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A Non-Participating Endowment Assurance Plan
Life insurance can serve as the foundation of a well-thought-out financial strategy. And if you're someone who wants to take an active role in reaching your financial objectives, you may be looking for a life insurance policy that provides more than just simple protection-one that gives you the potential to accumulate wealth that can help you achieve a variety of future financial goals. Kotak Assured Savings Plan may be just the Plan for you. This Plan provides affordable protection and helps accumulate wealth for achieving future financial goals by giving guaranteed benefits.
Features Advantages Death Benefit Maturity Benefit Guaranteed Yearly/Loyalty Addition Enhancing your Options Eligibility
Basic Sum Assured (BSA) will be based on the Premium, Policy Term, Premium Payment Term and Age of the Life Insured.
In case of an unfortunate event of death of the life insured during the term of the plan, your nominee will receive the following, subject to waiting period, if applicable
Where the Basic Death Benefit is defined as;
| For entry age less than 50 years | For entry age 50 years and above |
|---|---|
| Higher of; | Higher of; |
| • 11 times of annualized premium | • 7 times of annualized premium |
| • Guaranteed minimum death benefit | • Guaranteed minimum death benefit |
| • 105% of total premiums paid (excluding any extra premiums) | • 105% of total premiums paid (excluding any extra premiums) |
Guaranteed minimum death benefit is defined as a percentage of Basic Sum Assured mentioned below:
| PPT | Guaranteed* minimum death benefit (% of Basic Sum Assured) |
|---|---|
| 5 years | 1.1 |
| 6 years | 1.12 |
| 7 years | 1.14 |
| 10 years | 1.2 |
On survival till the end of the policy term, Guaranteed Maturity Benefit will be paid provided the policy is in force and all premiums are paid.
Guaranteed Maturity Benefit is:
Guaranteed* Yearly Addition will be calculated as a % of Cumulative Annualized# Premium paid every year and the rate of such additions is based on the opted premium payment term. It will accrue throughout the premium payment term and will be paid out at Maturity or on Death.
| PPT | Guaranteed* Yearly Additions as % of Cumulative Annualized# Premium |
|---|---|
| 5 years | 7% |
| 6 years | 8% |
| 7 years | 9% |
| 10 years | 10% |
Guaranteed Loyalty Addition will be calculated as a % of Basic Sum Assured and be paid out at Maturity. The rate of such addition will be based on the opted premium payment term, which is as follows:
| PPT | Guaranteed* Loyalty Addition |
|---|---|
| 5 years | 0.1 |
| 6 years | 0.12 |
| 7 years | 0.14 |
| 10 years | 0.2 |
Tax benefits
Tax benefits are subject to conditions specified as per Income-Tax Act, 1961. Tax laws are subject to amendments from time to time. Customer is advised to take an independent view from tax consultant. Goods and Services Tax and Cess, as applicable shall be levied over and above premium amount shown here as per applicable tax laws.
Additional Features |
Benefits |
|---|---|
Convenient premium payment term & modes |
As per suitability, you can opt for premium payment term from available options (please refer to “Eligibility” section). You have the option to pay your premiums yearly, half-yearly, quarterly or monthly and can also change the premium payment mode on policy anniversary. |
Additional Protection |
If you feel the insurance cover is not adequate, you can increase it by attaching below mentioned optional Riders to your base plan: • Kotak Term Benefit Rider (KTB / UIN:107B003V03): In case of death of the life insured, rider sum assured will be paid in addition to the death benefit under the base plan. • Kotak Accidental Death Benefit Rider (ADB / UIN: 107B001V03): 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 Benefit Rider (PDB / UIN: 107B002V03): In case of life insured being permanently disabled due to accident, benefit is paid in installments. • Kotak Life Guardian Benefit Rider (LGB / UIN: 107B012V02): 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 Rider (ADGB / UIN: 107B011V02): In case of accidental disability, outstanding premiums are waived and will be paid by Kotak Life Insurance. • Kotak Critical Illness Plus Benefit Rider (CIP/ UIN: 107B020V01): Rider Sum Assured shall be payable on admission of a claim on any one of the 37 covered critical illness, subject to terms and conditions, definitions and specific exclusions. |
Policy Loan Facility |
You can avail loans up to 50% of Surrender Value subject to a minimum loan amount of Rs.10,000. |
Reduced Paid-Up Benefit |
After the policy acquires Surrender Value, if you do not pay subsequent premiums within the grace period the base plan will be converted into a Reduced Paid-Up policy by default. |
This simple eligibility table will help you plan your family's future financial needs
| For All Channels (except POS) | ||
|---|---|---|
| Parameters | ||
| Entry Age | Min: 3 years, Max: 60 years | |
| Maturity Age | Min: 18 years, Max: 75 years | |
| PPT Policy Terms | ||
| Policy and Premium Payment Term (PPT) | 5 pay 10 / 15 years | |
| 6 pay 12 / 18 years | ||
| 7 pay 14 / 20 years | ||
| 10 pay 15 / 20 years | ||
| Min: Rs. 20,000 | ||
| Annualized Premium# | Max: No limit, subject to underwriting | |
| Premium Payment Option | Limited only | |
| Minimum Basic Sum Assured | Determined on the basis of minimum premium amount, entry age, policy term and PPT | |
| Determined on the basis of minimum premium amount, entry age, policy term and PPT subject to UW Rules | ||
| Maximum Basic Sum Assured | ||
| Premium Payment Mode | Yearly, Half-yearly, Quarterly, Monthly | |
| Premium Modal Factor (% of annualized premium) | Yearly -100% Half yearly - 51% Quarterly-26% Monthly- 8.8% |
|
#Annualized Premium: It refers to the premium payable in a policy year, excluding the taxes, rider premium, underwriting extra premiums and loadings for modal premium, if any.
