KAK Fin - Insurance

OM Kotak Mahindra Life Insurance Co. Ltd. (OMKM), is a joint venture between the Kotak Mahindra Finance Limited and its’ international partner Old Mutual Plc. Old Mutual Plc is one of the largest Life Assurance, General Insurance and Asset Management Company with head quarters based in London and operations in US, UK and Africa. Old Mutual Plc. has total Assets of over US $ 200 billions under Management. (As of FY ending December 31, 2001)

The Kotak Mahindra group is today having a Group Assets of over Rs. 2,800 Crs., Net worth of over Rs. 1,150 Crs. with a Group Profits of over Rs. 200 Crs. Kotak Mahindra also has the rare distinction of successfully running two Joint Venture Partnerships with the world’s leading Investment Banker Goldman Sachs and Vehicle Financing Company, Ford Credit.

OMKM started their operations in India in May 2001 and in this short span of time has achieved a distinction of being one of the dominant players in the private sector Life Insurance companies. Our branch network is spread over 30 locations and we are in the process of opening a few more branches in this financial year. OMKM has developed very innovative products with excellent Riders, which can be provided to the customers making the policies very attractive at low cost. OMKM has ensured that the client gets the value for money and also adequately covers the Risk for the client.

Kotak Endowment Plan
It is an ideal plan that offers you a deal benefit. It provides you with an insurance cover and grows your savings. It provides you a Maturity Benefit / Death Benefit. It is a participating plan. You can get enhanced insurance protection with any of our value-adds at a nominal extra premium.
Tax Benefits u/s 88 available *

Kotak Insurance Bond
It provides you with a benefit of fixed return and a life cover. This plan acts like a fixed deposit that multiplies your money on maturity. It lets you pay one time premium so you are saved from the hassle of remembering to make annual payments. This policy has a fixed term of 7,10 or 15 years, It is a non participating plan.
Tax Benefits u/s 88 available *

Kotak Money Back Plan
This plan is a perfect combination of life cover + liquidity + saving. This plan is ideal for planning special moments in life. It offers the advantage of liquidity by providing you a regular cash inflow. It is a participating plan. You can also choose any of our value adds for a nominal extra premium. Tax Benefits u/s 88 available *

Kotak Child Advantage Plan
A plan that gives your child that "Azzaadi" to realise his/her dreams. It is designed specially to meet your child's future financial needs. It is a participating plan. You can also opt for our Waiver of Premium Benefit. Tax Benefits u/s 88 available *

Kotak Term Plan
A low cost policy that covers your family from the uncertainties in life. It is a pure risk plan. This plan can be coverted to any other plan (except a term product) at least 5 years before the benefit term ceases. It is a non participating plan. You can also shoose any of our following value-adds, namely ADB, PDB, CIB at a nominal extra premium. Tax Benefits u/s 88 available *

Kotak Preferred Term Plan
The Kotak Preferred Term Plan is designed to provide you with reduced premium rates for a sum assured of Rs. 10 lakhs and above. It is pure risk plan. You can also choose any of our following value-adds, namely ADB, PDB, CIB at a nominal extra premium. It is a non participating plan, Males over the age of 25 years, who do not use tobacco in any form or females over the age of 25 years, are eligible for this plan. Tax Benefits u/s 88 available *

Value - Adds

You may avail of the following value-adds for a nominal premium subject to the aggregate premium on all value-adds not exceeding 30% of the basic plan.

Term Benefit / Preferred Term Benefit

In the event of your unfortunate death during the term of the plan, the beneficiary would receive an additional sum over and above the sum assured.

Accidental Death Benefit: (ADB)

This benefit provides an additional amount to the beneficiary in the event if accidental death of the life insured.

Critical Illness Benefit (CIB)

On the first occurrence of critical illness during the term of the plan, you would receive a portion of the sum assured to reduce your financial burden in this emergency.

Life Guardian Benefit (LG)

This benefit can be availed of only in case where the life insured and the proposer are two different individuals. In case of the unfortunate death of the proposer, this benefit keeps the policy alive by waiving all future premiums on the policy.

Accidental Disability Guardian Benefit (ADG)

This benefit can be availed of only in case where the life insured and the proposer are two different individuals. In case the proposer is permanently disabled as a result of accident, this benefit keeps the policy alive by waiving all future premiums on the policy.

The Premiums paid under these plans qualify for various Tax Benefits under Section 88, Section 80CCC, Section 80D & Section 10 (10D)

Features, Advantages and Benefits are explained in the respective Product Brochures.