Kotak Classic Endowment Plan

Kotak Classic Endowment Plan

Individual, Non-linked, Participating, Savings Life Insurance Plan

You always needed protection but what if you are provided with an alternative that offers an opportunity for savings and wealth accumulation as well? Kotak Classic Endowment Plan can help in fulfilling these requirements. Kotak Classic Endowment Plan is a long term protection cum savings plan that offers protection benefit while earning Bonuses during the policy term.

Key features

Protection for a longer time

Get protection up to the age of 75 years with this Participating endowment plan.

Bonus

Earn yearly bonus from 1st policy year.

Convenience and flexibility

Pay premiums as per affordability and choose from a wide range of term options as per suitability.

More value for Money

More value for money through discount for high Sum Assured on maturity.

Riders

Option to enhance protection through a wide range of Riders.

Tax Benefits

Get tax benefits u/s Sec 80(C) and 10(10D) of the Income Tax Act.

Eligibility

Age criteria

Entry age

Regular pay: Minimum: 0 years | Maximum:70 years less Policy Term (except for Policy Term / Premium Paying Term combination of 15/15 & 16/16 years) 54 years (for Policy Term / Premium Paying Term combination of 15/15 years) 53 years (for Policy Term / Premium Paying Term combination of 16/16 years)

Limited pay: Minimum: 0 years | Maximum: 60 years (except for PT/PPT combination of 15/7 years)

PT/PPT combination of 15/7 years: Minimum: 0 years | Maximum: 58 years

Maturity Age: Minimum: 18 years | Maximum:70 years (Regular Pay) 75 years (Limited Pay except for Policy Term / Premium Paying Term combination of 15 /7 years) 73 years (Limited Pay 15 /7 years)

Policy
Policy Term: 15 to 30 years
For minors, minimum term will be greater of; 15 years or (18 years minus age at entry as on last birthday)

Minimum Sum Assured on maturity
Determined on the basis of minimum premium amount, entry age, policy term and PPT

Example: Mentioned below is the sample Sum Assured on maturity at minimum premium for minimum and maximum terms at highest and lowest ages respectively:



Premium
Minimum:
Regular Pay: 7,000Limited Pay: 7,000 (except for PT/PPT combination of 15/7 years)PT/PPT combination of 15/7 years: 12,000

Maximum: No limit, subject to underwriting

Premium Payment Details
Premium Payment Term (PPT): Regular Pay: Equal to Policy Term,
Limited Pay: 7 years for policy term 15 years | Policy term less 5 years
Premium Payment Option: Regular and Limited only
Premium Payment Mode: Yearly, Half yearly, Quarterly, Monthly

Modal Factor (% of annual premium):
Yearly - 100%, Half yearly - 51%, Quarterly - 26%, Monthly - 8.8%