 "Kotak Life launches Premier Life Plan")
Customers can choose from either the cash payout or paid-up additions option. Under the cash payout option, bonuses declared under the policy are paid to the policyholder as a cash pay-out every year post the premium payment term, until end of term or death or surrender of the policy. The paid-up additions option allows customers to use their bonuses for purchasing paid-up additions, which accumulate in the policy. This option is an additional guaranteed sum assured that is payable on death or maturity and is also eligible for future bonuses. Money can be withdrawn from this accumulated corpus any time after the expiry of the premium payment term.
"Kotak Premier Life Plan is an innovative, participating whole life product for customers across income segments to build a strong foundation of insurance protection and a planned income over their lifetime," Suresh Agarwal, chief distribution officer & senior EVP, Kotak Mahindra Old Mutual Life Insurance Ltd, stated in a release here.