All You Need To Know About Kotak Classic Endowment Plan

Kotak Classic Endowment plan provides life cover and wealth accumulation. This plan also provides financial assistance to your family in unfortunate circumstances, in case of your untimely demise, within the policy term a death benefit shall be provided to the nominee. Kotak Classic Endowment plan also provides a maturity benefit in case you survive the entire policy tenure. Kotak Classic Endowment plan is a participating plan, which allows wealth accumulation as the insurance company declares a yearly bonus (if any) from the first policy year.

Key Features of Kotak Classic Endowment Plan

Following are some key features of Kotak Classic Endowment plan:

• Offers long-term coverage for upto 75 years of age
• Wealth accumulation by declaring bonuses from the first policy year
• Flexibility to pay premiums as per your affordability 
• Flexibility to choose the policy term 
• Option to enhance the coverage by choosing from 6 different rider options available

Benefits of Kotak Classic Endowment Plan

Below mentioned are some benefits of purchasing of Kotak Classic Endowment plan:

• Death Benefit: Kotak Classic Endowment plan provides a death benefit in case of an untimely demise of the life assured within the policy term. In case of an unforeseen event of demise of the life assured, your nominee will receive the following:

•  Sum assured on death
• Bonus accrued till the date of demise

• Maturity Benefit: Kotak Classic Endowment plan provides maturity benefit in case you survive the entire policy tenure. In case the life assured survives the entire policy term a maturity benefit shall be provided to the life assured, the maturity benefit consists of the following:

• Sum assured at the time of maturity
• Accrued reversionary bonus
• Terminal bonus 

• Wealth Accumulation: Kotak Classic Endowment plan allows wealth accumulation by declaring yearly bonus upon the endowment policy as per the performance of the insurance company in the market. Under Kotak Classic Endowment plan yearly bonuses are declared from the first policy year. At the time of maturity and death benefit payout the bonus is provided along the payout.

• Tax Benefits: Kotak Classic Endowment plan lets you avail tax benefits as premiums paid for Kotak Classic Endowment plan is eligible for tax deductions as per Section 80C and 10(10D) of the Income Tax Act, 1961.

Eligibility Criteria for Kotak Classic Endowment Plan

Following is the eligibility criteria for Kotak Classic Endowment plan:

Suicide Exclusion

In case the life assured passes away due to suicide within first 12 months from the date of policy commencement, the nominee will be provided 80% of the total premium paid till the date of demise of the life assured. 

Also read 

Are Endowment Plans Risk Free Investment Tools?

Difference Between Endowment , ULIPs and Term Plans

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.