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  • Kotak e-Assured Savings Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The e-Assured Savings Plan by Kotak Life Insurance offers life cover at affordable premiums and at the same time, allows you to accrue your savings for future financial emergencies. With annual premiums starting at Rs.20,000, this policy offers increasing life cover as and when you pay your premiums. This life insurance policy also offers tax benefits according to income tax laws, enhanced benefits depending on premium commitment to the policy and the convenience of applying online.

    This policy also provides customers the option to enhance their existing cover with a range of riders including Kotak Term Benefit Rider and Kotak e-Accidental Death Benefit Rider. Both of the riders offer policyholders high premium benefits.

    Eligibility – Who is the Kotak e-Assured Savings Plan for?

    In order to apply for the Kotak e-Assured Savings Plan, applicants need to meet certain eligibility requirements. Below mentioned are the criteria to apply for this policy:

    Parameter Eligibility
    Minimum Entry Age 3 years old
    Maximum Entry Age 60 years old
    Minimum Maturity Age 18 years old
    Maximum Maturity Age 75 years old
    Policy term Choice of 10 years and 15 years
    PPT or Policy and Premium Payment Term
    • PPT of 5 pay for 10 years or 15 years
    • PPT of 10 pay for 15 years or 20 years
    Premium Payment Only limited
    Annual Premium
    • Minimum – Rs.20,000
    • Maximum – There is no maximum limit. The limit will be subject to the policy’s underwriting

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured:

    This policy offers a basic sum assured to policyholders which will be determined based on several factors including the entry age, the premium amount, PPT and the policy term.

    Find below the Basic Sum Assured offered under this policy for an annual premium of Rs.20,000:

    Policy Term Entry Age Premium Payment Term Basic Sum Assured
    15 years 3 years 5 years Rs.1,61,378
    20 years 3 years 5 years Rs.3,06,262
    15 years 60 years 10 years Rs.1,69,496

    *Premiums vary based on age, location, plan term and other factors.

    Premium Range:

    Premium refers to the amount that needs to be paid in order to avail a certain policy. The premiums under Kotak e-Assured Savings Plan start at Rs.20,000 with no maximum limit on the premium.

    Payment Mode:

    Policyholders can make payments on their premiums in the following way:

    • Monthly
    • Quarterly
    • Half-yearly
    • Yearly

    Payment Frequency:

    According to the payment frequency, policyholders will make a percentage of payment on their premiums in the following manner:

    • Monthly – 8.8% of the premium
    • Quarterly – 26% of the premium
    • Half-yearly – 51% of the premium
    • Yearly – 100% of the premium

    Disclaimer: Premiums vary based on age, location, plan term and other factors.

    Plan Coverage – What the Kotak e-Assured Savings Plan covers?

    The Kotak e-Assured Savings Plan covers death benefit and maturity benefit. Additionally, it also offers guaranteed yearly additions as well as guaranteed loyalty addition.

    Death Benefit:

    In case of the untimely death of a policyholder, their nominee will receive the Basic Death Benefit + Guaranteed Yearly Additions accumulated until the death of the policyholder.

    Entry Age below 50 years Entry Age of 50 years and above
    Basic Death Benefit will include:
    • 11 times the annual premium +
    • Guaranteed min. death benefit (does not include extra premiums) – 105% of the total premiums paid.
    Basic Death Benefit will include:
    • 7 times the annual premium +
    • Guaranteed min. death benefit (does not include extra premiums) – 105% of the total premiums paid.

    The Guaranteed minimum death benefit offered under this policy is calculated as a percentage of the policyholder’s Basic Sum Assured in the following way:

    Policy and Premium Payment Term Guaranteed minimum death benefit
    5 years 110% of the Basic Sum Assured
    10 years 120% of the Basic Sum Assured

    Maturity Benefit:

    Guaranteed Maturity Benefit will be paid to the policyholder upon surviving until the end of their policy term. This benefit includes the following:

    • Basic Sum Assured +
    • Guaranteed Loyalty Addition +
    • Accumulated Guaranteed Yearly Additions.

    Guaranteed Loyalty Addition is calculated as a percentage of the Basic Sum Assured and will be paid to the policyholder upon the maturity of the policy.

    Guaranteed Yearly Addition is calculated as a percentage of the cumulative annual premium paid by the policyholder every year.

    PPT Guaranteed Loyalty Addition Guaranteed Yearly Addition
    5 years 10% 7%
    10 years 20% 10%

    Riders/Add-On Plans – Additional coverage offered under the Kotak e-Assured Savings Plan:

    The Kotak e-Assured Savings Plan offers additional benefits to policyholders including the option to enhance their cover with optional riders, high premium benefits, loan facility and convenient payment modes.

    Riders and Additional Features offered Details
    Optional Riders
    Loan Facility under this policy
    • Minimum loan amount – Rs.10,000
    • Maximum loan amount – 50% of the Surrender Value
    High Premium Benefit The base Sum Assured will be increased under the policy as and when the policyholder makes higher premium payments in the following way:
    • Annual premium between Rs.30,000 and Rs.74,000 – 3% increase in the rate of the Basic Sum Assured.
    • Annual premium of Rs.75,000 and above - 5% increase in the rate of the Basic Sum Assured.
    Reduced Paid-up Benefit
    • Upon acquiring Surrender Value on the policy, if the policyholder does not pay premiums within the grace period offered, the base plan + riders of the policy will converted to Reduced Paid-up.

