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Kotak Assured Income Plan

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Kotak Assured Income Plan

Kotak Assured Income Plan is a Traditional Non-Participating Money Back Plan. Thus, it is a non-linked insurance plan without Bonus facility.
 
How it works –In this plan, premium needs to be paid for a fixed tenure of 15 years while the policy continues for 30 years. However, from end of the 10th policy year onwards, a percentage of the Sum Assured is paid out to the Life Insured till the end of the Policy Term as long as the Life Insured is alive.
 
The Survival Benefit is calculated according to the Annual Premium. There is also a Maturity Benefit of 104% to 110% of the Sum Assured at the end of the Policy Term.
 
However, if the Life Insured dies within the policy tenure, the Sum Assured is immediately paid as Death Benefit, irrespective of the amount already paid out and the policy terminates.
 
There are 4 additional riders available in this plan.
 
 

Key Features of Kotak Assured Income Insurance Plan

  • This is a Traditional Money Back Plan without Bonus facility
  • This plan offers Guaranteed Payout every year for a period of 20 years
  • This plan also offers 104% to 110% of the Sum Assured as Maturity Benefit
  • If the Life Insured dies within the policy tenure, the Sum Assured is immediately paid as Death Benefit, irrespective of the amount already paid as Death Benefit
  • There are 4 additional riders with this plan

COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
 
 

Benefits you get from Kotak Assured Income Policy

Death Benefit – If the Life Insured dies within the policy tenure, the Sum Assured is paid as Death Benefit, irrespective of the amount already paid out and the policy is terminated.
 
Survival Benefit— This plan pays out every year from the end of 10th Policy year onwards for a period of 20 years. The payout depends on the Annual Premium
 
Annual Premium
Survival Benefit
Till Rs 24,999
9.10%
Rs 25,000 to Rs 74,999
9.70%
More than Rs 75000
10.10%
 
Maturity Benefit – On maturity 104%-110% of the Sum Assured is paid as Maturity Benefit. It depends on the Age at Entry.
It is calculated as Maturity Benefit= (110% - 0.1% X Age at Entry)
 
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 & other restrictions in Kotak Assured Income Insurance Policy

 
Minimum
Maximum
Sum Assured
10 X Annual Premium
Policy Term (in years)
30
Premium Payment Term (in years)
15
Entry Age of Life Insured  (in years)
0
60
Age at Maturity (in years)
30
90
Regular Premium (in Rs.)
10,000
No Limit
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
 
 

Sample illustration of Assured Income and Maturity Benefit of Kotak Assured Income Plan

Age of Life Insured = 25 and 35 years respectively
Policy Term = 30 years

Sum Assured= 10 times Annual Premium

Kotak Assured Income Plan Sample Illustration

 

Additional Features and Benefits of Kotak Assured Income Plan

Riders – There are4 additional riders available with this policy:
  1. Kotak Accidental Death Benefit
  2. Kotak Permanent Disability Benefit
  3. Kotak Life Guardian Benefit
  4. Kotak Accidental Disability Guardian Benefit
 

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 upto 80% of Surrender Value after 3 policy years.



 
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