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.
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Life is uncertain – but it is not worth spending time wondering about what could be in store. Kotak Life Insurance offers you a range of Savings & Investment Plans that make sure your money does all the hard work, so that you get the opportunity to celebrate and live life to the fullest.
Assurance of savings
Benefits of investments
The first step towards understanding savings and investment plans is to realize the difference between savings and investments.
Saving: It means keeping a part of your income aside for future needs.
Investment: It involves building wealth or making your savings grow.
A savings and investment plan is an insurance policy that plays both roles. It allows you to accumulate funds systematically over time and promote disciplined investment. Such plans also provide multiple avenues to build a corpus. You can choose from guaranteed or market-linked instruments as investment tools. At maturity, you receive the maturity value as the return on your investment. The proceeds help finance your future goals like children’s education, marriage, and amassing retirement funds.
Besides, if an unfortunate event occurs during the tenure of the policy, your nominee receives payouts. Therefore, the life insurance component safeguards your family against economic hardships in your absence. Thus, such a plan combines the benefits of life insurance with savings.
Moreover, all savings schemes in India are eligible for tax benefits as well.
The best savings plans in the insurance industry offer various features that cater to individual financial needs. The different types of investment plans available in the Indian insurance sector include:
From luxury expenses like foreign holidays to necessary expenditures like children’s higher education, the need for funds are many. Effective arrangement for such funds necessitates planned investments. However, you may have to spend a large portion of your income on basic amenities and immediate needs. It may leave a very little surplus for future requirements. Therefore, financial experts advise that before you consume your entire salary on day-to-day expenses, you should set aside a sum for the future.
The problem arises when the amount that you can save regularly is small in comparison to the funds that you may need later. Herein lays the need for wealth building, which grows the money you put aside.A money-saving plan helps in increasing your savings over time so that enough capital accumulates when the need for funds arises. Here’s a look at reasons for buying such plans.
The longer you stay invested, the higher your wealth accumulates. Thus, a savings scheme can be the ideal tool to attain financial independence and meet every monetary requirement in life.
The life insurance element in the savings plans protects your loved ones against a financial crisis if you face any unwanted situation. The payouts act as replacements of your income when your earnings can no longer provide their living costs
The premiums that you pay towards your savings and investment plan are tax-deductible under Section 80C of the 1961 Income Tax Act (ITA). The returns, both maturity benefits and death benefits, are also tax-exempt under the conditions of Section 10(10D) of the ITA.
Investment plans, particularly the market-linked ones like ULIP, offer the prospect of considerable profits. You can monitor your funds and switch among different asset classes. Thus, you can optimize your earnings and generate substantial returns. Moreover, with profits, investments like endowment policies increase in worth due to the compound effect of bonuses. Thus, the compounding of revenues, along with long-term savings, can fetch a sizeable profit.
Since many such plans come with lock-in periods, these build the habit of saving without liquidating funds. It helps in the growth of funds without depleting savings and eases the strain of financial liabilities later in life.
A money-savings plan provides features like
Also, you can choose from guaranteed or market-linked options in line with your investment needs.
Systematic investments in the money market over a long period give your capital the time to stabilize and grow. Thus, you can assemble sufficient corpus that can shield you against inflation.
Kotak Assured Income Accelerator
Kotak Sampoorn Bima Micro-Insurance Plan
If you are in search of a stable monetary foundation for your future regardless of your current financial condition, these plans provide the perfect means.
Most plans other than the market-linked varieties offer guaranteed sum assured.
These policies being life insurance plans offer payouts to your beneficiary in case of any eventuality. Such payments are usually independent of any previous payouts of bonuses.
You can avail of partial withdrawals on your funds or apply for loans against your policy.
Many plans guarantee extra annual revenues after the completion of the premium payment term
Some income plans offer income boosts and enhance the yearly proceeds during the payout phase.
Most plans offer yearly vested bonuses along with terminal bonuses at maturity.
Women and investors who opt for higher premium amounts can enjoy enhanced sum assured.
Many participating plans offer financial rewards as loyalty additions on long-term investments, increasing the profits. Some ULIPs provide survival units in-lieu of such bonuses.
Some of the ULIPs provide zero or negligible fees for premium allotments, increasing the returns.
Several plans offer the advantage of limited premium payment terms.
Some plans offer the benefit of one-time expense through a single premium facility.
In ULIPs, you can shift your money over the different fund types based on the market outlook.
Some ULIPs provide the chance to purchase additional units with extra payments over the standard premium.
Choice of three portfolio strategies, age-based, self-managed, and systematic switching, align with your unique investment needs.
Several plans provide money-back opportunities for meeting interim needs for funds.
If you choose a high sum assured, you can get discounts on the premium with some plans.
Specific plans offer low premiums and guaranteed payouts to benefit consumers with limited income.
A few of these plans provide the opportunity to take out accrued bonuses as cash payments or to let them accumulate until maturity.
