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.
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:
|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||
|Premium Payment||Only limited|
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 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.
Policyholders can make payments on their premiums in the following way:
According to the payment frequency, policyholders will make a percentage of payment on their premiums in the following manner:
Disclaimer: Premiums vary based on age, location, plan term and other factors.
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.
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:
||Basic Death Benefit will include:
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|
Guaranteed Maturity Benefit will be paid to the policyholder upon surviving until the end of their policy term. This benefit includes the following:
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|
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|
|Loan Facility under this policy||
|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:
|Reduced Paid-up Benefit||
Policyholders must bear in mind the following key features applicable on all policies under the Kotak e-Assured Savings Plan:
|Other key features||Details|
|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.|
|Free Look Period||
|Reduced Paid-up Policy||
|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.|
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.
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.
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.
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