How to Plan for Your Future with Kotak Guaranteed Savings Plan?


This non-participating savings plan offers guaranteed benefits for building a financial corpus. Read this article to learn how you can plan for your future with Kotak Guaranteed Savings Plan.

The guaranteed savings plan from Kotak Life Insurance is a policy that offers guaranteed additions. However, the guaranteed additions are applicable only after the limited premium payment term. So whenever you invest in Kotak Guaranteed Savings Plan, you can rest assured with your life.

Today, in this article, you will learn how Kotak Guaranteed Savings Plan helps in planning for your future. Also, you will learn about the benefits offered by the plan. Let’s get rolling.

Key Features of Kotak Guaranteed Savings Plan

The key features are:

  • This non-participating plan comes with a limited premium payment option.
  • It offers guaranteed loyalty additions for increasing the corpus.
  • It pays annual guaranteed additions whenever the premium is paid to increase the sum assured.

Eligibility of Kotak Guaranteed Savings Plan

If you choose to invest in this plan, then please ensure that you meet the requisite eligibility requirements. Some of the eligibility criteria include:

  • You must be between 3 and 60 years of age to enter the policy.
  • Since the policy tenure is fixed, you can select your desired term range. The available ranges are 14, 15, 16, and 20 years.
  • The maturity age ranges from 18 to 75 years as on your last birthday.

What are the Benefits of the Kotak Guaranteed Savings Plan?

  • Guaranteed Loyalty Addition

A percentage of the annualised premium payable to you at the time of maturity is known as guaranteed loyalty addition. Remember that its rates are entirely based on premium payment terms, annualised premium band, and policy terms.

For a higher guaranteed loyalty addition, choosing a higher amount for a longer tenure is essential.

  • Guaranteed Additions

After the premium payment term is completed, the guaranteed additions start occurring. This generally happens from the end of the following policy year until the end of the last policy year. Since guaranteed additions are a percentage of the annualised premium, the rates vary according to the payment and policy terms.

Remember, it is always best to choose a longer policy term. This will grant you higher guaranteed additions.

  • Death Benefit

Here, your nominee will be granted the sum assured on death and the accrued guaranteed addition. However, the guaranteed addition is applicable only if you die while the policy term is still active.

  • Maturity Benefit

All policyholders receive the basic sum assured, guaranteed loyalty, and accrued guaranteed additions as maturity benefits. However, this benefit amount is credited at the end of the policy term.

  • Riders

Kotak Guaranteed Savings Plan offers a wide array of riders to their policyholders. Adding them to your policy will efficiently help you enhance your life cover.

  • Tax Benefits

The prevailing tax laws grant tax benefits under Section 80(C) and Section 10(10D) of the 1961 Income Tax Act.

To Conclude

There is no doubt that Kotak Guaranteed Savings Plan offers marvellous benefits to all policyholders. So if you’re willing to secure your future, then start investing in Kotak Guaranteed Savings Plan today.

Visit here to know more about Kotak Guaranteed Savings Plan:

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