    Exclusions – What the Kotak e-Assured Savings Plan doesn’t cover?

    Suicide Exclusions:

    • In case the policyholder commits suicide within 12 months from the policy’s issue date, 80% of paid premiums will be paid.
    • In case the policyholder commits suicide within 12 months from the policy’s revival date and the revival was done within a maximum of 6 months from the first unpaid premium, Death Benefit will be paid. In this case alone the suicide exclusion will not apply.
    • In case the policyholder commits suicide within 12 months from the policy’s revival date and the revival was done after 6 months from the first unpaid premium, either the Surrender Value or 80% of the paid premiums, depending on whichever is higher, will be paid.

    Other Key Features of Kotak e-Assured Savings Plan:

    Policyholders must bear in mind the following key features applicable on all policies under the Kotak e-Assured Savings Plan:

    Other key features Details
    Grace period
    • Quarterly/half-yearly/yearly – 30 days from the premium due date.
    • Monthly – 15 days from the premium due date.
    Maturity benefit If the policyholder has any outstanding loans + interest, the maturity benefit will be reduced to account for the same.
    Death benefit In case the policyholder dies during the grace period, the unpaid premium (if applicable) will be deducted from the death benefit.
    Policy Loan Policyholders can avail a loan on their life insurance policy with Kotak Life Insurance at the current interest rate of 12.5%. This rate will compound on a half-yearly basis and can be revised anytime depending on approval from IRDAI.
    Policy Lapse
    • PPT of 5 years – If the policyholder does not pay the premiums within the grace period for the first 2 years, the policy will lapse from the first unpaid premium due date.
    • PPT of 10 years - If the policyholder does not pay the premiums within the grace period for the first 3 years, the policy will lapse from the first unpaid premium due date.
    Policy Revival
    • A lapsed/reduced paid-up policy can be revived within 2 years from the date of the first unpaid premium.
    • A late payment charge of 9% p.a. will be applicable on the outstanding payment with no evidence of good health required if the policy is reinstated within 6 months from the first unpaid premium. After 6 months, the policyholder must provide evidence of their good health.
    • If the policyholder does not revive their lapsed policy within the revival period, no benefits will be paid and Kotak Life Insurance will terminate the policy.
    • If the policyholder does not revive their reduced paid-up policy within the revival period, the policy will be continued until the maturity date.
    Surrender Value
    • PPT of 5 years – Surrender value will be acquired after the policyholder makes full premium payments during the first 2 years.
    • PPT of 10 years – Surrender value will be acquired after the policyholder makes full premium payments during the first 3 years.
    Free Look Period
    • After the policyholder has received the policy, they will have 30 days to review the policy’s terms and conditions.
    • The policyholder can return the policy to Kotak Life Insurance if they disagree with the terms and conditions by stating their reason for disagreement.
    • The policyholder will receive a refund after the insurer compensates for expenses incurred on proportionate risk premium, medical examination and stamp duty.
    Reduced Paid-up Policy
    • Under this policy, Guaranteed Yearly Additions and Guaranteed Loyalty Addition will not be paid.
    • Rider benefit under this policy will be applicable according to a reduced paid-up sum assured.
    • The policyholder can revive their policy with all original benefits within 2 years from the first unpaid premium date.
    Policy taken for a minor If the policy has been taken to provide coverage for a minor, the said person will become the policyholder after they turn 18 years old.
    Nomination
    • Nomination can be made for the policy according to Section 39, Insurance Act of 1938.
    • In an event that the policyholder dies during the policy term and there are no nominations made, their legal heirs will receive the payout under the policy.

    Tax Benefits – How you can save with the Kotak e-Assured Savings Plan?

    Policyholders are eligible for tax benefits under Section 10 (10D) and Section 80C of the Income Tax Act of 1961. Tax benefits may change according to tax laws.

    Other Benefits – How you can save with the Kotak e-Assured Savings Plan?

    Kotak Life Insurance offers customer-centric services to both, Indians as well as NRIs. Indians and NRI customers have separate dedicated phone lines that operate between Mondays and Saturdays.

    If potential policyholders are unsure of which plan is best suited for them, they can seek advice from a Life Advisor. Upon submitting details on the insurer’s website, a Life Advisor will contact applicants and help them pick a suitable plan.

    Applicants can also make use of the online calculators available to help compute their premiums for different plans.

    Policyholders can sign-up for SMS Alerts and request for specific information pertaining to their policy at any point in time.

    Why you should buy the Kotak e-Assured Savings Plan from Kotak Life Insurance?

    Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture and boasts a huge customer base of 4 million policyholders in India. The company focuses on customer value and understanding in the delivery of their products and services, which is a combination of Protection as well as Long term Savings. Kotak Life Insurance is also one of the leaders when it comes to claim ratios and offers complete transparency in their services including asset management, fund performance declaration and more. 

    This Insurance Company has not partnered with BankBazaarInsurance.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.