Kotak Mahindra Life Insurance Company has rolled out its latest limited pay, non-linked, participating life insurance product.

Dubbed Kotak SmartLife Plan, the new endowment product provides policy holders freedom to select a bonus option as per their life goals.

The endowment plan also gives the customer option to choose either receive cash bonus under the plan as cash pay-outs every year right from the end of the first policy year.

Alternatively, the policy holders have the option to accumulate these bonuses into a corpus, with flexible accessibility to meet their interim requirements.

Kotak Mahindra Life Insurance appointed actuary and chief risk officer Sunil Sharma said:” It empowers customer to access their policy’s money without dipping into other saving options for interim needs.”

The new plan, which provider protection up to the age of 75 years, can be customised using a number of riders including term, accidental death benefit, permanent disability benefit, critical illness benefit.