Kotak

ASSURED
S AV I N G S
P L A N
A Non-Participating Non-Linked Life Insurance Individual Savings Product

ED
TE
R AN ITS
A E F
GU BEN

Guarantee* a secure tomorrow, today

 Kotak Assured Savings Plan
A Non-Participating Non-Linked Life Insurance Individual Savings Product

Life insurance can serve as the foundation of a well-thought-out

financial strategy. And if you're someone who wants to take an active
role in reaching your financial objectives, you may be looking for a life
insurance policy that provides more than just simple protection-one
that gives you the potential to accumulate wealth that can help you
achieve a variety of future financial goals. Kotak Assured Savings
Plan may be just the Plan for you. This Plan not only provides
affordable protection but also helps accumulate wealth for achieving
future financial goals by giving guaranteed benefits.

1
Key Advantages
• Guaranteed* Maturity Benefit payable at maturity
• Basic Sum Assured, PLUS
• Accrued Guaranteed Yearly Additions, PLUS
• Guaranteed Loyalty Addition
• Increasing life cover – Guaranteed Yearly Additions added every
time premium is paid, payable at maturity or earlier death
• Longer the premium commitment, higher the benefits –
Guaranteed Yearly Additions and Guaranteed Loyalty Addition
increases with increase in premium payment term (PPT)
• More value for money through high premium benefit resulting into
higher Basic Sum Assured
• Option to enhance Protection through a wide range of Riders
• Tax benefit on premiums paid u/s 80(C) and benefit received u/s
10(10D)

How Does the Plan Work?

You pay premiums every year for selected premium payment term.
After expiry of premium payment term, the policy continues till
maturity. At maturity, you will receive Guaranteed Maturity Benefit i.e.
Sum of Basic Sum Assured (BSA), Accrued Guaranteed Yearly
Additions (GYA) and Guaranteed Loyalty Addition (GLA). Basic Sum
Assured (BSA) will be based on the Premium, Policy Term, Premium
Payment Term and Age of the Life Insured.

2
 Customer selects: At Maturity
• Premium Amount Basic Sum Assured
• Premium Payment Term (BSA) + Accrued GYAs
• Policy Term + GLA
G
L
A
G
Y
A
Guaranteed* Yearly Additions (GYA) as% of
cumulative annualized premium B
S
A
Policy 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
term
(Yrs)
Premium payment term
*
Limited Pay Guaranteed Loyalty
Addition (GLA)
payable at maturity
Note: Figures are not drawn to scale. (% of BSA)
*
The benefits are Guaranteed only if policy is in force and all premiums
are paid.

Death Benefit1
In case of an unfortunate event of death of the life insured during the
term of the plan, your nominee will receive the death benefit higher of
(a) or (b), subject to waiting period^, if applicable:
a. Basic Death Benefit, Plus Guaranteed Yearly Additions accrued as
on the date of death.
b. 105% of all premium paid (excluding extra premium, if any) till the
date of death.

3
Where the Basic Death Benefit is defined as;
For entry age less than 50 years For entry age 50 years and above
Higher of; Higher of;
• 11 times of annualized premium • 7 times of annualized premium
• Guaranteed minimum death benefit • Guaranteed minimum death benefit

and Guaranteed minimum death benefit is defined as a percentage

of Basic Sum Assured mentioned below:

Guaranteed* minimum death benefit

PPT
(% of Basic Sum Assured)
5 years 110%
6 years 112%
7 years 114%
10 years 120%

^
Waiting Period:
For policies issued through POS Channel, a waiting period of 90 days
from the date of commencement of risk of the policy is applicable. In
case of death (other than due to accident) during Waiting Period, only
100% of Premiums paid (excluding Goods and Services Tax and Cess,
if any) will be payable. Death Benefit will not be payable. Waiting
period is not applicable for death due to accident.
2
Maturity Benefit
On survival till the end of the policy term, Guaranteed Maturity
Benefit will be paid provided the policy is in force and all premiums
are paid.
Guaranteed Maturity Benefit is;
• Basic Sum Assured, PLUS
• Accrued Guaranteed Yearly Additions, PLUS
• Guaranteed Loyalty Addition.

