Kotak Money Back Plan
Money back plans have always been a favorite among many of those who are still the fans of various insurance plans offered by Indian insurance co’s like LIC, ICICI Prudential, etc. And some plans are really worthy to go for it while others are better left off.
Here, the Kotak Money Back plan is like any other regular money back plan offered by various insurance companies in India. As the name states this money back plan will give you tax free returns every 5 years of your policy existence and finally you will get back the maturity by way of bonuses at the end of the policy term. Kotal Life Money Back Plan also offers couple of additional benefits that some of the money back plans don’t offer which is discussed below to better understand this plan.
Advantages of Kotak Money Back Plan:
- Returns every 5 years which is tax free
- Guaranteed additions at the time of maturity
- Additional bonuses if applicable will be paid on maturity
- Life cover which automatically increases by 7% at the end of each year.
Kotak Money Back Plan Features:
- Bonuses will be credited to your account at the end of each financial year for the premiums and net charges paid by you. The bonus will be accumulated on a compounding basis and thus providing you with significant corpus at the end of the policy term.
- Survival benefit will be offered at the end of every 5th year from 15% to 40% depending upon the term and years chosen.
- Life cover for Kotak Money Back Plan increases by 7% at the end of each year and thus protecting you well from the inflation and thus making it work for you without losing its value.
- Tax benefit under Section 80C as per the new tax laws.
- You can get the benefit of automatic cover maintenance even if you miss some premiums payments and is available after 3 years.
- The sum assured will be paid to the nominees in case of death of the policy holder during the policy term.
Eligibility Requirements:
Entry Age: 18 years to 60 years
Maturity Age: 75 years.
Terms of the policy: 15, 20 or 25 years.
Minimum Premium: Rs. 4000 per year.
Premium Mode: Monthly, quarterly, half-yearly, annually.
Overall, this seems like a regular money back policy except for additional features like increase in life cover by 7% every year, automatic cover maintenance in case of failure of premium payment, etc.
Related Posts:
Did you enjoy this post? Why not leave a comment below and continue the conversation, or subscribe to my feed and get articles like this delivered automatically to your feed reader.
Comments
i am a telecaller in kotak mahindra ,bangalore.kotak money back plan is a best plan it covers a huge lifecover with saving and guaranteed payouts
What is the guarnated return?? and returns and it depends on market? if i pay 18000/- yearly what i get after 5 years. how much i get after 5 years and what i get when received the amount and not received the amount.?
pls. explain any.
Thanks,
Harish.
i m tele caller of kotak mahindra,Nasik. I was just verifiyng dat realy kotak fulfill customers need. Overall its good in comparison of other companies