The new Kotak Endowment Plan of Kotak Life Insurance provides a financial security to the family of the insurance holder in case of unfortunate death of the person. This plan gives life cover with the facility to grow and enhance the savings. It is an endowment plan and thus provides a long term regular investment which will enable accumulating a lump sum at the time of maturity of the policy.
Those who are looking for a long term regular investment with a lump sum amount at the time of maturity the Kotak Endowment Plan of Kotak Life Insurance is ideal plan for them.
The key advantages and benefits of Kotak Endowment Plan of Kotak Life Insurance are as follows:
As death benefit
If there is any case of unfortunate death of the policy holder the beneficiary will get the sum assured less all the premiums un paid or the accumulation amount, whichever is higher.
As maturity benefit
The basic sum assured or the accumulation amount whichever is higher will be paid to the insured at the time of the maturity of the policy.
Limited Premium Payment Option
The policy term available under this policy is 10 to 30 years but the premiums are to be paid within 3, 5, 7, 10 or 15 years. The accumulation amount will benefit from the bonus declared every year for the entire policy term.
- Accidental Disability Guardian Benefit (ADGB – UIN No: 107C011V01)
- Accidental Death Benefit (ADB – UIN No: 107C001V01)
- Critical Illness Benefit (CIB – UIN No: 107C004V02)
- Life Guardian Benefit (LGB – UIN No: 107C012V01)
- Permanent Disability Benefit (PDB – UIN No: 107C002V01)
- Term / Preferred Term Benefit (KTB – UIN No: 107C003V02, KPTB – UIN No: 107C013V01)
Section 80C, 10(10D) of Income Tax Act, 1961 is applicable. Premiums paid for Critical Illness Benefit qualify for a deduction under Section 80D. Tax benefits are subject to change in tax laws.
The advantages of Kotak Endowment Plan of Kotak Life Insurance are as follows:
- Facility to earn bonus on the plan.
- Dual benefit of accumulating investment and insurance.
- Limited premium payment.