4
 *
Guaranteed Yearly Additions
Guaranteed Yearly Additions will be calculated as a % of Cumulative
#
Annualized Premium paid every year. It will accrue throughout the
premium payment term and will be paid out at Maturity or on Death.
The rate of such additions is based on the opted premium payment
term, which is as follows:

*
Guaranteed Yearly Additions as % of
PPT
Cumulative
Benefits Annualized Premium
5 years 7%
6 years 8%
7 years 9%
10 years 10%
*
The benefits are Guaranteed only if policy is in force and all premiums
are paid.

Guaranteed* Loyalty Addition

Guaranteed Loyalty Addition will be calculated as a % of Basic Sum
Assured and be paid out at Maturity. The rate of such addition will be
based on the opted premium payment term, which is as follows:

*
PPT Guaranteed
Benefits
Loyalty Addition

5 years 10%
6 years 12%
7 years 14%
10 years 20%
*
The benefits are Guaranteed only if policy is in force and all premiums
are paid.

5
 Tax Benefits
Tax benefits are subject to conditions specified as per Income-
Tax Act, 1961. Tax laws are subject to amendments from time to
time. Customer is advised to take an independent view from tax
consultant. Goods and Services Tax and Cess, as applicable shall
be levied over and above premium amount shown here as per
applicable tax laws.

Enhancing your Options

Additional Features Benefits
As per suitability, you can opt for premium
payment term from available options (please refer
Convenient premium to “Eligibility” section).
payment term & You have the option to pay your premiums yearly,
modes half-yearly, quarterly or monthly and can also
change the premium payment mode on policy
anniversary.
If you feel the insurance cover is not adequate, you
can increase it by attaching below mentioned
optional Riders to your base plan:
• Kotak Term Benefit Rider (KTB / UIN:
107B003V03): In case of death of the life
insured, rider sum assured will be paid in
addition to the death benefit under the base plan.
Additional • Kotak Accidental Death Benefit Rider (ADB /
4
Protection UIN: 107B001V04): In case of death of the life
insured due to accident, rider sum assured will
be paid in addition to the death benefit under the
base plan.
• Kotak Permanent Disability Benefit Rider (PDB /
UIN: 107B002V03): In case of life insured being
permanently disabled due to accident, benefit is
paid in installments.

6
 Additional Features Benefits
• Kotak Life Guardian Benefit Rider (LGB / UIN:
107B012V02): In case of death of the
policyholder (if different from Life Insured),
outstanding premiums are waived and will be
paid by Kotak Life Insurance.
• Kotak Accidental Disability Guardian Benefit
Rider (ADGB / UIN: 107B011V02): In case of
accidental disability, outstanding premiums are
waived and will be paid by Kotak Life Insurance.
Additional
4 • Kotak Critical Illness Plus Benefit Rider (CIP /
Protection
UIN: 107B020V02): Rider Sum Assured shall be
payable on admission of a claim on any one of
the 37 covered critical illness, subject to terms
and conditions, definitions and specific
exclusions.
For more details on Riders and exclusions please
refer to the Individual Rider Brochure before
concluding the purchase.
Note: For policies availed through POS Channel,
Riders shall not be allowed
5 You can avail loans up to 50% of Surrender Value8
Policy Loan Facility
subject to a minimum loan amount of ` 10,000.
After the policy acquires Surrender Value, if you do
Reduced Paid-Up not pay subsequent premiums within the grace
Benefit9 period the base plan will be converted into a
Reduced Paid-Up policy by default.

