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Kotak Classic Endowment Plan is an endowment plan that offers retirement benefits as well as investment opportunities. The highlights of the plan are tabled below.

Particulars

Details

Nature of plan

Individual plan with participating unit-linked endowment plan

Entry Age

  • Minimum Age – 0
  • Maximum Age – 55 years (Regular pay)

60 years (Limited Pay)

58 Years (PT/PPT Combination of 15/7 years)

Policy Tenure

15 years to 30 years

For minor, the policy term will be higher of,

  • 15 years 
  • 18 years reduced by the age of entry

Maturity benefits

No fixed limit

Maturity benefit will depend on the type of plan and policy tenure

Premium Paying Terms (PPT)

Regular Pay

  • Equal to the policy term

Limited pay

  • 7 years of the policy term of 15 years
  • Policy term minus 5 years

Premium payment modes

Yearly, half-yearly, quarterly and monthly payment options

Availability of grace period

For monthly premium payment mode – 15 days

For other premium payment modes – 30 days

Additional facilities

  • Nomination facilities
  • Policy revival within 2 years of the date of last premium payment
  • Death benefits minimum 105% of total premiums paid
  • Maturity benefits are sum assured plus any bonuses accrued
  • Additional riders on the plan are available
  • Tax benefits under Sections 80C and 10(10D)

Premium modal factors

Premium installment calculation modal

Yearly – 100%

Half-Yearly – 51%

Quarterly – 100%

Monthly – 100%

Final Thoughts

Kotak Classic Endowment Plan is a retirement benefit plan that provides investment benefits too. Insured persons can earn bonuses on the plan as well that can increase the maturity benefits on the plan.

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