Kotak Guaranteed Savings Plan by Kotak Life Insurance is a unique investment plan that offers you the dual benefits of growing your wealth and protecting your money. This plan comes with a risk factor, which means that your invested money is safe even in case of market fluctuations. Let’s take a closer look at how you can grow your wealth and protect your money if you Invest in Kotak Guaranteed Savings Plan.
What is Kotak Guaranteed Savings Plan?
Kotak Guaranteed Savings Plan is an endowment life insurance savings plan. This is a savings and protection plan offering Guaranteed Benefits. The plan can be purchased by anyone between 3 years and 60 years. The policy term can range from 10 years to 20 years. The Sum assured will depend on an individual’s age, premium, premium payment term & policy term.
How does the plan work?
Under this plan, you are required to pay a premium for a specific term. Once the premium payment term gets over, the Guaranteed Additions will accrue for the rest of the policy term.
When the policy matures, the policyholder receives Guaranteed Maturity Benefit, which comprises of Basic Sum Assured, Lumpsum Guaranteed Loyalty Addition, and accrued Guaranteed Addition.
Get added protection through the following add-ons/riders:
The plan provides protection throughout the policy term, with an option to add riders to enhance your protection cover. However, this requires you to pay additional premiums:
- Kotak Term Benefit Rider: Provides death benefit that is over and above the death benefit offered in the existing plan
- Kotak Accidental Death Benefit Rider: In addition to the death benefit covered under the base plan, you can buy this rider to get a lump sum benefit in case of accidental death.
- Kotak Accidental Disability Guardian Benefit Rider: In case of accidental death of the policyholder, all the future premiums will be waived off, and the base plan will continue to be in force since the premiums will be paid by the insurer.
- Kotak Permanent Disability Benefit Rider: In case of permanent disability of the policyholder due to an accident, the life insured person gets 120% of the rider sum assured for a term of 5 years.
- Kotak Life Guardian Benefit Rider: In case of the death of the policyholder, future premiums will be eliminated, and the base policy will continue without any change in benefits.
Benefits of Kotak Guaranteed Savings
- As part of the Guaranteed Maturity Benefit, the insurance company will pay Basic Sum Assured along with Accrued Guaranteed Additions and Guaranteed Loyalty Addition when the policy matures.
- In case of death of the policyholder during the policy term, the beneficiary is liable to get Sum Assured on Death along with Accrued Guaranteed Additions.
- The policy issued through a POS channel has a waiting period of 90 days. In case of death (other than accidents of the policyholder), only 100% of the premiums will be payable.
- Avail tax benefits of up to Rs.1,50,000 lakhs towards the premiums paid for the insurance policy.
The Bottom Line
The Kotak Guaranteed Savings Plan is a great way to grow wealth and protect money with a risk factor. Investing in this plan ensures that your money will grow at a fixed rate, and you will not have to worry about losing any of your investments. This plan is perfect for those looking for a safe and secure way to invest their money.
