Kotak Assured Income Plan - Benefits
- Death Benefit: In the event of the passing away of the life insured during the tenure of the policy, the Death Benefit (Sum Assured on Death) is paid to the nominee. The assured annual income payouts cease on the death of the life insured.
The Sum Assured on Death is higher of the following:
- 106% of Basic Sum Assured
- Guaranteed Maturity Benefit
- Maturity Benefit: In the event of survival at the end of the policy term, the policyholder receives a Guaranteed Maturity Benefit in a lump sum. This is in the range of 104% to 110% of the Basic Sum Assured.
- Tax Benefits: Tax benefits are available under Section 80C and Section 10(10D) of the Income Tax Act, 1961
Kotak Assured Income Plan - Product Specifications
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Minimum
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Maximum
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Entry Age (last birthday)
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0 years
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60 years
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Maturity Age (last birthday)
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-
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90 years
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Policy Term (fixed)
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30 years
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Basic Sum Assured
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10 times of the Annual Premium
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Premium Payment Term
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10 years
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Premium Payment Mode
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Yearly, Half-yearly, Quarterly, Monthly
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Premium Amount
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Rs. 15,000 per annum
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No limit
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Premium Modal Factor
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The following modal loadings are used to calculate the instalment premium:
- Yearly: 100%
- Half-yearly: 51%
- Quarterly: 26%
- Monthly: 8.8%
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Kotak Assured Income Plan - Policy Details
- Policy Loan: The plan provides a loan facility. A loan can be availed up to 80% of the Surrender Value after completion of 3 policy years.
- Grace Period: The insurance company provides a grace period from the premium due date for payment of unpaid premium. This period is 30 days in case of yearly, half-yearly and quarterly modes of premium payment, and 15 days in case of monthly payment mode.
- Policy Lapse: If the insurance premium remains unpaid during the grace period in the first 3 policy years, the insurance policy lapses (together with riders) from the due date of the unpaid premium. No benefits are paid in such circumstances.
- Policy Revival: A lapsed or reduced paid-up insurance policy can be revived only within 2 years from the due date of the first unpaid premium. If, however, a lapsed policy is not revived during the revival period, the policy is terminated without payment of any benefits.
Exclusion
Suicide: In the event where the life insured commits suicide, whether medically declared sane or insane, within:
- 12 months from the date of policy issue, 80% of the insurance premiums paid will be payable to the nominee
- 12 months from the date of policy revival, when the revival is done within 6 months from the date of first unpaid premium, suicide exclusion will not apply. The Death Benefit will be paid to the nominee.
- 12 months from the date of policy revival, when the revival is done after 6 months from the date of first unpaid premium, the Death Benefit payable will be higher of 80% of the premiums paid or Surrender Value at the date of claim event
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