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.
Our representative will get in touch with you at the earliest.
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.
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:
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.
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.
You can choose from monthly, half-yearly, quarterly, and annual modes as per your budget. Single premium and limited payment options are also available.
You can choose from different policy durations available in the plan according to your financial needs.
You can pay your premiums and renew your policy online, without having to wait in queues and wasting time.
You can avail tax benefits on the paid premiums and death /maturity benefits under these policies.
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.
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.
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
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.
To prepare for unforeseen events and maintain a stress-free life, sound financial planning is crucial. The most reliable approach to ensuring a secure financial future is to start saving regularly at a young age. A person can create a safe financial bubble for the future and gain several tax benefits by putting their money in a savings plan. However, there are a few things to consider while choosing the optimal savings strategy for you and your family.
You must first determine your risk tolerance in order to locate and select the optimal savings strategy. The two most crucial factors that might affect how much risk a person can bear are personal preferences and age. Young adults in their 20s and 30s can typically choose investments that carry a high level of risk but also offer a higher rate of return. They can choose more aggressive strategies, such as investing more capital in equities or the stock market than in the debt market.
A wise decision is to invest money in a Unit Linked Insurance Plan (ULIP) if you're seeking plans with higher risk and higher rewards. On the other hand, investors who are unwilling to take on a lot of risks should consider a conventional investment or a money-back saving plan, which are both ideally suited to their needs. Investors' returns are guaranteed by these savings plans with modest risk but at a reduced rate of return.
The length of time the money is invested is yet another crucial consideration when selecting the finest savings strategy. Numerous savings programmes offer investors a long to medium-term investment horizon and additionally function as tax-efficient investment options. Some of these may help you grow your funds throughout your policy term.
You can start investing with a small sum and gradually increase your corpus. It is possible to invest a small sum in savings plans because most financial institutions recognise that an individual's income and savings fluctuate with age and provide them with the option to increase or decrease the amount to be invested.
You must be certain of your goals before selecting the most advantageous savings strategy. Knowing your end objective makes it simple to choose options for investments that save on taxes. These objectives can range from building a corpus for your retirement, having enough money set up for your child's higher education or wedding, or even possibly building a home.
Sometimes in life we have to take loans and at that time, we either try to break our investments or take a loan at a higher interest rate. If you are investing in a savings plan, the chances are that you can use the policy to avail a loan. You can avail up to 50% of your surrender value as loan.
Surrender value is the sum you get when you forfeit your life insurance policy before maturity.
You can select the greatest savings plan that can offer you security and savings thanks to numerous options and wide coverage. As a result, it is critical to consider all the positive aspects and characteristics of a savings plan before choosing one.
To achieve all of your long-term objectives, you must pick an adaptable savings strategy. You can take care of your unanticipated short-term needs by doing this. They provide you with much more leeway to renounce the policy if the situation calls for it.
To get a better rate of return at maturity, it is preferable to hold onto the tax-saving investment savings plan for longer.
Savings can aid you in a variety of financial situations, the majority of which occur unexpectedly. The current recession is the best illustration when savings have made it possible to keep the household running even in the event of a job loss and to pay for school expenses. Investing in savings plan help you plan for a longer future which might be sometimes hard.
Money is one of the key resources you need to realise your aspirations. The ability to use your savings to supplement your income in these areas of life will help you become financially secure enough to pursue your goals in life. To learn something new, to start something new, for everything, you need money. Some people also like to call it emergency fund.
With the simple habit of saving money, you can cover all of your needs, including those for money, health, and life beyond retirement. All of your hard-earned money will serve as the foundation of your future and offer true long-term security. The ups and downs of the market will influence your compensation, which will impact any potential retirement plans or a steady income to save for the future.
Kotak Life offers some of the best savings plans that give guaranteed returns. Check out Kotak Life savings plans:
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Savings plans are life insurance products made to assist you in making regular, disciplined savings and to provide financial security for your family in the event of your untimely death.
Nowadays, you can purchase a savings plan online without having to go to an insurer's or agent's office. You can conduct online research to find the plans that best meet your needs, determine your eligibility for them, upload the required documentation, and make payments. Typically, policies are sent via email, but you can also receive notifications on your phone.
Here are some simple steps you need to buy savings plans online
Step
1
Analyze your financial needs and goals. You can determine the amount that needs to be ensured by knowing the approximate amount of money you would need for a large expenditure in the future or the amount needed to support your dependents when you are gone.
Step
2
Do a thorough research. On their websites, the majority of insurers describe in full their various savings plans, including any benefits and limits. Before choosing the savings plan, you wish to purchase, carefully read the terms and conditions pertaining to claim settlements and other matters.
Step
3
Perform due diligence on the insurance you have chosen to analyse the insurer's financial stability, standing, level of customer service, testimonials, and discounts provided.
Step
4
Check the eligibility requirements, such as the minimum and maximum ages at which you can choose the insurance, the income ranges, and the different forms of identification required to purchase an online savings plan.
Step
5
Submit the online forms together with any necessary documentation, such as evidence of age, address, and identity.
Step
6
Get email copies of the policy materials and text messages with pertinent notifications. So that you may immediately access them in an emergency, keep a folder with a record of all your investments.
Buying a saving plan is a good choice for:
Beginning early gives investors, the chance to take greater risks and increase their chances of earning better returns since they have more time to recover from poor choices without having an impact on their long-term financial objectives. Investors can use compounding, or interest earned on interest, to their advantage.
A greater potential for wealth building may arise from making the most of the two-fold increase in investment power. Young couples can afford to be less cautious when investing because they have a long time to build their wealth. Consider stock, debt, mutual funds, and real estate as products.
