Kotak Mahindra Life Insurance launches Kotak Fortune Maximiser with bonus payout options – Know how it works – Financial Express
Under the plan, one can not only have the option to choose their premium amount but also select their premium payment.
Kotak Mahindra Life Insurance has announced the launch of Kotak Fortune Maximiser, a limited pay participating endowment plan. Under the Kotak Fortune Maximiser plan, one can not only have the option to choose their premium amount but also select their premium payment.
The life cover will continue for a policy term till 85 years less entry age of life insured. 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 provides the flexibility to choose from 3 Plan Options such as Life Goal Maximiser, Bright Future Maximiser and Golden Years Maximiser.
Under Life Goal Maximiser Plan Option, the policyholder shall have the flexibility to choose any one of the 3 Bonus Payout Options. This is a unique feature of the plan as it provides options to the policyholder to choose what to do with the bonus declared by the insurance company. Policyholders can choose from three bonus payout options depending on their savings objective:
Cash Bonus (Immediate Payout): Under this option, the Cash Bonus (if declared) will be payable to you on a monthly OR yearly basis (as opted for). The monthly / yearly bonus will be payable, starting from the end of first policy year, till the end of policy term, or on death or on surrender (if any), provided the premium due on the first policy anniversary is paid and the policy is inforce. The option is ideal for those who want to avail immediate additional income that can take care of regular payments such as EMIs/Bills/Fees etc.
Cash Bonus (Deferred Payout): Under this option, you will have the flexibility to choose a tenure post which you would like to receive the Cash Bonus. This is called the Deferment Period. You can choose 5 / 7 / 10 years as Deferment Period. During this period, Cash Bonus shall not be payable. Post the Deferment Period (as opted for), the Cash Bonus (if declared) will be payable to you on a monthly / yearly basis starting from the end of first policy month OR year, till the end of the policy term. This option is ideal for those who are saving for a future goal like travel, marriage, buying a car etc.
Paid-up additions: Under this option, the Cash Bonus (if declared) will be utilized to purchase additional Sum Assured in the form of Paid-Up Additions, throughout the policy term. The options is ideal for those with long-term financial goals like retirement, legacy planning, buying a property etc.
The Bright Future Maximiser plan option helps to plan for children’s education, higher studies, marriage or set up a future business. The child will be the nominee under this plan option. The plan also provides flexibility to secure one’s spouse’s life under the same plan and also provides comprehensive coverage through six Riders.
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