Kotak Endowment Plan

Kotak Endowment Plan

Kotak Life Endowment Insurance Plan is a Traditional Participating Endowment. Thus, it is a non-linked Limited Pay Insurance Plan with Bonus facility.

How it works –In this plan, premiums are paid for the Premium Paying Term as selected at the beginning of the Policy Term. The policy continues beyond the Premium Paying Term till the end of the Policy Term.

The premiums, after deduction of charges, are deposited in the Accumulation Account along with Bonus at the end of each year. Thus, at the end of the Policy Tenure, higher of the Basic Sum Assured or the Accumulation Account will be paid as Maturity Benefit.

However, if the Life Insured dies within the policy tenure, higher of the Basic Sum Assured or the Accumulation Account will be paid as Death Benefit and the policy would be terminated.

There are 6 additional riders available in this endowment insurance plan.

 

Key Features of Kotak Endowment Policy

• This is  a Traditional Endowment Plan with Bonus facility
• The Premium is paid for a Limited period while the Policy continues for the entire Policy Tenure
• Higher of (Total Premiums Paid – Charges + Bonus) or Basic Sum Assured would be paid on Maturity or on earlier Death.
• There are 6 additional riders with this plan

 
 

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Benefits you get from Kotak Endowment Isnurance Plan

Death Benefit – If the Life Insured dies within the policy tenure, higher of the Basic Sum Assured or the Accumulation Account will be paid as Death Benefit.

Maturity Benefit – On maturity higher of the Basic Sum Assured or the Accumulation Account will be paid to the Policyholder as Maturity Benefit.

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

 

Eligibility conditions and other restrictions in Kotak Endowment Insurance Policy

	Minimum	Maximum
Policy Term (in years)	10	30
Premium Payment Term (in years)	3,5,7,10 and 15
Entry Age of Life Insured  (in years)	18	65
Age at Maturity (in years)	-	75
Regular Premium (in Rs.)	4000	No Limit
Payment modes	Yearly, Half-Yearly, Quarterly and Monthly

 

 
Sample Illustration of Premium for Kotak Life Endowment Insurance Policy 

The premiums displayed are for a healthy male who is a non-smoker. 3 scenarios of premiums are displayed depending on the age of the person which is buying it. It does not include Service Tax.

Insurance Cover = Rs. 5,00,000

Term = 10 years

Riders opted - None

 

 

Additional Features and Benefits of Kotak Endowment Plan

Riders – There are 6 additional riders available with this policy:

1. Kotak Term/Preferred Term Benefit
2. Kotak Accidental Death Benefit
3. Kotak Permanent Disability Benefit
4. Kotak Critical Illness Benefit
5. Kotak Life Guardian Benefit
6. 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 after 3 Policy Years.