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Kotak Premier Endowment Plan is a long-term savings and protection plan which offers financial safety net to combat the unfortunate exigencies. This plan allows you to save for your future financial needs to fulfill the aspirations of your family. This plan offers guaranteed additions in the first five policy years and bonuses start accruing from the 6th year onwards, which will elevate your corpus for your secured future.BUY NOW
In the event of death of the life insured death benefit is payable to the nominee. Death benefit accounts to be the sum of the minimum Death Benefit plus accrued Guaranteed Additions plus accrued Reversionary Bonuses and Terminal Bonus , if any.
Minimum Death Benefit payable is higher:
The nominee has the option to take up death benefit in any one of the ways:
• Lump Sum Payout which is paid out immediately
• Take up to 50% of the total death benefit on death and the remaining is paid as equal installments over the next 5 or 10 years as chosen. This payout will be inclusive of an interest rate of 4% p.a.
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.
The plan offers the flexibility of receiving your maturity benefit as:
Simple reversionary bonus is payable at the end of each financial year which is expressed as a percentage of basic sum assured.Interim and terminal bonuses are also payable under this plan as ans when due.
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 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.
The plan provides tax benefits under section 80C and section 10 (10D) of the Income Tax Act, 1961.
|Age (as on last birthday)||18 Years||60 Years|
|Age at Maturity||-||70 Years|
|Policy Tenure||10 Years||30 Years|
|Premium Paying Term||5 Pay – For 10 To 30 Year Policy Term 7 & 10 Pay – For 15 To 30 Year Policy Term 15 Pay – For 20 To 30 Year Policy Term||-|
|Premium Paying Mode||Annually, Semi Annually, Quarterly And Monthly||-|
|Premium Amount||Rs 8,000 (for Regular Pay) Rs 15,000 (for Limited Pay)||No Limit (subj To Underwriting)|
|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 person aged 35 years for a Basic Sum Assured of 5 lakhs and with a policy term & premium payment term of 15 years: