Learn How Can Assured Savings Plan Help in Financing Your Child’s Wedding

Planning for your child’s wedding? It can be a daunting task as you not only have to worry about the big day itself, but you also must take care of the finances. How are you going to afford to make their dream wedding come true? One option is to take out a loan, which can be risky and expensive in the long run.

A better option is to use a savings plan like Kotak Assured Savings Plan to help finance your child’s wedding. This blog post will discuss how an Assured Savings Plan can help you pay for your child’s wedding without breaking the bank!

Let’s get started.

What is the Kotak Assured Savings Plan?

Kotak Assured Savings Plan is an endowment savings plan that offers guaranteed returns against the premium paid at a fixed interest rate for the tenure of the campaign. Alongside, this savings plan also allows for a life insurance cover through its multiple rider selection.

How is Kotak Assured Savings Plan Can Help You With Your Children’s Marriage?

Marriage is a very expensive affair, and with spiralling costs, it is difficult for parents to finance their child’s wedding. But with Kotak Assured Savings Plan, you can save systematically over a period of time to create a corpus for your child’s marriage.

Kotak Assured Savings Plan is a unique product that offers you the twin benefit of life insurance and saving for your child’s future. It helps you to save regularly for your child’s marriage while protecting your family in case of any unforeseen eventuality.

Under this plan, you have the flexibility to choose the policy term as per your requirement. You also have the option to increase or decrease your sum assured at different life stages without any medical tests.

The Kotak Assured Savings Plan offers you a wide range of investment options from which you can choose the one that best suits your needs and risk appetite. You can also switch between funds without any charges.

How Does the Plan Work?

Here are the major steps:

1.     Select your Coverage

You can choose the coverage you need. The policy term is usually 20 years, but you can also select a shorter policy term of 15 years. The sum assured is based on your annual income and the number of years for which you want to pay premiums.

2.     Choose a Plan Among Life, Life Plus or Life Secure

An Assured Savings Plan is an insurance cum savings plan that offers you three different options, depending on your needs. You can choose a life plan, a life plus plan or a secure life plan.

3.     Choose a Payout Option

With an Assured Savings Plan, you can receive lump sum payouts or instalments. If you choose the lump sum option, you will receive the entire maturity benefit at once. However, if you opt for instalments, you can receive a part of the maturity benefit as periodic payments.

4.     Select Premium Paying Mode

Policyholders can choose from various premium paying modes as per their convenience- monthly, quarterly, semi-annually or annually.

5.     Choose Additional Cover

You can top-up your policy with the additional cover, which will help you meet any unexpected costs.

The Bottom Line

Kotak Assured Savings Plan is a great way to finance your child’s wedding. It offers you the peace of mind that comes with knowing you have the funds available when you need them, and it is a great way to save for the future.