Kotak Life enables you to personalize the protection as per your individual needs through riders. Some examples of such riders include:
Security for your family against financial crisis is the primary benefit of these policies. Some of these plans also guarantee returns on your investment, thereby protecting your capital.
Kotak offers a considerable assortment of savings and investment plans to cater to every financial need. You can select the one that best suits your age, budget, and long-term needs.
The non-linked participating policies offer life insurance at low premiums. Thus, you can buy appropriate coverage at an affordable price without compromising with your current lifestyle.
Kotak pays you guaranteed dividends on participating life insurance plans. Some plans accrue bonuses that increase your returns.
You can choose from monthly, half-yearly, quarterly, and annual modes per your budget restraints. Single premium and limited payment options are also available.
For unit-linked products, you can select from 6 fund types based on your enthusiasm for financial risks:
You can switch your money across the funds in any proportion you prefer.
The premium allocation costs are absent or low. Thus, the bulk of your money goes into your investments, generating extensive returns.
You can claim your maturity benefits as a lump sum settlement or as regular income, paid annually or monthly.
You can choose from different policy durations according to your financial plans.
You can pay your premiums and renew your policy online, without having to wait in queues and wasting time.
All the policies fall under the purview of Section 80C and Section 10(10D) of the ITA.
With Kotak Life Insurance, calculating the premium for your savings scheme is straightforward. The company has digitalized the calculation process by onboarding an online calculator. This facility has automated the procedure, removing the chances of manual errors. You can visit the web page https://www.kotaklife.com/kotakWebBI/LandingPage.aspx. Next, you have to enter the category and the name of the product you plan to buy. After that, you have to furnish information like
The page will automatically display the accurate premium amount within a few seconds.
You will have to attach a photocopy of a cancelled cheque for the bank account where you wish to receive your payouts.
Reports of diagnostic tests about your health conditions might be needed.
Fast emerging as one of the leading life insurance companies in India, Kotak Life Insurance Company started its journey in 2001, covering over 20 million lives by 31st March 2018. As of 31st March 2019, the company had under its management assets amounting to ₹25936 crores. It offers a vast selection of investment plans. These tools enable you to create abundant resources according to your specific financial situation and monetary goals. The reasons that make Kotak products some of the best saving plans in India are as follows:
All these accolades establish Kotak’s credibility as one of the best insurance providers in the country.
Kotak Life Insurance paid out 2959 claims in the financial year (FY) 2018-19, disbursing Rs. 137 crores in claims. The company scored a noteworthy CSR of 97.4% for the said FY2018-19. Since CSR is a definitive indicator of the dependability of an insurer about honouring claims, you can trust Kotak as a fruitful investment platform.
Kotak lists the details of every plan in the official website, with the opportunity to download brochures. You can examine the risks and potentials of every scheme before making the payment. It also offers a free-look-in period to opt out of the plan if you find the policy incompatible to your needs.
The investment insurance plans are available in numerous variants. These offerings suit every financial need from quick prosperity to securing the family’s finances.
The insurance provider offers some plans that people of advanced age, up to 65 years, can buy. Thus, the company meets the needs of every consumer age group.
You may need services such as:
You can access such services through the official website or SMS. You can also call on the customer service helpline or chat with the officials online about policy-related queries.
Unless internal verifications are necessary, the insurer settles claims within 7 to 15 days of receiving all relevant documents.
Kotak offers a smooth claim settlement process that involves only claim intimation and document submission. You can initiate the process of filing claims directly through the online portal. This simplicity assures fast access to funds for your loved ones in their hours of need.
The company is always empathetic towards customers’ needs. For example, in the case of terrorist attacks, war, or natural disasters, the company fast tracks the claim resolution process. It ensures that your family receives funds immediately after their sudden loss
Kotak declares fund performances every day and updates customers about market-related information through regular newsletters.
Thus, when it comes to investment insurance, Kotak is a reliable choice.
A savings and investment plan is a savings scheme that allows you to make systematic deposits into money-making avenues. Thus, such plans enable you to accumulate a corpus over time that you can utilize for your future financial goals. At the same time, such plans offer the benefit of life coverage, protecting your loved ones against economic hardships in your absence. Endowment policies, ULIPs, and money-back plans are a few examples of such schemes.
Everyone should include these plans in their financial portfolio. With several varieties to choose from, there is an investment plan for every need.
In a money-back plan, the insurance provider will pay you a percentage of the sum assured at regular intervals. For example, if you buy a plan with a policy term of 20 years and payout interval of 5 years, you will get a pre-defined part of your sum assured on the 5th, 10th, 15th, and the final year of your policy. At maturity, you will get the balance sum assured. Also, your family remains protected against eventualities with the life insurance part of the plan.
An income plan is a saving policy that primarily offers yearly or monthly income. Kotak Assured Income Accelerator is one such protection-oriented scheme that provides an annual income after the premium payment phase. The earnings increase year-on-year via income boosters throughout the payout period. Life protection also remains intact throughout the policy term.
