Kotak Mahindra Life Insurance Launches Kotak Fortune Maximizer with Bonus Payout Options – Know How It Works
Under the plan, one can not only have the option to choose their premium amount but also to select their premium payout.
Kotak Mahindra Life Insurance has announced the launch of Kotak Fortune Maximiser, a limited payout participatory endowment plan. Under the Kotak Fortune Maximiser plan, one can not only have the option to choose their premium amount but also to select their premium payout.
Life cover will continue for a policy term up to age 85 minus the insured’s entry age. Being a limited premium plan, the premium can be paid for any of these periods – 6 years, 8 years, 10 years, 12 years and 15 years. Kotak Fortune Maximiser offers the option to choose from 3 plan options such as Life Goal Maximiser, Bright Future Maximiser and Golden Years Maximiser.
Under the Life Goal Maximiser Plan option, the policyholder will have the option to choose one of 3 bonus payout options. This is a unique feature of the plan as it provides options for the policyholder to choose what to do with the bonus declared by the insurance company. Policyholders can choose from three bonus payment options depending on their savings goal:
Cash bonus (immediate payment): Under this option, the cash bonus (if declared) will be payable to you on a monthly OR annual basis (depending on your choice). The monthly/annual bonus will be payable, from the end of the first year of insurance, until the end of the term of insurance, or on death or surrender (if applicable), provided that the premium due on the first anniversary of the insurance is paid and the insurance is in force. The option is ideal for those who want an immediate additional income that can support regular payments such as EMI/bills/expenses etc.
Cash bonus (deferred payment): Under this option, you will have the opportunity to choose a permanent position for which you wish to receive the cash bonus. This is called the adjournment period. You can choose 5/7/10 years as the deferral period. During this period, the Cash Bonus will not be payable. After the deferral period (at your option), bonus cash (if declared) will be payable to you on a monthly/annual basis from the end of the first month OR year of the policy, until the end the term of the policy. This option is ideal for those who are saving for a future goal such as a trip, a wedding, buying a car, etc.
Paid supplements: Under this option, the cash premium (if declared) will be used to purchase additional sum insured in the form of paid-up bonuses, for the duration of the policy. Options are ideal for those with long-term financial goals like retirement, inheritance planning, buying property, etc.
The Bright Future Maximiser plan option helps plan for children’s education, college, marriage, or starting a future business. The child will be the nominee under this plan option. The plan also provides the flexibility to protect the life of one’s spouse under the same plan and also offers comprehensive coverage through six riders.
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