Kotak Assured Savings Plan is designed to help you save money in a disciplined manner and get guaranteed returns on your investment. In this blog post, we will discuss the minimum and maximum policy tenure of Kotak Assured Savings Plan and more.
Let’s get started.
What are the Eligibility Criteria for Kotak Assured Savings Plan?
Certain eligibility criteria are to be met to invest in the Kotak Assured Savings Plan. Some of these conditions are:
- Minimum Age- 3 years: This is the minimum age at which an individual can start investing in this plan.
- Maximum Age- 60 years: Individuals above 60 years are not eligible to invest in this plan.
- Minimum Maturity Age- 18 years: The policyholder must be at least 18 years old at the time of maturity to receive the benefits under this plan.
- Maximum Maturity Age- 75 years:The policyholder must not be more than 75 years old at the time of maturity to receive the benefits under this plan.
Minimum Policy Tenure of Assured Savings Plan
The minimum policy tenure of Kotak Assured Savings Plan is 5 years. This means that you will need to keep your policy active for at least 5 years to continue receiving its benefits. It is crucial to remember that if you cancel your policy before the five-year mark, you will not be eligible for a refund of any premiums paid. Therefore, it is crucial to ensure that you are committed to the five-year minimum before signing up for this policy. It would be best for you to Invest in Kotak Assured Savings Plan.
Maximum Policy Tenure of Assured Savings Plan
The maximum policy tenure for Kotak Assured Savings Plan is 15 years, which gives you plenty of time to grow your savings. This makes it an ideal choice for those who want to ensure their money will grow over time. If you are looking for a long-term savings solution, the Kotak Assured Savings Plan is a great option. It offers security, peace of mind, and the potential for high returns.
Additional Coverage Under Kotak Assured Savings Plan
Different types of riders are available under Kotak Assured Savings Plan, which offers additional benefits. Some of the riders are:
- Kotak Term Benefit Rider
Under this rider, the policyholder gets an additional sum assured in case the insured person gets diagnosed with any of the specified critical illnesses during the tenure of the policy.
- Kotak Permanent Disability Benefit Rider
The insurance company pays the sum assured if the insured person suffers permanent disability resulting from an accident.
- Kotak Accidental Death Benefit Rider
If the policyholder dies in an accident during the policy term, then the insurance company pays the required sum. This benefit is available for an additional premium.
- Kotak Life Guardian Benefit Rider
Kotak Life Guardian Benefit Rider offers financial protection to your loved ones in case of the sudden demise of the insured individual. All the future premiums are taken care of by the insurance company.
The Bottom Line
Kotak Assured Savings Plan from Kotak Life Insurance is a good choice for those looking for an affordable life insurance policy that offers a savings plan with a wide range of coverage options. The minimum policy tenure is five years, while the maximum is 15 years. Kotak also offers a variety of riders that can be added to the policy to customize it to your needs further.