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Trusted by 1L+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below
Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Trusted by 3 Crore+ Indians
Want to Achieve any of the below Goals upto 80% faster?
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
Kotak Traditional Insurance Plans
Kotak Traditional Insurance Plans
Aug 3, 2024
Kotak Mahindra Old Mutual Life Insurance Ltd. stands as a prominent entity in India’s insurance sector, having emerged from a collaboration between Old Mutual and Kotak Mahindra Bank Ltd. As a leading financial service provider, Kotak Mahindra Insurance offers a range of traditional life insurance plans tailored to meet diverse customer needs. These plans include whole life insurance and endowment policies, providing a blend of risk coverage, financial security, and investment benefits.
Traditional life insurance plans are designed to offer more than just a safety net; they provide a financial cushion for both the insured and their beneficiaries. Unlike term insurance, which only offers coverage for a specified period, traditional insurance plans from Kotak Mahindra extend protection for the insured’s entire lifetime. These plans are structured to offer fixed income returns, risk coverage, safety, and tax advantages, making them a secure choice for those looking to safeguard their financial future.
Types of Kotak Traditional Insurance Plans
Kotak Mahindra Insurance presents a diverse range of traditional insurance plans, each designed to cater to different financial goals and needs. Here’s a detailed overview of the various Kotak traditional plans available:
Kotak Assured Savings Plan
Guaranteed Annual Additions: This plan offers annual additions ranging from 7% to 10% of all premiums paid, ensuring that the policyholder's investment grows steadily over time.
Guaranteed Loyalty Additions: At the policy's maturity, guaranteed loyalty additions amounting to 10% to 20% of the assured sum are payable. The exact percentage depends on the tenure of premium payments.
Death Benefit: In the unfortunate event of the policyholder’s death, the plan provides a higher sum value, which could be 105% of all premiums paid, a guaranteed death benefit ranging from 110% to 120% of the assured sum, or 7 to 11 times the sum assured, along with the assured sum.
Riders: Three riders can be added to enhance the policy coverage, offering additional protection.
Loan Facility: Policyholders can take a loan against the accrued sum, with up to 50% of the surrender value available.
Sum Assured Enhancement: By paying higher premiums, policyholders can enhance the sum assured by 3% to 5%.
Kotak e-Assured Savings Plan
Guaranteed Annual Additions: This plan also guarantees annual additions between 7% and 10% of all premiums paid.
Guaranteed Loyalty Additions: At maturity, the plan provides guaranteed loyalty additions of 10% to 20% of the total accrued sum, based on the premium payment tenure.
Death Benefit: The policy ensures a higher sum value in the event of the policyholder’s death, similar to the Kotak Assured Savings Plan.
Riders: Up to two riders can be added to this plan to boost coverage.
Loan Facility: A loan can be availed against the accrued sum, with up to 50% of the surrender value accessible.
Sum Assured Enhancement: Policyholders can enhance the sum assured by 3% to 5% by opting for higher premiums.
Kotak Assured Income Plan
Assured Payouts: This plan guarantees payouts for a fixed term of 15 years at the end of the policy term, based on the annual premium.
Guaranteed Maturity Benefit: At maturity, a guaranteed benefit of 104% to 110% of the assured sum is added, depending on the entry age.
Death Benefit: In case of the policyholder’s death, a higher sum value of 106% of the assured sum or the guaranteed maturity benefit is payable.
Riders: Up to four riders can be added to enhance the coverage.
Loan Facility: Loans can be availed for up to 80% of the surrender value.
Kotak Assured Income Accelerator Plan
Premium Payment Term: Premiums are payable for a limited tenure.
Guaranteed Income: Post the premium payment term, the plan provides guaranteed income until the policy term ends, with an annual increase in income at a simple interest rate.
Maturity Benefit: A specific maturity benefit is payable based on the plan term and entry age.
Death Benefit: In the event of the policyholder’s death, a higher sum value of 7 to 11 times the sum assured, the guaranteed maturity benefit, or a minimum of 105% of all premiums paid is payable.
Riders: Up to five riders can be opted for to customize the basic plan.
Loan Facility: Loans up to 80% of the surrender value can be availed.
Kotak Premier Money Back Plan
Bonuses: The plan allows policyholders to earn bonuses based on the company's profits.
Money Back Benefits: Throughout the policy tenure, money back benefits amounting to 20% of the sum assured are provided.
Maturity Benefit: At maturity, the assured sum, accrued bonuses, and maturity benefits are payable. The maturity benefits depend on the plan’s duration.
Death Benefit: In case of death, a higher sum value of 7 to 11 times the assured sum is payable, which includes a minimum of 105% of the total premium. Additional sum assured is provided in the event of accidental death.
Riders: Up to three additional riders can be purchased for enhanced coverage.
Discounts: Premium discounts are available if the sum assured is Rs 5 lakh or more.
Kotak Classic Endowment Plan
Bonuses: This plan participates in the company’s profits, allowing policyholders to earn bonuses.
