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Overview
Kotak Life Assured Savings is a non-participating endowment assurance plan. This investment plan is designed to provide dual benefits of protection along with wealth creation to the life insured. It offers a limited premium payment option of 5 to 10 years, and you can purchase this plan for a policy term of 10 to 20 years.
Kotak Life Assured Savings is a unique life insurance plan. Let's explore the plan in detail for a better understanding.
Key Benefits of Kotak Life Assured Savings Plan
- Guaranteed Maturity
- Tax Benefits
- Flexibility
- Increasing Life Cover
- Death Benefit
- Additional Riders
How to Buy Kotak Life Assured Savings Plan Online?
- Visit the official website of PolicyX.com.
- Click on the ‘Investment’ tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of Kotak Life Assured Savings
There are various benefits to buying the Kotak Life Assured Savings Plan. Let’s understand each of them in detail:
- Death Benefit: In case of the unfortunate demise of the life insured during the policy term, the Kotak Life Assured Savings Plan will pay a death benefit to the nominee, which includes the basic death benefit or Guaranteed Yearly Additions.
- Maturity Benefit: Once the life insured survives the entire policy tenure, Kotak Life Assured Savings will pay the Maturity Benefit, including guaranteed loyalty additions, basic sum assured, and Accrued Guaranteed Yearly Additions.
- Tax Benefit: You can avail tax benefits on premiums paid for the Kotak Life Assured Savings Plan under relevant sections of the Income Tax Act, 1961.
Policy Loan
The insured can avail a loan facility under the Kotak Life Assured Savings Plan for up to 50% of the surrender value of your policy.
Guaranteed Benefits
You will receive a guaranteed maturity benefit on maturity, which is equal to the sum of Basic Sum Assured, Accrued Guaranteed Yearly Additions, and Guaranteed Loyalty Addition.
Policy Terms
It offers two different policy terms: 10 and 20 years.
Increasing Cover
It offers the option of increasing life coverage with ‘Guaranteed Yearly Additions’ every time you pay your premium.
Inclusions
- Increasing Life Cover: The plan offers an increasing life cover, enhancing protection over time.
- Flexible Premium Payment: Choose a limited premium payment term of 5 or 10 years.
- Policy Term Options: Select a policy term of 10 or 20 years to suit your financial goals.
- Option for Riders: Enhance your coverage by adding optional riders to the base plan.
- Policy Loan Facility: Avail a loan against your policy's surrender value during emergencies.
Exclusions
- Suicide within 12 months of the policy purchase is not covered.
- Death due to consumption of intoxicants.
- Death due to aviation accidents.
- Death due to adventurous sports.
Documents Required to Buy Kotak Life Assured Savings
Here is the list of documents required to buy the Kotak Life Assured Savings:
- Photo ID Proof: Passport, Aadhaar card, PAN card, Driving license (any one).
- Age Proof: Passport, Aadhaar card, PAN card, Driving license (any one).
- Address Proof: Utility bill, passport, voter ID, ration card (any one).
- Medical Records: Medical records of the policyholder if requested.
- Income Proof: Bank statement, last three months' salary slips (if salaried) (any one).
Conclusion
If you are looking for a life insurance plan that not only covers you for the policy term but also provides a guaranteed lump sum at maturity, consider buying the Kotak Life Assured Savings Plan. This plan offers a guaranteed lump sum at maturity along with increasing life cover.
For more information about this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
