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Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Kotak Guaranteed Savings Plans

Achieve your financial goals without risks with Kotak Guaranteed Savings Plan.

Savings Plans
What are Savings Plans?

What are Savings Plans?

Life is all about moments- some happy, some sad, some endow us with life lessons and some make us humble. But for a lot of people, it teaches them the importance of planning for the bright future. It is easier to brave the unpredictable highs and lows with a robust financial plan.

Hence, a savings plans is critical in your financial portfolio. It combines assured returns after a specific time period based on the type of product you choose. It also adds a term insurance cover ensuring your family’s well-being in case of the policyholder’s death.

Savings plans is an instrument that provides an opportunity to grow your hard-earned money combining a great savings plan along with insurance and guaranteed benefits.

What are the Benefits of Savings Plans?

Savings plans have set benefits that can help most of us in not only achieving our financial goals but also securing our family’s future. Check out all the benefits below:

Benefits of Savings Plan - Protection

Protection

Security for your family against financial crisis is the primary objective of these policies. Some of these plans also guarantee returns on your investment, thereby protecting your capital.

Benefits of Savings Plan -  Variety

Variety

Kotak Life 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 financial horizon.

Benefits of Savings Plan - Customization

Customization

  • You can augment your coverage with multiple riders and personalize your policy as per your individual needs.
  • Term rider provides additional sum assured over and above the death benefit on the base plan.
  • Accidental death benefit rider offers extra benefit in case of accidents.
  • Permanent disability benefit rider offers rider sum assured as per the defined rider benefit if permanent disability due to an accident occurs.
  • Premium Waiver of future premiums under the base plan in case of death or total disability of the policyholder.
Benefits of Savings Plan - Multiple premium

Multiple premium payment terms

You can choose from monthly, half-yearly, quarterly, and annual modes as per your budget. Single premium and limited payment options are also available.

Benefits of Savings Plan - Convenience of choosing policy term

Convenience of choosing policy term

You can choose from different policy durations available in the plan according to your financial needs.

Benefits of Savings Plan - Ease of paying premiums

Ease of paying premiums

You can pay your premiums and renew your policy online, without having to wait in queues and wasting time.

Benefits of Savings Plan - Tax Benefits

Tax benefits

You can avail tax benefits on the paid premiums and death /maturity benefits under these policies.

Benefits of Savings Plan - Maturity Benefits

Maturity Benefits

Maturity benefit is the lump sum amount that you receive as a return after the policy term is completed. You can build your own house, plan a vacation with your family or maybe plan your retirement with it.

Benefits of Savings Plan - Death Benefit

Death Benefit

We all love our families, and our families equally love us. If something unfortunate happens to us, our families might have to go through hardships, not only emotionally, but also financially. Death benefit, comes as a lump sum payout for the beneficiary of a life insurance policy.

Benefits of Savings Plan - Loan Facility

Loan Facility

A savings plan permits you to take a loan for your financial requirements, but only when the insurance reaches a surrender value. Once you have surpassed that period, you are eligible for a loan against the policy

Benefits of Savings Plan -  Payment Options

Payment Options

Premiums are supposed to help you insure your family and get guaranteed benefits, not to make you feel stressed. Therefore, you can choose between two premium payment modes: one lump sum payment or over a specified duration of time. For example, if you don't want to deal with the stress of long term premium commitment, you can pay them in a single go.

Partnering for a secure tomorrow

What are the features of Kotak Life savings plans?

Guaranteed benefit

Savings plan offer guaranteed sum assured. This sum assured is pre-decided at the start of the policy based on your premiums. Savings plan offer maturity and death benefits subject to policy’s terms and conditions. The maturity benefit is given if the policyholder survives the policy tenure and the death benefit is given to the beneficiary in the event of the policyholder’s unfortunate demise.

Increase in income

Some income plans offer income boosts and enhance the yearly proceeds during the payout phase.

Bonuses

Participating plans offer bonuses along with the plan benefits at maturity.

Enhanced sum assured

Women and investors who opt for higher premium amounts can enjoy enhanced sum assured.

Loyalty additions

Savings plans offer financial rewards as loyalty additions on long-term investments, increasing the plan benefits.

Limited pay option

Most saving plans also offer the advantage of limited premium payment terms.

One-time investment options

Some savings plans offer the benefit of one-time payment through a single premium facility.

Discounts

If you choose a high sum assured, you can get discounts on the premium with some plans.

Term period

You can select a policy term period that best fits your requirements. You might choose the short-term savings plan if you anticipate you will need your money soon. Also, you can extend your insurance for a higher number of years if you want to save for the long term.

Premiums

You have the option of paying your premiums over a specified time period or all at once. These choices are available to make the policyholder's life easier and more convenient. The chosen payment method in no way impacts the assured benefits.

Free look period

Insurance policies mostly come with a small time frame called free-look period. Savings plan also come with this disclaimer. If a policyholder has some doubts about the policy or he/she is not happy with the clauses put forth, they can return the policy. The policyholder can return the policy in 30 days if the policy is bought online. In case of all other channels, the free look period is 15 days.

