Kotak Lifetime Income Plan

• Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
• Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
• Do more with plans that offer pure protection, retirement planning and investment options

 The Lifetime Income Plan is a non-linked, non-participating annuity plan offered by Kotak Life Insurance that offers regular income for life to the policyholders and their loves ones post retirement. The income rate that is quoted at the start of the plan will not change and is guaranteed for life. This Kotak retirement plan provides the following 4 income options:

• Lifetime Income.
• Lifetime Income with a term guarantee.
• Lifetime Income with cash-back.
• Last survivor Lifetime Income.

One of the best features of this plan is that the proposer and annuitant can be the same person or different people. Policyholders can choose to receive the income either through cheque payments or get it directly credited to their bank accounts. They have to pay a single premium, which starts from Rs.50,000*. They can also enjoy tax benefits on the premium they pay.

*Premiums vary based on age, location, plan term and other factors.

Eligibility -Who is the Kotak Lifetime Income Plan for?

To apply for the Kotak Lifetime Income Plan, you have to meet its eligibility requirements. The eligibility criteria for this plan are mentioned below:

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

Sum assured is the amount that the policy gives to the policyholders and Premium is the amount paid by the policyholders to the company to avail the policy. Kotak Lifetime Income Plan pays regular income to the annuitant for life. He/she can choose to receive the payout on a yearly, half-yearly, monthly or quarterly basis.

Kotak Lifetime Income Plan requires policyholders to pay only a single premium.

Note - Premiums vary based on age, location, plan term and other factors.

Plan Coverage - What the Kotak Lifetime Income Plan covers?

Kotak Lifetime Income Plan protects people and their loved ones by providing regular income after retirement. The plan offers 4 income options to the policyholders and they can choose any 1 of them. Once chosen, the option cannot be changed. The options are described in the table below:

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

Kotak Lifetime Income Plan does not offer riders or add-on plans.

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

Kotak Lifetime Income Plan has many important features. Some of them are:

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

Kotak Lifetime Income Plan holders can avail tax benefits under Sections 80CCC of the Income Tax Act of 1969. They can avail tax benefits by claiming deductions on the premium they pay.

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

Apart from the above, Kotak Lifetime Income Plan offers many other benefits. Some of them are:

Why you should buy the Lifetime Income Plan from Kotak?

Kotak Life Insurance is a well-known and trusted Insurance company in India. The company is popular for the after-sales service it offers and for employing a brilliant customer care team that is ready to help customers 24x7. Kotak Life Insurance is known for ensuring complete transparency of the services it offers. It is financially strong and has acquired some of the highest ratings from the industry.