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Kotak Lifetime Income Plan and Policy

Kotak Lifetime Income Plan and Policy - Most of us visualize our retired life as devoid of worries and responsibilities. When we are old and grey, we would want to lead a relaxed life sans any concerns. The only way to ensure a stress-free retired life is by making the right investments when you are young. You can opt for Kotak Lifetime Income Plan, an insurance plus investment traditional endowment plan which ensures financial security after retirement. The plan also provides regular payouts in addition to offering four income options suitable for various requirements. This kotak life plan allows a wide range of annuity payout frequencies such as monthly, quarterly, half-yearly and yearly income payment modes.

Eligibility - Kotak Lifetime Income Plan and Policy

Entry Age

Minimum: 45 years; maximum:99 years

Spouse Age

Minimum: 35 years; maximum: 99 years

Key Features - Kotak Lifetime Income Plan and Policy

Type

Annuity plan

Minimum Amount

Single Premium

Minimum: Rs.50,000

Maximum: No limit

Coverage

  • Provides financial security after retirement in that the income which is paid to the annuitant would depend on several factors such as annuitant’s age, the income option chosen in addition to the amount of single premium paid. It is important to note that the income rate is guaranteed for the annuitant’s whole life since it does not vary with market conditions.
  • This plan offers various income options for different financial requirements after retirement of customers.
  • Under this plan, customers can enjoy easy access to income via direct credit to their bank accounts.
  • This plan offers several annuity payout frequencies for the benefit of customers such as monthly, quarterly,half-yearly and yearly payment modes.
  • Customers cannot change the income option under this plan after selection.

Income Options

  • Lifetime Income: Under this plan, regular income for covering daily expenses will be paid till death. This option is most suitable for customers who have no dependents.
  • Lifetime Income with cashback: Regular income is paid throughout life. Also, under this plan, single premium is paid back to the nominee upon death to cater to the financial requirements of the family. This option is most suitable for customers who have dependents.
  • Lifetime Income with a term guarantee: Regular income for guaranteed period which can be 5, 10, 15 or 20 years is paid. Income will be paid throughout life for survival post the guaranteed period. This plan is suitable for customers who have some liabilities for a certain period of time.
  • Last survivor Lifetime Income: Regular income is paid. It continues for spouse’s life after the demise of the annuitant. This option is suitable for customers who want to ensure the financial security of their spouses.

Loan

Not available under this plan

Surrender Value

Not available under this plan

Freelook period

Customers can return the policy within 15 days from the date of receipt of policy. Customers are entitled to a refund of the premium after various deductions, namely, medical examination, stamp duty and proportionate risk premium.

Grace period

30 days

Advantages - Kotak Lifetime Income Plan and Policy

Tax benefit

This plan offers tax benefits under section 80C and section 10 (10D) of the IT Act, 1961

Kotak Retirement Life Insurance Plans and Policy

Kotak Saving and Investment Plans
Kotak Invest Maxima
Kotak Single Invest Advantage
Kotak Wealth
Kotak Gramin Bima
Kotak Sampoorn Bima Micro-Insurance Plan
Kotak Single Invest Plus
Kotak Premier Life
Kotak Classic Endowment
Kotak Premier Endowment
Kotak Assured Income
Kotak Assured Savings
Kotak Assured Income Accelerator
Kotak Premier Moneyback
Kotak Platinum
Kotak Ace Investment
Kotak Premier Income
Kotak Guaranteed Savings
Kotak Retirement Plans
Kotak Lifetime Income Plan
Kotak Premier Pension Plan
Kotak Child Life Insurance Plans
Kotak Headstart Child Assure

Kotak Group Insurance Plans
Kotak Group Insurance Plans
Kotak Gratuity Group Plan
Kotak Gratuity Plus Group Plan
Kotak Secure Return Employee Benefit Plan
Kotak Leave Encashment Group Plan
Kotak Secure Return Superannuation Plan
Kotak Superannuation Group Plan – II
Kotak Term Group Plan
Kotak Credit Term Group Plan
Kotak Group Secure
Kotak Group Secure One
Kotak Raksha Group Micro Insurance Plan
Kotak Group Assure
Kotak Group Shield
Kotak Complete Cover Group Plan