CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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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,
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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CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application