Death Benefit: In case of death, the plan provides a higher sum assured, which is either 11 times the annual premium or 105% of all premiums paid.
Maturity Benefit: At maturity, the sum assured along with accrued bonuses is payable.
Riders: Up to six riders can be chosen for an increased sum assured.
Loan Facility: Loans up to 80% of the surrender value can be accessed.
Discounts: Discounts are available on premiums for sums assured of Rs 5 lakh or more.
Kotak Premier Endowment Plan
Bonuses: The plan participates in the company’s profits and provides bonuses accordingly.
Guaranteed Additions: For the first five policy years, guaranteed additions of up to 5% of the sum assured are payable.
Maturity Benefit: At maturity, the assured sum, vested bonuses, and guaranteed additions are paid out. This can be received as a lump sum or in installments over 5 or 10 years.
Death Benefit: In case of death, the plan offers a higher sum assured of 7 to 11 times the annual premium or a basic assured sum of 105% of all premiums paid, along with accrued bonuses and assured additions. Death benefits can be paid as a lump sum or in installments.
Riders: Up to six riders can be added to enhance the basic policy coverage.
Loan Facility: Loans up to 80% of the surrender value are available.
Discounts: Premium discounts are available for assured sums of Rs 5 lakh or more.
How to Apply for Kotak Traditional Insurance Plans
Applying for Kotak Mahindra traditional insurance plans can be done through two primary methods:
Online Procedure
Website Access: Visit Kotak’s official website at Kotak Insurance.
Plan Selection: Choose the plan that suits your requirements from the available options.
Coverage Selection: Select the desired coverage level based on your needs.
Submission of Details: Provide the necessary details as prompted on the website.
Premium Calculation: The website will calculate the premium based on the details provided.
Payment: Make the premium payment using the available payment options.
Policy Issuance: Once the payment is completed, the policy will be issued promptly.
Through Intermediates
Agent, Bank, or Broker: For plans not available online, you can approach insurance agents, banks, or brokers.
Assistance: These intermediates will assist you throughout the application process and ensure that the policy is issued as per your requirements.
Conclusion
Kotak Mahindra’s traditional insurance plans offer a comprehensive range of options for individuals seeking reliable and secure financial protection. Whether you are looking for fixed income returns, risk cover, or tax benefits, these plans provide a structured approach to safeguarding your financial future. With features such as guaranteed additions, flexible riders, and loan facilities, Kotak’s traditional insurance offerings cater to a variety of needs and preferences. Whether you choose to apply online or through intermediates, Kotak Mahindra ensures a seamless and supportive process for securing your insurance policy.
Kotak Mahindra Old Mutual Life Insurance Ltd. stands as a prominent entity in India’s insurance sector, having emerged from a collaboration between Old Mutual and Kotak Mahindra Bank Ltd. As a leading financial service provider, Kotak Mahindra Insurance offers a range of traditional life insurance plans tailored to meet diverse customer needs. These plans include whole life insurance and endowment policies, providing a blend of risk coverage, financial security, and investment benefits.
Traditional life insurance plans are designed to offer more than just a safety net; they provide a financial cushion for both the insured and their beneficiaries. Unlike term insurance, which only offers coverage for a specified period, traditional insurance plans from Kotak Mahindra extend protection for the insured’s entire lifetime. These plans are structured to offer fixed income returns, risk coverage, safety, and tax advantages, making them a secure choice for those looking to safeguard their financial future.
Types of Kotak Traditional Insurance Plans
Kotak Mahindra Insurance presents a diverse range of traditional insurance plans, each designed to cater to different financial goals and needs. Here’s a detailed overview of the various Kotak traditional plans available:
Kotak Assured Savings Plan
Guaranteed Annual Additions: This plan offers annual additions ranging from 7% to 10% of all premiums paid, ensuring that the policyholder's investment grows steadily over time.
Guaranteed Loyalty Additions: At the policy's maturity, guaranteed loyalty additions amounting to 10% to 20% of the assured sum are payable. The exact percentage depends on the tenure of premium payments.
Death Benefit: In the unfortunate event of the policyholder’s death, the plan provides a higher sum value, which could be 105% of all premiums paid, a guaranteed death benefit ranging from 110% to 120% of the assured sum, or 7 to 11 times the sum assured, along with the assured sum.
Riders: Three riders can be added to enhance the policy coverage, offering additional protection.
Loan Facility: Policyholders can take a loan against the accrued sum, with up to 50% of the surrender value available.
Sum Assured Enhancement: By paying higher premiums, policyholders can enhance the sum assured by 3% to 5%.
Kotak e-Assured Savings Plan
Guaranteed Annual Additions: This plan also guarantees annual additions between 7% and 10% of all premiums paid.
Guaranteed Loyalty Additions: At maturity, the plan provides guaranteed loyalty additions of 10% to 20% of the total accrued sum, based on the premium payment tenure.
