Kotak Single Invest Plus

investment

Kotak Single Invest Plus is a single premium unit-linked joint life insurance plan. It helps you invest your hard-earned income across a wide array of funds to ensure a financially robust future for you and your loved ones. The plan also offers the convenience of a single premium payment along with 12 free fund switches during a policy term.

The plan helps you grow your savings by way of Loyalty Addition at the end of certain policy years. Moreover, the plan permits you to make partial withdrawals from the 6th policy year to meet emergency financial obligations. Under the plan, you also get an option to receive the maturity benefit as either a combination of lump sum and regular instalments or entirely by way of regular instalments.

Best Features of Kotak Single Invest Plus Plan 

Following are some of the key features of the Kotak Single Invest Plan -

  • Joint Life Cover - The plan provides life cover for 2 lives. The plan permits only close relationships such as spouses, parent and child, and grandparent and grandchild under the joint cover.
  • Single Premium Payment - Under this plan, the investor has the convenience of making a single premium payment for the entire policy term.
  • Loyalty Additions - The plan adds additional units to your fund at the end of the 10th policy

year for a 10-year policy and at the end of 10th and 15th policy year for a 15-year policy. The loyalty additions equal to 3.6% if the average fund value in the 3 years preceding the benefit payment is less than INR 7 Lakh and to 4% if the average fund value is INR 7 Lakh or more.

  • Fund Options - The plan comes with 5 different fund options namely the Classic Opportunities Fund, the Frontline Equity Fund, the Dynamic Bond Fund, the Dynamic Gilt Fund and the Money Market Fund. 

Benefits of Kotak Single Invest Plus Plan 

The following benefits are payable to the Kotak Single Invest Plus investors -

  1. Death Benefit 

A death benefit is payable to the nominee on the death of either or both of the 2 assured lives in the following manner:

Scenario 1: Death of assured lives at different time intervals

  • On the first death of either of the 2 lives, a Sum Assured equivalent to 1.25 times of the Single Premium is paid to the nominee and the life cover for the second life continues for the remaining policy term
  • On the second death, the highest of the following benefit is paid to the nominee out and the policy gets terminated:
  • Sum Assured equivalent to 10 times of the Single Premium or
  • Fund Value including Loyalty Additions or
  • 105% of the Single premium paid

Scenario 2: Death of both assured lives together

In case of simultaneous death of both the assured lives, a Sum Assured amounting to 1.25 times of the Single Premium will be paid to the nominee in addition to the highest of the following and the policy will cease to exist - 

  • Sum Assured equivalent to 10 times of the Single Premium or
  • Fund Value including Loyalty Additions or
  • 105% of the Single premium paid

              2. Maturity Benefit 

If either or both of the assured lives survive the entire tenure of the policy, they will be paid a maturity benefit equivalent to the fund value including loyalty additions at the time of maturity. They have the option of claiming this benefit amount either as a lump sum or in the form of either of the following settlement options. 

  • 50% of the maturity proceeds as a lump sum and 50% of the balance as periodic instalments over a maximum period of 5 years. Each instalment would be equal to 20% of the balance amount and will be paid on a quarterly, half-yearly or yearly basis.
  • The whole maturity benefit can also be received through regular instalments amounting to 20% of the maturity benefit over a period of 5 year.

           3. Surrender Benefit 

If the investors decide to surrender or discontinue the policy during the lock-in period of the first 5 years, they will be paid the fund value immediately after the deduction of discontinuance charges. They will also receive a minimum interest amount (currently 4% per annum) on the discontinued fund value at the end of the lock-in period or at the time of the second death, whichever is earlier. 

If the plan is surrendered after the completion of the lock-in period, the investors will receive the fund value including loyalty additions as the surrendered benefit immediately.

        4. Partial Withdrawal Benefit 

The partial withdrawal feature allows the investor to withdraw money from their investments under this policy after a period of 5 years. The minimum amount of partial withdrawals is INR 5,000 and further withdrawals need to be done in multiples of INR 1,000. The investor needs to maintain a minimum fund value of 50% of Single Premium after partial withdrawals, failing which further withdrawals will not be allowed. A partial withdrawal attracts a charge of INR 250 per partial withdrawal.

Kotak Single Invest Plus Eligibility Conditions 

Following are the eligibility conditions for being a prospective investor of the Kotak Single Invest Plus Plan -

Kotak Single Invest Plan Eligibility Conditions

 Primary LifeSecondary Life
Minimum Age at Entry18 Years3 Years
Maximum Age at Entry

55 Years (for 10 years term)

52 Years (for 15 years term)

55 Years (for 10 years term)

52 Years (for 15 years term)

Minimum Age at Maturity28 Years 18 Years 
Maximum Age at Maturity

65 Years (for 10 years term)

57 Years (for 15 years term)

65 Years (for 10 years term)

67 Years (for 15 years term)

Policy Term10 years and 15 years
Premium Payment OptionSingle Pay
Premium LevelMinimum: INR 3 Lakh, Maximum: No Limit
Sum Assured Levels1.25 X Single Premium10 x Single Premium

Kotak Single Invest Plus Fund Options 

The following are the different kinds of fund options available under this plan -

Fund Name

Equity

Debt

Money Market

Risk

Classic Opportunities Fund

75% - 100%

0% - 25%

0% - 25%

Aggressive

Frontline Equity Fund

60% - 100%

0% - 40%

0% - 40%

Aggressive

Dynamic Bond Fund

--

60% - 100%

0% - 40%

Conservative

Dynamic Gilt Fund

--

80% - 100%

0% - 20%

Conservative

Money Market Fund

--

--

100%

Secure

Kotak Single Invest Plus Plan Review 

Kotak Single Invest Plus Plan is a single premium unit-linked joint life insurance plan that seeks to aid your investment goals while financially securing the future of your family. Under the plan, you can invest in 5 different funds as per your risk appetite and financial goals. One of the key features of the plan is its joint life cover which enables you to include a close relative like your spouse or child with you under the plan.

The plan further helps you enhance your savings by way of Loyalty Additions at the end of the 10th and 15th policy years. The plan also offers enough liquidity by allowing partial withdrawals 6th policy year onwards. It is an ideal plan for individuals planning to invest in a ULIP which offers a host of benefits along with substantial flexibility.

Kotak Single Invest Plus Plan Frequently Asked Questions (FAQs)
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