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
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!
Achieve your financial goals without risks with Kotak Guaranteed Savings Plan.
A NON-LINKED NON-PARTICIPATING ENDOWMENT LIFE INSURANCE PLAN
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 right future. It is easier to brave the unpredictable highs and lows with a robust financial plan.
Hence, a guaranteed savings plan is critical in your financial portfolio. It combines
When you decide to invest in a Guaranteed Savings Plan, you can expect to receive a variety of privileges. Here's a rundown of the key benefits that you can expect:
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 Guaranteed 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 returns, 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 remembering premium due dates, you can pay them in a single go. An interesting fact about this advantage is that you get a higher interest rate on the sum assured than you would on a normal life insurance policy.
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. Or you can extend your insurance for a higher number of years if you want to save for the long term.
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.
This plan provides guaranteed 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.
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 within 15-30 days. The premium paid will be refunded without any extra fees.
Several banks also offer a 30-day grace period. For annual, half-yearly, and quarterly plans, the grace period indicates that the premium can be settled in less than 30 days. The bank 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.
Let's say you stop paying your premiums after four insurance years - then the insurance will be deemed as paid in that instance. The final cost and interest rate will be calculated based on the paid premiums prior to their discontinuance.
Achieve your long term goals with guaranteed returns
Features
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.
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 ₹150,000 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 GSP, 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.
It refers to the premium payable in a policy year, excluding the underwriting extra premiums, loadings for modal premium, if any. For example, if the policyholder is paying a half-yearly premium of ₹51,000, then the Annualised Premium will be ₹100,000 (51,000/modal factor of 51%). This premium will also be excluding rider premiums if any, Goods and Services Tax, Cess, as applicable.
If the policy has been taken on the life of a minor, it shall automatically vest on him/her with effect from the date of completion of 18 years of age, and the insured will become the policyholder from that date.
There is a grace period of 30 days from the due date for payment of premium for the yearly, half-yearly and quarterly mode; and 15 days for the monthly mode
Loans can be availed under this plan through Kotak Life Insurance up to the limit of 50% of the surrender value of the policy. The company shall determine the rate of interest from time to time. Currently, the interest rate is 9.30% p.a. but it can be revised as per the methodology approved by IRDAI. The policy will be unconditionally and fully assigned to Kotak Life Insurance as security for the loan and interest repayments during the period of the loan. It will not be auto foreclosed where all due premiums have been paid. In case of any benefit payout before the end of term or at maturity, the company is entitled to deduct any outstanding loan amount, together with all the interest payable before making such benefit-related payments. The minimum amount of loan that can be granted is ₹10,000.
The policy shall lapse from the due date of the first unpaid premium if premiums for the first two policy years are not paid within the grace period.
The policy will acquire the surrender value after payment of full premiums for two consecutive policy years.
The GSV shall be a percentage of the total premiums paid including extra premium, if any (but excluding Goods and Services Tax and Cess and rider premium, if any), plus the value of accrued guaranteed additions, if any.
A lapsed/reduced paid-up policy can be revived within five years from the due date of the first unpaid premium:
Nomination will be allowed under the plan as per the provisions of Section 39 of the Insurance Act, 1938 as amended from time to time.
Assignment will be allowed in the plan as per the provisions of Section 38 of the Insurance Act, 1938 as amended from time to time.
The policyholder is offered a 15-day free look period for a policy sold through all channels (except for policies obtained through distance marketing mode; electronic policies will have 30 days) from the date of receipt of the policy wherein the policyholder may choose to return the policy, stating the reasons thereof within 15-30 days of receipt if s/he is not agreeable with any of the terms and conditions of the plan. Should s/he choose to return the policy, they shall be entitled to a refund of the premium paid after adjustment for the expenses of medical examination, stamp duty, and proportionate risk premium for the period of cover. A policy once returned shall not be revived, reinstated, or restored at any point in time, and a new proposal will have to be made for a new policy. In addition to the above, this free look provision is also applicable to the rider contract. The rider stands cancelled when the free look provision of the policy is exercised.
You may avail of tax benefits as per f Income Tax Act, 1961, 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 You may avail of tax benefits as per Income Tax Act, 1961 Tax benefits are subject to change as per tax laws. Kotak Guaranteed Savings Plan UIN: 107N100V03, Form No: N100. 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. Ref. No. KLI/22-23/E-WEB/307
Section 41-
Extract of Section 41 of the Insurance Act, 1938 as amended from time to time states:
(1) 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.
(2) 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:
Read more about section 38_39_45_of_insurance_act_1938
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.
