Kotak E-Assured Savings Plan is an online life insurance plan launched with a view to help individuals achieve their financial objectives together with protection. The plan offers higher benefits on premiums, thus ensuring greater returns on investments made by the customer. Policyholders also receive guaranteed yearly additions as a percentage of cumulative annual premium amount.
Eligibility Conditions for Kotak E-Assured Savings Plan:
|Minimum Entry Age||3 years|
|Maximum Entry Age||60 years|
|Minimum Maturity Age||18 years|
|Maximum Maturity Age||75 years|
Policy Terms for Kotak E-Assured Savings Plan:
|5 pay||10/15 years|
|10 pay||15/20 years|
Premium Payments Offered by Kotak E-Assured Savings Plan:
|Minimum Annual Premium||Rs 20,000|
|Maximum Annual Premium||No limit, subject to underwriting|
|Premium Payment Mode||Yearly, Half Yearly, Quarterly and Monthly|
|% of premiums based on payment frequency||· Yearly- 100% of annual premiums · Half Yearly- 51% of annual premiums · Quarterly- 26% of annual premiums · Monthly- 8.8% of annual premiums|
|Basic Sum Assured||
What you need to know about Kotak E-Assured Savings Plan:
- The person insured will pay premiums every year for the chosen premium payment term
- The policy continues till maturity after completion of the premium payment terms
- At the time of maturity, the Kotak life insurance policyholder will be eligible for Basic Sum Assured, Accrued Guaranteed Yearly Additions and Guaranteed Loyalty Addition.
Features and Benefits of Kotak E-Assured Savings Plan:
|Higher Benefits on Longer Terms||The company offers Guaranteed Yearly Additions and Loyalty additions that increases with the increase in premium payment term|
|Easy to Buy||Applying for Kotak E-Assured Savings Plan is a hassle free process. Customers can purchase the plan through company’s official website|
|Enhanced Protection||The policy provides a lot of options in the form of riders to enhance protection|
|Death Benefits||In the event of an unfortunate demise of the policyholder, his nominees will receive Basic Death Benefit and the Accrued Guaranteed Yearly Additions till the date of death.|
|Basic Death Benefits (for entry age less than 50 years)||It will be higher than
|Basic Death Benefits (for entry age 50 years and above)||It will be higher than
|Maturity Benefits||Guaranteed Maturity Benefits will be paid on survival of the policyholder till maturity of the term. It is the total of Basic Sum Assured, Accrued Guaranteed Yearly Additions and Guaranteed Loyalty Additions.|
|Tax Benefits||Tax exemptions as specified under section 80 C and section 10 D of the Income Tax Act, 1961 are applicable.|
The persons insured under Kotak E-Assured Savings Plan are eligible for loans upto 50 % of the surrender value. The minimum loan amount should be Rs 10,000. Interest rates will be determined by the company from time to time subject to IRDA approval. The company has the right make deductions from the payout benefits where an outstanding loan amount is overdue.
Lapse of Policy
- For 5 years premium payment term, the policy will lapse on discontinuance of premiums for first two policy years.
- For 10 years premium payment term, the policy will lapse on discontinuance of premiums for first three policy years.
Revival of Policy
If the policyholder applies to revive the policy within two years but before six months from the first unpaid premium, it can be reinstated by simply clearing the outstanding premium amounts. However, if the payment is done after six months from the first unpaid premium, an evidence in support of proper health will be required. It is to be noted that late payment charges will be applicable in all the cases.
Surrender of Policy
- A policy with premium payment term of 5 years acquires surrender value if all due premiums for the first two policy years have been paid.
- A policy with premium payment term of 10 years acquires surrender value if all due premiums for the first three policy years have been paid.
- In case the person insured commits suicide within one year from the date of entry, the company is liable to pay 80 % of the premiums paid by the individual.
- If the individual commits suicide within one year from the date of revival—revived within a period of 6 months from the date of first unpaid premium—death benefits shall be payable and suicide exclusions will not apply.
- If the individual commits suicide after 6 months from the date of revival but within 1 year from the date of issue of the policy, then his nominee will receive benefits higher of 80% of premiums paid or surrender value.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017