• Kotak Assured Income Accelerator Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Overview

    Human beings strive and work hard primarily for one reason, survival and sustenance. Our lives are often intertwined with others, where how we live defines how others around us live. Protecting ourselves and our families is a prime goal we hope to achieve, a goal which is aided by life insurance. Kotak Assured Income Accelerator is a plan designed for hardworking individuals who wish to earn a regular saving every year, helping them grow every step. This is a guaranteed income anticipated endowment insurance plan which ensures finance doesn't stop you and your family from accomplishing certain dreams.

    Eligibility Criteria of Kotak Assured Income Accelerator Plan

    Entry Age

    Minimum – 0 years

    Maximum – This varies according to the premium payment term (PPT)

    • 7 PPT – 60 years

    • 10 PPT – 60 years

    • 15 PPT – 55 years

    Maturity Age

    Minimum – 18 years

    Maximum – 85 years

    Basic Sum Assured

    10 times the annual premium

    Annual Premium

    Minimum – Rs 15,000/-

    Maximum – No upper limit

    Key Features of Kotak Assured Income Accelerator Plan

    Type

    Guaranteed income anticipated endowment insurance scheme/plan

    Coverage

    Death Benefit – In the event of death of life insured during policy term, the nominee receives the Sum assured which varies depending on the entry age of an individual.

    This Sum Assured is the higher of basic sum assured, guaranteed maturity benefit or 11 times the annual premium in case the entry age is under 50 years.

    In cases where the entry age is over 50 years, this sum assured will be the higher of either the basic sum assured, guaranteed maturity benefit or 7 times the annual premium.

    Survival Benefit – Individuals are entitled to a guaranteed income every year of this plan. This income depends on the income rate and varies according to the premium payment term.

    Maturity Benefit – A certain percentage of the Basic Sum Assured is given as the Guaranteed Maturity Benefit. This amount varies according to the entry age of a policyholder and the policy term.

    Basis

    Individual

    Premium paying term

    7 pay for 15 years

    10 pay for 20 years

    15 pay for 30 years

    Premium paying modes

    Monthly, quarterly, half-yearly and yearly

    Payout period

    7 PPT – 8 annual payouts, beginning from the end of 8th policy year

    10 PPT – 10 annual payouts, beginning from the end of 11th policy year

    15 PPT – 15 annual payouts, beginning from the end of 16th policy year

    Renewability

    Lapsed policies can be renewed within 2 years of first unpaid premium by paying late payment charges and clearing all outstanding premium payments.

    Grace period

    Yearly, half yearly and quarterly mode – 30 days

    Monthly mode – 15 days

    Loans

    Loans upto 80% of surrender value can be obtained under this policy.

    Free Look Period

    A 15 day period is provided (30 days in case of policy sold through distance marketing) as free look period wherein a policyholder can return the policy if he/she does not agree with any terms and conditions of the plan.

    Advantages of Kotak Assured Income Accelerator Plan

    Tax Benefits

    Policyholders get tax benefits on paid premiums under Section 80C of IT Act. Benefits received are also eligible for certain tax exemptions under Section 10 (10D).

    Assured Income

    Policyholders get assured income every year during the payout term.

    Income Boosters

    Policyholders get a 5-7% increase in their assured income every year.

    Death Benefit

    Death Benefit will be paid, even if Assured/guaranteed income is already paid.

    Customization

    Policyholders can choose to customise their policies with additional riders.

    How The Plan Works

    Policyholders are required to pay premiums every year for the premium payment term opted by them. These premiums are used to determine the Basic Sum Assured and the Guaranteed Income they are eligible for. The guaranteed income will be paid on the expiry of premium period term during the payout period. Policyholders will receive the guaranteed maturity benefit on Maturity, which will be paid along with the final guaranteed income installment.

    For example, Mr. Kumar, aged 35 opts for this plan with an annual premium of Rs 60,000 with a premium payment term of 15 years. Under this plan he will receive a guaranteed income from the 16th year onwards at an interest of 13%, as indicated in the table below.

    Year

    Income (Rs)

    16

    78000

    20

    99840

    25

    127140

    30 (last installment + maturity benefit)

    346440

    Premium Payment

    Guaranteed Maturity benefit (% of sum assured)

       

    Entry Age (Years)

    15 & 20 years policy

    30 years policy term

    25

    32.50%

    33.50%

    30

    31.75%

    32.75%

    35

    31.00%

    32.00%

    40

    27.25%

    27.00%

    Riders

    Kotak Life Assured Income Accelerator plan comes with different riders, which can be availed according to individual preferences.

    • Kotak Term Benefit – In the event of death of life insured, an additional rider sum would be paid over and above the death benefit.
    • Kotak Accidental Death Benefit – In case of accidental death of life insured, additional sum assured will be paid over and above the death benefit.
    • Kotak Permanent Disability Benefit – This offers a benefit (in installments) in case of permanent disability of life insured due to an accident.
    • Kotak Life Guardian Benefit – All outstanding premiums will be waived and paid by Kotak Life Insurance in case of death of policyholder.
    • Kotak Accidental Disability Guardian Benefit – All outstanding premiums are waived off and paid by Kotak Life Insurance in case of accidental disability.

