If you want to save money and protect your life through the insurance plan, then it’s better to take any of the Kotak Savings Plans. Kotak Life Insurance company is offering many Savings and Investment Plans. There are upto 16 Kotak Life Savings Plans. In this article, you can get the brief details like benefits, features, etc. of all these plans.
Kotak Savings Plans
Here you can find a wide range of Kotak Life Insurance Savings Plans which offers both protection and a disciplined way to save money regularly. If you want to secure life or secure retirement fund for your future years or give a better education or overseas education to your children, a Kotak Savings Plan helps you to achieve all these. Through Kotak Life Insurance Savings Plan, an Individual can Invest money on a regular basis to reach a financial goal on a short term basis or long term basis.
Kotak Savings Plans, Endowment Plans, and Investment Plans offers many features and benefits to its customer. So, taking Kotak Saving Plan helps you to avail more benefits. The Kotak Savings and Investment Plans offer you various avenues to save and earn. These plans help you to invest in a disciplined manner and systematically. So, with the advantage of this, you and your family can achieve your financial goals.
Kotak Savings Plan Features
The main features of Kotak Savings Plan that covered in almost all plans are as follows.
- Additional Protection through optional riders.
- Guaranteed payout during Payout Period.
- For a high annual premium, there will be high Guaranteed Income.
- No medical tests required.
Kotak Saving Plan Benefits
The benefits that are provided by Kotak Saving Plan are,
Death Benefit:
On the death of the life assured during the policy term, the Death Benefit will be payable to the beneficiary.
Maturity Benefit:
On survival of the life assured till the end of the policy term, the Maturity Benefit will be payable.
Tax Benefit:
You can avail Tax benefit on premiums paid under section 80(C) and benefit received under section 10(10D) of IT Act, 1961.
Some Kotak Saving Plans and Investment Plans offer other benefits like Survival Benefit, Surrender Benefit, etc. along with Death Benefit, Maturity Benefit and Tax benefit.
Kotak Saving Plans and Investment Plans – Review
There is a wide range of Kotak Savings and Investment Plans. Among all the Kotak Life Insurance plans, savings plans are more in number. There are 16 types of Kotak Investment Plans and Savings Plans. It’s hard for an individual to choose a plan from all those Kotak Saving Plans. So, below we have provided the brief details like the review, features, benefits, etc. of all these plans. Check the details and take a Kotak Saving Plan / Kotak Investment Plan that satisfies your requirement.
- Kotak Premier Life Plan.
- Single Invest Plus.
- Sampoorn Bima Micro-Insurance Plan.
- Kotak Assured Income Accelerator.
- Kotak Premier Moneyback Plan.
- Classic Endowment Plan.
- Kotak Assured Savings Plan.
- Premier Endowment Plan.
- Assured Income Plan.
- Kotak Platinum.
- Single Invest Advantage.
- Ace Investment.
- Kotak Wealth Insurance.
- Invest Maxima.
- e-Assured Savings Plan.
- Gramin Bima Yojana.
Kotak Premier Life Plan
Kotak Premier Life Plan is a Participating whole life plan which offers protection up to the age of 99 years. It offers Simple Reversionary bonus declared from 1st policy year till the end of PPT (Premium payment term). Also, it offers Cash Bonus after the expiry of PPT. This Kotak Premier Life Insurance Plan gives the option either to receive bonus payouts or to accumulate bonus payouts under the policy. In this plan, you can enhance protection through a wide range of Riders. For high Sum Assured on Maturity and female lives, there will be more value for money through a discount in premium. You can avail Tax benefits under Section 80(C) and 10(10D) of the Income Tax Act, 1961.
For more information regarding Kotak Premier Plan, refer Kotak Premier Life Plan Broucher.
Kotak Single Invest Plus
Kotak Single Invest Plus plan is a hassle-free Single pay unit linked plan. Through this policy, you can invest once and receive the benefits throughout the policy term. Also, at the same time stay protected with this Kotak Single Invest Plus Plan. The features that make you invest in this Kotak Single Invest Plus plan are,
- The convenience of one-time payment – Single Premium.
