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Kotak Assured Savings Plan
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Kotak Assured Savings Plan is a non-participating endowment plan which also provides life cover to keep your family safeguarded in times of uncertainty. The plan helps you significantly increase your savings via guaranteed yearly additions throughout the premium payment term and guaranteed loyalty additions at the time of plan maturity. The value of the guaranteed yearly additions and guaranteed loyalty addition increase with an increase in the premium payment term.
The plan takes care of your liquidity requirements by allowing you to avail a loan of up to 50% of the surrender value in case of emergent financial situations. You can also customise and enhance the plan with the help of 6 available rider options.
Best Features of Kotak Assured Savings Plan
The key features of Kotak Assured Savings Plan are as follows -
- Guaranteed Yearly Additions- Guaranteed Yearly Additions equivalent to 7%-10% of the cumulative annualised premium are made each year in accordance with the premium payment term (PPT) opted by you.
- Guaranteed Loyalty Addition- Guaranteed Loyalty Addition equivalent to 10%-20% of the basic sum assured is payable at the maturity of the policy as per the PPT chosen by you.
- High Premium Benefit- The plan provides up to 5% increase in basic sum assured to policies featuring an annualised premium of INR 30,000 and more.
- Rider Options- The plan offers 6 additional riders namely Term Benefit Rider, Accidental Death Benefit Rider, Permanent Disability Benefit Rider, Life Guardian Benefit Rider, Accidental Disability Guardian Benefit Rider, and Critical Illness Plus Benefit Rider (covering 37 illnesses).
- Policy Loan- You can avail up to 50% of the surrender value as loan subject to a minimum loan amount of INR 10,000. Currently, these loans are available at an interest rate of 9.80%.
- Reduced Paid-up Benefit- If you fail to pay the premium after the policy has acquired a surrender value then the policy will get converted into a reduced paid-up policy with reduced benefits.
Benefits of Kotak Assured Savings Plan
Kotak Assured Savings Plan provides the following benefits to its policyholders -
1. Death Benefit
In case of an unfortunate death of the life assured, an aggregate of the basic death benefit and guaranteed yearly additions accrued as on the date of death is paid to the nominee.
The basic death benefit is equivalent to the following -
| For Entry Age Less Than 50 Years | For Entry Age 50 Years And Above |
Highest of the following is payable as basic death benefit -
| Highest of the following is payable as basic death benefit -
|
Guaranteed minimum death benefit is equivalent to a certain percentage of the basic sum assured -
| PPT | Guaranteed Minimum Death Benefit as a % of Basic Sum Assured |
| 5 years | 110% |
| 6 years | 112% |
| 7 years | 114% |
| 10 years | 120% |
2. Maturity Benefit
In case of survival of the life assured till the end of the policy term, an aggregate of the following is paid as the maturity benefit -
- Basic Sum Assured, plus
- Accrued Guaranteed Yearly Additions, plus
- Guaranteed Loyalty Addition.
| PPT | Guaranteed Yearly Additions as % of Cumulative Annualised Premium |
|---|---|
| 5 years | 7% |
| 6 years | 8% |
| 7 years | 9% |
| 10 years | 10% |
| PPT | Guaranteed Loyalty Addition as % of Basic Sum Assured |
|---|---|
| 5 years | 10% |
| 6 years | 12% |
| 7 years | 14% |
| 10 years | 20% |
Kotak Assured Savings Plan Eligibility
Kotak Assured Savings Plan comes with the following eligibility criteria-
| Eligibility Criteria For Kotak Assured Savings Plan | |
|---|---|
| Minimum Age at Entry | 3 years |
| Maximum Age at Entry | 60 years |
| Minimum Age at Maturity | 18 years |
| Maximum Age at Maturity | 75 years |
| Policy Term and Premium Payment Term (PPT) | PPT Policy Terms 5 pay 10/15 years 6 pay 12/18 years 7 pay 14/20 years 10 pay 15/20 years |
| Premium Payment Frequency | Yearly, Half-yearly, Quarterly, Monthly |
| Minimum Annual Premium Amount | INR 20,000 |
| Maximum Annual Premium Amount | No Limit, subject to underwriting |
| Minimum Basic Sum Assured | Determined on the basis of minimum entry age, policy term, premium amount and PPT |
| Modal Factor (% of Annualised Premium) | Yearly 100% Half- yearly 51% Quarterly 26% Monthly 8.8% |
Kotak Assured Savings Plan Review
Kotak Assured Savings Plan is an endowment cum life insurance plan which helps you maximise your savings while keeping your family financially shielded in your absence. Along with guaranteed returns, the plan provides you with guaranteed yearly additions every year and a loyalty addition at the time of maturity to help you achieve your predetermined financial goals.
One of the significant features of the plan is high premium benefit, where your basic sum assured is increased by up to 5% as a reward for paying a high premium of INR 30,000 or more. Another notable feature of the plan is the wide array of rider options available with it for customisation and enhancement purposes. This plan can be shortlisted by individuals looking for a savings plan with incremental benefits and liquidity options.
Kotak Assured Savings Plan FAQs
1. What is the grace period under the plan?
The plan offers you a grace period of 30 days for premium payment modes other than monthly mode and 15 days for the monthly mode from the date of the first unpaid premium.
2. When does the policy get lapsed?
If you fail to pay the premium anytime during the first 2 policy years, then the policy will get lapsed and no benefits shall be payable.
3. What happens if I wish to surrender the policy before the completion of the policy term?
If you surrender the policy anytime after the payment of the first 2 years’ premiums, then a surrender benefit equivalent to the higher of the Guaranteed Surrender Value and the Special Surrender Value shall be paid to you as a lump sum benefit.