Kotak Classic Endowment Plan

Key Features

• It is a participating plan with regular and limited premium payment option
• Bonuses start to accrue from the end of the first policy year itself

Benefits

• On maturity, the Basic SA + Reversionary Bonuses +Terminal Bonus, if any is paid to the nominee
• On death of the policyholder , the Sum Assured on Death plus accrued reversionary bonuses is paid subject to a minimum of 105% of all premiums paid till death
• The Sum Assured on death is higher of 11 times the annual premium or the SA on Maturity
• 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 for a regular pay plan

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 vested bonuses

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 80% of the Surrender Value and for a minimum amount of Rs.10,000

Additional Features or Riders

• There are 6 riders available under the plan:

• Kotak Term/Preferred Term Benefit
• Kotak Accidental Death Benefit
• Kotak Permanent Disability Benefit
• Kotak Life Guardian Benefit
• Kotak Critical Illness Benefit
• Kotak Accidental Disability Guardian Benefit
• Rebate for high Sum Assured of 5 lakhs and above @ 0.2% of SA

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.