Annualized % increase in Basic

premium bands Sum Assured Rate
Below ` 30,000 Nil
High Premium
` 30,000 to ` 74,999 3%
Benefit
` 75,000 to ` 1,99,999 5%
` 2,00,000 to ` 9,99,999 7%
` 10,00,000 & above 10.50%

7
 Eligibility
This simple eligibility table will help you plan your family's future financial
needs.
For All Channels
Parameters For POS Channel
(except POS)
Entry Age10 Min: 3 years, Max: 60 years Min: 3 years,
Max : 65 years less
Policy Term
Maturity Age Min: 18 years, Min: 18 years,
Max: 75 years Max: 65 years
Policy and PPT Policy Terms
Premium 5 pay 10 / 15 yrs
Payment Term 6 pay 12 / 18 yrs
(PPT) 7 pay 14 / 20 yrs
10 pay 15 / 20 yrs
Annualized Min: ` 20,000 Min: ` 20,000
Premium# Max: No limit, subject to Max: ` 1,50,000
underwriting
Premium Limited only
Payment Option
Minimum Basic Determined on the basis of minimum premium amount,
Sum Assured entry age, policy term and PPT
Example: For ` 20,000 annualized premium, following
shall be the Basic Sum Assured for entry ages 3 & 50 yrs:
Policy Premium Basic Sum
Age
Term Payment Term Assured (`)
3 years 15 years 5 years 1,45,758
3 years 20 years 10 years 2,72,660
50 years 15 years 10 years 1,59,222
Basic Sum Assured is calculated considering channel as
Individual Agents
For details, please refer to the premium calculator on our
website.

8
 For All Channels
Parameters For POS Channel
(except POS)
Maximum Basic Determined on the basis of Rs 25,00,000
Sum Assured minimum premium
amount, entry age, policy
term and PPT subject to
UW Rules
Premium Yearly, Half yearly, Quarterly, Monthly
Payment Mode
Premium Modal Yearly - 100%
Factor (% of Half yearly - 51%
annualized Quarterly - 26%
premium) Monthly - 8.8%
#
Annualized Premium: It refers to the premium payable in a policy year,
excluding the taxes, rider premium, underwriting extra premiums and
loadings for modal premium, if any., e.g. If the policyholder is paying Half-
yearly premium of ` 51,000 than the Annualized Premium will be ` 100,000
(51,000 / modal factor of 51%).

Illustration
Accrued * *
Cumulative Guaranteed Guaranteed
End Guaranteed* Death
Age Annualized Loyalty Maturity
of Yearly Benefit
(years) Premium Additions Benefit
year Additions (`)
(`) (`) (`)
(`)
1 36 1,00,000 10,000 - 11,10,000 -
5 40 5,00,000 1,50,000 - 12,50,000 -
10 45 10,00,000 5,50,000 - 16,50,000 -
15 50 10,00,000 5,50,000 1,81,610 - 16,39,661
*
The benefits are Guaranteed only if policy is in force and all premiums are paid.

9
Assumptions:
• Entry age - 35 years
• Annualized premium – ` 1,00,000
• Basic Sum Assured (after high premium benefit of 5% of basic
sum assured) – ` 9,08,051
• Policy term - 15 years
• Premium payment term -10 years
• Channel – Individual Agent

Please note: The above illustration is an extract of a separate, more

detailed Benefit Illustration. For full details, please refer to the Benefit
Illustration. The above premium figures are exclusive of Goods and
Services Tax and Cess, as applicable. Goods and Services Tax and
Cess there on, shall be charged as per the prevalent tax laws over and
above the said premiums.

Terms and Conditions

1. Death Benefit:
If the death occurs during Grace Period, the due unpaid premium (if
any) till the date of death will be deducted from the Death Benefit.
For non-annual Policy, the balance of the premium for that policy
year will be deducted from the Death Benefit.

2. Maturity Benefit:
The Maturity benefit will be reduced to account for any outstanding
loans (including interest).

10
3. Grace Period:
There is a grace period of 30 days from the due date of payment of
premium for the yearly, half-yearly and quarterly mode, and 15
days for the monthly mode.

4. Riders:
The payment of Rider premium will be made in addition to the
premium for the base plan and collected along with the premiums
for the base plan. Riders shall not be available for policies
purchased through POS distribution channel.

