BusinessWhat Is a Kotak Guaranteed Savings Plan, and How Is it Beneficial...

What Is a Kotak Guaranteed Savings Plan, and How Is it Beneficial for You?

You can choose to invest in Kotak Guaranteed Savings Plan but gaining some prior knowledge before investing is a must. Check out this article to learn about some of the benefits.

Sometimes, your life exposes you to certain unforeseen situations; that’s why it is always better to stay prepared in order to ensure financial stability and security. You can now choose to invest in Kotak Guaranteed Savings Plans and take a massive step toward wellness.

For more crucial information, stay tuned to this article from top to bottom. Read it till the very end, and you will be able to uncover its meaning and benefits.

Kotak Guaranteed Savings Plans: What Do You Mean by It?

The Kotak Guaranteed Savings Plan is a non-participating and non-linked life insurance plan. Individuals belonging from 3 years to 60 years of age can apply for this particular single-life policy. Also, you can choose to boost your protection level by incorporating the following riders into the plan:

  • Kotak Term Benefit: It comes with an additional death cover apart from the death benefit.
  • Kotak Accidental Disability Guardian Benefit: Here, the future premiums shall be waived off while the base plan will continue to remain the same without changing.
  • Kotak Permanent Disability Benefit: If you get exposed to permanent disability due to an accident, then 120% of the guaranteed Rider Sum will be paid over 5 years.
  • Kotak Life Guardian Benefit: If the policyholder passes away during the given policy term, then the future premiums shall be waived, and there will be no changes in the base policy.
  • Kotak Accidental Death Benefit: Your nominee will receive a massive amount if you die due to an accident.

Now, let’s check out the amazing benefits of the plan at a glance.

Kotak Guaranteed Savings Plan- What Are the Benefits?

Take a look at some of the points mentioned below in this article:

Guaranteed Additions

The Guaranteed Additions are nothing but a percentage of the annualized premium. The Guaranteed Addition rates will vary according to your Policy Term or Premium Payment Term. For Example:

  • If the PPT is 7 and Policy Term is 14, then the Guaranteed Addition Rate will be 25%.
  • If the PPT is 10 and Policy Term is 15, then the Guaranteed Addition will be 32%.
  • If the PPT is 10 and Policy Term is 20, then the Guaranteed Addition will be 35%.

Maturity Benefit

Maturity Benefits can be calculated like this:

  • Sum Assured+Accrued Guaranteed Additions+Guaranteed Loyalty Addition.

But you must pay all your premiums on time, or else you might lose the scope to enjoy the given benefits.

Death Benefit 

If you die during the ongoing policy term, then your nominee will receive:

  • Accrued Guaranteed Addition+Sum Assured on Death

The Sum Assured on Death is indeed the highest of the following:

  • 11X Annualized Premium+Extra Premium
  • Sum Assured+Extra Premium+Guaranteed Loyalty Addition

Ending Note

Hopefully, now you are quite aware of the benefits of these specific savings plans. What are you waiting for? Invest in Kotak Guaranteed Savings Plan now!

Click here to know more about Kotak Guaranteed Savings Plan:

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