Kotak Mahindra Life Insurance on December 20, 2023 announced the launch of a new term insurance policy with benefits of a unit-linked insurance plan (Ulip).
Named T.U.L.I.P (term and Ulip), it offers life cover up to 100 times the annual premium while giving the policy buyer the opportunity to earn returns like a Ulip. In addition, the policy also offers loyalty addition up to 30 per cent of the fund value as part of the maturity benefits, Kotak Mahindra Life Insurance announced in a press statement.
Here are the main features of the new policy.
Fund Options: The policy offers eight fund options to choose from for the policyholder to invest according to his/her financial goals.
Premium Allocation Charges Refund: The policy offers a refund of two times the premium allocation charges in the 10th, 11th, 12th and 13th years.
Mortality Charges Refund: The policy offers a refund of 1-3 times the mortality charges from the 11th policy year onwards.
Withdrawal Flexibility: The policy also allows flexibility to withdraw money in case of a financial emergency.
Additional Benefits: The policy offers other additional securities in the form of accidental death benefit and critical illness rider, thus offering comprehensive cover against unforeseen events, the insurer said in the press release.
Mahesh Balasubramanian, managing director, Kotak Mahindra Life Insurance said: “Customer centricity has always been the DNA at Kotak Life. T.U.L.I.P offers our customers comprehensive protection like a term plan and also the opportunity to grow their wealth like a ULIP. It is aimed at taking care of our customer’s core financial needs. T.U.L.I.P is a step towards financially empowering individuals. It is in sync with our brand promise, ‘Hum hain... hamesha’, where we give the assurance to be by our customers at every step of their journey.”