A guaranteed savings planoffers the assurance of higher returns than the total premium outgo. The sum assured is declared upfront. The maturity value is the summation of the life coverage plus guaranteed additions. Thus, such plans offer a fail-safe lump sum at the end of the policy tenure.
Clarity about your immediate and future financial goals is crucial for determining the apt investment plan. You can make a list of objectives like children’s education, retirements planning etc. After that, chalk out specific time frames for meeting such goals. Match the projected returns of your investment plan with your target funds to decide on the plan to buy. Also, choose the policy tenure accordingly.
Opt for single premium or regular payment options in keeping with your resources. Consider limited payment terms if your income fluctuates, preventing long-term commitments.
When you are young and have lesser financial liabilities, you can opt for aggressive ULIP funds. Such asset types present higher risks but lucrative return potentials. Investors of middle or advanced age with more significant monetary obligations can pick safer options like traditional endowment plans. You can also select ULIPs with age-based portfolio strategies to maximize returns.
Choose plans that offer partial withdrawal options, yearly incomes, regular money-back opportunities, or options to avail of loans to access funds in emergencies.
Understand all the exclusions, clauses and conditions to be confident about the suitability of the plan.
Choose plans that not only help you save tax but also generate tax-exempt income as well.
Spread out your funds across different investment plans to evade excessive losses in a particular instrument.
You can claim tax deductions under Section 80C of the Income Tax Act, 1961 for the premiums paid towards these plans. The amount of tax you can save is equal to the product of the sum invested and your tax rate. For example, if you fall under the 31.2% tax bracket, and invest ₹1.5 lakhs in an investment plan, you can save ₹46,800 in taxes.
Moreover, the maturity benefits, as well as the death benefits, are also tax-exempt, subject to the conditions specified in Section 10(10D).
Kotak Life offers a wide variety of investment and savings plans. Such plans cover every financial need from wealth creation, income generation, to tax planning. The types of plans include:
The features that decide the best saving policy include:
In India, Kotak Life Insurance meets all these parameters.
Therefore,you can remain stay stress-free about your investments with a Kotak savings and investment plan.
Browse through the following plans to know more
Kotak Life Insurance presents a simple savings and protection oriented plan, which provides all guaranteed benefits while giving life insurance cover – Kotak POS Bachat Bima.
Kotak Ace Investment Plan is designed with the clear objective of helping you accumulate wealth and provide you adequate life cover.
Kotak Assured Income Accelerator ensures that you get Guaranteed Income every year on the same amount of savings and that the Guaranteed Income increases year on year.
Kotak Single Invest Advantage is a hassle-free unit linked plan, where you invest once and reap the benefits throughout the policy term.
Kotak Sampoorn Bima Micro Insurance Plan is a single premium plan with fixed term of 5 years to cater to the needs of low-income customers.
Kotak Platinum is an investment plan with an unmatched combination of three investment strategies and flexibilities for complete control over your investments.
Kotak Fortune Maximiser is a limited pay participating endowment plan, which can be customized as per your requirement to help you achieve your life goals through multiple plan, payout & rider options. Your dreams are important and deserves to be fulfilled, therefore, life mein sirf #BadaSocho.
A Non-Linked Non-Participating Life Insurance plan
Kotak Premier Life Plan is a limited premium paying participating whole life plan, where you can choose to receive bonus payouts even after premium payment term expires.
You may avail of tax as per the Income Tax Act, 1961 subject to conditions as specified in those sections. Tax benefits are subject to change as per tax laws. You are advised to consult your Tax Advisor for details. Goods and Services Tax and Cess as applicable shall be levied over and above premium amount shown here as per applicable tax laws.
Kotak Invest Maxima is an investment oriented unit-linked life insurance plan with maximum premium allocation and a Systematic Switching Strategy that allows you to enter the equity market in a systematic manner.
Kotak Assured Savings Plan is an affordable protection plan that enables you to accumulate wealth and strengthens your finances for the future.
Kotak Single Invest Plus is a single premium unit linked plan where, by just paying once, you can reap benefits and also stay protected.
Kotak Wealth Optima Plan is a protection and savings oriented unit linked insurance plan. The plan provides life insurance cover to protect your family in case of your unfortunate demise. It also provides the flexibility of choosing premium payment term, investment strategy and investment horizon.
Kotak Premier Moneyback Plan is a limited pay plan that provides lump sum payouts at regular intervals to meet your interim financial requirements and let you offer the best to your family.
A Limited Pay Non-Linked Participating Life Insurance plan. You earn and work hard to accomplish your dreams and aspirations at every stage of life.
Kotak Premier Endowment Plan offers Guaranteed Additions in the first 5 policy years and also works to provide you a corpus through continued bonuses.
Kotak Life Insurance presents Kotak Premier Income Plan a savings and protection oriented plan that provides Guaranteed Annual Income immediately after the premium payment term to provide you with an additional annual income.
Kotak Classic Endowment Plan is a long term protection cum savings plan that offers protection benefit while earning bonuses during the policy term.
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