Kotak Assured Income Plan is a comprehensive savings plus protection plan offered by Kotak Life Insurance. Invest wisely in this plan and get regular second income over a period of 15 years to meet the financial needs of your family. With this plan, you can enjoy the following benefits:
- Guaranteed regular income for 15 years
- Additional lump sum amount payable on maturity
- Life Cover for full policy term of up to 30 years
- Enhanced protection through 4 optional riders
Depending on your entry age, investment needs, and risk appetite, the investment portfolio will be a combination of asset classes.
Eligibility - Who is the Kotak Assured Income Plan for?
Listed below are the eligibility factors you must meet to purchase Kotak Assured Income Plan:
||0 to 60 years
||Up to 90 years
Sum Assured and Premium Range - What you get and what it costs?
The Policy Term, PPT, and Sum Assured for Kotak Assured Income Plan are as follows:
||Minimum: Rs.15,000 p.a.
Maximum: No limit
|Premium Payment Term (PPT)
|Basic Sum Assured
||10 times the annual premium
|Premium Payment Frequency
||Yearly, half-yearly, quarterly or monthly
|Premium Modal Factor
||Yearly - 100%
Quarterly - 26%
Monthly - 8.8%
Basic Sum Assured equals 10 times the Annual Premium. Payout (a percentage of Basic Sum Assured) begins at the end of the 15th policy year.
||A percentage of Basic Sum Assured
|Rs.15,000 to Rs.29,000
|Rs.30,000 to Rs.74,000
|Rs.75,000 and above
*Premiums vary based on age, location, plan term, and other factors.
Plan Coverage - What the Kotak Assured Income Plan covers?
Following are the benefits offered under Kotak Assured Income Plan:
Guaranteed Maturity Benefit: In addition to the assured annual income payouts, a lump sum amount of 104-110% of the Basic Sum Assured will be paid at the end of the policy term (30th policy year) depending on your entry age.
Death Benefit: In the unfortunate event of demise of the life assured, the nominee with receive Sum Assured on Death. It is higher of 106% of Basic Sum Assured or Guaranteed Maturity Benefit. Assured Annual Income payouts will stop after the demise of the life assured.
Riders / Add-On Plans – Additional coverage under the Kotak Assured Income Plan:
Enjoy enhanced protection through the following Kotak riders:
Kotak Accidental Death Benefit Rider: A lump sum amount is paid to the nominee upon the accidental death of the life assured.
Kotak Accidental Guardian Benefit Rider: Upon the demise of the life assured, all future premiums are waived.
Kotak Permanent Disability Benefit Rider: Policyholder will receive payouts in installments upon permanent disability due to accident.
Kotak Accidental Disability Guardian Benefit Rider: Upon permanent disability of the life assured, all future premiums are waived.
Exclusions - What the Kotak Assured Income Plan does not cover?
Kotak Assured Income Plan does not pay benefits in the case of suicide except the following:
- In the event of life assured committing suicide within 1 years of policy commencement, 80% of the premiums paid will be paid to the nominee.
- In the event of life assured committing suicide within 1 year from the policy revival date wherein the revival is done after 6 months from the date of the first unpaid premium, the nominee will be paid higher of 80% of the premiums paid or Surrender Value.
- In the event of life assured committing suicide within 1 year from the policy revival date wherein the revival is done before 6 months from the date of the first unpaid premium, the nominee will be paid death benefit and the suicide exclusion is not applicable.
Other Key Features- Freelook Period, Surrender Value, Grace Period etc.
Listed below are the key features of Kotak Assured Income Plan:
Free Look Period: From the date of receipt of the policy document, you are given 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy. You will receive refund of the premium paid after certain deductions. The Free Look Period is 30 days for policies that are purchased through Distance Marketing such as phone, SMS, email, website, magazines, newspaper advertisements, etc.
Grace Period: If you fail to pay the premium on the due date, you will be given a grace period of 30 days in the case of yearly, quarterly, and half-yearly modes, and 15 days for monthly mode.
Policy Lapse: If you fail to pay the premium within the grace period within the first 3 policy years, the policy will lapse along with all the benefits and optional riders, if any.
Policy Revival: Policy can be revived with 2 years from the date of first unpaid premium. If the policy is not revived within 2 years, it will be terminated and the benefits will cease.
Auto-vesting: If the life assured is a minor, then policy will be automatically vested on him or her after completion of 18 years of age. The life assured will become the policyholder.
Reduced Paid-Up Benefit: The policy will attain Reduced Paid-Up Benefit status if you fail to pay the premium within the grace period, provided the policy has acquired Surrender Value.
Surrender Value: Policy will attain Guaranteed Surrender Value (GSV) if 3 full years' premiums are paid. GSV is a percentage of the total premiums paid (excluding Service Tax and Cess, rider premium, and extra premium) minus the paid Assured Annual Income. The company shall pay Special Surrender Value once the policy acquires GSV. If the policy is surrendered, all benefits will cease and the policy will be terminated after surrender benefit payout. Surrender benefit will be higher of GSV or SSV.
Policy Loan: Policyholder can avail loan under this plan. The loan amount can be up to 80% of the Surrender Value, provided 3 years policy years elapsed. Minimum loan amount is Rs.10,000 and the current interest rate is 12.5% compounded half-yearly.
Tax Benefits - How you can save with the Kotak Assured Income Plan?
Under Kotak Assured Income Plan, you get the following tax benefits:
- Tax deductions on premiums paid under Section 80C of the Income Tax Act, 1961.
- Tax deductions on maturity proceeds under Section 10(10D) of the Income Tax Act, 1961.
Other Benefits - How you can save with Kotak Assured Income Plan?
There are several other benefits of purchasing life insurance plans from Kotak Life Insurance such as:
- Fill a form online to request a life advisor to help you choose the right insurance plan.
- You can calculate premiums using the premium calculator available on the company website.
Why should you buy Kotak Assured Income Plan from Kotak Life Insurance?
Following are the reasons why you should buy Kotak Assured Income Plan from Kotak Life Insurance:
- The company serves millions of customers across India.
- It has numerous branches spread over several cities in the country.
Kotak Life Insurance is considered as one of the most reliable insurance providers in India.
- The company boasts varied insurance products from group insurances to ULIPs and riders.
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