Kotak Classic Endowment Plan vs Lic Jeevan Shikhar

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:

• Maturity Benefit
• Tax Benefits
• Premium Discounts
• Flexibility
• Rider Benefits
• Cash Bonuses

Among LIC's many efficient plans, the Jeevan Shikhar Plan stands out for its benefits and simplicity. This endowment plan was initially launched as a close-ended plan, available only for 120 days after its release, but the terms have since been revised. The plan offers significant cover, provided you are ready to take the associated risk, which is 10 times the usual tabular single premium.

This non-linked, participating plan is a saving-cum-protection single premium plan. Policyholders can choose their desired maturity sum assured, and the premium varies accordingly. However, there is a minimum sum assured cap of Rs. 100,00.

Any person between the ages of 6 and 45 can avail of this plan. It provides liquidity, allowing the insured person to avail a loan against the deposit. The policy term is 15 years, and the maturity sum assured will be in multiples of Rs. 20,000.

The LIC Jeevan Shikhar Plan offers a range of benefits, including:

• Death Benefits
• Maturity Benefits
• Loyalty Additions
• Loan facility
• Rebate on Premium