Kotak Life Insurance Company is a leading insurance service provider in India. Keeping in mind the diversified needs of its customers, they offer a wide range of insurance products across categories. One such insurance plan is Kotak Assured Income Accelerator insurance plan available under the Savings and Investment category. This plan is designed for those customers who want to get assured regular income and profits on their investment along with insurance benefits.
With this insurance plan, policyholders will get guaranteed income and an increase in their payouts every year. This assured income plan generally gives the policyholders risk-free high returns on their savings. This endowment insurance plan ensures a financially secure future for the policyholder and their loved ones along with life insurance coverage.
Features of Kotak Assured Income Accelerator Plan
This insurance plan is designed to help people develop a habit of regular savings. A number of features are attached to this plan and some of them are listed here:
- Guaranteed Income: Customers who opt for this plan will receive guaranteed income which is paid by the insurer every year during the specified payout period. With regular guaranteed payouts, the policy owner can meet their short-term financial goals with ease.
- Increase in Guaranteed Income: The insurance plan also provides its customers with a boost in their guaranteed income. Policy owners can opt for ‘Income Boosters’ to increase their guaranteed income 5% to 7% every year. This additional benefit assures the highest guaranteed income for the policyholders.
- Financial Protection for Loved Ones: Life cover is another prominent key feature of this insurance plan. Policyholder’s family gets the assured sum assured from the insurer in case the insured dies during or after the policy term. This feature gives the customers peace of mind that their loved ones will be financially protected even if they are not with them.
Benefits and Eligibility for Kotak Assured Income Accelerator Plan
Listed below are the benefits of Kotak Assured Income Accelerator Plan.
Survival Benefit: During the specified payout period, the policyholder will get the guaranteed income every year. This income typically depends on the rate of income and annual premiums. The higher the annual premiums, more the survival benefits. Details of this benefit have been tabulated below:
|Rate of Income (Percentage of the Basic Sum Assured)
|7 Premium Paying Term
|10 Premium Paying Term
|15 Premium Paying Term
|Rs. 15,000 – Rs. 24,999
|Rs. 25,000 – Rs. 49,999
|Rs. 50,000 and Above
Maturity Benefit: Assured maturity benefit is paid as the percentage of the basic sum assured. This benefit varies as the entry age of the policy owner and the selected policy term. A table of sample ages and guaranteed maturity benefit is given below:
|Policy Term 15 and 20 Years
|Policy Term 30 Years
Death Benefit: In case of an unforeseen event like the death of the policyholder during the policy term, the beneficiary will get the death benefit irrespective of the amount that is already paid as Guaranteed Income. This benefit is designed as the following:
|Entry Age 50 Years and Below
|Entry Age 51 Years and Above
Tax Benefit: This particular benefit is subject to certain terms and conditions those are specified under sections 80C and 10 (10D) of the Income Tax Act, 1961. Tax laws change from time to time. So, it is advisable to keep yourself up to date with the changes to maximise your benefits.
Eligibility for Kotak Assured Income Accelerator insurance plan have been listed below:
|7 Premium Paying Term
|10 Premium Paying Term
|15 Premium Paying Term
|Age on Maturity
|Annual Insurance Premium
|Rs. 15,000 – No Upper Limit
|Premium Payment Frequency
|Monthly, Quarterly, Half-Yearly and Annually
|Premium Payment Options
|Premium Paying Term (PPT)
|Basic Sum Assured
|10 times of annualised premium
|Maximum Sum Assured
|At the end of the 8th year
|At the end of the 11th year
|At the end of the 16th year
Riders Available with Kotak Assured Income Accelerator Plan
An insured can add riders to the policy for additional protection. The following are the options offered by Kotak Life with this plan:
- Kotak Term Benefit
- Kotak Accidental Death Benefit
- Kotak Permanent Disability Benefit
- Kotak Life Guardian Benefit
- Kotak Accidental Disability Guardian Benefit
Calculate Premiums of Kotak Assured Income Accelerator Plan Online
There are multiple benefits of using Kotak Life premium calculator. This online tool helps the buyers to decide the life coverage amount to secure their and their loved ones financial future. Kotak Life provides a user-friendly and convenient financial tool for premium calculation.
Here are the steps that one needs to follow to determine the premium amount for this policy:
- Go to the official website of Kotak Life Insurance
- Select ‘Tools & Calculator’ option from ‘Insurance Plans’
- Select your preferred product category i.e. traditional plans and product i.e. Kotak Assured Income Accelerator Plan
- Click ‘Proceed to BI’
- A form will display on your computer screen asking for details like name of the insured and proposer, date of birth, gender, channel type, email ID, mobile number, tobacco habit, occupation, state, city, etc. Fill out all those columns and click on ‘Continue’
- All the details related to the insurance plan will come to your screen.
Evaluate the results shown on your screen to make the comparison between the plan cost, benefits, etc. One point to keep in mind is that this premium calculator only provides an estimated value. The actual amount may vary from your calculations.
Q1. Is policy loan available on this plan?
Yes, policy loan is available and it can be availed up to the maximum limit of 80% of the policy surrender value. The insurance company is free to determine the interest rate on such loans. The current interest rate is 12.5%.
Q2. Can a policyholder surrender their insurance plan before maturity?
Yes, they can surrender their policy before the maturity date. After payout of the policy surrender value, it will get terminated. The acquired surrender value of the policy and its payout solely depend on the particular product category and its features.
Q3. What is the process to locate a Kotak Life Insurance branch office?
The process of locating the branch near you is quite easy. Here are the steps to follow:
- Browse through the official website of Kotak Life Insurance
- Go to the ‘How Do I’ option on the header bar and click on ‘Locate a Kotak Life Branch’ option
- An online tool called branch locator will open wherein you will have to provide your state and city names. You can also get the details by filling the PIN code of your area.
This online tool provides accurate branch details in a jiffy. Since the tool is free, you can use it multiple times to get the details.
Q4. How does Kotak Assured Income Accelerator plan actually works in terms of benefits?
Let us understand this with the following example:
Shiva is 35-year-old and wants to buy this plan to get regular guaranteed income along with life cover. He chooses this plan with the premium paying term of 15 years. For this plan, his annual premium is Rs. 60,000.
Now, look at the below-mentioned 2 possible scenarios:
Scenario I: Shiva dies during the policy term
In such a case, death benefit or sum assured on death will be paid by the insurer to the legally appointed nominee. This benefit provides the policyholder’s family with the much-needed financial net.
Scenario II: Shiva survives till the end of the policy term
In this case, he will get the assured maturity benefit along with additional benefits, such as guaranteed income. This benefit will help him meet his several financial goals.
Q5. How to buy Kotak Assured Income Accelerator Plan?
To buy this policy, you can connect with the Life Adviser of Kotak Life. You can call them on 1800-209-8800 (toll-free) from Monday to Saturday between 8 am and 10 pm for assistance or simply write an email at firstname.lastname@example.org.