All About Kotak Money Back Plan
Updated On Feb 08, 2022
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A Well-Balanced Investment and Insurance Strategy Protect your now to ensure your tomorrow. We want to give our loved ones all they want while still protecting them. Our main goal is to ensure people happiness and safety, whether in their professional or personal lives. As a result, Kotak Life Insurance offers the Kotak Premier Money Back Plan, a savings and protection plan unlike any other. It's a limited-pay plan that pays you lump sums at regular intervals to satisfy your short-term financial demands and enable you to provide the best for your family.
Features of the Kotak Premier Money Back Plan
Some of the advantages of obtaining this coverage are as follows:
- The premiums for the insurance are tax deductible under section 80C of the Internal Revenue Code.
- Under section 10(10D) of the Income Tax Code Act, the death/maturity benefits received from this policy are tax deductible.
- Premiums are decreased by Rs. 2 for every Rs. 1,000 of the value assured if the sum pledged exceeds Rs. 5 lakhs.
- If no more premiums are paid after the policy reaches surrender value, it is converted to a paid-up policy with a reduced value rather than lapse.
Benefits Of Kotak Premier Money Back Plan
The Kotak Premier Money Back Plan comes with a number of benefits that make it an excellent pick. Take a look at the following:
1. Payments on a regular basis
The Kotak Premier Money Back Plan's regular payment benefits are extremely beneficial because they allow you to cover current expenses while saving. It allows you to access your insurance funds at regular periods rather than merely at the conclusion of the policy term. It's especially useful for covering the rising fees that your child may incur as they get older..
A portion of the Sum Assured is announced as a Simple Reversionary Bonus at the end of each financial year. These benefits accrue beginning with the first policy year and continue until the death or maturity of the policy. Interim bonus is awarded for the portion of the fiscal year for which no bonus was previously allocated. The Terminal Bonus is a percentage of the guaranteed amount that is distributed as part of the maturity benefit. The firm may choose to pay the bonus on death if the premiums have been paid for ten years.
3. Maturity Addition as a Lump Sum
You get a lump sum increase as well as a maturity benefit with the Kotak Premier Money Back Plan. The magnitude of this increase is determined by the policy period. It is paid out along with the maturity benefit at the conclusion of the policy period.
4. Accidental Death Compensation
As evidenced by the Accidental Death Payout, the Kotak Premier Money Back Plan provides comprehensive protection against all contingencies. If the policyholder dies in an accident, their nominees will receive a lump sum payment in addition to the Death Benefit.
The Kotak Premier Money Back Plan is a monthly savings and protection plan that pays out a lump sum. The payout is defined by the policy term and the sum guaranteed chosen at the outset by the policyholder. There are also reversionary bonuses and maturity adds, which are paid out at policy maturity. Bonuses are occasionally declared as early as the end of the first policy year under the system. The Kotak Premier Money Back Plan can be supplemented with additional accidental death insurance.
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.