Kotak Assured Savings plan
Kotak Assured Savings plan is a non-participating Savings plan with guaranteed benefits to build a guaranteed corpus to take care of future needs and provide life insurance cover
It is a non-participating plan with limited premium payment option
Guaranteed Additions are paid annually every year the premium is paid which increases the Sum Assured
Guaranteed Additions and Guaranteed Loyalty Additions increase the corpus.
Details About Premium
Annual premium in Rupees
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 Guaranteed Additions
SSV = 90% of Paid-up Value +SSV of Guaranteed Additions
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.
Loan is available under the plan to a maximum of 50% of the Surrender Value and for a minimum amount of Rs.10,000
Additional Features or Riders
There are 3 riders available under the plan:
Kotak Term Benefit
Kotak Life Guardian Benefit
Kotak Accidental Disability Guardian Benefit
The % increase in SA due to Guaranteed yearly Additions increases with increase in premium rate
In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid