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.
FEATURES OF KOTAK ASSURED SAVING PLAN
- It is a non participating plan , non linked plan. so therefore it is free from market risk
- It give you assured guaranteed yearly addition.
- Premium can be paid yearly ,half yearly, quarterly or monthly.
- In case of policyholder survives throughout the policy term. Then there is a provision of maturity benefit.
- In case of policy holder made to death within the policy term. Then there is a provision of death benefit.
- The kotak assured saving plan has a wide range of raiders
RAIDERS OF KOTAK ASSURED SAVING PLAN
There are three raiders under this plan
- Kotak term benefit.
- Kotak Life guardian benefit.
- Kotak accidental disability Guardian benefit.
BENEFITS PROVIDED UNDER KOTAK ASSURED SAVING 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.
ELIGIBILITY CRITERIA FOR KOTAK ASSURED SAVING PLAN
- The minimum age in which one can take this policy is 3 years
- The maximum age in which one can take this plan is 60 years
- The minimum maturity age is 18 years
- The maximum maturity age is 75 years
- The minimum annual premium is 20000 and there is no upper limit for the maximum premium amount.
DOCUMENT REQUIRED FOR THE KOTAK ASSURE SAVING PLAN.
- Offline/Online filled application form.
- Age proof of policy buyer.
- Address proof.
- PAN card and Aadhar card for KYC document
- Accurate medical history
- Medical examination report if required.
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