Grace time

For annual, half-yearly, and quarterly plans, the grace period indicates that the premium can be paid within 30 days after the premium due date. Kotak Life does not impose any fines or deductions during this time. This privilege is given to the policyholder so the policy does not lapse and they get enough time to arrange the premium amount.

What are the features of Kotak Life savings plans?

Guaranteed benefit

Savings plan offer guaranteed sum assured. This sum assured is pre-decided at the start of the policy based on your premiums. Savings plan offer maturity and death benefits subject to policy’s terms and conditions. The maturity benefit is given if the policyholder survives the policy tenure and the death benefit is given to the beneficiary in the event of the policyholder’s unfortunate demise.

Increase in income

Some income plans offer income boosts and enhance the yearly proceeds during the payout phase.

Bonuses

Participating plans offer bonuses along with the plan benefits at maturity.

Enhanced sum assured

Women and investors who opt for higher premium amounts can enjoy enhanced sum assured.

Loyalty additions

Savings plans offer financial rewards as loyalty additions on long-term investments, increasing the plan benefits.

Limited pay option

Most saving plans also offer the advantage of limited premium payment terms.

One-time investment options

Some savings plans offer the benefit of one-time payment through a single premium facility.

Discounts

If you choose a high sum assured, you can get discounts on the premium with some plans.

Term period

You can select a policy term period that best fits your requirements. You might choose the short-term savings plan if you anticipate you will need your money soon. Also, you can extend your insurance for a higher number of years if you want to save for the long term.

Premiums

You have the option of paying your premiums over a specified time period or all at once. These choices are available to make the policyholder's life easier and more convenient. The chosen payment method in no way impacts the assured benefits.

Free look period

Insurance policies mostly come with a small time frame called free-look period. Savings plan also come with this disclaimer. If a policyholder has some doubts about the policy or he/she is not happy with the clauses put forth, they can return the policy. The policyholder can return the policy in 30 days if the policy is bought online. In case of all other channels, the free look period is 15 days.

Grace time

For annual, half-yearly, and quarterly plans, the grace period indicates that the premium can be paid within 30 days after the premium due date. Kotak Life does not impose any fines or deductions during this time. This privilege is given to the policyholder so the policy does not lapse and they get enough time to arrange the premium amount.

Best Savings Plans from Kotak Life

Kotak Life offers some of the best savings plans that give guaranteed returns. Check out Kotak Life savings plans:

Online plan
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  • Enhanced Protection Through Riders
  • Tax Savings
  • Guaranteed@ Loyalty* Additions
  • Maturity & Death Benefit
  • Multiple Premium Payment Terms
Online plan
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  • Guaranteed Yearly Additions to increase life cover
  • Loyalty additions at maturity
Offline plan
  • Kotak Assured Income Accelerator
  • Kotak Premier Endowment Plan
  • Kotak Premier Moneyback Plan
  • Kotak Classic Endowment Plan
  • Kotak SmartLife Plan
  • Kotak Premier Income Plan
  • POS Bachat Bima Plan

Kotak Assured Income Accelerator

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  • A non-participating life insurance plan
  • Guaranteed yearly income during the payout phase
  • Income boosters to increase yearly returns
  • Death benefit independent of the income paid

Kotak Premier Endowment Plan

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  • Guaranteed additions
  • Additional Protection through optional riders

Kotak Premier Moneyback Plan

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  • Payouts at regular intervals
  • lump-sum amount at
  • Bonus from the first year
  • Accidental death benefit

Kotak Classic Endowment Plan

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  • Vested bonuses along with maturity benefits
  • Discounts on premium with high sum assured
  • Choice of policy term options

Kotak SmartLife Plan

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  • A limited pay non- linked participating plan
  • Choice of bonus options

Kotak Premier Income Plan

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  • Guaranteed annual income
  • Enhanced life coverage on higher premiums and for females
  • Bonuses throughout the policy period

POS Bachat Bima Plan

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  • Guaranteed yearly additions
  • Two plan options – Life and Life Plus
  • Double life coverage on accidental death with Life Plus option
Offline plan
  • A non-participating life insurance plan
  • Guaranteed yearly income during the payout phase
  • Income boosters to increase yearly returns
  • Death benefit independent of the income paid
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  • Guaranteed additions
  • Additional Protection through optional riders
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  • Payouts at regular intervals
  • lump-sum amount at maturity
  • Bonus from the first year
  • Accidental death benefit
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  • Vested bonuses along with maturity benefits
  • Discounts on premium with high sum assured
  • Choice of policy term options
  • Choice of policy term options
Download Brochure
  • A limited pay non- linked participating plan
  • Choice of bonus options
Download Brochure
  • Guaranteed annual income
  • Bonuses throughout the policy period
  • Enhanced life coverage on higher premiums and for females
Download Brochure
  • Guaranteed yearly additions
  • Two plan options – Life and Life Plus
  • Double life coverage on accidental death with Life Plus option
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Savings Plans Frequently Asked Questions

GSP is the abbreviation for Guaranteed Savings Plan. It is a policy that assists you in achieving your long-term life goals by providing you with reliable insurance coverage against unforeseen events and guaranteed returns on your money.

