Kotak Life launches Kotak SmartLife - A limited pay, non-linked, participating life insurance
Mumbai, December 12, 2017: Kotak Mahindra Life Insurance Company Ltd. (Formerly known as Kotak Mahindra Old Mutual Life Insurance Ltd.) (“Kotak Life”) today announced the launch of Kotak SmartLife Plan. This limited pay, non-linked, participating endowment plan offers customers the freedom to choose a bonus option, which suits their life goals. Further, it gives customers the choice to either receive cash bonus under the plan as cash pay-outs every year right from the end of the first policy year. Alternatively, policy holders have the option to accumulate these bonuses into a corpus, with flexible accessibility to meet interim needs.
Sunil Sharma, Appointed Actuary & Chief RiskOfficer, Kotak Mahindra Life Insurance Co. Ltd. said, “Kotak SmartLife Planallows customers to choose the way they wish to use their bonus. It empowersthem to access their policy’s money without dipping into other saving optionsfor interim needs. Endowment plans work better when "long term" and"regular" savings are taken care of along with providing protectioncover. With a seamless technology led experience, Kotak Life strives to offer stress-freeinsurance products to its customers and their families.”
The ridersavailable with Kotak SmartLife Plan include Kotak Term Rider, KotakAccidental Death Benefit Rider, Kotak Permanent Disability Benefit Rider,Kotak Life Guardian Benefit Rider, Kotak Accidental Disability Guardian Benefitand Kotak Critical Illness Plus Benefit Rider (covers 37 Critical Illnesses).