Over the years, the concept of savings has evolved significantly. Earlier, savings was all about keeping aside a part of the income for future use or emergency purposes. People mostly kept their savings in cash at home or parked in a bank savings account.
Today, this concept has become obsolete. Modern-day savings is about investing in specific schemes or instruments that offer valuable returns. If you don’t mind taking a risk, you can invest your savings in money-market schemes. But, if you want to take a more conservative approach, you can consider buying an assured savings plan like the Kotak Assured Savings plan, which is specifically designed to help you achieve your long-term goals.
Here is how you can achieve your financial goals with Kotak Assured Savings Plan.
While Kotak Assured Savings Plan allows you to save for your future goal, it also allows you to secure your family’s financial future by offering insurance protection. If something happens to you during the policy period, your family will receive death benefits, which they can use for everyday expenses.
Thus, with your family’s future taken care of, you can focus on accomplishing your other goals and invest in different schemes that provide valuable returns.
Guaranteed yearly additions
When you purchase Kotak Assured Savings, you may choose the sum assured, the premium payment term, etc., based on your current financial situation or goals. However, over a period, your financial condition and goals may change. You may have a new family member, or you may have to bear an additional responsibility.
This is where the guaranteed yearly additions play an essential role. As you continue to pay the premium, you get annual addition to the total payout, which becomes payable on maturity. Thus, this policy helps you stay on track to accomplishing your financial goals.
Higher benefits with longer premium commitment
You may have different financial goals. If you have to accomplish a particular goal, say in 10 years, staying committed to investing or saving for that long would be challenging. However, with Kotak Assured Savings Plan, you get increased guaranteed yearly addition and guaranteed yearly loyalty addition. This is an excellent reward for staying committed to achieving your long-term financial goals. The longer the premium payment term you choose, the higher the maturity payout.
Apart from helping you protect your family’s future and achieve your long-term goals; Kotak Assured Savings Plan allows you to enjoy tax benefits and reduce your annual tax liability. As they say, a penny saved is a penny earned.
Like all life insurance plans, the premium you pay for Kotak Assured Savings Plan is eligible for tax benefit. You can get a deduction of up to Rs. ₹ 1.5 lakhs in a financial year on your total tax outgo under Section 80 C of the Indian Income Tax Act.
Thus, you can enjoy these savings for as long as you pay the premium. Over the years, these savings can add up to a significant amount. You can use this money to either invest in different schemes or purchase riders and get additional protection against specific risks.
Thus, the Kotak Assured Savings plan allows you to achieve your long-term financial goals through its various features and benefits.