It's never too early to start saving when it comes to retirement preparation. Your retirement funds will have more time and opportunity to develop the more you invest and the earlier you start. You might be able to benefit from compound gains by investing early and maintaining your investment.
There are several tax benefits to take into account while saving money for your child. Plans, including child insurance plans, savings accounts at state-run financial institutions, and tuition costs, are exempt from taxes as long as they adhere to certain guidelines stated in the tax legislation.
The duration of your savings plan should depend upon your goals - short-term or long-term goals; it is important to take note of all the aspects of saving plan investing before making a decision. Consider your end goal, what you are investing for and how accessible you need your money to be during an emergency situation.
When you are prepared to buy a savings plan, make sure you have the following paperwork:
You must complete an application for a policy. The document gives the organisation details about your financial situation and medical background. Your premium and sum assured will be determined by the company based on your responses.
To demonstrate that you have the financial resources to pay your premiums, present your income documentation. Bank statements, prior Income Tax Returns (ITR), and pay stubs are typically required to be shared with the employer.
You must present proof of your identity and address as part of the KYC procedure. You have the option to submit the following paperwork:
A savings plan 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 plans.
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.
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.
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).
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.
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.
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/ limited or regular payment options in keeping with your resources.
Choose plans that offer, 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.
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).
Therefore, you can remain stay stress-free about your investments with a Kotak savings and investment plan
Aim to spend no more than 50% of your take-home pay on necessities, set aside 15% of your pre-tax income for retirement savings, and reserve 5% of your take-home pay for short-term savings. Build the fund up to three months' worth of costs, then divide your money between investments and a savings account until you have six to eight months’ worth saved up. Your funds should then be invested in things that generate higher income than a bank account for retirement and other goals.15% of your pre-tax income to retirement savings and 5% of your gross income to short-term savings.
The three simple methods listed below will help you locate the best online savings and investing programme in India:
1. Your goal: Understanding the goal of your investment and defining it in these terms is the first step.
2. List the savings options that best suit your objectives: You can shortlist several saving plans based on the amount of investment and the amount of time you have until you need the money for a goal. One investment should be made with the intention of continuing to save money until you need it again.
3. Maximize Your Growth: You have the option of investing in fixed income (debt) or equity plans, depending on the amount of time you have available and your level of risk tolerance. You can only choose from the plans that offer a tax benefit on the amount invested if your goal also includes tax savings.
The finest long-term investing strategies for making big returns over a lengthy period of time are stocks. A systematic investing technique can be used to make long-term investments in equities or mutual funds (SIP).
When you require periodic payouts to plan and handle specific goals while maintaining life coverage, combining protection and savings is an excellent solution. Money back plans, a type of life insurance policy, provide you with recurring payouts that aid in the planning of your financial objectives.
If you want to keep your money secure and are happy with small profits, choose short-term investments. However, you should put money into long-term investment opportunities if you want to make more money.
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
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. Ref. No. KLI/22-23/E-WEB/1772.
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 more details on risk factors, please read sales brochure carefully before concluding a sale. For more details on riders please read the Rider Brochure.
Kotak Assured Savings Plan UIN: 107N081V04, Form No: N081. This is a savings-cum-protection oriented non-participating endowment assurance plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Kotak Assured Income Accelerator UIN No.: 107N089V03, Form No.: N089. This is a non-participating guaranteed income anticipated endowment plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Kotak Premier Endowment Plan UIN: 107N079V02, Form No.: N079, 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 Critical Illness Plus Benefit Rider UIN: 107B020V01, Form No.: B020, Kotak Life Guardian Benefit Rider UIN: 107B012V02, Form No.: B012, Kotak Accidental Disability Guardian Benefit Rider UIN: 107B011V02, Form No: B011. This is a Savings-cum-Protection oriented Participating Endowment Plan. 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.
Kotak Premier Moneyback Plan UIN: 107N083V02, Form No: N083. This is a participating anticipated endowment plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Kotak Classic Endowment Plan UIN:107N082V02, Form No.: N082. This is a Savings-cum-Protection oriented Participating Endowment Plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Kotak SmartLife Plan UIN: 107N102V02, Form No: N102. This is a Savings-cum-Protection oriented Participating Endowment plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Kotak Premier Income Plan UIN: 107N099V02, Form No: N099. This is a participating anticipated endowment plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Kotak POS Bachat Bima; UIN: 107N117V01, Form No: N117. This is a non-linked, non-participating endowment plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Kotak Sampoorn Bima Micro-Insurance Plan - UIN: 107N092V02, Form No: N092. This is a non linked non-participating endowment assurance plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. @ Guaranteed benefits are applicable if all premiums are paid in full and the policy is in force.
Kotak Premier Life Plan UIN: 107N096V03, Form No: N096. Kotak Term Benefit Rider - 107B003V03, Form No. B003, Kotak Accidental Death Benefit Rider - 107B001V03, Form No. B001, Kotak Permanent Disability Benefit Rider - 107B002V03, Form No. B002, Kotak Life Guardian Benefit Rider - 107B012V02, Form No. B012, Kotak Accidental Disability Guardian Benefit Rider - 107B011V02, Form B011, Kotak Critical Illness Plus Benefit Rider UIN: 107B020V01, Form NO.: B020. This is a non-linked participating whole life plan. 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.
Kotak Fortune Maximiser UIN: 107N125V01, Form No: N125. 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, Kotak Critical Illness Plus Benefit Rider - 107B020V01, Form No.: B020. 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. * Please note that Bonuses are NOT guaranteed and may be as declared by the Company from time to time. Benefits under this plan are dependent upon the performance of the participating Funds.
Section 41
Extract of Section 41 of the Insurance Act, 1938 as amended from time to time states:
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.pdfKotak 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.
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