Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and insurance cover against any eventuality.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
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Purchasing life insurance is one of the most effective ways to offer your loved ones’ financial stability even when you are not around anymore. At the same time, it is also essential to regularly save for your retirement so that your second innings is exactly as you’ve always imagined.
A guaranteed savings plan offers the dual benefit of life insurance and guaranteed savings, making it an excellent part of any retirement portfolio. Take a look at what these plans are and how they can help you live the retirement of your dreams-
A guaranteed savings plan is a type of non-linked endowment life insurance policy. Apart from the life cover, the plan also enables policyholders to regularly save over a fixed duration. If the policyholder survives the policy tenure, they receive a lump sum payment from the insurer. In case of their unfortunate demise within the policy tenure, the beneficiary receives the death cover.
The lump-sum payment on maturity could be very helpful in the retirement years for repaying loans, medical expenses, children’s higher education or wedding, or purchasing a home.
The policy tenure in guaranteed savings plans is generally twice the total number of years the policyholder is required to make premium payments. For instance, the policyholder will pay premiums for 10 years for a guaranteed savings plan with a tenure of 20 years.
Once the premium payment term ends, some insurers also offer guaranteed additions on a yearly basis to help the policyholders generate higher returns if they survive the policy term. With some plans, the additions are also applicable to the death cover amount. With this, the additions increase the amount a policy beneficiary receives on the death of the policyholder.
With some plans, there can also be extra bonuses and additions that are added to the lump sum maturity amount.
While this can depend on the insurer one selects, most of the top insurance providers in the country do offer a wide range of optional riders with their guaranteed savings plans. These riders slightly increase the policy premium but significantly extend the scope of the insurance plan.
Some of the most popular riders you can consider with a guaranteed savings plan are term benefit rider, accidental death benefit rider, permanent disability rider, and accidental disability rider. Get in touch with the insurer to know more about these riders and understand how they add more features and benefits to the insurance policy.
There are several reasons that make guaranteed savings plan an excellent addition to any retirement savings portfolio. The combination of life insurance and long-term savings helps you live a stress-free and financially stable life before and after retirement.
Look for a reputed insurer to know more about guaranteed savings plans and understand their features and benefits in detail.
- A Consumer Education Initiative series by Kotak Life