Page 50 - Insurance Times January 2023

NEW PRODUCTS

New Product Launches

Kotak Life Insurance Launches Kotak Under the Cash Payout option, bonuses declared under the
policy are paid to the policyholder as a cash pay-out every
Premier Life Plan
year post the premium payment term, until end of term or
Kotak Life Insurance, announced the launch of Kotak Premier death or surrender of the policy.
Life Plan. This is a limited premium payment, participating The Paid-Up Additions option allows customers to use their
whole life plan. The plan is completely aligned with the firm's bonuses for purchasing Paid-Up Additions, which accumulate
core purpose, which is to add value to lives of customers by in the policy. This option enables policyholders to build a
providing Protection and Long Term Savings (PALTs). This meaningful retirement corpus over time for a worry-free
plan provides customers the option to save and protect up post retirement life. The Paid-Up Addition is an additional
to 99 years of age. guaranteed sum assured that is payable on death or maturity
Life expectancy in India has steadily increased due to better and is also eligible for future bonuses. Money can be
health care, rising income levels and enhanced standard of withdrawn from this accumulated corpus i.e. the accrued
living and is only expected to improve. Kotak Premier Life Paid-Up Additions, any time after the expiry of the premium
Plan provides policyholders the ability to meet their present payment term.
financial commitments while protecting future comfort of In case of the unfortunate death of the life insured during
their families. The plan can be used to enjoy income benefits the premium payment term, the benefits payable shall be
or to create a tax-free corpus. It allows to partly encash Sum Assured on Death plus Accrued Simple Reversionary
accumulated corpus during the policy term. Bonus (if any) plus Terminal Bonus (if any). In case of death

Sunil Sharma, Appointed Actuary & Chief Risk Officer, Kotak after expiry of premium payment term but during policy
Mahindra Life Insurance Ltd. said, It is important for term, the benefits payable shall be Sum Assured on Death
individuals to have a secure future for themselves and their plus Accrued Paid-Up Additions (if any) plus Terminal Bonus
dependents in a well-planned manner, without (if any).
compromising current financial goals. Kotak Premier Life Policyholders may customise and enhance the protection
Plan is designed with the core purpose of adding value to offered by attaching a wide range of optional riders to this
customers life. In alignment with the company's brand plan. The riders offered are Kotak Term Benefit Rider, Kotak
promise Koi hai Hamesha", we have designed Kotak Premier Accidental Death Benefit Rider, Kotak Permanent Disability
Life Plan as an innovative, participating whole life product Benefit Rider, Kotak Life Guardian Benefit Rider and Kotak
for customers across income segments to build a strong Accidental Disability Guardian Benefit Rider.
foundation of insurance protection and a planned income
over their lifetime.
Max Life And Policybazaar Launches
Kotak Premier Life Plan offers discounts on premium for
'Smart Fixed-Return' Digital Plan For
higher Sum Assured on maturity. Additional discount is also
available on the lives of women insured. Millennials
Max Life Insurance Company has launched the 'Max Life
Kotak Premier Life Plan provides Simple Reversionary Bonus
Smart Fixed-return Digital Plan'+ a non-linked, non-
during the premium payment term. Customers can choose
from either the Cash Payout or Paid-Up Additions option. participating, individual life insurance savings plan. The novel
44 January 2023 The Insurance Times