5. Policy Loan:
Loans can be availed under this plan through Kotak Life Insurance
up to the limit of 50% of the Surrender Value of the policy. The
Company shall determine the rate of interest from time to time.
Currently the interest rate is 9.45% p.a., but it can be revised from
time to time as per IRDAI approved methodology. The policy will be
unconditionally and fully assigned to Kotak Life Insurance as
security for the loan and interest repayments during the period of
the loan. The policy will not be auto foreclosed where all due
premiums have been paid. In case of any benefit payout before the
end of term or at maturity, the Company is entitled to deduct any
outstanding loan amount, together with all interest payable before
making such benefit payment.

6. Lapse:
If premiums are discontinued anytime during the first policy year,
the policy shall lapse at the end of the grace period and no benefits
shall be payable.

11
7. Policy Revival:
A lapsed or a Reduced Paid-Up policy can be reinstated for full
benefits on revival within five years of the first unpaid premium or
before the end of policy term whichever is earlier. The revival can
be done without evidence of good health on payment of the
outstanding premiums with revival charges (currently 9% p.a. of
outstanding premiums), if the payment is made within six months
from the date of first unpaid premium. Thereafter to revive the
policy, evidence of good health would be required along with
payment of the outstanding premiums with revival charges
(currently 9% p.a. of outstanding premiums). If a lapsed policy is
not revived during the revival period, the policy will be terminated
without paying any benefits. However, if a Reduced Paid-Up policy
is not revived during the revival period, it will continue in that mode
until maturity.

8. Surrender:
Surrender Value payable will be higher of Guaranteed Surrender
Value or Special Surrender Value where Guaranteed Surrender
value and Special Surrender value are defined as below:

Guaranteed Surrender Value (GSV) : The policy will acquire

Guaranteed Surrender Value provided all due premiums for at least
2 policy years have been paid in full.
GSV is calculated as:
[X% of total Premiums paid (excluding Goods and Services Tax and
Cess, as applicable, Rider Premium and Extra Premiums, if any)
PLUS the value of accrued Guaranteed Yearly Additions]

12
where 'X' varies by year of surrender, Premium Payment Term and Policy Term as
mentioned below:
GSV Factors as percentage of premiums paid
Policy Term/
Premium
10/5 15/5 12/6 18/6 14/7 20/7 15/10 20/10
Payment
Term
Policy Year
1 0% 0% 0% 0% 0% 0% 0% 0%
2 30% 30% 30% 30% 30% 30% 30% 30%
3 35% 35% 35% 35% 35% 35% 35% 35%
4 50% 50% 50% 50% 50% 50% 50% 50%
5 50% 50% 50% 50% 50% 50% 50% 50%
6 50% 50% 50% 50% 50% 50% 50% 50%
7 50% 50% 50% 50% 50% 50% 50% 50%
8 70% 55% 55% 53% 53% 52% 51% 51%
9 90% 61% 65% 57% 58% 56% 53% 54%
10 90% 68% 77% 62% 63% 60% 56% 56%
11 77% 90% 68% 70% 65% 59% 60%
12 87% 90% 75% 80% 70% 65% 63%
13 98% 83% 90% 77% 75% 68%
14 111% 92% 95% 83% 90% 72%
15 125% 101% 91% 90% 77%
16 111% 99% 83%
17 122% 108% 89%
18 135% 118% 95%
19 128% 102%
20 140% 110%

13
 The value of the accrued Guaranteed Yearly Additions is calculated
as, the Accrued Guaranteed Yearly Additions multiplied by the
Guaranteed Surrender Value Factor mentioned below:

GSV Factors as percentage of Guaranteed Yearly Additions

Outstanding Term GSV Factor Outstanding Term GSV Factor

0 100.00% 11 33.73%
1 90.50% 12 30.63%
2 81.91% 13 27.82%
3 74.15% 14 25.29%
4 67.13% 15 23.01%
5 60.79% 16 20.95%
6 55.06% 17 19.10%
7 49.89% 18 17.43%
8 45.21% 19 15.93%
9 40.99%
20 14.58%
10 37.18%
Special Surrender Value (SSV) : The Special Surrender Value shall be acquired
under this Policy after completion of the first Policy year, subject to the due
Premiums for at least one Policy year being paid in full
The Company may change the factors applicable for calculating the Special
Surrender Value, subject to prior approval from IRDAI.
On Surrender, all benefits will cease and the policy terminates. The surrender
value will be paid out as a lump sum benefit.

