Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Savings Plan
A plan that offers long term savings and insurance in one premium.
Our representative will get in touch with you at the earliest.
In this policy, the investment risk in the investment portfolio is borne by the policyholder.
Ref. No. KLI/22-23/E-BB/492
When you are finally free from the demands of your job, your obligations to settle down and raise your family might start to worry you. This is why it is essential to construct a retirement corpus.
A guaranteed savings investment 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.
Benefits of the guaranteed savings plan.
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 is a type of non-linked endowment life insurance policy. Apart from the life cover, the plan also enables policyholders to save regularly 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 beneficial 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 insurance 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 also apply 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 the best guaranteed savings insurance plan are a term benefit rider, an accidental death benefit rider, a permanent disability rider, and an 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.
The golden years are like a new lease on life. It not only offers you the time to settle down and spend time with loved ones, but it also allows you to fulfil lifelong aspirations like travelling to new locations, learning new skills, or pursuing a passion that has been long suppressed due to prior responsibilities. Depending on how well you were prepared for retirement will determine whether you stay in the workforce after retiring.
1. Beating Inflation
The price of products and services has been rising in India. This impacts the standard of living. Without a retirement plan, there is a possibility that your savings will lose value as inflation takes its toll. By making an investment in the finest pension plan today, you are planning forward and increasing your assets to keep up with inflation. Contributions and tax advantages may also assist secure your resources.
2. Arrangement for Emergency
Financial ruin might result from poor health. You should therefore be sure to preserve money throughout your life in case of a sudden medical emergency. Additionally, having the greatest pension plan in place can provide you with an emergency fund that will aid in managing your finances and ensuring you receive the best medical care available in the event of an illness.
3. Enhancing Living Standards
It’s possible that you’ll need to save more money over time than you anticipated. The average life expectancy today is significantly higher than it was 60 years ago, according to national statistics, but this also means that you’ll need to make all of your preparations for a retirement income that will last significantly longer in comparison.
4. Creating a Legacy
You want to make sure that your family will be taken care of even when you are gone. Planning enables you to ensure that, even after your passing, your children’s and grandchildren’s needs will be satisfied. This can be accomplished by ensuring that any financial difficulty brought on by the loss of a primary source of income is as little as possible because, let’s face it, living without one’s parents, spouse, or other close relatives can be emotionally and financially taxing.
5. Preparing for Future
Over time, you might need to save more money than you anticipated. Today, average life expectancy is substantially higher than it was 60 years ago, but this also implies that you’ll need to make all of the necessary preparations for a retirement income that will last significantly longer than it did in the past.
The importance of a pension plan as one of the most significant financial investments you may make over the course of your life cannot be emphasized enough. You can think about utilizing a pension plan calculator to calculate exactly how much you need for a comfortable retirement to simplify the process of selecting the finest pension plan. To learn more about guaranteed savings plans and have a thorough understanding of their features and advantages, look for a reputable insurer.
In this policy, the investment risk in the investment portfolio is borne by the policyholder.
Ref. No. KLI/22-23/E-BB/521
