Kotak Investment Plans
The Kotak Classic Endowment Plan is a savings and protection plan. It ...Read More
A quick read on what this Kotak Investment Plans term plan covers and why it might be a fit for you.
Kotak Classic Endowment Plan is a long-term protection-cum-savings plan that helps you grow your money. It is a participating endowment plan that offers protection benefits up to the age of 75 years. The plan offers a special premium discount for a high sum assured on maturity, i.e., for Rs. 5 lakhs and above.
With Kotak Life Classic Endowment Plan, you'll receive a yearly cash bonus at the end of each financial year, if any is declared. The plan even allows you to get additional protection against death, disability, or disease by adding optional riders to your base policy. You also have the flexibility to choose from a different range of PPT (Premium Payment Term) or PT (Policy Term) options based on your suitability.
Kotak Life Classic Endowment Plan is a unique life insurance plan. Let's explore the plan in detail for more clarity and a better understanding.
Kotak Life Classic Endowment Plan offers you a range of benefits including:
A quick honest summary — the strengths and the trade-offs.
Eligibility criteria pulled straight from the policy wording.
There are various benefits to buying the Kotak Classic Endowment Plan. Let’s understand each of them in detail:
Death Benefit: Upon the policyholder's unfortunate death during the policy term, the death benefit payout shall be payable as a lump sum to the nominee with the following additions: Sum Assured on death + bonuses accrued as on the date of death (if any).
Maturity Benefit: On survival till the end of the policy term (PT), the maturity benefit payout shall be payable as a lump sum with the following additions: Sum Assured on maturity + Accrued reversionary bonus (if any) + Terminal bonus (if declared).
Discount for High Sum Assured on Maturity: You'll receive a special premium discount for a high sum assured on maturity of Rs. 5 lakh and above. The discount rate will be Rs. 2 per 1000 Sum Assured on maturity.
Reduce Paid-Up Benefit: Discontinuance of premium payment after the policy acquires a surrender value, the policy will continue as a ‘paid-up’ policy with reduced benefits. The Reduced Paid-up Sum Assured on maturity and reversionary bonuses that have already been attached to the policy will also be payable at maturity.
Cash Bonuses: The insurer declares a yearly cash bonus at the end of each financial year added to the sum assured on maturity. It includes a simple reversionary, interim, or terminal bonus.
Surrender: You can discontinue your policy anytime after paying premiums for two full consecutive years. Policyholders will receive guaranteed surrender value along with accrued bonuses (if any).
Key features that make Kotak Classic Endowment Plan stand out.
Long Term Cover
Stay protected with life cover for up to the age of 75 years.
Cash Bonus
The plan offers a yearly cash bonus at the end of each financial year; it includes a reversionary, interim, or terminal bonus.
Maturity Benefit
At maturity, you'll receive a lump sum maturity benefit, along with an accrued cash bonus.
Riders
Get additional protection against death, disability, or disease by adding optional riders to your base policy.
Keep these documents handy when applying for Kotak Classic Endowment Plan.
Photo ID Proof
Photo ID Proof (either of one) - Passport, Aadhaar card, PAN card, Driving license.
Age Proof
Age Proof (either of one) - Passport, Aadhaar card, PAN card, Driving license.
Address Proof
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
Medical Records
Medical Records of the policyholder if requested.
Income Proof
Income Proof (either of one) - bank statement, last three months' salary slips (if you are salaried).
Here are the key features of the Kotak Classic Endowment Plan.
| What’s Good Here | What’s Missing |
| Cover up to age 75 years | Guaranteed Additions |
| Additional Bonuses | Premium Offset |
| Discount for High Sum Assured on Maturity | No Auto cover continuance |
| 5 Optional Riders | Regular Income |
| Flexible PPT or PT | Whole Life Cover |
Kotak Classic Endowment is a participating endowment plan that offers protection benefits up to the age of 75. The plan is designed to grow your money with a yearly cash bonus at the end of each financial year.
For more information related to 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.
The 5 most-asked questions about Kotak Classic Endowment Plan, answered.
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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