Kotak Assured Savings Plan

life insurance
Protect your loved ones against death, disability and Illness
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Kotak Assured Savings Plan

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 - 


 

  •  11 times of the annualised premium 
  •  Guaranteed minimum death benefit 
  • 105% of the total premiums paid

Highest of the following is payable as basic death benefit - 


 

  • 7 times of the annualised premium 
  •  Guaranteed minimum death benefit 
  • 105% of the total premiums paid

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
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