Kotak Assured Savings Plan

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Introduction/Overview

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

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.

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