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What is the Maximum Maturity Benefit in Assured Savings Plans?

Saving plans are a great way to save up a large amount of money which can be used for emergencies. Read here to know the maximum maturity benefit of assured savings plans.

  • 4,617 Views | Updated on: Mar 20, 2024

“Do not save what is left after spending, but spend what is left after saving”, very well quoted by Warren Buffett.

Since childhood, you have been taught about saving regularly so that it can help you in adverse times or assist in building something big with a regular source of income. Banks come up for help when it comes to saving, along with providing additional benefits. Savings plans are a type of life insurance that gives people a chance to save, invest, and assemble the money to cover their future requirements. They are made in a way that encourages policyholders to save regularly and reap substantial returns at a time when they may be most in need of them.
The greatest investment plans are frequently the correct saving plans with adjustable features that cater to each person’s unique needs. Additionally, savings programs provide insurance coverage that enables you to protect your family’s financial future even when you are not there. Kotak assured savings plan could help you save and provide benefits such as increasing life cover and longer premium commitment. Moreover, a guaranteed corpus can be built with the help of the non-participating such as the Kotak Assured Savings Plan, which also offers life insurance coverage.

What is the Maximum Maturity Benefit?

The sum that a policyholder or nominee receives when a policy matures is referred to as maximum maturity benefits. To receive these maturity benefits, a term insurance policy must be active or in force. The following are possible maturity benefits for term life insurance policies:

  • The minimum amount ensured
  • Guaranteed accumulated additions

Saving plans are a great way to save up a large amount of money which can be used for emergencies or to plan something you have desired, such as buying a home after retirement or planning a foreign trip with your loved ones. The maximum maturity for an assured savings plan can be defined as the last date to which the transaction can be benefited from being deposited in the bank account. Otherwise, it must be renewed with existing terms and conditions.

The benefit of an assured savings insurance plan is that it is a non-participating plan with a few options for paying the premium. Every year the premium is paid, and guaranteed additions are paid, increasing the assured sum. The corpus grows as a result of guaranteed additions and guaranteed loyalty additions. It also provides accrued guaranteed yearly additions as an essential death benefit upon the policyholder’s death. At maturity, the guaranteed loyalty addition is paid once, and its rate is determined by the Premium Payment Term (PPT). It is computed as a percentage of the base savings account. If the policyholder has paid the total premium for the previous two or three years, they may surrender the insurance. The guaranteed surrender value or the surrender Value will be higher than the surrender value.

Primary benefits of the assured savings insurance plan

  • Payouts and Coverage

Assured savings insurance plans can provide your loved ones with much-needed financial protection in the case of your untimely death. This extra benefit of the coverage, in addition to the rewards you get from the savings plan, aids in a more thorough financial protection of your family.

  • Provides Flexibility

Just as everyone’s priorities and life goals are unique, so they can be tailored to meet individual needs. Saving plans account for these variations in saving goals and provide a wide range of features that may be tailored to meet the requirements. They provide options for terms and rewards, as well as opportunities for funds and other investing criteria.

  • Promotes Financial Discipline

Knowing the value of saving money is one thing, but really making that saving a habit is quite another. Savings strategies come in handy in this situation. One of the most significant benefits of investing in a savings plan is that it motivates you to develop a strong sense of financial discipline.

Conclusion

Kotak assured savings plan helps you plan your retirement hassle-free and makes you independent even when you no longer have a source of income such as salary. Having an assured savings plan can provide you with financial benefits and stability to support you. You can invest your savings to increase your income.

- 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

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- A Consumer Education Initiative series by Kotak Life

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