Unit Linked Insurance Plan (ULIP) is a great investment in more ways than one. First off, it has both insurance and investment components. Secondly, if you play all your cards right, then it can help you earn a sizable return. But before you consider it, you need to know the eligibility criteria. So, here you go!
The eligibility criteria for general ULIP schemes
The eligibility criteria for general ULIP schemes tend to vary from one insurance provider to another, though the following are the most common guidelines.
The age factor
In order to invest in Kotak e-Invest Plan, a policyholder must complete 18 years. The maximum age for you to get the policy is 65 years. A policyholder can be a maximum of 75 years in terms of maturity age. Of course, you can be a parent getting the policy for fulfilling the life goals of your children. In that case, the maximum age limit for the maturity age should not be an issue. Also, ULIPs can be taken for a minor by keeping their parents as the nominee. In that case, the minor can be as young as 3 years, and the minimum maturity age can be set at 18 years.
Insurance premium
One of the benefits you get when you invest in Kotak e-Invest Plan is the flexibility of paying the insurance premium. You can pay the premium yearly, half-yearly, quarterly, or monthly as per your convenience. You can also pay the premiums as a lump sum amount in one go.
In addition to that, you can set the policy terms as per your convenience. You can have a policy for ten, twelve, fifteen, or twenty years. It depends on the kind of long-term goals you are trying to fulfill.
The eligibility criteria for retirement-based ULIP schemes
If you are planning to get a retirement-focused ULIP scheme, then given below are the eligibility criteria you need to know about:
The age factor
In this case, the minimum and maximum entry age has been set at 3 years and 50 years, respectively. Similarly, the minimum and maximum maturity age is 99 years, which is long enough. You can get life insurance coverage till you reach 99 years.
Plus, there is a provision for Return of Mortality Charges (RoMC) after your 60th birthday. The RoMC percentage you get depends on how many years your policy has completed. It starts with the completion of ten years at the minimum and can go up to 20 years and beyond. The percentage increases with the number of years your policy has completed.
So, on the date of maturity, you will receive the total fund value, RoMC, and yearly additions that will be paid to you in a lump sum.
The premium payment factor
The term for premium payment is ten to sixty years minus your age of entry. You can pay the minimum payable premium yearly, half-yearly, quarterly, or monthly.
If you are okay with the eligibility criteria and related details mentioned above, then go ahead and invest in a ULIP scheme right away.
Click here to know more about Kotak Life ULIP Plan: https://www.kotaklife.com/online-plans/ulip-plan
