Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime!
“Save money, and money will save you”
Savings and investing can sound the same, with one single difference. You save a small amount every month. It is saved, but it does not grow. Investing your savings will help you grow your money. It is incredibly crucial to keep aside a part of your earnings to meet uncertain future requirements.
Furthermore, setting aside a part of your income will help to give you the financial freedom to fulfill all your needs. An endowment plan is one such saving plan that offers you the opportunity to save and grow your money to provide financially secure coverage to you and your family members.
An endowment plan is a life insurance plan that, apart from offering life coverage to the insured, helps the policyholder save regularly over a specific time to get a lump sum amount whenever the policy matures. This maturity amount can meet various financial needs like funding one’s retirement, children’s education and marriage or buying a house. Also, the total amount is paid to their beneficiaries in case of the policyholder’s demise. Therefore, it is a life insurance plan with a saving component and a lump sum maturity benefit.
Endowment plans provide a disciplined route for savings. Salaried people, small business people and professionals should look for this savings plan to meet their long-term financial security goals. Also, risk-averse individuals who do not mind settling for a lesser return than taking additional risks should go for an endowment plan.
Below mentioned are some of the features of an endowment life insurance policy:
In case of the sudden demise of the policyholder, the beneficiaries stay financially secure under the endowment plan as they are paid the sum assured amount. Thus this plan offers death benefits to the nominee.
This plan’s unique feature is that it benefits the policyholder on the plan’s maturity. Then, on the completion of the tenure, the policyholder gets the sum assured along with the maturity benefit.
Endowment policy offers flexible premium benefits to the policyholder. They can select the premium amount at their convenience. They can either opt for a monthly, half-yearly, or annual premium payment mode or even choose to pay the entire amount simultaneously.
Under Section 80C of the Income Tax Act, 1961, the endowment policyholder can claim deductions of an amount up to ₹1.5 lakh for premiums paid in a financial year.
An endowment plan can help build up a corpus amount through disciplined savings. Therefore, this amount can be used to meet long-term financial goals or any unexpected emergencies. In addition, you can use these savings for buying real estate, saving for your child’s education, or providing financial coverage to your family after you. Hence, this plan benefits those looking for intelligent saving methods to ensure financial security.
Now that you know what an endowment plan is and the features of an endowment policy, let’s move forward to understand the reasons behind buying an endowment plan. Keep scrolling through to know the details:
All these reasons make an endowment plan worth purchasing.
If you are looking for goal-based savings or a plan to ensure security for your family, then you should invest in an endowment plan as soon as possible. Early investing helps ensure that your premium amount is not too high, and you can save a considerable amount. With the benefit of offering financial security to your family against life’s uncertainty and creating a corpus saving for the future, an endowment plan is considered the intelligent buy to achieve your financial targets.
In this policy, the investment risk in the investment portfolio is borne by the policyholder.