Today, having life insurance cover is no longer a luxury. It is necessary for all to get financial protection against the uncertainties of life. Life insurance helps you safeguard your family’s financial future even in your absence. Just as it is vital to purchase life insurance for your family, it is critical to save for your future. You may like to build a decent corpus for your future expenses and accomplish long-term goals.
Typically, you may purchase a term plan to protect your family and park your savings in different financial instruments that provide valuable returns. However, with the evolving insurance needs of the people, the insurance industry in India has also evolved. Today, many insurance companies offer innovative insurance policies that allow you to save money and grow your wealth with a single investment. One such policy is Kotak Assured Savings Plan.
What is a Kotak Assured Savings Plan?
It is a non-participating endowment assurance plan that provides more than just protection. It helps you save and accumulate wealth so that you can easily accomplish your long-term financial goals.
Let’s understand the working of Kotak Assured Savings Plan with an example.
Let’s assume Mr. Parag Sharma, a 35-year-old family man, buys Kotak Assured Savings Plan for 15 years. He chooses the premium payment term of 10 years and pays an annual premium of ₹1 lakh.
Since it is a limited premium payment plan, Mr. Sharma must pay the premium only for a limited period, i.e., 10 years, yet he can continue to enjoy the policy coverage and its benefits for the full term, i.e., 15 years.
When the policy matures, Mr. Sharma is obliged to get the guaranteed maturity benefit, which includes the base sum assured, accrued guaranteed annual additions, and guaranteed loyalty additions.
Mr. Sharma has appointed his wife as the nominee or beneficiary. In the event of his unfortunate demise during the policy period, she would be entitled to receive the death benefit and the guaranteed annual additions as on the date of his demise.
Now that you know the working of Kotak Assured Savings Plan, it would help to know its key features
One of the major highlights of this insurance-cum-assured savings plan is that it provides guaranteed maturity benefits to you or your family (nominee). If you outlive the policy term, then you are entitled to get the basic sum assured, accrued guaranteed annual additional, and loyalty additions.
Another significant feature of this assured savings plan is that you get a guaranteed addition to the sum life cover every year when you pay the premium. This means until the end of the premium payment period, your life cover, i.e., the sum assured, increases. The amount is payable upon maturity or death, whichever occurs earlier.
With Kotak Assured Savings Plan, you can purchase different riders or add-ons and get enhanced protection against various risks. Some of the riders that you can buy with this plan include Kotak Permanent Disability Benefit Rider, Kotak Term Benefit, Kotak Accidental Death Benefit Rider, etc.
Final Word
Thus, with guaranteed annual additions, loyalty additions, and enhanced protection, Kotak Assured Savings Plan is the perfect investment you must have in your portfolio. It allows you to protect your family against uncertainties while letting you take confident strides toward your goals.