A guaranteed savings plan offers the assurance of higher returns. The sum assured is declared upfront. Thus, such plans offer a fail-safe lump sum at the end of the policy tenure.

  • a. Are the returns guaranteed?

    Guaranteed savings plans keep their word and deliver on their promise of guaranteed returns. Despite the continued market turmoil and fluctuations, you earn a standard and stable income rate since you are not susceptible to market volatility. This plan provides a safe location to put money for investors who have a low-risk appetite.

  • b. Does guaranteed savings plan have tax benefits?

    The premiums paid are eligible for a deduction of up to ₹1,50,000 under section 80C of the Income Tax Act, 1961 You can also benefit from a tax-free payout because the maturity benefit is exempt from taxation under Section 10 (10D).

  • c. How can I compare and choose the best guaranteed savings plan?

    To choose the best guaranteed savings plan, you should look at factors like minimum age criteria, maximum age criteria, policy term period, premium payment methods, yearly premiums, sum assured amount and the additional benefits that are being provided. Once all these factors align with your personal requirements, you will know that it is the ideal plan for you.

  • d. What happens if I discontinue the guaranteed savings plan?

    If you choose to discontinue the plan, you will only receive the surrender value of the savings plan. However, this clause will only apply if the policy has been in force for more than three years.

  • a. Identify your financial needs

    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.

  • b. Select the premium payment terms wisely

    Opt for single premium/ limited or regular payment options in keeping with your resources.

  • c. Consider liquidity

    Choose plans that offer, yearly incomes, regular money-back opportunities, or options to avail of loans to access funds in emergencies

  • d. Pay attention to the fine print

    Understand all the exclusions, clauses and conditions to be confident about the suitability of the plan.

  • e.Weigh in tax-savings

    Choose plans that not only help you save tax but also generate tax-exempt income as well.

You can claim tax deductions under Section 80C of the Income Tax Act, 1961 for the premiums paid towards these plans. Moreover, the maturity benefits, as well as the death benefits, are also tax-exempt, subject to the conditions specified in Section 10(10D).

  • a.Guaranteed income and guaranteed additions lead to capital appreciation in traditional plans.
  • b.With a CSR of 98.82% in FY 2021-22 for the year ending on March 2022, Kotak Life occupies a position of trust in the Indian insurance sector.

Therefore, you can remain stay stress-free about your investments with a Kotak savings and investment plan

You may avail of tax benefits as per Income Tax Act, 1961, Tax benefits are subject to change as per tax laws. Customer is advised to take an independent view from tax consultant. Goods and Services Tax and Cess as applicable shall be levied over and above premium amount as per applicable tax laws

Kotak Guaranteed Savings Plan UIN: 107N100V03, Form No: N100, Kotak Term Benefit Rider, UIN: 107B003V03, Form No: B003; Kotak Accidental Death Benefit Rider, UIN: 107B001V03, Form No: B001; Kotak Permanent Disability Benefit Rider, UIN: 107B002V03, Form No: B002; Kotak Life Guardian Benefit, UIN: 107B012V02, Form No: B012; Kotak Accidental Disability Guardian Benefit, UIN: 107B011V02, Form No: B011. This is a non-linked, non-participating endowment plan. This is a saving and protection oriented plan. For sub-standard lives, extra premium may be charged based on Kotak Life Insurance’s underwriting policy. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on riders please read the Rider Brochure.

@Guaranteed benefits due under this plan are available provided premiums are paid regularly for the entire premium payment term and the policy is in force. *Guaranteed Loyalty Addition will be as a % of the Annualised^ Premium and will be paid out in lump-sum at maturity. The rate will be based on the Annualised Premium band and the Premium Payment Term and Policy Term option chosen provided the policy is in force and all premiums have been paid. ^Annualised Premium refers to the premium payable in a policy year, excluding the underwriting extra premiums, loadings for modal premium, if any. Ref. No. KLI/22-23/E-WEB/853

Section 41

Extract of Section 41 of the Insurance Act, 1938 as amended from time to time states:

  • No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
  • Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakhs rupees.

Section 45

Fraud and Misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act, 1938 as amended from time to time. Please visit our website for more details:

https://www.kotaklife.com/assets/images/uploads/why_kotak/section38_39_45_of_insurance_act_1938.pdf

Kotak Mahindra Life Insurance Company Ltd.

Reg No. 107

CIN : U66030MH2000PLC128503

Regd. Office:

8th Floor, Plot # C- 12, G- Block, BKC,

Bandra (E), Mumbai - 400051

Toll Free: 1800 209 8800

Website: www.kotaklife.com

WhatsApp: 9321003007

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Ltd. under license.