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Kotak Classic Endowment Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Overview

Kotak Classic Endowment Plan is one of the most popular endowment schemes in the market today. The plan offers dual benefits of protection as well as growth of investment. This plan from Kotak Life Insurance is insurance cum savings plan that offers protection while you earn bonus amounts on your premium paid. The plan offers flexibility in terms of premium as well as scheme period making it a truly worthwhile insurance scheme. Kotak Classic Endowment Plan is a participating, unit-linked plan and hence is governed to a certain extent, by market movements.

Eligibility Criteria for Kotak Classic Endowment Plan

Pay Option

Minimum Entry Age

Maximum Entry Age

Regular Pay

0 years

55 years

Limited Pay

0 years

60 years

PT/PPT Combination of 15/7 years

0 years

58 years

Key Features of Kotak Classic Endowment Plan



Plan type

Participating unit-linked endowment plan.

Plan basis

Individual

Premium paying terms

Regular Pay – Equal to Policy Term

Limited Pay – 7 years for policy term of 15 years and policy term less 5 years

Policy term

15 – 30 years

For minors, policy term will be greater of 15 years or 18 years minus age at entry

Maturity benefits

No set limit. Depends on plan type and policy period

Premium payment frequency

Monthly, quarterly, half-yearly and yearly

Guaranteed Base Income per year

8% or 12.5 % of sum assured.

Free-look period

  • 15 days for policies purchased through all channels except distance marketing
  • 30 days for policies purchased via distance marketing.



Grace period

  • 15 days for monthly mode premium payment
  • 30 days for yearly, half-yearly and quarterly payments of premium of policies.



Policy revival

Any policy can be revived with full benefits, within 2 years from the date of the first unpaid premium.

Nomination

Nomination facility is available under section 39 of the Insurance Act, 1938

Sum Assured

Depends on minimum premium amount, entry age, policy term and PPT

Policy coverage

Death benefits and maturity benefits.

Death Benefits: in case of death of policyholder, sum assured plus bonuses accrued as on death are paid to the nominee or beneficiary. This death benefit is a minimum of 105% of total premiums paid till death.

Maturity Benefits: In case of survival of policyholder till the end of policy term a maturity benefit of sum assured plus accrued revisionary bonus if any plus terminal bonus, if any, is paid

Bonuses

Revisionary bonus that accrues and terminal bonus in case of death of the policyholder

Premium alteration

Alteration in frequency of premium payment is allowed for policyholders

Add-on Covers available

Add-on covers are available with the Kotak Classic Endowment Plan in order to enhance protection and coverage and include cases such as accidental death and disability

Benefits/Advantages of Kotak Classic Endowment Plan

  • Tax benefits: Tax benefits under section 80C and section 10D of the Income Tax Act are applicable on premiums paid for Kotak Classic Endowment Plan. Tax benefits, however, are subject to change as per tax laws.

  • Policy loan: Loans against policy can be availed for up to 80% of the surrender value of the insurance policy; subject to a minimum of Rs.10,000.

  • Reduced Paid-up benefit: After the policy reaches surrender value, if the subsequent premiums are not paid by the policyholder within the grace period then the policy gets converted to a reduced paid-up policy by default along with a reduced paid-up sum assured on maturity.

  • Discount for high-sum assured on maturity: For sum assured on maturity that is Rs.5 lac and above, a premium discount of Rs.2 per 1000 sum assured on maturity is offered.

How does the Kotak Classic Endowment Plan Work

Following is a table depicting the various policy terms and the different minimum and maximum terms at highest and lowest ages along with the sample sum assured.

Age

Policy Term

Premium Payment Term

Sum Assured on Maturity (In Rs.)

0 years

30 years

30 years

1,92,413

0 years

30 years

25 years

180366

55 years

15 years

15 years

86,687

60 years

15 years

10 years

61,071

58 years

15 years

7 years

73,584

The above depicted table is purely indicative. Actual returns and sum assured will vary depending upon the premium amount, the policy term and the premium payment term chosen by the policyholder.

Riders/Add-on Covers Available for Kotak Classic Endowment Plan

Following are the riders that can be availed with the Kotak Classic Endowment Plan in order to enhance protection and maximize returns.

  • Kotak Term/Preferred Term Benefit:

    Provides additional protection over and above death benefit applicable under the base insurance plan

  • Kotak Accidental Death Benefit:

    One-time benefit payable on accidental death of policyholder, in addition to death benefit applicable under the base insurance plan

  • Kotak Permanent Disability Benefit:

    Installments are paid on acknowledgment of a claim on policyholder becoming disabled due to accident

  • Kotak Critical Illness Benefit:

    Portion of Sum Assured on maturity (maximum 50% of Sum Assured on maturity) payable on admission of a claim for critical illness, subject to terms and conditions, definitions and specific exclusions.

  • Kotak Life Guardian Benefit:

    Remaining premiums will be paid on behalf of the policyholder in case of his /her death

  • Kotak Accidental Disability Guardian Benefit:

    Remaining premiums will be paid on behalf of the policyholder in case of accidental disability

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

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