14
 9. Reduced Paid-Up Policy:
After the policy acquires Surrender Value (after completion of
first policy year provided all due premiums has been paid in full),
if the subsequent premiums are not paid within the grace period
the Base Policy along with Riders (if any) will be converted into a
Reduced Paid-Up policy by default. Upon being made Reduced
Paid-up;

• policy may be revived (for the original benefits) within 5 years

from the date of first unpaid premium.
• policy will not be eligible for Guaranteed Loyalty Addition and
future Guaranteed Yearly Additions.
• Riders (if any) may also get converted to Reduced Paid-Up,
subject to terms and conditions of respective Riders.

If a Reduced Paid-up policy is surrendered, the special surrender

value (if any) for base plan and Rider (if applicable) will be
calculated as per the Reduced Paid-up Basic Sum Assured . The
Surrender Value payable will be higher of Guaranteed Surrender
Value and Special Surrender Value.

Payout at Maturity:
The Reduced Paid-Up Basic Sum Assured will be calculated as:
(Total Premiums paid / Total premiums payable over the term) X
Basic Sum Assured

On survival of the life insured till the maturity date, the benefit
payable will be Reduced Paid-Up Basic Sum Assured PLUS
accrued Guaranteed Yearly Additions.

Payout on Death:
The Reduced Paid-Up Basic Death Benefit will be calculated as:
(Total premiums paid)/ (Total premiums payable, during the
entire policy term) x Basic Death Benefit

15
 On death of the life insured during the policy term after being
Reduced Paid-Up, the benefit payable will be higher of:

a) Sum of Reduced Paid-Up Basic Death Benefit PLUS accrued

Guaranteed Yearly Additions as on the date of death.
b) 105% of all premium s paid (excluding extra premiums , if any)
till the date of death

10. Vesting in case of minor life:

If the policy has been taken on the life of a minor, the policy
shall automatically vest on him/her with effect from the date of
completion of 18 years of age and the Life Insured will become
the Policyholder from such date.

11. In case there is no nomination effected in the policy or in case

the nominee dies during the term, the benefit payout will be
made to the legal heir(s).

12. Nomination & Assignment:

Nomination will be allowed under the plan as per the
provisions of Section 39 of the Insurance Act, 1938 as
amended from time to time.

Assignment will be allowed in the plan as per the provisions of

Section 38 of the Insurance Act, 1938 as amended from time to
time.

13. Free Look Period:

The Policyholder is offered a 30 days’ free look period to review
the terms and conditions of the Policy (except for policies
having a policy term of less than a year) beginning from the
date of receiving the Policy Document in electronic form. In
case the Policyholder is not agreeable to any terms and
conditions of the Policy or otherwise; then subject to no claims

16
 having been made hereunder, the Policyholder may choose to
return the Policy to the Insurer for cancellation, stating the
reasons thereof within the aforesaid free look period.

Should the Policyholder choose to return the Policy, the

Policyholder shall be entitled to a refund of the Premium paid
after deducting the proportionate risk Premium for the period
of cover, stamp duty charges and expenses of medical
examination (if any). A Policy once returned shall not be
revived, reinstated or restored at any point of time and a new
proposal will have to be made for a new Policy. Where Rider(s)
are available under the base Policy and so opted by the
Policyholder, the same would also stand cancelled when the
free look provision of the base Policy is exercised.

14. General Exclusion:

In the event of the life insured committing suicide within 12
months of the date of commencement of risk of the policy, 80%
of the total premiums paid till the date of death will be payable.

In case of suicide within 12 months of the date of revival of the

policy when the revival is done within 6 months from the date
of first unpaid premium, Suicide Exclusion shall not be
applicable and the Death Benefit under the product shall be
payable. However, in case of suicide within 12 months of the
date of revival, when the revival is done after 6 months from the
date of first unpaid premium, the benefit payable shall be
higher of 80% of total Premiums Paid till the date of death or
Surrender Value (if any) at the date of death provided the policy
is in force.

