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Kotak Premier Pension Plan and Policy

Kotak Premier Pension Plan and Policy - Kotak Premier Pension Plan is a traditional participating pension plan which will provide you with financial security after retirement so that you can lead the same lifestyle which you enjoy now. It offers various advantages such as guaranteed additions, assured benefits etc so that you can lead a worry-free retirement life. With this life insurance plan, you can continue to live an independent life even after your regular income stops.

Eligibility - Kotak Premier Pension Plan and Policy

Minimum Entry Age 30 years
Maximum Entry Age 55 years (For Regular and Limited Pay) 60 years (For Single Pay)
Minimum Vesting Age 45 years
Maximum Vesting Age 70 years

Policy Terms - Kotak Premier Pension Plan and Policy

Regular Pay 10-30 years
Single Pay 10 years and 15 years
Limited Pay 15-30 years (10 Pay) 17-30 years (12 Pay)

Premium Payments - Kotak Premier Pension Plan and Policy

Regular Pay Same as policy term
Limited Pay 10 and 12 years
Premium Payment Mode Yearly, Half-Yearly, Quarterly and Monthly
Minimum Basic Sum Assured Rs.2 lakhs
Maximum Basic Sum Assured Subject to underwriting
Premium Modal Factor 100%(Yearly) 51%(Half-Yearly) 26%(Quarterly) 8.8%(Monthly)

Key Features - Kotak Premier Pension Plan and Policy

Type of Plan
Kotak Premier Pension Plan is a traditional participating pension plan.
Premium Payment Options
The available premium payment options are Yearly, Half –Yearly, Quarterly and Monthly.
Guaranteed Additions
A certain percentage of Basic Sum Assured will be paid in the form of Guaranteed Additions in the first five policy years.
Bonus
The policyholder can earn the bonus from 6th policy year onwards.
Assured Benefit
This benefit is available either on death or vesting. It is equal to the 105% of total premiums paid till date of death or vesting.
Death Benefit
Death Benefit is available under this plan.
Tax Benefits
Tax Benefits are available as per Section 80CCC of Income Tax Act, 1961.
Additional Protection
Two rider options are available under this plan namely Kotak Accidental Death Benefit Rider and Kotak Permanent Disability Benefit Rider.
Grace Period
A grace period of 30 days is provided for yearly, half-yearly and quarterly mode. A grace period of 15 days is provided for the monthly mode.
Surrender Benefit
Surrender Benefit is available under this plan.
Revival
Upon the lapse of the policy, it can be revived during a 2 year period starting from the date of the first unpaid premium.
Free Look Period
A free look period of 15 days is provided in case the policyholder wants to return the policy.

Payment Options - Kotak Premier Pension Plan and Policy

The policyholder can pay the premiums regularly using the following options –

  • Yearly
  • Half–Yearly
  • Quarterly
  • Monthly intervals throughout the term of the policy

Advantages and Benefits - Kotak Premier Pension Plan and Policy

The Kotak Premier Pension Plan provides the following key benefits :

Guaranteed Additions:

Once all the pending premium have been paid, the policyholder is eligible to receive the Guaranteed Additions in the first 5 policy years. It will be available either on vesting or on death, depending on whichever takes place earlier.

Regular and Limited Premium Payment 5% p.a of the Basic Sum Assured
Single Premium Payment Option 2% p.a of the Basic Sum Assured

Death Benefit:

In case of demise of the Life Insured during the policy term, the Assured Benefit PLUS, accrued Guaranteed Additions PLUS and accrued Reversionary Bonuses and Terminal Bonus will be given to the nominee. The nominee can get hold of the Death Benefit payout either by purchasing an Immediate Annuity or by directly withdrawing the entire proceeds.

Surrender Benefit:

A Guaranteed Surrender Value is also available under this plan. It is based on various factors such as the premium payment term chosen and the number of premiums paid. In case of Regular and Limited Premium, GSV is available only after full premiums have been paid for three consecutive years. In case of Single Premium Paying policy, GSV is available anytime after Single premium has been paid.

Assured Benefit:

This benefit is available either on death or vesting. It is equal to 105% of total premiums paid till date of death or vesting.

Vesting Benefit:

Vesting Benefit is available once the policyholder completes one full tenure of the plan. The following benefit comes under Vesting Benefit :

  • Basic Sum Assured PLUS
  • accrued Guaranteed Additions PLUS
  • accrued Reversionary Bonuses and Terminal Bonus

Tax Benefit:

Tax Benefit is available under this plan as per Section 80CCC of Income Tax Act, 1961.

Additional Protection:

Two rider options are available under this plan :

  • Kotak Accidental Death Benefit Rider
  • Kotak Permanent Disability Benefit Rider

Kotak Accidental Death Benefit Rider:

It is the benefit paid on accidental death.

Kotak Permanent Disability Benefit Rider:

Under this rider, installments are paid in case the individual becomes disabled due to accident.

Nomination and Assignment:

Nomination is allowed under this plan as per Section 39 of the Insurance Act,1938. Assignment is not allowed under this plan.

Free Look Period:

If the policyholder is not satisfied with the policy, he/she can choose to return it within 15 days from the date of receipt of policy.

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