Kotak Surakshit Jeevan Plan

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Kotak Surakshit Jeevan Plan
 
Kotak Surakshit Jeevan Plan is a Traditional Participating Endowment Plan. Thus, it is a non-linked Insurance Plan with Bonus facility.
 
How it works –In this plan, premiums are paid for the entire Policy Tenure.
 
On Policy Maturity, Basic Sum Assured + vested Simple Reversionary Bonuses + Terminal Bonus (if any) + Special Terminal Bonus (if any) would be paid as Maturity Benefit.
 
Simple Reversionary Bonus is payable after 5 policy years and Terminal Bonus is after 10 policy years.
 
The Life Coverage under this plan enhances after the 5th policy year from 100% of the Sum Assured to 200% of the Sum Assured. Thus, if the Life Insured dies within the policy tenure but before 5 policy years, then his nominee would receive 100% of the Sum Assured. However, if the Life Insured dies after 5 policy years, 200% of the Sum Assured would be payable as Death Benefit along with all accrued bonuses.
 
There are 2 additional riders available in this plan.
 
 
Key Features of Kotak Surakshit Jeevan Plan
 
  • This is a Traditional Endowment Plan with Bonus facility
  • In this plan, the life coverage enhances after the 5th policy year from 100% to 200%
  • This policy provides an option of staggering the maturity benefit over a few years or even purchase of an annuity
  • This plan does not require any medical tests
  • There are 2 additional riders with this plan
 
 
Benefits you get from Kotak Surakshit Jeevan Plan
 
Death Benefit – If the Life Insured dies within the policy tenure, the following is paid as Death Benefit
 

Time of Death
Death Benefit Paid
For first six months from the
inception of the policy
Return of the premiums paid
From 6 months - Year 5
100% of Basic Sum Assured
From Year 6 – Year 10
200% of Basic Sum Assured
 + Vested simple reversionary bonuses
 + Interim bonus , if any
From Year 11 onwards
200% of Basic Sum Assured
 + Vested simple reversionary bonuses
 + Interim bonus , if any
+ Terminal bonus , if any

 
 
Maturity Benefit – On maturity Basic Sum Assured + vested Simple Reversionary Bonuses + Terminal Bonus (if any) + Special Terminal Bonus (if any) would be paid to the policyholder as Maturity Benefit
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
 
 
Eligibility conditions and other restrictions in Kotak Surakshit Jeevan Plan
 

 
Minimum
Maximum
Policy Term (in years)
10
25
For Minors, (18 years -
age at entry)
Premium Payment Term (in years)
Equal to Policy Term
Entry Age of Life Insured  (in years)
0
60
Age at Maturity (in years)
-
70
Regular Premium (in Rs.)
3,500
35,000
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly

 
 
Sample illustration of premium of Kotak Surakshit Jeevan Plan
 
Age of Life Insured = 30, 35 and 40 years respectively
Policy Term = 15 years

Sum Assured= Rs.1,50,000

Kotak Surakshit Jeevan Plan Sample Premiums

 

 

 

Additional Features and Benefits of Kotak Surakshit Jeevan Plan
 
Riders – There are 2 additional riders available with this policy:
  1. Kotak Permanent Disability Benefit
  2. Kotak Life Guardian Benefit
 
Bonus—
  • Simple Reversionary Bonus is payable after the 5th policy anniversary provided all the first 5 years premiums have been paid in full.
  • Interim Bonus is payable in case of death within the course of a financial year
  • Terminal Bonus is payable in case of payment of all your premiums in full and as scheduled for 10 years or more and the policy is still in force
 
 
What happens if?
 
You stop paying the premium – The policy will lapse if the premium stops. However, it can be revived within 2 years from the date of first unpaid premium. If at least 3 years’ premiums have been paid, then the policy can be converted to a Paid Up Policy and continued for a reduced Sum Assured without paying further premiums.
 
You want to surrender the policy – If premiums for 3 years have been paid up, then surrender of policy is allowed.
Guaranteed Surrender Value = 30% of basic premiums paid – 1st year’s premium and additional premium paid (if any).
 
You want a loan against your policy - There is Loan available under this plan after 3 Policy Years upto 80% of the Surrender Value.
 
 
Other Endowment Plans from Kotak Life Insurance
 
Kotak Endowment Plan
Kotak Capital Multiplier Plan
 
 
Alternate Endowment Plans from different insurance companies
 
ICICI Prudential Save'n'Protect Plan

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