17
 Extract of Section 41 of the Insurance Act, 1938 as amended
from time to time states:
(1) No person shall allow or offer to allow, either directly or indirectly,
as an inducement to any person to take or renew or continue an
insurance in respect of any kind of risk relating to lives or property
in India, any rebate of the whole or part of the commission
payable or any rebate of the premium shown on the policy, nor
shall any person taking out or renewing or continuing a policy
accept any rebate, except such rebate as may be allowed in
accordance with the published prospectuses or tables of the
insurer.
(2) Any person making default in complying with the provisions of
this section shall be liable for a penalty which may extend to ten
lakh rupees.

Extract of Section 45 of the Insurance Act, 1938 as amended

from time to time states:

Fraud, Misstatement and Forfeiture would be dealt with in

accordance with provisions of Section 45 of the Insurance Act,
1938 as amended from time to time. Please visit our website for
more details:
https://www.kotaklife.com/assets/images/uploads/why_kotak/s
ection38_39_45_of_insurance_act_1938.pdf

18
About Us
Kotak Mahindra Life Insurance Company Ltd. is a 100% owned
subsidiary of Kotak Mahindra Bank Limited (Kotak) which provides
insurance products with high customer empathy. Its product suite
leverages the combined prowess of protection and long term savings.
Kotak Life Insurance is one of the growing insurance companies in
India and has covered over several million lives.

For more information, please visit the company's website at

www.kotaklife.com

Kotak Mahindra Group

Kotak Mahindra Group is one of India's leading banking and financial
services organizations, offering a wide range of financial services that
encompass every sphere of life. From commercial banking, to stock
broking, mutual funds, life insurance and investment banking, the
Group caters to the diverse financial needs of individuals and the
corporate sector.

For more information, please visit the company’s website at

www.kotak.com

19
 BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS /
FRAUDULENT OFFERS
IRDAI or its officials do not involve in activities like selling insurance
policies, announcing bonus or investment of premiums. Public
receiving such phone calls are requested to lodge a police complaint.

TOLL FREE 1800 209 8800

WhatsApp: 9321003007
www.kotaklife.com
Kotak Assured Savings Plan: UIN: 107N081V07, Kotak Term Benefit
Rider UIN: 107B003V03, Kotak Accidental Death Benefit Rider UIN:
107B001V04, Kotak Permanent Disability Benefit Rider UIN:
107B002V03, Kotak Life Guardian Benefit Rider UIN: 107B012V02,
Kotak Accidental Disability Guardian Benefit Rider UIN: 107B011V02,
Kotak Critical Illness Plus Benefit Rider UIN: 107B020V02.
Guaranteed benefits due under this plan are available provided
premiums are paid regularly for the entire premium payment term
and the policy is in force. For policies issued through POS channel,
Riders shall not be allowed.This is a non-participating non-linked life
insurance individual savings product. This is a saving cum protection
oriented plan. For sub-standard lives, extra premium may be charged
based on Kotak Life Insurance's underwriting policy. This product is
available for sale through online mode. POS variant of this product
will be available without medical examination of Life Insured. The
product brochure gives only the salient features of the plan. Please
refer the policy document for specific details on all terms and
conditions. For details on riders, please refer to the Rider Brochure.
.
Kotak Mahindra Life Insurance Company Ltd..; Regn. No.:107, CIN:
U66030MH2000PLC128503, Regd. Office: 8th Floor, Plot # C-12, G-
B l o c k , B KC , B a n d r a ( E ) , M u m b a i - 4 0 0 0 5 1 . We b s i t e :
https://www.kotaklife.com | WhatsApp: 9321003007 | Toll Free No.:
1800 209 8800 | Ref. No.: KLI/24-25/E-PB/699.
Trade Logo displayed above belongs to Kotak Mahindra Bank Limited
and is used by Kotak Mahindra Life Insurance Company Ltd. under
license.

20