Kotak Assured Savings Plan

Kotak Assured Savings plan is a non-participating Savings plan with guaranteed benefits to build a guaranteed corpus to take care of future needs and provide life insurance cover

kapil-sharma
  • 4.8~ Rated
  • 7.7 Crore Registered Consumer
  • 50 Partners Insurance Partners
  • 4.2 Crore Policies Sold

Investment Plans

  • Guaranteed Tax Savings^Under sec 80C & 10(10D)
  • Under sec 80C & 10(10D)Invest ₹10k Per Month*
  • Zero LTCG Tax^
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Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
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We are rated~
rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Key Features

  • It is a non-participating plan with limited premium payment option
  • Guaranteed Additions are paid annually every year the premium is paid which increases the Sum Assured
  • Guaranteed Additions and Guaranteed Loyalty Additions increase the corpus

Benefits

  • On death of the policyholder , the Basic Death Benefit plus accrued Guaranteed Yearly Additions is paid
  • The Basic Death Benefit is higher of 11 or 7 times (depending on age)the annual premium or the Guaranteed minimum death benefit or 105% of all premiums paid
  • The Guaranteed minimum death benefit is expressed as a % of base SA depending on the PPT
  • On Maturity, basic SA + Guaranteed yearly Additions + Guaranteed Loyalty Additions is paid
  • Guaranteed yearly Additions are added as a % of cumulative premiums paid and depends on the PPT
  • Guaranteed Loyalty Addition is paid one time at maturity and is calculated as a % of base SA and the rate depends on the PPT
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

3 years

60 years

 

Maturity Age (Last Birthday)

18 years

75 years

Policy Term (PT) in years

10

20

Premium Paying Term (PPT) in years

5

10

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

15,000

No limit

Sum Assured

Depends on premium, age, term and PPT

Details About Premium

Annual premium in Rupees

Age

35 years

45 years

Policy Term

10 years

10 years

PPT

5 years

5 years

Premium

25,000

25,000

Sum Assured

122,048

114,808

Policy Details

Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy provided 2 or 3 years’ full Premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = GSV Factor * Basic premiums paid including the GSV of Guaranteed Additions

SSV = 90% of Paid-up Value +SSV of Guaranteed Additions

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

  • Loan is available under the plan to a maximum of 50% of the Surrender Value and for a minimum amount of Rs.10,000

Additional Features or Riders

  • There are 3 riders available under the plan:
  • Kotak Term Benefit
  • Kotak Life Guardian Benefit’
  • Kotak Accidental Disability Guardian Benefit
    • The % increase in SA due to Guaranteed yearly Additions increases with increase in premium rate

Exclusions

  • In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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