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    Home»News»Key Advantages of Kotak Assured Savings Plan

    Key Advantages of Kotak Assured Savings Plan

    Trevor James.cBy Trevor James.cNovember 29, 2022No Comments3 Mins Read
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    Savings is an integral part of prudent financial planning and household budgeting. Long gone are days when people parked their savings in a bank saving account. Today, with the rising inflation, it is paramount that you find a way to grow your savings over time. This is where the various assured savings plans in the market play an important role. 

     

    These savings plan is becoming one of the most preferred savings instruments as it gives investors considerable returns with minimal risk. While there are many such plans in the market, Kotak Assured Savings Plan offered by Kotak Life Insurance has gained immense popularity among investors across India. 

     

    Let us know more about Kotak Assured Savings Plan, its key benefit, and other details. 

     

    Kotak Assured Savings Plan is a non-participating endowment assurance plan that allows you to be confident and accomplish your long-term financial goals. It allows you to accumulate wealth, strengthen your finances for the future, offer insurance protection at an affordable price, and enable you to accomplish your goals through guaranteed benefits. 

     

    Working of Kotak Assured Savings Plan

     

    Let us understand how Kotak Assured Savings Plan works with an example. 

     

    Mr. Akash Reddy, a working professional, purchases Kotak Assured Savings Plan for 15 years. He chooses the premium payment term of 10 years and pays an annual premium of Rs. 1 lakh. After ten years, his premium payment term expires, but he continues to enjoy the policy benefits and insurance protection till maturity, i.e., 15 years. 

     

    On maturity, Mr. Reddy is assured of receiving the guaranteed maturity, including the accrued guaranteed annual addition and loyalty addition. In case of Mr. Reddy’s unfortunate demise during the policy period, his nominee will receive the maturity benefits as on the date of his demise. 

     

    Benefits of Kotak Assured Savings Plan

     

    Tax benefit

     

    Remember, although the Kotak Assured Savings plan allows you to get valuable returns, it is primarily an insurance policy. So, like other life insurance plans, you can enjoy tax benefits on the premium paid up to Rs. 1.5 lakhs under Section 80C of the Indian Income Tax Act. 

     

    Enhanced Protection

     

    With the Kotak Assured Savings plan, you can purchase additional add-on cover or riders and enhance the policy’s scope. Riders allow you to get protection against specific risks that are not covered under the standard policy. 

     

    You may have to pay an additional premium when you buy a rider. But it would be worth it considering the amount you may save in the event of an unfortunate incident. 

     

    Increasing life cover

     

    This is one of the most significant benefits of the Kotak Assured Savings Plan. It allows you to get yearly additions on the sum assured every time you pay the premium, which is payable at maturity or demise, whichever occurs earlier. 

     

    This is an important benefit as your financial responsibilities may increase over time. The annual additions give you and your family the extra financial cushion you may need as you grow old. 

     

    Guaranteed maturity benefit

     

    With the Kotak Assured Savings plan, you get assured maturity benefits. When your policy matures, and you outlive the policy term, you get the basic sum assured, the accrued guaranteed yearly additions, and the guaranteed loyalty addition. All these benefits add to a substantial amount you can use for financial goals. 

     

    Final Word

     

    Now that you know the key benefits of the Kotak Assured Savings Plan, purchase this policy and secure your financial future. 

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