All About Kotak Premier Endowment Life Insurance Plan

Kotak Premier Endowment Plan is essentially a long-term savings and protection plan which ensures financial security to your family and helps in realizing your long-term goals. It provides guaranteed additions in the first five policy years and bonuses will commence accruing from the 6th year onwards. This helps in building a lump sum amount that secures your future.

Key Features of Kotak Premier Endowment Life Insurance Plan

The following are the important features of the Kotak Premier Endowment Plan - 

• It is a non linked participating plan with regular and limited premium payment options.
• During the first five years of the policy, guaranteed additions at 5% per annum on the actual sum assured will be added. 
• You can have access to the bonuses from the 6th year onwards. 
• The minimum and maximum entry ages for this policy are 18 years and 60 years respectively. 
• There is no minimum age for maturity and the maximum age is 70 years for maturity.
• Minimum Policy Term: 10 years
• Maximum Policy Term: 30 years
• Premium Paying Term:
• Regular pay-equal to the policy term
• Limited Pay- 5,7,10,15 years.
• Mode of payment: Monthly, quarterly, bi-annually, annually.
• Yearly Premium: Regular Pay- Rs. 8,000, Limited Pay- Rs. 15,000
•   Sum Assured: It depends on the premium,age,term PPT

 Benefits of Kotak Premier Endowment Life Insurance Plan

• On the death of the policyholder, the minimum death benefit along with Guaranteed Additions, accrued reversionary Bonuses and terminal Bonus(if any) is paid to his/her nominees.
• The Minimum Death Benefit is higher than the basic SA 

                   Or

11 or 7 times (depending on the age) the annual premium 

                   Or 

105% of all premiums paid till the date of death of the policyholder. 

• On the maturity of the policy, Basic Sum Assured plus accrued Guaranteed Additions plus accrued reversionary bonuses plus terminal bonus(if any), is paid.
• This plan also provides you with a settlement option. According to it, half of the maturity benefit can be availed on maturity and the balance can be taken in a series of regular installments over a 5 or 10 years period. 
• In case the policyholder dies, his/her Nominee can also exercise the Settlement Option.
• The Premiums paid on this plan are exempted from taxation, under Section 80C of the Income Tax Act. The claims received are also tax-free according to Section 10(10D) of the same Act.

Key Details of Kotak Premier Endowment Life Insurance Plan

1. Grace Period: The grace period for monthly mode premium payment is 15 days and for all others is 30 days. The policy lapses, if the policyholder fails to pay the premium within the grace period. 

2. Surrender Benefit: Policy termination is acceptable after 2 or 3 years of complete premium payment. 

The Surrender Value would be higher than the Guaranteed Surrender Value. 

GSV = GSV Factor*Basic premium paid inclusion of GSV of the accrued guarantees bonuses and Additions.

3. Free Look Period: This is the time given for those people who have opted for the policy but yet are not sure about the terms and conditions of the policy. A 15 days time is allotted to know the policy thoroughly before confirming. The policyholder can also cancel the Policy, after this period, if he/she hasn't claimed any amount. 

4. Loan Facility: Loan can be taken against the plan to a maximum of 80% of the Surrender value with a minimum amount of Rs. 10,000.

Add-on Available Under Kotak Premier Endowment Life Insurance Plan

The following 6 riders are available under this plan:

1. Kotak Term/ Preferred Term Benefit
2. Kotak Accidental Death Benefit 
3. Kotak Permanent Disability Benefit
4. Kotak Critical Illness Benefit
5. Kotak Life Guardian Benefit 
6. Kotak Accidental Disability Guardian Benefit 

Death of Life Assured By Suicide Under Kotak Premier Endowment Life Insurance Plan

Case 1 :If the policyholder commits suicide within 12 months of accessing the Policy, the nominee is entitled to get only 80% of the premium. 

Case 2: If the policyholder commits Suicide within 12 months of revival,then the nominees get to receive higher of the Surrender value or premiums paid.

Essential Documents Required to Purchase Kotak Premier Endowment Life Insurance Plan

After opting for the policy, you need to fill up an application form along with accurate medical history and documents supporting your address and other KYC documents. 

Also Read: 

5 Best Endowment Plans To Choose From In 2021

Different Types Of Endowment Policies In India

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.