In India, there are many savings plans that allow you to grow your money and provide valuable returns. While you focus on building a corpus for the future, you must also think of securing your family and purchasing a life insurance policy.
Life insurance forms the foundation of a strong financial plan. Generally, you may compare the different life insurance policies in the market and choose the one that has an affordable premium and offers wide coverage, right? Once you have the insurance cover, you may then invest the balance amount in different savings schemes.
But what if you can get life insurance protection and savings with a single investment? Wouldn’t that be great? Well, this is exactly what Kotak Assured Savings Plan and Kotak Guaranteed Savings Plan offer.
Both Kotak Guaranteed Savings Plan and Kotak Assured Savings Plan are non-participating endowment plans that offer more than just protection against the uncertainties of life. These plans help you accumulate wealth and save for future goals by offering guaranteed maturity benefits and loyalty additions.
Let’s look at some features-
- Limited premium payment
Both Kotak Guaranteed Savings Plan and Kotak Assured Savings Plan are limited premium payment life insurance policies. This means the premium payment period is shorter than the actual policy term. However, you get to enjoy the coverage and other policy benefits until the end of the actual term.
For example, let’s assume you purchased Kotak Assured Savings Plan and chose the policy premium term of 5 years, and the actual policy tenure is 10 years. In this case, you have to pay the premium only for the first five years, and the policy will stay active for the entire 10 years.
- Guaranteed annual additions
One of the significant features of these plans is that they both offer guaranteed annual additions, which are added to the maturity benefit. The amount is payable at maturity or demise, whichever occurs first.
- Enhanced protection with riders
Like any life insurance policy, you can enhance the coverage scope by purchasing riders or add-ons. Kotak Assured Savings Plan and Kotak Guaranteed Savings Plan allow you to purchase a range of riders as per your needs. Some of the riders you can buy with these plans, include Kotak Life Guardian Benefit Rider, Kotak Permanent Disability Benefit Rider, Kotak Term Benefit Rider, Kotak Accidental Disability Guardian Benefit Rider, and Kotak Accidental Death Benefit Rider.
- Guaranteed loyalty additions
The longer the premium payment term you choose, the higher the percentage of loyalty addition you get. The insurance company decides the rate of loyalty addition based on the specific percentage of the basic sum assured.
If you choose a premium payment period of five years, you are entitled to get a guaranteed loyalty addition of 10%. The amount keeps increasing as you choose a higher premium payment term. The accrued loyalty additions are paid at maturity.
Final Word
Thus, with such amazing benefits, you need not feel confused anymore about where to invest your savings. Purchase one of these plans and take confident steps towards accomplishing your financial goals while having the peace of mind that your family’s future is secured.
