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Kotak Life Insurance has launched its ULIP in a new avatar. The company has launched a ULIP ‘TULIP’ which offers insurance coverage like term plans. TULIP stands for Term with Unit Linked Insurance Plan.
The policy gives life cover of up to 100 times of the annual premium i.e. if a policyholder pays annual premium of Rs.1 lakh, he will get term coverage of Rs.1 crore. Also, it offers additional protection against critical illnesses and accidental death through riders.
In a press release, Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance said, “Customer centricity has always been the DNA at Kotak Life. TULIP 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.”
Mahesh told Cafemutual that the company will not launch direct plan of this term ULIP in the near future.
Here are some key features of this term ULIP:
• Loyalty additions up to 30% of fund value as a part of maturity benefits added by the company
• Refund of 2 times the premium allocation charges in the 10th, 11th, 12th and 13th year
• Refund of 1 time to 3 times of the mortality charges from the 11th policy year onwards
• Flexibility to withdraw money in case of a financial emergency
• 8 fund options to choose from to invest one’s money