Kotak Life Insurance offers a wide range of savings plans with various features and benefits. The Kotak Assured Savings Plan is one such plan that offers guaranteed returns on your investment. In this blog post, we will discuss the various features of this plan and help you decide if it is the right choice for you!
Let’s get started.
An Overview of Kotak Assured Savings Plan
Kotak Assured Savings Plan is a regular saving plan that offers guaranteed returns. It is a Non-Participating Endowment Assurance Plan. This means you do not have to worry about stock market fluctuations as your investment is not linked to it. With the Kotak Assured Savings Plan, you easily strengthen your wealth and finance for your future goals. Along with affordable protection, it also helps you in saving taxes. So, you must Invest in Kotak Assured Savings Plan today!
Features of Kotak Assured Savings Plan
Several features of the Kotak Assured Savings Plan make it an attractive option for investors. Some of these features include:
1. Grace Period
There is a grace period of 30 days for policyholders to make premium payments. This means that if you cannot make a payment on time, you will not be penalized as long as you make the payment within the grace period.
2. Guaranteed Maturity Benefit
Kotak Assured Savings Plan provides a guaranteed maturity benefit to the policyholder, ensuring that they receive their investment back along with interest accrued, even if they pass away during the policy term. This feature gives peace of mind to policyholders and their loved ones, knowing their investment is protected.
3. Guaranteed Yearly Additions
Kotak Assured Savings Plan comes with guaranteed yearly additions. This means that your account will get a top-up of a certain percentage of the premiums you have paid every year. This ensures that your savings keep growing steadily, even if the markets are not performing well.
4. Guaranteed Loyalty Addition
With every policy year, get a guaranteed addition of units, irrespective of the fund’s performance. The guaranteed loyalty addition is expressed as a percentage of the Average Annual Premium and is payable at the end of the policy term. This addition helps you stay invested for the long term and enjoy potential returns.
5. Options to Choose Riders
Kotak Assured Savings Plan offers many options for riders. Some of the most popular riders include:
- Accidental Death and Dismemberment rider
- Waiver of Premium rider
- Critical Illness rider
These riders can be added to your policy for an additional premium and can provide valuable protection in the event of an accident, illness, or death.
6. Longer Premium Commitment
Kotak Assured Savings Plan offers a longer premium commitment than most other traditional savings plans. This makes it an ideal choice for policyholders who want the security of knowing their premiums will be paid for a set period. Moreover, the Kotak Assured Savings Plan offers a death benefit twice the sum assured. This makes it an attractive option for those looking for a savings plan with a higher death benefit.
The Bottom Line
The Kotak Assured Savings Plan is an excellent option for those looking for an affordable way to save for their future. With its low minimum investment, it is a perfect choice for anyone looking to get started with saving. The plan also offers a variety of options for how you can use your money, making it a flexible option for savers.