Private life insurance company Kotak Mahindra Life Insurance on December 20 announced the launch of Term with Unit Linked Insurance Plan (T.U.L.I.P), which offers life cover of up to 100 times the annual premium.

Kotak T.U.L.I.P is a protection oriented unit linked insurance plan, provides a higher life insurance coverage (Basic Sum Assured) to cater the policyholder protection needs along with their investment objective.

This plan is a long-term financial instrument designed to grow the policyholder wealth while protecting their family's future. The plan pays available fund value to fulfill their investment objective while survive till maturity.

In case the life assured dies during the policy term, the beneficiary receives the death benefit, ensuring that the purpose of financial security is served in their absence.

T.U.L.I.P will refund one to three times the mortality charges 11th policy year onwards.

It also promises to return twice the annual premium allocations charges from the end of 10th policy years onwards.

The Ulip will offer policyholders eight fund options to choose from across equity, including mid-cap, debt and hybrid categories.

The product also promises loyalty additions of up to 30 percent (for the highest policy term of 40 Years) of the fund value as a part of maturity benefits to be paid out to policyholders at the end of the term.

To enhance their protection portfolio, policyholders can choose to buy accidental death benefits and critical illness riders.

Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance Company 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 customerÆs core financial needs."