Kotak Assured Savings Plan – The Kotak Assured Savings Plan is a non-participating endowment plan that also offers life insurance to protect your family in the event of a crisis. Through guaranteed yearly additions during the premium payment term and guaranteed loyalty additions at plan maturity, the plan helps you significantly increase your savings. The premium payment term increases the value of the guaranteed yearly additions and the guaranteed loyalty addition. In the event of an emergency, the plan provides you with access to a loan equal to up to fifty percent of the surrender value to meet your liquidity needs. With the help of the six rider options that are available, you can also modify the plan and make it better.
Looking to save for the future? The Kotak Assured Savings Plan is perfect for you! This retirement plan offers investors a high-yield investment option that offers stability and security. Plus, contributions are easy and automatic – so you can focus on your day-to-day life. And if you ever change your mind about retirement, there’s no penalty for withdrawing early. So what are you waiting for? Sign up today and start building your financial future!
Kotak Assured Savings Plan 2024
The Kotak Assured Savings Plan is a good financial plan as well as a life insurance policy. In addition to providing protection, the plan also makes it possible for the insured to amass wealth in order to achieve their financial objectives. Along with a wide range of benefits and offers, the Kotak Life plan provides guaranteed returns. Customers of Kotak Life Insurance can choose from a variety of insurance plans, from protection plans to wealth-building plans. The Kotak Assured Savings Plan is one of the company’s most well-liked insurance plans. It’s a good choice for people who want to save money on insurance while also building wealth to reach their financial goals in the future.
Benefits that are guaranteed to the policyholder include things like Guaranteed Loyalty Additions and Guaranteed Yearly Additions. These benefits are paid out upon maturity or death at the end of the policy term. Kotak Assured Savings Plan (KASP) is the most popular assured savings plan in the country, and for good reason. Designed for people who want to build a retirement fund, KASP offers a high rate of return and is flexible enough to meet your needs. Here are some key things you need to know about KASP in order to make the most of its benefits.
Kotak Assured Savings Plan 2024 Details
| Name Of Article | Kotak Assured Savings Plan 2024 |
| Kotak Assured Savings Plan 2024 | Click Here |
| Category | Insurance |
| Official Website | Click Also |
Best Features of Kotak Assured Savings Plan
If you’re looking for a way to save money, the Kotak Assured Savings Plan may be a good choice for you. This innovative financial product offers protection and stability for your investments, and it comes with a host of benefits that make it a great option for your wallet. Here are some of the best features of the Kotak Assured Savings Plan, so you can make an informed decision about whether or not it’s the right plan for you.
The key features of Kotak Assured Savings Plan are as follows –
- Guaranteed Annual Additions: In accordance with the premium payment term (PPT) that you have selected, Guaranteed Annual Additions in the amount of 7% to 10% of the total annualized premium are made each year.
- Guaranteed Loyalty Addition: At the policy’s maturity, according to the PPT you select, a guarantee of loyalty equal to 10 to 20 percent of the basic sum assured will be paid.
- High Premium Benefit: Policies with an annualized premium of INR 30,000 or more are eligible for a 5% increase in the basic sum assured under the plan.
- Term Benefit Rider, Accidental Death Benefit Rider, Permanent Disability Benefit Rider, Life Guardian Benefit Rider, Accidental Disability Guardian Benefit Rider, and Critical Illness Plus Benefit Rider (covering 37 illnesses) are the six additional riders available with the plan.
- Policy Loan: You can get a loan for up to 50% of the surrender value, but you must borrow at least INR 10,000. At the moment, you can get these loans with an interest rate of 9.80 percent.
- Reduced Paid-Up Benefit: If you don’t pay your premium after the policy has reached its surrender value, the benefits will be reduced and the policy will become a reduced paid-up policy.
What Kotak’s Assured Savings Plan Has to Offer?
Are you tired of constantly worrying about where your next paycheck is going to come from? Do you feel like you’re at a loss when it comes to saving money? If so, Kotak’s Assured Savings Plan may be the solution for you. This innovative plan offers members a range of options to save money on their bills, including fixed deposits, pre-paid cards, and more. Plus, it’s easy to get started – all you need is an online account! So what are you waiting for? Sign up today and start saving money like a pro!
Policyholders of the Kotak Assured Plan receive the following benefits:
1. Death Benefit
A combination of the basic death benefit and guaranteed yearly additions accrued as of the date of death are paid to the nominee in the event of the unfortunate death of the life assured.
The basic death benefit is equivalent to the following –
| For Entry Age Less Than 50 Years | For Entry Age 50 Years And Above |
The highest of the following is payable as a basic death benefit:
| Highest of the following is payable as basic death benefit –
|
Guaranteed minimum death benefit is equivalent to a certain percentage of the basic sum assured –
| PPT | Guaranteed Minimum Death Benefit as a % of Basic Sum Assured |
| 5 years | 110% |
| 6 years | 112% |
| 7 years | 114% |
| 10 years | 120% |
2. Maturity Benefit
The Basic Sum Assured, Accrued Guaranteed Yearly Additions, and Guaranteed Loyalty Addition are all included in the maturity benefit in the event that the life assured survives the policy term.
| PPT | Guaranteed Yearly Additions as % of Cumulative Annualised Premium |
|---|---|
| 5 years | 7% |
| 6 years | 8% |
| 7 years | 9% |
| 10 years | 10% |
| PPT | Guaranteed Loyalty Addition as % of Basic Sum Assured |
|---|---|
| 5 years | 10% |
| 6 years | 12% |
| 7 years | 14% |
| 10 years | 20% |
Eligibility for the Kotak Assured Savings Plan
If you’re thinking of opening a new account with Kotak Asset Management Ltd., you’ll want to be aware of the Kotak Assured Savings Plan (KAP). The KAP allows you to save for a range of long-term goals, from retirement to buying a house. Plus, it offers some great benefits such as tax deduction and an insurance policy that covers your deposits up to Rs 1 crore. In this article, we’ll explain the KAP in detail and tell you how you can qualify for it.
Kotak Assured Plan comes with the following eligibility criteria-
| Eligibility Criteria | |
|---|---|
| Minimum Age at Entry | 3 years |
| Maximum Age at Entry | 60 years |
| Minimum Age at Maturity | 18 years |
| Maximum Age at Maturity | 75 years |
| Policy Term and Premium Payment Term (PPT) | PPT Policy Terms 5 pay 10/15 years 6 pay 12/18 years 7 pay 14/20 years 10 pay 15/20 years |
| Premium Payment Frequency | Yearly, Half-yearly, Quarterly, Monthly |
| Minimum Annual Premium Amount | INR 20,000 |
| Maximum Annual Premium Amount | No Limit, subject to underwriting |
| Minimum Basic Sum Assured | Determined on the basis of minimum entry age, policy term, premium amount and PPT |
| Modal Factor (% of Annualised Premium) | Yearly 100% Half- yearly 51% Quarterly 26% Monthly 8.8% |
Review of the Kotak Assured Savings Plan
The Kotak Assured Plan is endowment cum life insurance that protects your family financially in your absence while maximizing your savings. The plan helps you achieve your predetermined financial goals by providing you with guaranteed annual additions each year and a loyalty addition at maturity in addition to guaranteed returns.
The plan’s high premium benefit is one of its most important features. As a reward for paying a high premium of INR 30,000 or more, your basic sum assured can be increased by up to 5%. The plan’s extensive selection of rider options for personalization and enhancement is another noteworthy feature. Individuals seeking a savings plan with incremental benefits and liquidity options may shortlist this plan.
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