Kotak Classic Endowment Plan 2023 Benefits, Features, Details, Reviews

Kotak Classic Endowment Plan –One of the most well-liked endowment plans currently available is the Kotak Classic Endowment Plan. The plan provides investment growth and protection simultaneously. This insurance cum savings plan from Kotak Life Insurance protects you while you earn bonus amounts on your premium payments. The plan’s flexibility in terms of premium and plan duration makes it a truly cost-effective insurance option. Because it is a unit-linked, participating plan, the Kotak Classic Endowment Plan is somewhat influenced by market movements.

Kotak Classic Endowment Plan 2023 provides an opportunity for investors to invest in the equity market through Kotak Mutual Fund. This plan is open to investors who are resident in India and have an account with Kotak Mutual Fund. The minimum investment amount is Rs 1,000 and the scheme offers an annual return of 8%.

Kotak Classic Endowment Plan 2023

If the policyholder has paid the full premium for two or three years, they can surrender the policy. The Special Surrender Value or the Guaranteed Surrender Value will be less than the Surrender Value. You can cancel the policy within 15 days of receiving the documents, provided there has not been a claim, if you are dissatisfied with the coverage and terms and conditions.

Are you looking to invest in stocks but don’t know where to turn? If so, Kotak Classic Endowment Plan 2023 may be the right choice for you. This plan offers a high degree of flexibility and options, making it easy for you to pick the stocks that are right for you. Plus, the returns that you can expect are impressive – over 12% per year on average! So why wait? Sign up today and start enjoying the benefits of Kotak Classic Endowment Plan 2023.

Kotak Classic Endowment Plan

Kotak Classic Endowment Plan 2023 Details

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Eligibility Criteria for Kotak Classic Endowment Plan

Kotak Classic Endowment Plan (KEP) is a PPF scheme launched by Kotak Mahindra Bank Ltd. The scheme is open to all individuals who have a valid PAN and are resident in India. No minimum investment is required for joint accounts. The scheme has a tenure of 10 years from the date of investment.

Pay Option Minimum Entry Age Maximum Entry Age
Regular Pay 0 years 55 years
Limited Pay 0 years 60 years
PT/PPT Combination of 15/7 years 0 years 58 years

Key Features of Kotak Classic Endowment Plan

Are you looking for a retirement plan that offers the stability and security of a traditional pension, but without all the red tape? Then you’ll want to consider the Kotak Classic Endowment Plan. This plan offers a number of key features that make it an ideal choice for anyone looking to retire comfortably. So what are you waiting for? Let’s take a look at some of the key features of this plan!

 

Plan type

Participating unit-linked endowment plan.
Plan basis Individual
Premium paying terms Regular Pay – Equal to Policy Term

Limited Pay – 7 years for policy term of 15 years and policy term less 5 years

Policy term 15 – 30 years

The policy term for minors will be either 15 years or 18 years minus the age at entry.

Maturity benefits No set limit. Depends on plan type and policy period
Premium payment frequency Monthly, quarterly, half-yearly and yearly
Guaranteed Base Income per year 8% or 12.5 % of sum assured.
Free-look period
  • Policies purchased through all channels, with the exception of distance marketing, are valid for 15 days;
  • policies purchased through distance marketing are valid for 30 days.
 

Grace period

  • 15 days for monthly mode premium payment
 

Policy revival

Within two years of the first unpaid premium, any policy can be renewed with all benefits.
Nomination Nomination facility is available under section 39 of the Insurance Act, 1938
Sum Assured Depends on minimum premium amount, entry age, policy term and PPT
Policy coverage maturity benefits.

Maturity Benefits: A maturity benefit equal to the sum assured, any accrued revisionary bonus, if any, and any terminal bonus are paid if the policyholder survives the policy term.

Bonuses Revisionary bonus that builds up over time, and a terminal bonus in the event of the policyholder’s death.
Premium alteration Alteration in frequency of premium payment is allowed for policyholders
Add-on Covers available Tax benefits under section 80C and section 10D of the Income Tax Act are applicable on premiums paid.

Loan for policy:

  • Loans against a policy can be obtained for as much as 80% of the policy’s surrender value a minimum of Rs. 10,000 is required.

The policy becomes a reduced paid-up policy by default and has a  reduced paid-up sum assured on maturity if the subsequent premiums are not paid by the policyholder within the grace period after the surrender value has been reached.

Discount for a high amount guaranteed to mature:

  • A premium discount of Rs. 2 per 1000 sum assured on maturity is offered for sum assured on maturity in excess of Rs. 5 lacs.

How does the Kotak Classic Endowment Plan Work?

The Kotak Classic Endowment Plan (KCEP) is one of the most popular retirement savings plans in India. The plan offers a range of benefits, including unique features such as tax breaks and contribution flexibility. In this article, we’ll provide you with an overview of the KCEP and explain how it works. So if you’re thinking about opening an account, be sure to read on!

A table illustrating the various policy terms, as well as the sample sum assured and the various minimum and maximum terms at the highest and lowest ages, is provided below.

Age Policy Term Premium Payment Term Sum Assured on Maturity (In Rs.)
0 years 30 years 30 years 1,92,413
0 years 30 years 25 years 180366
55 years 15 years 15 years 86,687
60 years 15 years 10 years 61,071
58 years 15 years 7 years 73,584

The table shown above is only illustrative. The premium amount, the policy term, and the premium payment term selected by the policyholder will all have an impact on the actual returns and sum assured.

Riders/Add-on Covers Available for Kotak Classic Endowment Plan

Are you looking for a hassle-free way to protect your investments? If so, then you may be interested in Kotak classic endowment plan riders/add-on covers. These products offer investors the peace of mind of knowing that their assets are safe, and that they won’t have to worry about unforeseen events affecting their investments.

The riders that can be used with the Kotak Classic Endowment Plan to get better protection and get more money back are listed below.

  • Benefits of the Kotak Term/Preferred Term: In addition to the Kotak Accidental Death Benefit, which is included in the base insurance plan, it provides additional protection.
  • Kotak Permanent Disability Benefit: This one-time benefit, in addition to the death benefit provided by the base insurance plan, is payable in the event of the policyholder’s accidental death. When a policyholder becomes disabled as a result of an accident, installments are paid out.
  • Kotak Critical Illness Benefit: Subject to terms, definitions, and specific exclusions, a portion of the Sum Assured on maturity (up to 50% of the Sum Assured on maturity) payable upon admission of a claim for critical illness.
  • Benefits of a Kotak Life Guardian: In the event of the policyholder’s death, the remaining premiums will be paid on their behalf.
  • Kotak Accidental Disability Guardian Benefit: In the event of an accidental disability, the remaining premiums will be paid on behalf of the policyholder.

Exclusions

Only 80% of the premiums paid are returned to the nominee in the event of a suicide that occurs within a year of the policy’s inception. The higher of 80 percent of the premiums paid or the acquired Surrender Value is paid in the event of suicide within a year of revival.

Also Read-Shriram Group Term Life Insurance Plan 2023

Documents Required

The policyholder is required to submit an accurate medical history, proof of address, and other KYC documents on an “Application form/proposal form. “Depending on the amount insured and the person’s age, a medical examination may be required in some instances.

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