Kotak Assured Income Plan Key Features

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Kotak life insurance brings the Kotak Assured Income Plan. This plan guarantees an additional income every year for 20 years. It is a comprehensive savings cum protection plan. A smart investment decision today ensures a better life in future.

Key features of Kotak Assured Income Plan:

The policy continues for 30 years. In this plan a premium for a fixed tenure of 15 years is need to be paid. From the 10th year it guarantees payment of an annual income to the policy holders for a period of 20 years. The survival benefit is calculated according to the annual premium. On maturity the plan pays 104-110 percent of the basic sum assured at the end of the policy term.

  • It is a traditional non-participating money back plan without bonus facility.
  • If the policy holder expires, the sum assured is immediately paid as death benefit.

There are optional rider benefits. They are as follows:

  • Kotak Accidental Death Benefit- lump sum benefits payable in case of accidental death.
  • Kotak Life Guardian Benefit- waiver of premiums on death and the future premiums to be paid by Kotak Life Insurance  
  • Kotak Permanent Disability Benefit- payout in instalments
  • Kotak Accidental Disability Guardian Benefit-waiver of premiums on disability and the future premiums to be paid by Kotak Life Insurance  

Benefits from Kotak Assured Income Plan

Kotak Assured Income Plan gives the policy holders dual benefits. An individual paying an annual premium of Rs. 10,000 will accrue an amount of Rs. 2,89,000 after 30 years from Kotak Assured Income Plan. The maturity benefit is calculated as (110% - 0.1% * Age at entry)* sum assured.

  • Maturity benefits depend on the age at entry.

The payouts every year after the 10th year of the policy depend on the annual premium. Annual premium ranging between Rs. 25,000 – Rs. 75,000 the policyholder receives a survival benefit of 9.70%.

  • Life Insurance premiums paid upto a lakh are allowed as a deduction from the taxable income.

The maximum age limit for this plan is 60 years. The premium payment can be done annually, half yearly, quarterly or even monthly. The minimum premium to be paid is Rs. 10,000 per annum. The tax benefits are subjected to change according to the tax laws. 

Kotak Assured Income Plan helps one enjoy every moment in life without worrying about the associated costs. An additional stream of income could make differences in an individual’s life. All one needs to do is to decide the investment amount, select the rider to boost the income, pay premiums online and enjoy the benefits.

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