Kotak Assured Income Plan

About Kotak Assured Income Plan

• Kotak Assured Income Plan is a money back plan
• Premium paying term is less than the policy term
• From 15^th year onwards a percentage of sum assured is paid every year till the end of policy term
• Primary objective of this plan is to provide an additional income
• Kotak Assured income plan offers 4 additional benefits in the form of riders. 

How does this Plan work?

Under Kotak Assured income Plan, an individual pays regular premiums for 10 years of a 30 year policy term. From the 15^th year onwards, a percentage of sum assured is paid every year until the end of policy term. After the policy term is over, on maturity the insured receives a guaranteed lumpsum maturity benefit which consists of a percentage of basic sum assured from between 104% to 110%.

Suppose, during the policy term due to unfortunate event of death of the individual then his nominee receives sum assured on death as death benefit.  Sum assured on death is a higher value paid either 106% of Basic Sum Assured or Guaranteed Maturity Benefit.

Let us understand this by an example.

Consider,

Person’s age: 35 years
Policy term 30 years
Premium paying term 10 years
Sum Assured: Rs. 4 lakhs

Consider 35 years old who pays annual premium of Rs. 40000 for limited premium paying term of 10 years for a 30 year policy term. From the end of 15^th year onwards, the insured person gets a percentage of Sum assured every year until the end of the policy term of 30 years. He receives a total amount of approximately Rs. 5,76,000 paid over the span of last 15 years of the policy term. After the policy term is over he gets approximately Rs. 4,26,000 as the maturity benefit. Suppose if his unfortunate death occurs during the policy term, then his nominee receives approximately Rs. 4,26,000 as the death benefit. 

Why should you buy Kotak Assured Income Plan?

• High Life cover ratio means higher bonus amounts.
• Premiums paid are tax exempt under section 80C and maturity amount is tax free under section 10(10D)

Who should buy Kotak Assured income plan?

• An individual who is looking out for a low risk investment
• An individual looking out for regular additional income to meet his liquidity needs.

Riders & Add On

• Kotak Accidental death benefit rider: In case of death of the life insured due to accident, rider sum assured will be paid in addition to the death benefit under the base plan.
• Kotak Permanent Disability Rider: In case of life insured being permanently disabled due to accident, benefit is paid in instalments.
• Kotak life Guardian Benefit: In case of death of the policyholder (if different from Life Insured), outstanding premiums are waived and will be paid by Kotak Life Insurance.
• Kotak Accidental Disability Guardian Benefit: In case of accidental disability, outstanding premiums are waived and will be paid by Kotak Life Insurance

Claim Process: 

Know Claim Process of Kotak Assured income Plan

Claim Process