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.
Kotak Health Shield
Insurance against medical expenses related to heart, brain, liver and Cancer.
You work hard your entire life to ensure your loved ones get the best of everything. So why not help them with the same when you are not around with income protection insurance? Salary insurance, also known as income protection insurance, is a financial product that safeguards your family members in your absence.
You can decide how to split the total sum assured amount between the two components (regular income and lump sum) while choosing such a term insurance policy. The term insurance policy with a regular income payment option is a good choice for those who are not experienced investors or want to pick lower but assured profits.
However, buyers must be aware that it is a term policy with no incentives for maturing. In the event of the policyholder’s passing, a lump sum insured death benefit is only paid to the nominee.
Here are a few reasons why you might need income protection insurance.
Income insurance protection is the perfect solution if you earn a regular income and have family members depending on it for their living. It ensures they do not have to look for other ways to make ends meet in your absence. This policy does that by providing a guaranteed payout on your demise that helps them stay afloat during turbulent times. Moreover, it aids them in fulfilling life’s milestones like:
Apart from giving a fixed payout on your demise, income protection insurance also gives out regular payouts that help your family maintain their standard of living. With it, they do not have to compromise on their spending. Moreover, these steady payouts remove the burden of managing a lump sum amount and prevent a large pool of funds from running out quickly. Small and regular income payouts help to make it easy to manage money and meet needs from time to time.
With income protection insurance, you do not have to worry about your invested money remaining dormant. At the end of each policy year, the payout increases by a fixed percentage with a compounding effect. This increase is generally around 5% - 6%, depending on the income insurance company. It counters inflation and gives your loved ones the benefit of receiving the present value of money.
If you want to leave a legacy of financial security for your loved ones after you are gone, you can get Kotak Life Income Protection Plan. The plan offers a range of benefits that include:
❏ An assured death benefit (sum assured) in a lump sum.
❏ This benefit amount is equal to 12 times the monthly income of the insured and compounded at the rate of 6% per year.
❏ 105% of the total premiums paid until the date of the insured’s demise
❏ A monthly income payout of the remaining benefit amount/ sum assured
❏ A monthly income increase by 6% per policy year to negate inflation
❏ The option to add an accidental disability guardian benefit rider
❏ Regular and limited paying premium terms
❏ A policy term ranging between 10 – 30 years
❏ Tax benefits under section 10 (10D) and Section 80C deductions of the Income Tax Act, 1961
➢ A free-look period of 15 days
With income protection insurance, you get the necessary peace of mind knowing that your near and dear ones will not have to compromise on their financial needs. With it, you can continue to support them, even when you are not around.
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490
