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Kotak Assured Savings Plan

What is the Plan all About?

The Kotak assured savings plan offers affordable protection and also helps you save and accumulate wealth for attaining the financial goals of your life. This plan suits the best if someone wants to take an active role in reaching your financial objectives.The plan offers guaranteed benefits with guaranteed yearly additions and maturity benefits.


What are the Key Features?

  • Guaranteed maturity benefit at maturity
  • Offers Guaranteed yearly additions
  • Convenient premium payment term and modes
  • Offer Guaranteed Loyalty additions       
  • Value for money through high premium benefit
  • Enhanced coverage through riders
  • Tax Benefit under sec 80 C & 10 (10 D)

What are the Plan Benefits?

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 Yearly Additions

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:

    Guaranteed Loyalty Additions

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.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 3 Years 60 Years
Age at Maturity 18 Years 75 Years
Policy Tenure 10 Years 20 Years
Premium Paying Term 5 Pay – For 10/15 Year Policy Term 6 Pay – For 12/18 Year Policy Term 7 Pay – For 14/20 Year Policy Term 10 Pay – For 15/20 Year Policy Term -
Premium Paying Mode Annually, Semi Annually, Quarterly And Monthly -
Premium Amount Rs 20,000 No Limit (subj To Underwriting)
Sum Assured - -
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days & 15 Days (for Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

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

How the Plan Works?

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.

Kotak Assured Savings Plan 1