Kotak Assured Savings Plan

Key Features

• It is a non-participating plan with limited premium payment option
• Guaranteed Additions are paid annually every year the premium is paid which increases the Sum Assured
• Guaranteed Additions and Guaranteed Loyalty Additions increase the corpus

Benefits

• On death of the policyholder , the Basic Death Benefit plus accrued Guaranteed Yearly Additions is paid
• The Basic Death Benefit is higher of 11 or 7 times (depending on age)the annual premium or the Guaranteed minimum death benefit or 105% of all premiums paid
• The Guaranteed minimum death benefit is expressed as a % of base SA depending on the PPT
• On Maturity, basic SA + Guaranteed yearly Additions + Guaranteed Loyalty Additions is paid
• Guaranteed yearly Additions are added as a % of cumulative premiums paid and depends on the PPT
• Guaranteed Loyalty Addition is paid one time at maturity and is calculated as a % of base SA and the rate depends on the PPT
• Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Details About Premium

Annual premium in Rupees

Policy Details

Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy provided 2 or 3 years’ full Premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = GSV Factor * Basic premiums paid including the GSV of Guaranteed Additions

SSV = 90% of Paid-up Value +SSV of Guaranteed Additions

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

• Loan is available under the plan to a maximum of 50% of the Surrender Value and for a minimum amount of Rs.10,000

Additional Features or Riders

• There are 3 riders available under the plan:

• Kotak Term Benefit
• Kotak Life Guardian Benefit’
• Kotak Accidental Disability Guardian Benefit
• The % increase in SA due to Guaranteed yearly Additions increases with increase in premium rate

Exclusions

• In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.