Om Kotak relaunches Kotak Insurance Bond
By Our Banking Bureau | 01 Oct 2002
Mumbai:
Om Kotak
Mahindra has relaunched its Kotak Insurance Bond (KIB)
plan after realigning interest rates to keep in tune with
the current market scenario.
The returns have
been aligned to keep abreast with changing market interest
rates, which have decreased by an overall figure of approximately
1 per cent since the time of the introduction of the plan
in March 2002. But the plan still offers a competitive
yield as compared to similar products in the market today.
Om Kotak Mahindra Life Insurance Company chief marketing
officer Treman Ahluwalia confirms that all policyholders
will receive returns as per the interest rates applicable
at the time of purchase. "We have now adjusted our
returns to a level more in line with declining interest
rates in order to keep our commitment to our customers.
It may be seen that apart from being a lucrative investment
tool, KIB also offers the added advantage of tax benefits
and risk cover."
One of the features
that sets this plan apart from others is the enhanced
benefit it offers in the case of accidental death, in
the initial years.
KIB is an investment-cum-life insurance product, providing
the twin benefits of fixed returns at the end of the term
while covering life at the same time. This is a single-premium
plan that acts like a fixed deposit that grows your money
on maturity. In its new form, returns can be as high as
7.33 per cent and are guaranteed.
The bond is now being introduced with a 15-year term,
in addition to the seven and 10-year periods available
earlier. This has been done in order to allow customers
the advantage of locking in their money for a longer period
in a declining interest rate scenario. The minimum and
maximum age eligible for this plan continue to be 18 and
60 years, respectively. The maximum age that the plan
can provide cover for is 75 years. The remaining features
of the product remain as before.
Om Kotak Mahindra Life Insurance Company is a joint venture
between Kotak Mahindra Finance and Old Mutual plc. Om
Kotak Mahindra Life Insurance offers seven individual
products: Kotak Endowment Plan, Kotak Money Back Plan,
Kotak Insurance Bond, Kotak Term Assurance Plan, Kotak
Child Advantage Plan, Kotak Preferred Term Plan and Kotak
Gramin Bima Yojana. The company has also launched two
group products: Kotak Term Grouplan and Kotak Credit-Term
Grouplan.
The
products offered by Om Kotak Mahindra are available with
attractive value-adds like Term Cover, Accidental Death
Benefit, Permanent Disability Benefit, Critical Illness
Benefit, Kotak Life Guardian Benefit and Kotak Accidental
Disability Guardian Benefit.
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