Kotak Classic Endowment Plan
Kotak Classic Endowment Plan is a participating Endowment which builds a strong corpus for future requirements and also provides life insurance coverage.
It is a participating plan with regular and limited premium payment option
Bonuses start to accrue from the end of the first policy year itself
Details About Premium
Annual premium in Rupees for a regular pay plan
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 vested bonuses
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 80% of the Surrender Value and for a minimum amount of Rs.10,000
Additional Features or Riders
There are 6 riders available under the plan:
Kotak Term/Preferred Term Benefit
Kotak Accidental Death Benefit
Kotak Permanent Disability Benefit
Kotak Life Guardian Benefit
Kotak Critical Illness Benefit
Kotak Accidental Disability Guardian Benefit
Rebate for high Sum Assured of 5 lakhs and above @ 0.2% of SA
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