Kotak Assured Protection Plan is a pioneering protection cum savings product. In addition to death cover (natural causes), the plan provides cover against accidental death (200% of Sum Assured), waiver of premium in case of accidental disability during the premium paying term and critical illness cover for 12 illnesses (20% of the basic Sum Assured) prior to attaining age of 70 yrs. The plan provides cover till the attainment of age 75 years.
Further, the plan also provides the full Sum Assured at the end of the Policy Term. These benefits are exclusive of each other, i.e. for instance if there has been a payout for critical illness, then the policy will continue to offer other benefits for the full amount (no deduction in sum assured) or if Waiver of Premium is applicable due to accidental disability, the policy will continue with the other benefits in full. What’s more, even if critical illness & waiver of premium benefits are availed, the maturity amount (basic sum assured) will still be paid in full on survival to maturity.
The plan affords the flexibility to pay premiums either up to policy anniversary after attainment of age 60 yrs or for 15 yrs. For policies with higher sum-assured, it offers premium discounts depending on the premium band chosen. Furthermore, loan against policy option is available to meet any interim financial requirement.
Kotak Assured Protection Plan truly reflects the essence of insurance by providing long term protection against life’s major eventualities besides lump sum benefit at the end of the policy term.
About Kotak Mahindra Old Mutual Life Insurance Ltd
Kotak Mahindra Old Mutual Life Insurance Ltd is a 74:26 joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc. A Company that combines its international strengths and local advantages to offer its customers a wide range of innovative life insurance products, helping them take important financial decisions at every stage in life and stay financially independent. The company covers over 4 million lives and is one of the fastest growing insurance companies in India.
About Kotak Mahindra Group
Established in 1985, the Kotak Mahindra Group is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received a banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank – Kotak Mahindra Bank Limited. The Kotak Mahindra Group has a consolidated net worth of Rs 12,901 crore (approx US$ 2.5 billion) as on March 31, 2012. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide distribution network through branches and franchisees across India, and international offices in London, New York, California, Dubai, Abu Dhabi, Bahrain, Mauritius and Singapore. For more information, please visit the company’s website at http://www.kotak.com/
About Old Mutual
Old Mutual is an international long-term savings, protection and investment Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 12 million customers in Europe, the Americas, Africa and Asia. Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999. In the year ended 31 December 2011, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £267 billion of funds under management from core operations. For further information on Old Mutual plc, please visit the corporate website at http://www.oldmutual.com/
Sourced From: Genesis Burson-Maresteller
