Kotak Mahindra Old Mutual Life Insurance has launched Kotak Premier Life Plan, a limited premium payment participating whole life plan.
It provides protection until 99 years old. The plan also provides the option to receive bonus payouts after the expiry of the premium payment term to take care of financial commitments.
The plan works with the customer deciding the sum assured on maturity and choosing the premium payment term basis.
Under the cash payout option, a reversionary bonus accrued during the premium payment term is payable as lump sum at the end of the premium payment term.
Suresh Agarwal, chief distribution officer & senior EVP at Kotak Mahindra Old Mutual Life Insurance, was reported by Business Standard as saying: "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."