Kotak SmartLife plan is a non-linked participating life insurance plan that provides cash bonus payouts after the first policy year. These bonuses can be used to take care of your family in case of your death. You can also use them to meet your financial obligations in the interim or build up wealth for bigger financial goals. It offers coverage for up to 75 years and is available in both cash payout and paid-up addition modes.
A Kotak SmartLife Plan review shows the maturity benefit in terms of the SSV (Sum Assured Value) and GSV (Guaranteed Surrender Value). The GSV (Guaranteed Surrendethy Value) is higher than the SSV (Secondary Sum Assured Value). This feature helps you determine the policy’s value at maturity.
Kotak Life offers many different savings plans. You can learn more about them on their official website. Many of them offer guaranteed payouts upon maturity or on the death of the life insured. These plans are particularly designed to meet the financial needs of low-income customers. Some of these plans don’t even require medical tests, which is another advantage. They also offer cash bonus payouts on a yearly basis.
The Kotak SmartLife plan also offers riders and additional protection. Its Kotak Critical Illness Plus Benefit pays out a portion of the sum assured if the policyholder is diagnosed with a critical illness. It is important to note that the amount payable is 80% of the cumulative premium until the death of the policyholder. To qualify for this benefit, you need to meet the policy’s terms and conditions.