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  • Kotak Assured Income Accelerator Plan

    Kotak Life Insurance

    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.

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