Kotak Classic Endowment Plan is a participating Endowment which builds a strong corpus for future requirements and also provides life insurance coverage.
|
|
Minimum |
Maximum |
|
Entry Age (Last Birthday) |
0 years |
Regular Pay – 55 years Limited Pay – 60 years |
|
Maturity Age (Last Birthday) |
18 years |
75 years |
|
Policy Term (PT) in years |
15, 20 and 30 |
|
|
Premium Paying Term (PPT) in years |
Equal to policy term in regular pay 7 years or policy term -5 years for limited pay |
|
|
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly |
|
|
Yearly Premium |
7000 |
No limit |
|
Sum Assured |
Depends on premium, age, term and PPT |
|
Annual premium in Rupees for a regular pay plan
|
Age |
35 years |
45 years |
55 years |
|
Policy Term |
20 years |
20 years |
15 years |
|
Sum Assured |
150,000 |
150,000 |
150,000 |
|
Premium |
8361 |
8768 |
12,113 |
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 vested bonuses
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.
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.
