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Launch Date UIN Status
27/9/2013 107N081V01 Active

About Kotak Assured Savings Plan

  • Kotak Assured Savings plan is a simple endowment plan wherein one gets bonuses on maturity
  • Guaranteed additions and loyalty additions are paid on maturity
  • Premium paying term is less than the policy term
  • Primary objective of the Kotak Assured Savings plan is assured returns with low risk
  • This plan offers 5 additional benefits in the form of riders

How does this Plan work?

Under Kotak Assured Savings plan, an individual pays regular premiums for a premium paying term and the policy continues till the end of the term. On maturity, he receives basic sum assured, accrued guaranteed bonus and loyalty additions. Basic sum assured paid is calculated from premium, policy term, premium payment term and age of the insured.  

In case on death of the insured during the policy term, the nominee gets basic death benefit and guaranteed yearly additions accrued as on the date of death.

The basic death benefit paid depends on the insured’s age which is explained below:

Insured’s age is below 50 years

Insured’s age is 50 and above

A higher value chosen from:

A higher value chosen from:

11 times of the annual premium

7 times of the annual premium

Guaranteed minimum death benefit

Guaranteed minimum death benefit

105% of the total premiums paid

105% of the total premium paid

The guaranteed minimum death benefit is a percentage of sum assured paid depending upon the premium paying term is as follows:

Premium paying term

% of basic sum assured paid as guaranteed sum assured

5

110%

6

112%

7

114%

10

120%

 Let us understand this by an illustration:

Consider,

Person’s age: 35 years
Policy term: 15 years
Premium paying term: 5 years annual payment of Rs 1 lakh.

35 year old person buys this Kotak assured savings plan to pay Rs. 1 lakh annually for a premium paying term of 5 years of a 15 year policy term.  After the policy term is over, on maturity he receives Rs. 1 lakh along with guaranteed yearly accrued bonus and loyalty additions. Suppose if he dies during the policy term, his nominee gets death benefit. The death benefit paid depends upon the insured’s age at death.

Why should you buy Kotak Assured Savings Plan?

  • High Life cover ratio means higher bonus amounts.
  • This plan can be used for availing loans
  • Premiums paid are tax exempt under section 80C and maturity amount is tax free under section 10(10D)

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Who should buy LIC ‘s New Endowment plan?

  • An individual who is looking out for a low risk investment that pays good bonus
  • People planning for specific life goals like (big house, world trip, daughter’s marriage etc.)

Understand Bonus Declared

  • Guaranteed Yearly Additions:
    These are calculated as a percentage of Cumulative annual premiums paid every year. They are accrued during the premium payment years and paid on maturity or death.

Premium Paying Term (in years)

Guaranteed Yearly Additions as % of cumulative Annual premiums

5

7%

6

8%

7

9%

10

10%

Explained: For a sum assured of Rs 10 lakhs for a 5 year policy term with bonus paid at 7% then the insured gets guaranteed yearly addition of 100000 x 7% = 7000 every year, which is accumulated and paid at the end of the policy term.

  • Guaranteed Loyalty Addition:
    This is calculated as a percentage of basic sum assured and is paid on maturity. The rate depends on the premium payment term.

Premium Paying Term (in years)

Guaranteed Yearly Additions as % of cumulative Annual premiums

5

10%

6

12%

7

14%

10

20%

Explained: For a sum assured of Rs 10 lakhs for a 5 year policy term with bonus paid at 7% then the insured gets guaranteed yearly addition of 100000 x 7% = 7000 every year, which is accumulated and paid at the end of the policy term.

Riders:

  • 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 Critical Illness Rider: If diagnosed with critical illness, portion of the basic Sum Assured is paid in advance for the covered Critical illness subject to terms and conditions.
  • 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 Savings Plan

Claim Process

Company Overview

Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture between Kotak Mahindra Bank Ltd., its affiliates, and Old Mutual. Kotak Mahindra is one of India's leading banking and financial services organizations, offering a wide range of financial services that encompass every sphere of life. Old Mutual is an international long-term savings, protection and investment group.

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