Life Insurance Endowment Policy Kotak Mahindra Endowment Plans

Kotak Mahindra Life Endowment Plans
Kotak Mahindra Endowment Plans are dedicated insurance plans that are designed to offer a combination of life insurance and savings which ensure that not only you have financial protection but also a way to grow your wealth. These endowment plans by Kotak Mahindra are particularly attractive because they offer guaranteed returns which are set at the time you purchase your policy.
These endowment plans are versatile and can be tailored to suit a variety of personal goals. Whether you’re looking to buy a new house, save for your children’s education, or wedding, Kotak Mahindra Endowment Plans offer the financial backing to turn your dreams into reality.
One of the major highlights of these endowment plans by Kotak Mahindra is that they offer flexibility in premium payments. With these plans, you will have the flexibility to choose the payment schedule that best fits your financial situation, whether it’s monthly, half-yearly, yearly, or a one-time lump sum payment.
Top Kotak Mahindra Endowment Plans
Here is a list of the top Kotak Mahindra Endowment Plans.
Types of Future Generali Life Endowment Plan
The company offers only 1 endowment plan. Let’s find out more about it.
1. Kotak Premier Endowment Plan
The Kotak Premier Endowment Plan is designed to help you build a sustainable corpus for your dreams. One of the highlights of the plan is that it is tailored to bring aspiration to your life by offering Guaranteed Additions during the initial 5 policy years. Furthermore, the plan comes with three additional riders, including Kotak Accident Death Benefit Rider, Kotak Permanent Disability Benefit Rider, and Kotak Life Guardian Benefit Rider.
Parameters | Details |
Age | Minimum Entry Age- 18 Years Maximum Entry Age- 60 Years |
Maturity Age | 70 Years |
Premium Amount | Minimum: Regular Pay: Rs. 8,000 Limited Pay: Rs. 15,000 |
Premium Payment Mode | Yearly, Half-Yearly, Quarterly, and Monthly |
Modal Factor (% of Annual Premium) | Yearly- 100% Half-Yearly- 51% Quarterly- 26% Monthly- 8.8% |
Key Features & Benefits:
These are as follows:
- Guaranteed Additions
One of the major features and benefits of the plan is that it offers guaranteed returns that will accrue at a rate of 5% p.a. (simple) of the basic sum assured. These additions will be payable either on maturity or in the event of death, whichever occurs earlier.
- Earn Bonuses
Another major highlight of the plan is that it starts from the 6th policy year onwards, and after that, the policyholder starts earning bonuses. These bonuses contribute to the growth of your policy and enhance the final maturity value.
- Flexible-Premium Payment Options
One of the biggest benefits of the plan is that it offers convenience in selecting from multiple options for premium payment terms. Furthermore, you have the opportunity to choose to pay regular premiums or opt for limited premium payments for 5, 7, 10, or 15 years.
2. Kotak Classic Endowment Plan
The Kotak Classic Endowment Plan is a comprehensive long-term protection cum savings plan designed to provide you with both protection benefits and the opportunity to earn bonuses throughout the policy term. Furthermore, the plan provides financial protection to you and your loved ones against unforeseen events. In the event of your demise during the policy term, the plan offers a death benefit to your beneficiaries to ensure their financial security.
Parameters | Details |
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). |
Policy Term | 15 to 30 years |
Premium Amount | Minimum Regular Pay: Rs. 7,000 Limited Pay: Rs. 7,000 (except for PT/PPT combination of 15/7 years). PT/PPT Combination of 15/7; Rs. 12,000 Maximum
No Limit, subject to underwriting |
Premium Payment Mode | Yearly, Half-Yearly, Quarterly, & Monthly |
Premium Payment Option | Regular & Limited Only |
Key Features and Benefits:
These are as follows:
- Long-term Protection
One of the key features and benefits of the plan is that it offers extended protection which ensures coverage up to the age of 75 years. Remember that when you have long-term protection, you and your loved ones are protected for a significant portion of your life.
- Additional Bonuses
One of the standout features of the plan is that it allows you to earn yearly bonuses starting from the very first policy year. These bonuses are a form of added value, which may enhance the overall returns on your policy and contribute to your financial growth over time.
- Convenience & Flexibility
Another major highlight of the plan is that you will have the option to pay premiums according to your financial comfort, which ensures that the plan remains affordable and sustainable. Additionally, the plan provides a wide range of term options which allow you to customize the policy duration to suit your specific needs and plans.
How Does Kotak Mahindra Endowment Plan Function?
Let’s take the example of Mr Sumit Gupta, a healthy 35-year-old male who works in a software development company in New Delhi. Mr Gupta decides to purchase a Kotak Mahindra Classic Endowment Plan with specific terms and benefits. He chooses the sum assured on maturity, Rs. 5 lakhs, policy term of 15 years, and premium payment term of 10 years.
Under the policy, after the completion of the 15-year term, Mr Gupta will be entitled to certain benefits. The maturity benefit, which is the amount payable to him upon policy maturity, will be Rs. 8,16,688. Additionally, in the unfortunate event of Mr. Gupta’s death during the policy term, the insurance policy provides a death benefit. The death benefit amount will be Rs. 8, 47, 658, which assumes that the benefits are calculated at a higher rate of 8% per annum.
If Mr Gupta passes away within the 15-year policy term, his nominee or beneficiary will receive a payment of Rs. 8, 47, 658.
Note: These figures are calculated based on the specified policy terms and the assumed rate of return of 8% per annum.
How to Buy Kotak Mahindra Endowment Plans?
If you are interested in buying Kotak Mahindra Endowment Plan, you will need to follow the offline approach as the plans are not available online. All you need to do is simply visit your nearest Kotak Mahindra Branch and ask them about the endowment plan you want to buy. Before you go, make sure you prepare a list of the documents, including your Aadhar Card, PAN Card, Photographs, and income statement.
For inquiries, you can contact them via
Call: 1800 209 8800
Timings: 8:00 AM to 10:00 PM (Monday to Saturday)
WhatsApp: Send a Hi to 9321003007 from your mobile number.
Frequently Asked Questions
Listed below are the frequently asked questions related to the Kotak Mahindra Endowment Plans.
In the unfortunate event of the policyholder’s suicide, within one year of taking the Kotak Mahindra Classic Endowment Policy, the nominee will receive 80% of the premiums paid by the policyholder. However, if the suicide is committed after the revival period, the nominee will receive the higher of the sum assured or 80% of the premium.
Yes, you have the option to discontinue the policy within the free-look period of 15 days. However, discontinuing the policy after a month is not feasible.
You can pay the premium in four different modes, including yearly, half-yearly, quarterly, and monthly.
If the policyholder’s death occurs during the grace period, then the unpaid premium (if any) until the date of death will be deducted from the death benefit.
The policy can lapse if the premiums for the first two policy years are not paid within the grace period. In the event of a policy lapse, no further details shall be payable under the policy.
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