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Kotak e-Lifetime Income Plan

Retirement is a phase of life that a number of individuals who are part of the working class look forward to. It is the time to relax and enjoy the benefits that you have earned over years of hard work and service. The Kotak e-Lifetime Income Plan is the perfect tool offered by Kotak Life Insurance that helps you realize your dream of having a joyful retirement life. Financial independence is one of the key factors of this plan ensuring that your years spent being independent do not change. Some of the key elements of this plan are:

  • The plan can be gifted to anyone
  • There is a large deal of convenience when purchasing this plan as this can be done online without having to go through the hassle of visiting individual outlets of Kotak Life Insurance
  • Annuity rates issued are guaranteed for a lifetime
  • There are four different annuity options that are available

This annuity plan promises to ensure that there is a steady flow of income that is paid for life. The advantage of having four annuity options to choose from ensures that you make the right choice when purchasing a plan for yourself or for your parents.

Eligibility – Who is the Kotak e-Lifetime Income Plan for?

To apply for a Kotak e-Lifetime Income Plan, you will have to make sure that you meet the following requirements. The eligibility criteria for this plan are mentioned below:

Particulars Minimum Maximum
Entry Age for the Plan 45 years 99 years
Spouse Entry Age 35 years 99 years
Entry age for a nominee of deceased pension holder 0 99 years

Sum Assured and Premium Range – What you get and what it costs?

A Sum Assured is the total amount of money that is paid out to a policyholder while a premium is the amount paid by a policyholder to avail the benefits of the policy. Kotak e-Lifetime Income Plan pays a certain sum of money for life as a monthly income to the annuitant.

Kotak e-Lifetime Income Plan requires a policyholder to make a single payment as premium at the time of issuance of the policy.

Single Premium paid Online Channel: Rs.50,000 Distance Marketing: Rs.20,000
Premium payment term Payment is made only once
Payment frequency Instalments are paid up-front either Yearly, half-yearly, quarterly, and monthly

**Please note that premiums will vary depending on the policyholder’s age, locality, term plan, and other important factors.

Plan Coverage – What the Kotak e-Lifetime Income Plan covers?

Kotak e-Lifetime Income Plan is a vital instrument to have when you’re securing your financial needs, or that of your parents, post retirement. This plan helps ensure that you or your loved ones are financially protected after retirement by providing a fixed income that is paid out to the policyholder. Kotak e-Lifetime Income Plan comes with 4 annuity/income options that are available for a policyholder to opt for and these are listed below:

Parameters Details
Lifetime Income This is the ideal option for by people who do not have any dependents to fall back on. This plan provides an income payout throughout the lifetime of the annuitant. The plan is terminated when the annuitant is deceased.
Last Survivor Lifetime Income With this option, the company pays the annuitants (both spouses) throughout their lifespans. This plan ensures that the annuitant who has purchased the policy will receive a payout throughout his/her lifetime and after his/her death. The company will continue to make payments to the surviving annuitant throughout his/her lifetime.
Lifetime Income with Term Guarantee With this option, a policyholder can opt for an income payout for a specific period of time. A regular monthly income is guaranteed for a period of time chosen by the policyholder. The policyholder can choose between any of the following terms:
  • 5 years
  • 10 years
  • 15 years
  • 20 years
If the annuitant survives past the chosen term period, he/she will receive a payout for the remainder of their life.
Lifetime Income with Cash-back This plan works in favour of those who have dependents. The annuitant will receive an income payout throughout his/her lifetime and after their death, the nominee will receive the premium made at the time of purchase of the plan.

Riders/Add-On Plans – Additional coverage under the Kotak e-Lifetime Income Plan

Kotak Life Insurance does not offer any riders or add-ons for Kotak e-Lifetime Income Plan.

Other Key Features – Free look Period, Surrender Values, Grace Period etc.

Kotak e-Lifetime Income Plan comes with a number of benefits and features that help a potential policyholder purchase this plan without any hesitation. Some of the key features of this plan are listed below:

Particulars Details
Free Look Period A period of 30 days from the date of receiving the policy is provided for the policyholder to go through the document carefully and understand the terms and conditions. If the policyholder is not satisfied with the policy, he/she can return the policy to the insurance company. The initial premium that was paid will be returned after deducting expenses related to stamp duty, medical expenses, etc.
Surrender Value A policyholder cannot surrender a Kotak e-Lifetime Income Plan.
Grace Period This is a single premium plan and grace period is not applicable here.

Tax Benefits – How you can save with Kotak e-Lifetime Income Plan?

A customer who has purchased a Kotak e-Lifetime Income Plan can avail tax benefits that come under Section 80CCC of the Income Tax Act, 1961. Premium made at the any income that is paid by annuity is subjectable to be taxed.

Other Benefits – How you can save with Kotak e-Lifetime Income Plan?

Apart from saving your money through tax benefits, Kotak e-Lifetime Income Plan comes with a number of other benefits and these are listed below:

Particulars Details
Purchase of the Plan This plan is available online and can be purchased on that platform itself. This removes the hassle of going to a branch office and enquiring about a policy that you might be interested in.
Customer Care Kotak Life Insurance has a 24/7 customer care service that is aimed at proving the best customer service to the company’s privileged customers. Customers can have their queries addressed by calling the customer care number.
Premium Payment A premium is paid at the time of purchase of the policy. This premium can be paid through the company’s website or online.
SMS Alerts Customers can now avail the SMS Alert service and do their research a lot more conveniently on specific policies by registering for it.
Annuity Rates Annuity rates that are issued is guaranteed for life.

Apart from the benefits mentioned above, a Kotak e-Lifetime Income Plan can be gifted to another individual or your loved ones.

Why you should buy the Kotak e-Lifetime Income Plan from Kotak Life Insurance?

Kotak Life Insurance is a trusted and well-known insurance company that is based out of India. Founded in 2001, the company services over 15 million customers who are located all over the country. The company has over 232 branches located in 167 cities and has an agency strength that stands. Kotak Life Insurance has employed a brilliant customer care team that caters to the needs and requirements of its customers. The company offers a plethora of finance options that vary from protection plans, child plans, life insurance, retirement solutions, and many more.

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