Kotak Assured Savings and Investment Life Insurance Plan and Policy
Kotak Assured Savings and Investment Life Insurance Plan and Policy - 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 - Kotak Assured Savings and Investment Life Insurance Plan and Policy
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 - Kotak Assured Savings and Investment Life Insurance Plan and Policy
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 - Kotak Assured Savings and Investment Life Insurance Plan and Policy
- It is a moneyback plan with bonus facility
- Offers guaranteed payout
- Offers four additional riders
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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.
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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.
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Maturity benefit:Basic sum assured along with guaranteed loyalty addition and guaranteed yearly addition is paid at maturity.
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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 and Investment Life Insurance Plan and Policy 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 - Kotak Assured Savings and Investment Life Insurance Plan and Policy
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Kotak term benefit- In case of the demise of the insured, rider sum assured and death benefit under base plan will be paid completely.
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Kotak life guardian benefit-Outstanding premiums will be waived off and will be paid by the bank in case of death of the policyholder.
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Kotak accidental disability guardian benefit- Outstanding premiums will be waived off in case of accidental disability of the policyholder.
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Loan facility- One can avail loans up to 50% of the surrender value to a minimum loan amount up to Rs.10,000.
Kotak Saving and Investment Life Insurance Plans and Policy |
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| Kotak Protection Plans |
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| Kotak Saral Suraksha Protection Plan |
| Kotak Income Protection Plan |
| Kotak Term Protection Plan |
| Kotak Preferred Term Protection Plan |
| Kotak Retirement Plans |
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| Kotak Lifetime Income Plan |
| Kotak Premier Pension Plan |
| Kotak Child Life Insurance Plans |
|---|
| Kotak Headstart Child Assure |