Kotak Classic Endowment Plan

What is the Plan all About?

The Kotak classic endowment plan is a traditional participating plan which offers guaranteed maturity benefits and offers life protection to the policyholder along with the life cover throughout the policy term. The plan offers bonus benefits which starts from the first policy year.

What are the Key Features?

Endowment Plan offering protection up to age 75
Offers Bonus proceeds from 1^st policy year
Flexibility to pay premiums as per budget
Offers Guaranteed maturity benefits
Customize enhanced protection via riders
Discount for opting high sum assured
Avail tax benefits as per existing tax laws

What are the Plan Benefits?

Death Benefit

In the event of death of the life insured,the benefits payable to the nominee will be sum assured on death (which is higher of 11 times annual premiums or sum assured on maturity) plus accrued bonus as on date of death.The death benefit is subject to a minimum of 105% of total premiums paid till date of death (excluding any extra premiums).

Maturity Benefit

Maturity benefit is payable on the survival of the Life Assured till the completion of the policy term. Maturity benefit is payable as sum assured on maturity plus accrued reversionary bonus and terminal bonus (if any).

Bonus

The plan is eligible for the simple Reversionary Bonus and Terminal Bonus.

Loan Benefit

Loan facility is available under this plan. The policyholder can avail loan up to 80% of the Surrender Value subject to the minimum loan amount of Rs 10,000 and as per applicable terms and conditions.

Surrender Value

Guaranteed surrender value (GSV) plus the surrender value of the bonuses, which is a percentage of accrued bonuses is payable if at least three full years premiums have been paid. The GSV shall be a percentage of total premiums paid.

Tax Benefit

The plan offers tax benefits under section 80C and section 10 (10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	0 Years	55 Years (for Regular Pay) 60 Years (for Limited Pay)
Age at Maturity	18 Years	75 Years
Policy Tenure	15 Years	30 Years
Premium Paying Term	Limited Pay- 7 Years For 15 Year Policy Term Limited Pay (Policy Term Less 5 Years) Same As Policy Term	-
Premium Paying Mode	Annually, Semi Annually, Quarterly And Monthly	-
Premium Amount	Regular Pay : Rs 7,000 Limited- 7 Pay For 15 Years( Rs 12,000)	No Limit
Sum Assured	-	-
Freelook Period	15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy	-
Grace Period	30 Days & 15 Days (for Monthly Mode)	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

Following riders can be taken to enhance the policy coverage:

Kotak Term Benefit Rider
Kotak Accidental Death Benefit Rider
Kotak Permanent Disability Benefit Rider
Kotak Critical Illness Benefit Rider
Kotak Life Guardian Benefit Rider
Kotak Accidental Disability Guardian Benefit Rider

How the Plan Works?

Let us understand the plan with an illustration

Given below is an illustration of the benefits payable, for a healthy male aged 35 years for a Sum Assured on maturity of 5 Lakhs and with a policy term 15 years & premium payment term of 10 years: