Kotak Assured Savings Plan

Death Benefit

In the event of death of the life insured,the benefits payable to the nominee will be Basic Death Benefit, Plus guaranteed yearly additions  accrued as on the date of death.
 

Death Benefit payable is higher of:
 

• 11 times (for insured less than 50 years for entry age) or 7 times (for insured with entry age 50 years and above)  of the annual premium.
• Guaranteed minimum death benefit
• 105% of total premiums paid (excluding any extra premiums)

Maturity Benefit

Maturity benefit is payable on  the survival of the Life Assured till the completion of the policy term. Guaranteed Maturity benefit is a sum of Basic Sum Assured plus Accrued guaranteed additions plus guaranteed loyalty additions.

Guaranteed Yearly Additions

Guaranteed Yearly Additions are expressed as a % of Cumulative Annual* Premium paid every year. The benefit will accrue throughout the premium payment term and will be given out in the evnt of Maturity or on Death.The rate of such additions is based on the opted premium payment term, which is as follows:
 

Guaranteed Loyalty Additions

Guaranteed Loyalty Addition will be calculated as a % of Basic Sum Assured and be paid out at Maturity. The rate of such addition will be based on the opted premium payment term, which is as follows:
 

Loan Benefit

Loan facility is available under this plan. The policyholder can avail loan up to 50%  of the Surrender Value subject to the minimum loan amount of Rs 10,000 and as per applicable terms and conditions.

Surrender Value

Guaranteed surrender value (GSV) plus the surrender value of the bonuses, which is a percentage of total premiums paid. For policies with premium payment term of less than 10 years, the policy acquires surrender value after full payment of due premiums for two policy years and for  policies with premium payment term of 10 years, the policy acquires surrender value after full payment of due premiums for three policy years.

Tax Benefit

The plan provides tax benefits under section 80C  and section 10 (10D) of the Income Tax Act, 1961.

Following riders can be taken to enhance the policy coverage:

• Kotak Term Benefit Rider
• Kotak Accidental Death Benefit Rider
• Kotak Life Guardian Benefit Rider
• Kotak Accidental Disability Guardian Benefit Rider

Let us understand the plan with an illustration
 

You pay premiums every year for selected premium payment term. After expiry of premium payment term, the policy continues till maturity. At maturity, you will receive Guaranteed Maturity Benefit i.e. Sum of Basic Sum Assured (BSA), Accrued Guaranteed Yearly Additions (GYA) and Guaranteed Loyalty Addition (GLA). Basic Sum Assured (BSA) will be based on the Premium, Policy Term, Premium Payment Term and Age of the Life Insured.