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Kotak Assured Income Plan

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Kotak Assured Income is a 30-year savings cum protection plan, with a premium paying term of 15 years. As the name suggests, this plan guarantees payment of an annual income to the policyholder starting from the end of the 10th year until maturity, ie, for a period of 20 years. Apart from this guaranteed annual income, the plan will also pay a lumpsum amount on maturity that will be 104-110% of the basic sum assured

The annual tax-free income guaranteed by this plan ranges from about 9.1% to 10.10% per annum of the sum assured, depending upon the amount of annual premium paid by the policyholder. The sum assured (insurance cover) under this plan is 10 times the annual premium. Investors should, however, note that the assured income is payable annually only to the policyholder and not to the nominee.


Kotak Assured Income gives the policyholder the dual benefits of guaranteed annual returns and a lumpsum payment on maturity. This maturity benefit is determined by the age at entry as (110% - 0.1% × Age at Entry) × Sum Assured. Thus for an individual aged 30 years, the maturity benefit will be 107% × Sum Assured. Assuming 30 years as entry age, the returns that will accrue to an individual under this scheme are illustrated below.
   

The guaranteed annual income payable under the Kotak Assured Income Plan is definitely impressive and so is the maturity benefit, which is a percentage higher than the basic sum assured. In fact, after the 10th policy year, the annual assured income broadly compensates for the premium outgo. If one were to assess the total cumulative returns under this plan, they range from 91% to 108% (absolute gains over 30 years) depending upon the entry age and premium payable by the policyholder. A downside to the scheme, however, is that the annual assured income accrues only to the policyholder and not to the nominee. The nominee is entitled only to the basic sum assured, which is 10 times the annual premium, in the event of policyholder's death before maturity. Kotak Assured Income is thus an impressive savings plan, suitable for those who do not have major medical complications. Those seeking healthy insurance cover should rather opt for a term plan.
 

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Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. HDFC TaxSaver
  2. ICICI Prudential Tax Plan
  3. DSP BlackRock Tax Saver Fund
  4. Birla Sun Life Tax Relief '96
  5. Reliance Tax Saver (ELSS) Fund
  6. IDFC Tax Advantage (ELSS) Fund
  7. SBI Magnum Tax Gain Scheme 1993
  8. Sundaram Tax Saver

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