Kotak Guaranteed Savings Plan Brochure - Description
Today we have come with the Kotak Guaranteed Savings Plan Brochure PDF for you in detail. Basically Kotak Guaranteed Savings Plan is a plan which provide guaranteed savings and protection oriented benefits for both on maturity and on death. At the end of the Policy Term, Guaranteed Maturity Benefit consisting of Basic Sum Assured PLUS accrued Guaranteed Additions PLUS Guaranteed Loyalty Addition will be paid to the beneficiary.
Kotak Guaranteed Savings Plan Brochure PDF
Some of the important features of this plan are:
Policy:
Means the contract of insurance entered into between the Policyholder and the Insurer as evidenced by Policy Document.
Policy Document:
Means the present contract of insurance which has been issued on the basis of the proposal, other representations and documents submitted by the Policyholder and/or the Life Insured(s).
Premium Payment Term (PPT):
This is the period during which the Policyholder shall pay the Premium to get the full benefits as mentioned in the Schedule of the Policy.
Revival:
Means reinstatement of the lapsed or Reduced Paid-Up Policy in accordance with the provisions of the Policy Document. Revival may be of the following two types and the same may be made before the date of maturity of the Policy but, within the timelines indicated below:
(a) Minor Revival – Revival made within six months from the due date of the first unpaid Premium causing the Policy to Lapse
(b) Major Revival- Revival made after six months but within two years from the due date of the first unpaid Premium causing the Policy to Lapse.
Policy Term:
Means the period mentioned in the Schedule, it is the period during which the Life Insured is covered, subject to the Policy being in force at the time of the death of Life Insured.
Grace Period:
Means the time granted by the Company i.e. 30 days from the due date for the payment of Premium for annual, half-yearly and quarterly mode and 15 days for monthly mode, without levy of any interest or penalty
Guaranteed Maturity Benefit:
Guaranteed Maturity Benefit shall be calculated as follows:
– Basic Sum Assured
– PLUS Accrued Guaranteed Additions
– PLUS Guaranteed Loyalty Addition
Lapse:
Means suspension of the benefits under the Policy upon non-payment of the due Premiums within the Grace Period. Such suspension shall be effective from the date of the first unpaid Premium.
Minimum Age & Maximum Age:
Minimum Age of the Life Insured at entry is 3 years.
Maximum Age of the Life Insured at entry is 60 years
Minimum Age of the Life Insured at maturity is 18 years.
Maximum Age of the Life Insured at maturity is 75 years.
Policy Year:
Means the period from the last Policy anniversary date (or the date of commencement of Policy) up to the next Policy anniversary date.
Premium:
Means the Single Premium (for Single Premium payment option) or the total initial Premium and subsequent Premiums due (in case of other than Single Premium payment option) and payable under the Policy.
To download the Kotak Guaranteed Savings Plan Brochure PDF, press the Download button given at the bottom of the page.