- The advantage of Loyalty Additions.
- Joint Life cover- Provides cover on both the lives.
- Furthermore, it provides the option to invest in a wide array of funds.
For more information regarding Kotak Single Invest Plus Policy, refer Kotak Single Invest Plus Broucher.
Kotak Sampoorn Bima Micro-Insurance Plan
Kotak Sampoorn Bima Micro-Insurance Plan is a single premium plan. This plan is provided with a fixed term of 5 years to cater the needs of low-income customers. Also, you need to pay the small amount of premium, i.e., Rs. 200/- at once. Depending on the Life Insured’s entry age a fixed maturity benefit will be provided. On the death of Life Insured during the policy term, Rs. 5,000 will be paid to the nominee to meet the immediate requirements. The features that make you buy this Kotak Sampoorn Bima Micro Insurance Plan are,
- No Medicals Tests Required.
- Single Premium of Rs. 200.
- Furthermore, Guaranteed payout on Maturity and Death.
For more information regarding this Policy, refer Kotak Sampoorn Bima Micro Insurance Plan Broucher.
Kotak Assured Income Accelerator
Kotak Assured Income Accelerator Plan is a guaranteed income anticipated endowment insurance plan. It provides Guaranteed income during the payout period. Along with this, it also ensures that the Guaranteed Income increases year on year. It will be increased between 5% to 7% every year. For the higher annual premium, you will get higher guaranteed income. Also, you will get the Guaranteed Maturity Benefit along with the last payout. Along with this, the Death benefit is payable regardless of the Guaranteed Income already paid. You can customise your protection with the help of wide range of Riders. You can avail Tax benefits under Section 80(C) on premiums paid, and 10(10D) on the benefit received.
For more information regarding Kotak Savings Plans, refer Kotak Assured Income Accelerator Plan Broucher.
Kotak Premier Moneyback Plan
Kotak Premier Moneyback Plan is one of the Kotak Savings Plans which is a combination of savings and protection plan. It provides regular lump sum payouts at specific intervals throughout the term to meet your financial requirements. Also, in this Kotak Premier Money Back Plan, there is a feature of Lump sum Maturity Addition. The policyholder can earn bonuses from 1st year onwards. There is also a benefit of enhanced death cover with the additional payout on accidental death. You can get the Additional Protection through optional riders with this Kotak Saving Plan.
Furthermore, information regarding this plan, refer Kotak Premier Moneyback Plan Broucher.
Kotak Classic Endowment Plan
Kotak Classic Endowment Plan is a Participating endowment plan. It offers protection up to the age of 75 years. In this Kotak Endowment policy, there is a convenience for the policyholder to pay premiums as per affordability. Also, you can also earn a yearly bonus from the first policy year.
For more details regarding this plan, refer Kotak Classic Endowment Plan Broucher.
Kotak Assured Savings Plan
Kotak Assured Savings Plan is one of the Kotak Savings Plans that offers Guaranteed Maturity Benefit at the time maturity. There will be more benefits with the Longer premium commitment. Also, it provides an option to enhance your protection through Riders.
For more details regarding this Kotak Savings Plan, refer Kotak Assured Savings Plan Broucher.
Kotak Premier Endowment Plan
Kotak Premier Endowment Plan is a regular and long term savings plan. In the first 5 policy years, it has Guaranteed Additions. From 6th policy year onwards you can earn a bonus. Also, it gives the option to select the premium paying term from the multiple options.
For more info regarding this plan, refer Kotak Premier Endowment Plan Broucher.
Kotak Assured Income Plan
Kotak Assured Income Plan guarantees you an additional annual income every year for fixed 15 years. On maturity, you can receive additional lump sum amount. This plan provides protection for a fixed term of 30 years. Also, it provides an option to enhance your protection through Riders.
For more information regarding this plan, refer Kotak Assured Income Plan Broucher.
Kotak Platinum Plan
Kotak Platinum Plan is an investment plan which can be customised as per your requirements and goals with normal charges. It has features of ‘Minimum charges, maximum earnings’, ‘Flexible payment period’, ‘Earn additional Survival units’, etc.