| Cumulative Annualized Premium (Rs.) | Accrued Guaranteed* Yearly | Guaranteed* Loyalty Addition(Rs.) | Guaranteed* Maturity Benefit (Rs.) | |||
|---|---|---|---|---|---|---|
| End of Year | Age | Additions (Rs.) | Death Benefit | |||
| (years) | (Rs.) | |||||
| 1.0 | 36.0 | 100000.0 | 10000.0 | - | 1220835.0 | - |
| 5.0 | 40.0 | 500000.0 | 150000.0 | - | 1360835.0 | - |
| 10.0 | 45.0 | 1000000.0 | 550000.0 | - | 1760835.0 | - |
| 15.0 | 50.0 | 1000000.0 | 550000.0 | 201806.0 | - | 1760835.0 |
Assumptions:
Please note: The above illustration is an extract of a separate, more detailed Benefit Illustration. For full details, please refer to the Benefit Illustration. The above premium figures are exclusive of Goods and Services Tax and Cess, as applicable. Goods and Services Tax and Cess there on, shall be charged as per the prevalent tax laws over and above the said premiums.
To apply for Kotak Assured Savings Plan, tap here <>. You can also visit your nearest Kotak Bank branch or contact your Relationship Manager
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
Kotak Assured Savings Plan: UIN: 107N081V05, Form No.: N081, Kotak Term Benefit Rider UIN: 107B003V03, Form No.: B003, Kotak Accidental Death Benefit Rider UIN: 107B001V03, Form No.: B001, Kotak Permanent Disability Benefit Rider UIN: 107B002V03, Form No.: B002, Kotak Life Guardian Benefit Rider UIN: 107B012V02, Form No.: B012, Kotak Accidental Disability Guardian Benefit Rider UIN: 107B011V02, Form No.: B011, Kotak Critical Illness Plus Benefit Rider UIN: 107B020V01, Form No.: B020. This is a savings-cum-protection oriented non-participating endowment assurance plan. For sub-standard lives, extra premiums may be charged based on Kotak Life Insurance's underwriting policy. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. For details on riders, please refer to the Rider Brochure.
*Guaranteed benefits due under this plan are available provided premiums are paid regularly for the entire premium payment term and the policy is in force.
Kotak Mahindra Bank Ltd. is a corporate agent of Kotak Mahindra Life Insurance Company Limited with Corporate Agency License No: CA0250. Regd. Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051. The plan is offered and underwritten by Kotak Mahindra Life Insurance Company Limited. Participation by Kotak Mahindra Bank Ltd.’s customers to buy insurance policy is purely voluntary and there is no direct or indirect linkage between the provision of banking services offered by Kotak Mahindra Bank Ltd. to its customers and products/services offered by Kotak Mahindra Life Insurance Company Ltd. Insurance products/services are obligations of Kotak Mahindra Life Insurance Company Ltd and are not guaranteed by Kotak Mahindra Bank Ltd. Kotak Mahindra Life Insurance Company Ltd. shall be liable or responsible for all matters arising out of or pertaining to the insurance products/ services offered by it.
Kotak Mahindra Life Insurance Company Ltd. Regn. No.:107, CIN: U66030MH2000PLC128503, Regd. Office: 8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai- 400051. Website: www.kotaklife.com | Toll Free No.: 1800 209 8800. Ref. No.: KLI/23-24/E-WEB/1942
