It is a protection cum savings scheme providing cover till the age of 75 years, the company said in a release here. Apart from providing death cover under natural circumstances, the plan provides cover against accidental death with 200 percent of sum assured, a waiver of premium in case of accidental disability during the premium paying term and critical illness cover for 12 illnesses with 20 percent of the basic sum assured prior to the age of 70 years, it said.
The benefits are exclusive of each other like even if critical illness and waiver of premium benefits are availed, the maturity amount (basic sum assured) will still be paid full on survival to maturity, the company said. The minimum age for the plan is 18 years and the maximum is 50 and the premium begins from Rs 5,000 per year.
The plan provides flexibility to pay premiums either up to policy anniversary after attainment of 60 years or for 15 years. For policies with higher sum-assured, it offers discounts depending on the premium band chosen.
Kotak Mahindra Old Mutual Life Insurance is a 74:26 joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual.