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Kotak Assured Income Accelerator is a popular savings and insurance plan from Kotak Life Insurance. Let’s check the eligibility and benefits of this plan.

Eligibility

The eligibility for the Kotak Assured Income Accelerator Plan is explained below.

Particulars

Details

Entry age

7-year premium plan – 0 to 60 years

10-year premium plan – 0 to 60 years

15-year premium plan – 0 to 55 years

Maturity age

Minimum maturity age – 18 years

Maximum maturity age – 85 years

Premium payment

The minimum premium to be paid is Rs. 15,000

Premium paying term

7 years, 10 years and 15 years

Premium Paying frequency

Monthly, quarterly, half-yearly and annual 

Policy term

15 years, 20 years and 30 years

Basic sum assured

10 times the annual premium

Benefits

The benefits that can be received under this plan are mentioned below.

Particulars

Details

Maturity benefits

Percentage of basic sum assured as guaranteed maturity benefits

Death benefits

Death benefits are provided to the legal heir of the insured person

The amount of death benefit to be provided depends on the entry age of the customer. The death benefit is calculated in the following manner,

Entry age below 50 years

Higher of,

  • Basic sum assured
  • Guaranteed maturity benefits
  • 11 times the annual premium 

Entry age over 50 years

Higher of,

  • Basic sum assured
  • Guaranteed maturity benefits
  • 7 times the annual premium

Guaranteed Income

Increases every year and ranges between 7% and 13% of the basic sum assured

Income tax benefits

Tax benefits under sections 80C and 10(10D)

Final Thoughts

Kotak Assured Income Accelerator is a guaranteed income plan with a savings component. Customers can get up to 10 times the premium paid as the sum assured under the plan.

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