Death Benefit: The policy ensures a higher sum value in the event of the policyholder’s death, similar to the Kotak Assured Savings Plan.
Riders: Up to two riders can be added to this plan to boost coverage.
Loan Facility: A loan can be availed against the accrued sum, with up to 50% of the surrender value accessible.
Sum Assured Enhancement: Policyholders can enhance the sum assured by 3% to 5% by opting for higher premiums.
Kotak Assured Income Plan
Assured Payouts: This plan guarantees payouts for a fixed term of 15 years at the end of the policy term, based on the annual premium.
Guaranteed Maturity Benefit: At maturity, a guaranteed benefit of 104% to 110% of the assured sum is added, depending on the entry age.
Death Benefit: In case of the policyholder’s death, a higher sum value of 106% of the assured sum or the guaranteed maturity benefit is payable.
Riders: Up to four riders can be added to enhance the coverage.
Loan Facility: Loans can be availed for up to 80% of the surrender value.
Kotak Assured Income Accelerator Plan
Premium Payment Term: Premiums are payable for a limited tenure.
Guaranteed Income: Post the premium payment term, the plan provides guaranteed income until the policy term ends, with an annual increase in income at a simple interest rate.
Maturity Benefit: A specific maturity benefit is payable based on the plan term and entry age.
Death Benefit: In the event of the policyholder’s death, a higher sum value of 7 to 11 times the sum assured, the guaranteed maturity benefit, or a minimum of 105% of all premiums paid is payable.
Riders: Up to five riders can be opted for to customize the basic plan.
Loan Facility: Loans up to 80% of the surrender value can be availed.
Kotak Premier Money Back Plan
Bonuses: The plan allows policyholders to earn bonuses based on the company's profits.
Money Back Benefits: Throughout the policy tenure, money back benefits amounting to 20% of the sum assured are provided.
Maturity Benefit: At maturity, the assured sum, accrued bonuses, and maturity benefits are payable. The maturity benefits depend on the plan’s duration.
Death Benefit: In case of death, a higher sum value of 7 to 11 times the assured sum is payable, which includes a minimum of 105% of the total premium. Additional sum assured is provided in the event of accidental death.
Riders: Up to three additional riders can be purchased for enhanced coverage.
Discounts: Premium discounts are available if the sum assured is Rs 5 lakh or more.
Kotak Classic Endowment Plan
Bonuses: This plan participates in the company’s profits, allowing policyholders to earn bonuses.
Death Benefit: In case of death, the plan provides a higher sum assured, which is either 11 times the annual premium or 105% of all premiums paid.
Maturity Benefit: At maturity, the sum assured along with accrued bonuses is payable.
Riders: Up to six riders can be chosen for an increased sum assured.
Loan Facility: Loans up to 80% of the surrender value can be accessed.
Discounts: Discounts are available on premiums for sums assured of Rs 5 lakh or more.
Kotak Premier Endowment Plan
Bonuses: The plan participates in the company’s profits and provides bonuses accordingly.
Guaranteed Additions: For the first five policy years, guaranteed additions of up to 5% of the sum assured are payable.
Maturity Benefit: At maturity, the assured sum, vested bonuses, and guaranteed additions are paid out. This can be received as a lump sum or in installments over 5 or 10 years.
Death Benefit: In case of death, the plan offers a higher sum assured of 7 to 11 times the annual premium or a basic assured sum of 105% of all premiums paid, along with accrued bonuses and assured additions. Death benefits can be paid as a lump sum or in installments.
Riders: Up to six riders can be added to enhance the basic policy coverage.
Loan Facility: Loans up to 80% of the surrender value are available.
Discounts: Premium discounts are available for assured sums of Rs 5 lakh or more.
How to Apply for Kotak Traditional Insurance Plans
Applying for Kotak Mahindra traditional insurance plans can be done through two primary methods:
Online Procedure
Website Access: Visit Kotak’s official website at Kotak Insurance.
Plan Selection: Choose the plan that suits your requirements from the available options.
Coverage Selection: Select the desired coverage level based on your needs.
Submission of Details: Provide the necessary details as prompted on the website.
Premium Calculation: The website will calculate the premium based on the details provided.
Payment: Make the premium payment using the available payment options.
Policy Issuance: Once the payment is completed, the policy will be issued promptly.
Through Intermediates
Agent, Bank, or Broker: For plans not available online, you can approach insurance agents, banks, or brokers.
Assistance: These intermediates will assist you throughout the application process and ensure that the policy is issued as per your requirements.
Conclusion
Kotak Mahindra’s traditional insurance plans offer a comprehensive range of options for individuals seeking reliable and secure financial protection. Whether you are looking for fixed income returns, risk cover, or tax benefits, these plans provide a structured approach to safeguarding your financial future. With features such as guaranteed additions, flexible riders, and loan facilities, Kotak’s traditional insurance offerings cater to a variety of needs and preferences. Whether you choose to apply online or through intermediates, Kotak Mahindra ensures a seamless and supportive process for securing your insurance policy.
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