    Rider premium will need to be paid additionally in order to avail these benefits.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Kotak Assured Income Accelerator Plan Reviews

  • Page 1 of 12 1 2 3 4 5
    • Kotak Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Kotak, it also offers accidental benefits , I pay a premium of 42000 per year. After certain interval they will be applying a bonus amount which is good. Overall I never had any issues with their services so far and I make premium payments online. .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance with Kotak Life from last 2 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in 3 months and i am convenient with the payment options. The maturity period for this policy is 10 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I am having the Life insurance policy with the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE company. I got this policy around 14years ago. This policy has the tenure of 20years. I pay the premium amount of Rs,2500 every year once. The plan benefits and the coverage is good with this policy and i am satisfied using it .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • Kotak Life Life Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've been using the life insurance policy from Kotak Mahindra . I pay a premium of 70000 per annum. The main objective of this policy is to save on taxes. I never had any issues with their services. Overall it has been a good experience.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 07, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Life Insurance service is good. I have one policy with Kotak Mahindra for the tenure period is for 15 years. The online portal is good with Kotak Mahindra Life Insurance service. The payments will be deducted through Ecs. It was a good experience with Kotak Mahindra Life Insurance service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Life Insurance service is good. I have one policy with Kotak Mahindra for the tenure period is for 15 years. The online portal is good with Kotak Mahindra Life Insurance service. The payments will be deducted through Ecs. It was a good experience with Kotak Mahindra Life Insurance service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a term insurance with Kotak Life since 2011, it is a long term policy with the tenure period of 25 years. I pay a premium of Rs 12000 every year through net banking and i am convenient with the payment options. I have a health coverage of Rs 35 lakhs and accidental coverage of Rs 50 lakhs in this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 18, 2018
    • Kotak Life Life Insurance
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I have a Life insurance policy taken from Kotak Life, I got very good plan benefits on this policy, the policy is for 16 years, and I have to pay only for 8 years and I receive the money after 8 years. I pay the premium on yearly basis, over all I am happy with the policy and satisfied with it.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 12, 2018
    • Kotak Life Life Insurance
      "Better policy to use"
      0.5 4.0/5 "Great!"
      I have got the Life insurance policy from the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE company around 3years. This policy has the tenure of 12years . I pay the premium amount of Rs,1,00,000 per annum. I pay the premium annually, I pay it through online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 05, 2018
    • Kotak Life Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I am using Kotak Mahindra for past 7 years. I have taken a endowment policy. I used to pay Rs.30,000 per annum as a premium. I got the insurance papers on time. The total tenure period is 7 years. After the maturity period I will get the sum assured value.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 13, 2018
    • Kotak Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life insurance with LIC.The premium amount is 18,000.The policy is taken eight years back.The sum assured is 1.05 lakhs.The policy is for 15 years.I don't have claim experience with them.The plan name are benefits.I make online payments.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 10, 2018
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.5/5 "Pretty good"
      Kotak Mahindra Life insurance service is good. The payments procedure was been online and also through cheques. The new schemes and offers are good. I have one policy with Kotak Mahindra. It is a average service from Kotak Mahindra Life insurance service.
      Was this review helpful? 0
      , namakkal
      Reviewed on Mar 05, 2018
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I got the LIFE INSURANCE policy from KOTAK LIFE around 2 years ago. The customer support service is good with the KOTAK LIFE, I pay the premium through ECS mode which is a easiest way to do pay the premium . I pay the premium of Rs,35000 annually. This policy has the tenure of 15years .
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 27, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the Kotak mahindra life insurance company. Customer service is good one for me with them and the coverage value is not aware by my end. Services are fine one with the Kotak mahindra insurance company.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 09, 2018
    • Kotak Life Life Insurance
      "Okay"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Kotak mahindra old mutual life insurance company. I would like to say that the customer service is okay one for me and the coverage value is not yet aware. Premium amount is nominal one for me with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Feb 02, 2018
    • Kotak Life Life Insurance
      "Good Life Insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a Child plan from them. I have been paying a premium of Rs.44000 annually for this scheme. When my child reaches the age of 8 and upto 15th year I will be getting Rs.44000 yearly as a return and also a good sum assured. This is a good investment I have made.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 23, 2018
    • Kotak Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had taken a life insurance from Kotak Mahindra life Insurance .I pay a minimum premium amount its debited from my salaried account once in year.I get a good policy policy coverage amount.The executives do respond on time without much delay.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • Kotak Life Life Insurance
      "Dis satisfactory"
      0.5 3.5/5 "Pretty good"
      Earlier I had taken a life insurance with Kotak. It was taken for a limited period of 3 years since I had a financial problem and have been forced to close this insurance. After completing the 3 years, I had submitted back and the total amount was not satisfactory.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 30, 2017
    • Kotak Life Life Insurance
      "Wonderful"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Kotak mahindra old mutual life insurance company. Coverage value is good one with the Kotak mahindra old mutual life insurance company. Everything is fine one with the Kotak mahindra old mutual life insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 30, 2017
    • Kotak Life Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with Kotak Mahindra Life.The premium amount is paid online or by an ECS.I get a policy coverage of 8-9 lakhs.I don't have a claim experience with them so far.I pay a premium amount of 62,000 per annum.The website is easy to understand and navigate.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 21, 2017
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