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You can choose to invest in Kotak Assured Savings Plan as it allows you to gather wealth and achieve financial goals.Further, this plan offers guaranteed returns, various benefits, and other offers.

Today, this article will provide you with valuable insights regarding the eligibility criteria of the Kotak Assured Savings Plan. Read this article from tip to toe to explore the benefits and more. Let’s get started.

Eligibility Criteria for Kotak Assured Savings Plan

Type of Eligibility Eligibility Criteria
Minimum Age for Entry 3 years
Maximum Age for Entry 60 years
Minimum Age for Maturity 18 years
Maximum Age for Maturity 75 years
Minimum Amount of Annual Premium ₹20,000 only
Maximum Amount of Annual Premium There is no such limit and is subject to underwriting
Mode of Premium Payment Monthly, quarterly, half-yearly, and annually

When you invest in Kotak Assured Savings Plan, you can avail a plethora of benefits with this policy. Some of them include:

Survival Benefits

The assured savings plan pays out each year after the end of the 10th Policy year. The payout is provided for a period of up to 20 years and entirely depends on the Annual Premium.

Surrender Benefits

You have the privilege of surrendering this savings policy, provided you have fulfilled specific criteria. You need to pay the premium value in full for a minimum of at least 2 to 3 years. Next, the surrender value is calculated as the higher unique surrender value or guaranteed surrender value.

The calculation remains:

GSV = GSV factor * basic premium paid (additional to the GSV of guaranteed additions)

SSV = 90% of paid-up value + SSV of guaranteed additions

Maturity Benefits

The basic sum assured, along with the additional guaranteed loyalty and guaranteed yearly addition, is paid out during maturity.

Death Benefits

This assured savings plan offers death benefits to your legal heir. Death benefits are essentially calculated to be higher of:

  • Seven times or 11 times of the annual premium value
  • 105% of the total sum of premium paid
  • The guaranteed minimum death benefit

Tax Benefits

Every paid premium value up to ₹1,00,000 is eligible for deduction from the taxable income under Section 80C. The Income Tax Act offers this tax deduction to each taxable income every year.

Functionalities of the Kotak Assured Savings Plan

Listed here are the details of how the Kotak Assured Savings Plan works.

Age 30 years Sex Male
Term of Policy 20 years Premium Payment Term 10 years
Annual Premium ₹1,00,000 Basic Sum Assured ₹17,35,180
Guaranteed Additional p.a ₹35,000 Guaranteed Loyalty Addition ₹1,80,000

 

To Conclude

Kotak Life Insurance provides remarkable savings and insurance plans for every Indian citizen. Each is exquisitely formulated to match your insurance needs and other requirements. The assured savings plan offers insurance benefits from a minimum age of 3 years.

Visit here to know more about Kotak Assured Savings Plan: https://www.kotaklife.com/insurance-plans/savings-and-investments-plans/kotak-assured-savings-plan

Link: https://www.kotaklife.com/assets/images/uploads/insurance-plans/guaranteedsavingsplan.pdf