For more details regarding this policy, refer Kotak Life Insurance Platinum Plan Broucher.
Kotak Single Invest Advantage
Kotak Single Invest Advantage Plan is a hassle-free unit linked plan which provides a Convenience of One Time Investment. With this plan, you can invest once and receive the benefits throughout the policy term.
For more info regarding this policy, refer Kotak Single Invest Advantage Plan Broucher.
Kotak Ace Investment Plan
Kotak Ace Investment Plan is an investment oriented ULIP (unit-linked life insurance plan). This is one of the best Kotak Investment Plans which offers Investment Strategies along with convenient payment options.
For more details regarding this policy, refer Kotak Ace Investment Plan Broucher.
Kotak Wealth Insurance Plan
Kotak Wealth Insurance Plan is one of the Kotak Savings Plans which offers triple protection to secure the well-being of your family. Also in this plan, through a disciplined investment approach, you can accumulate wealth.
For more information regarding Kotak Wealth Plan, refer Kotak Wealth Insurance Plan Broucher.
Kotak Invest Maxima Plan
Kotak Invest Maxima Plan is an investment oriented ULIP (unit-linked life insurance plan). It offers zero premium allocation charge. Also, it has the flexibility to choose the policy term and PPT (Premium Paying Term).
For more details regarding this Kotak Insurance Plan, refer Kotak Invest Maxima Plan Broucher.
Kotak e-Assured Savings Plan
Kotak e-Assured Savings Plan provides affordable protection by giving guaranteed benefits. On maturity, the policyholder will be payable with the Guaranteed Maturity Benefit. There will be more benefits with the Longer premium commitment.
For more info regarding Kotak Savings Plans, refer Kotak e-Assured Savings Plan Broucher.
Kotak Gramin Bima Yojana
Kotak Gramin Bima Yojana Plan provides protection against uncertainties along with benefits on the maturity. This plan will be more convenient for the policyholder because it has the option of single premium (one-time payment). The other advantage of this plan is there is no need for medical tests.
For more details regarding Kotak Savings Plans, refer Kotak Gramin Bima Yojana Plan Broucher.
Kotak Savings Plan Buying Procedure
From all the above mentioned Kotak Savings plans, you can buy the required policy at the Kotak Life Insurance Branch Office or contact the agent of Kotak Insurance company. To buy a Kotak Saving Plan, a proposal form/application form is required. Some policies have the facility to buy through online. The documents that may be required to buy Kotak Savings and Investment plans are,
- Application form/ Proposal form along with a photo.
- Address Proof.
- Age Proof.
- Medical reports (If required).
How to claim a Kotak Saving Plan?
On the death of the policyholder during the policy term or on maturity, the nominee/policyholder can claim for the benefit. To claim any of the Kotak Savings and Investment plans, you need to visit the branch office if there is no online facility. Documents that may be required for claiming a Kotak Saving Plan or Investment plan are,
- Original Policy Document.
- Proof of title.
- Death Proof.
- Medical treatment documents before death.
- Age proof.
- Additional documents in case of death occurred due to unnatural or accidental death.
Kotak Savings and Investment Plan Premium Calculator
If you want to calculate the premium or maturity amount or any other, you can make use of the Kotak Savings Plan Premium Calculator. For calculation, the details that you may need to enter are,
- Name of the Policyholder.
- Email Id.
- Mobile Number.
- Age Proof.
- Policy Term.
- Sum Assured.
Kotak Investment and Savings Plan – Additional Information
Free Look Period:
If you are not satisfied with the policy terms and conditions, you may return the policy within the Free Look Period mentioned by the company. For most of the policies, it will be 15 days.
Grace Period:
If you have not paid the premium within time, the company will provide a grace period to make the policyholder pay the premium within that time. For most of the policies, it will be 30 days.
Revival Period:
If you have not paid the due premiums within the grace period, the policy lapses. Then you can revive your policy within the duration mentioned by the company from the date of first unpaid premium. For most of the policies, it will be 2 consecutive years.
Surrender Value:
You can surrender the policy at any time during the policy term if you have paid the premiums for the period mentioned by the company.