cancellation of units on a monthly basis.