Kotak Life Insurance launched unit-linked Invest Maxima

Private insurer Kotak Life Insurance today launched Invest Maxima, an investment oriented Unit Linked Insurance Plan (ULIP).

The plan offers zero premium allocation charge feature that maximises the investible component and the choice of three different portfolio management strategies which affords customers tremendous flexibility in managing their portfolio, Kotak Mahindra Old Mutual Life Insurance said in a release issued here.

Customers are given the flexibility to choose from two options, one which offers a choice of five attractive fund options, or the other that enables them to invest in the equity market in a systematic manner over a period of time or a customized combination of the two.

In the last policy year, customers can choose to exit the policy in a secure and systematic manner, by selecting the Systematic Exit Strategy option, which gradually diverts all fund balances into a lower risk money market fund, to avoid volatility and safeguard returns on maturity.

Apart from regular premium payment option, the plan also offers limited and single premium payment options.

The minimum age is 0 years and the maximum age is 65 years.

The maturity of the plan is minimum 10 years and the maximum is 75 years.

There are three premium options, in regular the minimum amount is Rs 50,000, in limited Rs 75,000 and in single premium it is Rs 1, 00,000.

Kotak Mahindra Old Mutual Life Insurance is a 74:26 joint venture between Kotak Mahindra Bank, its affiliates and South Africa's Old Mutual, which is also listed on the London Stock Exchange.

The plan will provide tax benefits to customers.

Old strategy good for new ULIPs as well

Unit-linked Insurance Plans (Ulips) are back. Insurance companies are busy presentation new versions of the products which had earned a bad name for the whole industry in their earlier avatar due to rampant mis-selling. According to financial experts, the new Ulips, which meet the latest strategy issued by the Insurance Regulatory and Development Authority (Irda), are definitely more transparent and investor-friendly.

For example, the charges are now consistently spread across the tenure of the policy, there is a longer lock-in period and surrender charges are capped. But is the new version a better product now or is it just old wine in a new bottle? “The new guidelines lay great stress on promoting Ulips, primarily as insurance products. The insurance component in the new Ulip will be significantly higher than earlier. Further, higher initial allocation could result in better returns,” says G Murlidhar, chief operating officer, Kotak Life Insurance.

Evenly spread allocation charges, or the insurer’s fee for managing a policyholder’s money, through the policy term will allow the customer to see a gradual build-up of his funds over time, encouraging him to pay premiums regularly and staying invested for the entire period of the policy, he adds.

New ulip launched in accordance with the IRDA guidelines | Kotak Wealth Insurance

Kotak Life Insurance launched Kotak Wealth Insurance – a new unit-linked insurance plan which is in accordance to the new guidelines proposed by IRDA.

Kotak Wealth Insurance is a complete package that provides investment growth along with comprehensive triple benefits in the event of death. Its power-packed range of eight fund options allows customers to balance their risk profile with the tenure their investments.

New ulip launched in accordance with the IRDA guidelines | Kotak Secure Invest Insurance

Kotak Life Insurance launched Kotak Secure Invest Insurance – a new unit-linked insurance plan which is in accordance to the new guidelines proposed by IRDA.

Kotak Secure Invest Insurance is an equity exposure insurance plan and is backed by capital guarantees with in-built investment advice of the guarantee fund. It also helps the customer gain from market participation through the guarantee fund that aims at stable capital appreciation while limiting the downside risk in falling market conditions.