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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.BUY NOW
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 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).
The plan is eligible for the simple Reversionary Bonus and Terminal Bonus.
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.
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.
The plan offers tax benefits under section 80C and section 10 (10D) of the Income Tax Act, 1961.
|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|
|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)||-|
Following riders can be taken to enhance the policy coverage:
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: