Kotak Life Insurance - Kotak Invest Maxima

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Kotak Life Insurance has announced the launch of Kotak Invest Maxima, a unit-linked insurance plan that comes with zero premium allocation charges.

Portfolio Strategies

The Ulip offers policyholders three strategies to choose from: a) Self-managed strategy that comes with five fund options

b) Systematic switching strategy which enables the customer to invest in the equity market in a systematic manner over a period of time

c) A customised combination of the two.

Under the self-managed strategy, policyholders are allowed a choice of five funds – equity heavy options like Classic Opportunities (mid- and large-cap), Frontline Equity fund (largecap), Balanced Fund, and debt oriented options such as Dynamic Bond Fund and Money Market Fund. In case of systematic switching strategy, your premium money is invested in a money market fund, which, in turn, is transferred in instalments to either Classic Opportunities Fund or Frontline Equity Fund, depending on your instructions.

This apart, the product also allows customers to exit the policy in a staggered manner over a 12-month period. It promises to gradually divert all fund balances into a lower-risk money market fund, to avoid volatility and safeguard returns on maturity. The Ulip also offers accidental death and permanent disability rider benefits.

Charges

The USP is that the product levies no premium allocation charge, which typically corners a large chunk of premiums in initial years in case of most Ulips. On the other hand, it attracts a policy administration charge of 0.60% per month or a maximum of . 500 every month, which is a dampener. Apart from the mortality charge, discontinuation charge and standard fund management charges (FMC), you will have to shell out . 500 every time you make a partial withdrawal. Moreover, in case you seek to add or delete riders, modify the basic sum assured or ask for a duplicate policy document, you will be charged . 500 per request.


Zero premium allocation charge ensures that a large portion of your premium amount is invested, unlike several other Ulips. The investment strategy options offer greater control to decide how resources are to be utilised.


Policy administrations charges are on the higher side. Also, mandatory lock-in period of five years means that in terms of exit barriers, this product compares unfavourably with mutual funds.

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