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How Do Assured Savings Plans Work and Why You Should Consider One?

Life insurance combined with a savings plan called the "Assured Savings Plan" enables you to achieve your goals in life while enjoying the security of a life insurance policy and guaranteed returns. For more information, keep reading.

  • 4,518 Views | Updated on: May 24, 2024

One can never adequately prepare for all of life’s ups and downs. We frequently strive to reach different life milestones. However, achieving such goals could cost a lot of money. Everything from a child’s schooling to marriage could fall under this category.

Planning ahead for potential financial needs makes you more robust. We all hope that we never leave our family in a difficult financial situation while we are away. You may make sure you have a safety net by saving money regularly, even if you cannot get the money you need.

What are Guaranteed Savings Plans?

With the security of a life insurance policy and guaranteed returns, the Assured Savings Insurance Plan, a life insurance combined savings plan, enables you to secure your life goals. Investing in the greatest savings plan gives your family the comfort that they can maintain their current standard of living, even in the event of a disaster.

Additionally, savings plans assist you in making plans for other life objectives like your child’s higher education, retirement, or purchasing your dream home after retirement. Your post-retirement needs might be covered by the lump sum benefit offered at maturity.

Let’s explore the Guaranteed Savings Plans in detail here.

How do Guaranteed Savings Plans Work?

The savings plan provides the policyholder with a lump sum payment upon maturity. You have the option of paying the premium for a specific number of years or selecting the frequency of payments based on your financial situation.

When the policy matures, you will benefit

  • Guaranteed Sum Assured
  • Guaranteed Yearly Additions
  • Guaranteed Loyalty Additions

This is how you can calculate Guaranteed Assured Savings
Loans/Liabilities plus Annual Income multiplied by 10 plus Minimum Sum Assured. If you can afford the premiums, which are reasonably priced for the kind of coverage you receive, it is advised to choose 15 to 20 times your annual salary.

Benefits of Guaranteed Savings Plans

Provides Flexibility

Priorities and life objectives can be customised to match individual needs, just as everyone has different priorities and aspirations. Savings plans consider these differences in saving objectives and offer a wide range of features that may be adjusted to match the needs. In addition to opportunities for funds and other investment criteria, they offer options for terms and rewards.

Promotes Financial Discipline

Knowing how important it is to save money is one thing, but actually developing the habit is another. In this case, saving techniques are useful. Developing a strong sense of financial discipline is one of the most important advantages of investing in a savings plan.

Payouts and Coverage

Plans for assured savings can give your loved ones the financial security they need in the event of your untimely demise. In addition to the benefits you receive from the savings plan, this additional benefit of the coverage contributes to complete financial security for your family.

Why you should invest in Guaranteed Savings Plan?

Everyone has a unique financial objective, a diverse range of life experiences, and a unique viewpoint on risk and investments. If you want a steady, predictable, and long-term income from your assets and are risk averse, guaranteed saving plans might be the ideal savings strategy for you.
Here are two major reasons to purchase a Guaranteed Savings Plan

Builds a safety net

The death benefit will be paid to the nominee or beneficiaries if the policyholder dies during the policy’s term. Along with cumulative guaranteed yearly increments, they will receive the assured sum upon death. Suppose the policyholder chooses the Assured Savings Insurance Plan with Double Protection Option and dies due to an accident.

In that case, the nominee will also receive an additional sum equal to the Accidental Death Benefit Sum Assured. There are numerous uses for the money collected. This savings plan will serve as a safety net for the family’s finances in the event of the policyholder’s untimely or unexpected death.

Life Cover

You receive a life cover because these are savings and life insurance plans. The advantages of maturity will benefit your family in the event of your passing. It meets your financial requirements once you retire. You are also qualified for tax deductions with a Guaranteed Savings Plan under Section 80C of the Income Tax Act.


Assured Savings Insurance Plan helps people build financial freedom and shape their destinies. People frequently choose it to ensure their financial security and that of their families. It offers the best saving plans, including those for retirement, children’s education, etc. So, what are you waiting for? The right time is here to invest in Guaranteed Savings Plan and secure your family’s tomorrow.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Kotak Guaranteed Fortune Builder

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Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.

  • Guaranteed@ Income Benefit for upto 25 years
  • Flexibility to choose income period
  • Premium break for females on child birth or any listed specific illnesses
  • Life cover for the premium payment period
  • Enhance your life cover with rider offerings

ARN. No. KLI/23-24/E-BB/1201


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  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999


- A Consumer Education Initiative series by Kotak Life

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