Kotak Mahindra Old Mutual Life Insurance has launched new participating whole life plan, Premier Life Plan, in India.
Kotak Premier Life Plan is a limited premium paying non-linked participating whole life plan, which provides protection up to 99 years.
The new plan also offers option to receive bonus payouts after the expiry of premium payment term.
Kotak Mahindra Old Mutual Life Insurance chief distribution officer and senior EVP Suresh Agarwal was quoted 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."
Under the cash payout option, bonus amount gathered during premium payment term is payable as lump sum at the end of the premium payment term.
The plan also enables to pay cash bonus every year from the expiry of premium payment term till end of the policy term or death or surrender whichever is earlier.
In addition, the new product provides option to purchase paid-up additions (PUA).
Image: Kotak Mahindra has launched new participating whole life plan in India. Photo: courtesy of David Castillo Dominici / FreeDigitalPhotos.net.