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  • Kotak Assured Savings Plan

    Kotak Life Insurance

    Overview

    Kotak Assured Savings Plan is a life insurance plan that also acts as a good financial strategy. The plan not only offers you protection but it also lets the insured accumulate wealth to achieve their financial goals. The Kotak Life plan offers guaranteed returns along with a wide range of benefits and offers.

    Eligibility Criteria for Kotak Assured Savings Plan

    Type of eligibility

    Eligibility criteria

    Minimum age

    3 years

    Maximum age

    16 years

    Minimum maturity age

    18 years

    Maximum maturity age

    75 years

    Minimum annual premium

    Rs.20,000

    Maximum annual premium

    No limit, subject to underwriting

    Premium payment mode

    Yearly, Half yearly, Quarterly, Monthly

    Key Features of Kotak Assured Savings Plan

    Type

    Traditional money back plan

    Sum assured

    10 times the annual premium

    Basis

    Individual

    Premiums

    Minimum Rs.20,000

    Premium paying term

    15 years

    Premium paying modes

    Yearly, Half yearly, Quarterly, Monthly

    Increasing life cover

    Guaranteed yearly additions for every paid premium which is paid at maturity or death

    Value for money

    Higher premium results in higher basic sum assured

    Riders

    The plan has a wide range of riders available

    Tax benefits

    The plan offers tax benefits

    Loan

    One can avail loan up to 50% of surrender value

    Grace period

    A grace period of up to 30 days is offered on the plan

    Free look period

    The policy offers a free look period of 15 days

    Benefits/Advantages of Kotak Assured Savings Plan

    • It is a moneyback plan with bonus facility
    • Offers guaranteed payout
    • Offers four additional riders
    • Survival benefit:This plan pays out every year from the end of 10th Policy year onwards for a period of 20 years. The payout depends on the Annual Premium.
    • Death benefit:If the Life Insured dies within the policy tenure, the Sum Assured is paid as Death Benefit, irrespective of the amount already paid out and the policy is terminated.
    • Maturity benefit:Basic sum assured along with guaranteed loyalty addition and guaranteed yearly addition is paid at maturity.
    • Income Tax Benefit: Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C

    How Does The Kotak Assured Savings Plan Work

    Listed below is the basic sum assured granted for an annual premium of Rs.20,000 for entry ages of 3 and 60 years.

    Age

    Policy term

    Premium Payment term

    Basic Sum assured

    3 years

    15 years

    5 years

    Rs.1,36,780

    3 years

    20 years

    10 years

    Rs.2,42,340

    60 years

    15 years

    10 years

    Rs.1,19,896

    Riders/Add-on Covers Available for Kotak Assured Savings Plan

    • Kotak term benefit- In case of the demise of the insured, rider sum assured and death benefit under base plan will be paid completely.
    • Kotak life guardian benefit-Outstanding premiums will be waived off and will be paid by the bank in case of death of the policyholder.
    • Kotak accidental disability guardian benefit- Outstanding premiums will be waived off in case of accidental disability of the policyholder.
    • Loan facility- One can avail loans up to 50% of the surrender value to a minimum loan amount up to Rs.10,000.
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