Beginner’s Guide to Kotak Guaranteed Savings Plan

The guaranteed savings plan offered by Kotak Life Insurance is nothing but a non-participating, non-linked life insurance plan. So, all people between the age of 3 to 60 years are allowed to invest in Kotak Guaranteed Savings Plan. This single life savings policy grants significant life protection with endless guaranteed benefits.

Today, this quick guide will provide you with informative insights regarding the guaranteed savings plan Kotak Life Insurance offers. Keep reading to know more about the eligibility, plan coverage, add-on plans, and more. Let’s begin.

Guaranteed Savings Plan By Kotak Life Insurance

Policyholders can add certain riders to their guaranteed savings plan to enhance their protection. Some of the applicable riders include:

  • Kotak Accidental Disability Guardian Benefit
  • Kotak Permanent Disability Benefit
  • Kotak Accidental Death Benefit
  • Kotak Term Benefit

You must remember that the premium amount for this policy begins from ₹20,000 per annum. However, it is likely for the premium amount to vary according to the location, age, plan term, and various other factors.

Who is Eligible for Kotak Guaranteed Savings Plan?

It is a non-participating, non-linked life insurance plan which comes with guaranteed benefits. If you ever choose to invest in Kotak Guaranteed Savings Plan, then you must meet the following eligibility requirements:

  • Investors must be three years and above to invest in the guaranteed savings plan.
  • Nevertheless, people more than 60 years of age cannot choose to invest in the guaranteed savings plan.
  • For the savings plan to mature, policyholders must have a minimum age of 18 years and a maximum of 75 years.

Learn About the Premium Range and Sum Assured

Premium is the amount of money that investors need to pay for availing of and commencing the guaranteed savings plan. The premium range is:

  • Minimum Premium Amount: ₹20,000 per annum.
  • Maximum Premium Amount: Limit not applicable.

The guaranteed savings plan comes with fixed policy terms. Also, it provides limited premium payment options. Some of them are:

Premium Payment Term Policy Term
7 years 14 years
8 years 16 years
10 years 15 years
10 years 20 years

Remember that you can pay the premium amounts yearly, monthly, half-yearly, or quarterly. Listed here are the premium modal factors used for deriving instalment premiums for various payment modes:

  • Yearly: 100%
  • Monthly: 8.8%
  • Half-yearly: 51%
  • Quarterly: 26%

Also, remember that the premium amounts differ according to age, location, plan term, and other factors.

Kotak Guaranteed Savings Plan Coverage

The guaranteed savings plan offered by Kotak Life Insurance provides maturity and death benefits to the policyholders. Remember that you have the opportunity to avail higher guaranteed loyalty additions. However, this is applicable only if you opt for a higher amount and longer tenure.

To Conclude

Purchasing the guaranteed savings plan from Kotak Life Insurance is highly beneficial because of its prevalence for quite a long time. Kotak Life Insurance makes the best use of the latest technologies to ensure complete transparency and fasten the claim procedure. So, what are you waiting for? Go through the rules and regulations and start investing today itself.

Visit here to know more about Kotak Guaranteed Savings Plan:

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