Kotak assured saving plan is a life insurance plan which provide you a life insurance cover and support you to meet your future needs. It also helps you in achieving future financial goals by giving guaranteed benefits.
There are three raiders under this plan
If the policy holder meet to death within the policy term. Then the nominee of the policy holder will get the death benefit as sum assured on death plus the bonus provided by the company.
2.Maturity benefit or survival benefit
If the policyholder survives throughout the policy term. Then the policyholder will get the maturity sum amount. The maturity sum amount provided for various terms are following:-
According to Income Tax Act section 80c. The premium paid under this plan is tax free also according to Section 10 D. The claim received is tax free that means it is going to save your tax on the amount paid as premium.
4. Loan benefit
There is facility of loan in this policy that is 50% of the surrender value.
DOCUMENT REQUIRED FOR THE KOTAK ASSURE SAVING PLAN.
TERMS RELATED TO KOTAK ASSURED SAVING PLAN
1. GRACE PERIOD
The grace period of the policy is 15 days for the monthly payment mode and 30 days for the other payment modes like quarterly,half yearly,or yearly it is 30 days
REVIVAL OF POLICY
If the premium would not be paid within Grace period then the policy get lapsed but within 2 years after the last policy paid it can be revived.
2.SURRENDER OF THE POLICY
Policyholder can surrender the policy in 2 or 3 years .The surrender value will be higher of the guaranteed surrender value
3.Free look period
After taking the policy if you are not satisfied with the coverage of the policy over with the terms and condition of the policy then you have an option of cancelling the policy within 15 days after receiving the policy document