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Kotak Assured Savings Plan is a popular insurance cum savings that helps in the accumulation of wealth along with insurance benefits.

The eligibility parameters for this plan are highlighted hereunder.

Particulars

Details

Minimum entry age

3 years

Maximum entry age 

60 years

Maturity age

75 years

Minimum premium to be paid 

Rs. 20,000

Premium payment mode

Monthly, quarterly, half-yearly and yearly options

Premium Modal Factor

Yearly – 100%

Half-yearly – 51%

Quarterly – 26%

Monthly – 8.8%

Policy tenure

Minimum – 10 years

Maximum 20 years

Maximum basic sum assured

Rs. 25,00,000

This policy can be availed to get many benefits like maturity benefits, death benefits, additional riders, surrender benefits and much more. The details of the same are mentioned below.

Maturity benefits

Customers can get maturity benefits of basic sum assured + Guaranteed Yearly Additions + Guaranteed Loyalty Additions

Surrender benefits

The policy can be surrendered provided the policyholder has paid a minimum of 2 to 3 years premium in full. Surrender value is calculated to be a higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) where,

GSV = GSV Factor * Basic Premium paid (in addition to GSV of Guaranteed Additions)

SSV = 90% of paid up value + SSV of Guaranteed Additions 

Death benefits

Death benefits are paid to the legal heir of the policyholder. Death benefits are calculated to be higher of,

  • 105% of the total premium paid
  • 11 times or 7 times of the annual premium 
  • The guaranteed minimum death benefit 

Tax benefits

Tax benefits include deductions under Sections 80C and 10(10D) of the Income Tax Act, 1961.

Final Thoughts

Kotak Life Insurance Company provides savings and insurance plans for resident Indians to match their requirements and insurance needs. Kotak Assured Savings Plan provides insurance benefits at from minimum age of 3 years.

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