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Kotak Classic Endowment Plan

What is the Plan all About?

The Kotak classic endowment plan is a traditional participating plan which offers guaranteed maturity benefits and offers life protection to the policyholder along with the life cover throughout the policy term. The plan offers bonus benefits which starts from the first policy year.

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What are the Key Features?

  • Endowment Plan offering protection up to age 75
  • Offers Bonus proceeds from 1st policy year         
  • Flexibility to pay premiums as per budget
  • Offers Guaranteed maturity benefits    
  • Customize enhanced protection via riders
  • Discount for opting high sum assured
  • Avail tax benefits as per existing tax laws

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured,the benefits payable to the nominee will be sum assured on death (which is higher of 11 times annual premiums or sum assured on maturity) plus accrued bonus as on date of death.The death benefit is subject to a minimum of 105% of total premiums paid till date of death (excluding any extra premiums).

Maturity Benefit

    Maturity benefit is payable on  the survival of the Life Assured till the completion of the policy term. Maturity benefit is payable as sum assured on maturity plus accrued reversionary bonus and terminal bonus (if any).

Bonus

    The plan is eligible for the simple Reversionary Bonus and Terminal Bonus.

Loan Benefit

    Loan facility is available under this plan. The policyholder can avail loan up to 80%  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 accrued bonuses is payable if at least three full years premiums have been paid. The GSV shall be a percentage of total premiums paid.

Tax Benefit

    The plan offers 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) 0 Years 55 Years (for Regular Pay) 60 Years (for Limited Pay)
Age at Maturity 18 Years 75 Years
Policy Tenure 15 Years 30 Years
Premium Paying Term Limited Pay- 7 Years For 15 Year Policy Term Limited Pay (Policy Term Less 5 Years) Same As Policy Term -
Premium Paying Mode Annually, Semi Annually, Quarterly And Monthly -
Premium Amount Regular Pay : Rs 7,000 Limited- 7 Pay For 15 Years( Rs 12,000) No Limit
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 Permanent Disability Benefit Rider
  • Kotak Critical Illness 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
 

Given below is an illustration of the benefits payable, for a healthy male aged 35 years for a Sum Assured on maturity of 5 Lakhs and with a policy term 15 years & premium payment term of 10 years:
 

Kotak Classic Endowment Plan