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Kotak Life Assured Protection Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
Kotak Life Assured Protection Plan
Kotak Life Assured Protection Plan is an Endowment Plan. It is a Traditional Plan without Bonus facility.
How it works – In this plan, premium can be paid till age 60 under Option I or for a fixed tenure of 15 years under Option II. The policy continues till the Life Insured is 75 years of age.
In this plan, there are 3 in-built riders namely Critical Illness Benefit for 12 listed illnesses till age 70, Accidental Death Benefit and Accidental Total and Permanent Disability Benefit.
On survival till 75 years of age, i.e. till policy maturity, 100% of the Basic Sum Assured will be paid as a lump sum and the policy will cease.
However, if the Life Insured dies within the policy tenure:
But before attaining 70 years of age-
In a Natural Way, then 100% of the Basic Sum Assured will be paid as Death Benefit to the nominee and the policy will cease
In an Accident, then 200% of the Basic Sum Assured will be paid as Death Benefit and the policy will terminate
After attaining 70 years of age, then 100% of the Basic Sum Assured will be paid as Death Benefit irrespective of the cause of death and the policy will cease.
Key Features of Kotak Life Assured Protection Policy
It is an Endowment Plan without Bonus facility
There are 2 variants in this plan
Option I- where premium needs to be paid till the Life Insured is 60 years of age
Option II- where premium needs to be paid for a fixed tenure of 15 years only
In this plan there are 3 additional benefits like Critical Illness Benefit, Accidental Death Benefit and Accidental Total and Permanent Disability Benefit
There is Large Sum Assured discount in this plan
Accidental Death Benefit is available till age 60
Accidental Total and Permanent Disability Benefit is available only during the premium paying term
Critical Illness Benefit is available only for the specified 12 illnesses and till age 70
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from Kotak Life Assured Protection Insurance Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets 100% of the Sum Assured as Death Benefit.
However, if the Life Insured dies in an accident before attaining 70 years of age, then the nominee would get an additional 100% of the Sum Assured as Accidental Death Benefit coverage.
Maturity Benefit – On survival till policy maturity, 100% of the Basic Sum Assured will be paid as Maturity Benefit and the policy terminates.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Eligibility conditions and other restrictions in Kotak Life Assured Protection Plan
Minimum
Maximum
Sum Assured (in Rs.)
3,00,000
25,00,000
Policy Term (in years)
75 – Entry Age
Premium Payment Term (in years)
Till age 60 under Option I
15 under Option II
Entry Age of Life Insured (in years)
18
50
Age at Maturity (in years)
75
Premium (in Rs.)
5,000
No Limit
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
The below illustration is for a health male opting for Sum Assured of Rs 10 lacs under Option II, i.e. Premium Paying Term of 15 years
Additional Features and Benefits of Kotak Life Assured Protection Plan
Riders – There are 3 in-built riders in this plan:
Accidental Death Benefit is available till age 70
Critical Illness Benefit covers 12 mentioned Critical Illnesses till age 70
Accidental Disability Benefit would be available only during the Premium Paying Term in case of Total and Permanent Disability due to an accident. In such case, the remaining future premiums for the plan will be waived off and policy will continue with its original benefits
What happens if?
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if at least 3 years’ premiums have been paid, the policy gets converted to a Paid Up Plan and enjoy reduced benefits of the plan. The policy can however be revived within 2 policy years from the due date of the first unpaid premium.
You want to surrender the policy – The policy can be surrendered after completion of 3 policy years.
Guaranteed Surrender Value=30% of all premiums paid - 1st year's premium
You want a loan against your policy – Loan facility is available in this plan after completion of 3 policy years upto 50% of the Surrender Value. The minimum policy loan amount is Rs 10,000.
