The sum assured in Kotak Life Insurance is the amount of money that you will receive upon the occurrence of the insured event or at the end of the policy term. It is the guaranteed amount that will be paid to your nominees or survivors in case of untoward incidents.
The sum assured in Kotak Life Insurance depends on various factors such as age, gender, health condition, policy term, premium amount, and so on. The calculation of sum assured is mainly based on the sum of the present value of future cash benefits payable to the insured person, taking into account the policy term, premium payment term, and expected rate of investment return.
Kotak Life Insurance offers a wide range of insurance products such as term plans, endowment plans, ULIPs, retirement plans, and child plans. The sum assured for each product may differ based on the features and benefits offered by the plan.
For example, in Kotak e-Term Plan, the sum assured is calculated based on the lifestyle, income, and family requirement of the insured person. The minimum sum assured in this plan is INR 25 lakhs, and it can go up to INR 50 crores or more.
In Kotak Premier Life Plan, the sum assured is calculated based on the premium amount chosen by the customer. The minimum sum assured in this plan is INR 5 lakhs, and it can go up to INR 50 lakhs or more.
In Kotak Smart Retirement Plan, the sum assured is calculated based on the premium amount chosen and the age of the insured person. The minimum sum assured in this plan is INR 1 lakh, and it can go up to INR 5 crores or more.
Thus, the sum assured in Kotak Life Insurance is calculated based on various factors, and it is important to choose the right plan that meets your requirements and offers adequate financial protection to your family in case of any eventuality.