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:
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.
To apply for the Kotak Lifetime Income Plan, you have to meet its eligibility requirements. The eligibility criteria for this plan are mentioned below:
|Plan Type||Non-linked, non-participating annuity plan|
|Minimum Age at Entry||45 years|
|Maximum Age at Entry||99 years|
|Minimum Age at Entry of Spouse (Applicable only for Last Survivor Lifetime Income Option)||35 years|
|Maximum Age at Entry of Spouse (Applicable only for Last Survivor Lifetime Income Option)||99 years|
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.
|Maximum Premium||No Limit|
Note - Premiums vary based on age, location, plan term and other factors.
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:
|Lifetime Income||It is ideal for people who do not have any dependents. It pays regular income throughout life, which helps the annuitant in covering daily expenses. The income will stop on the date of death.|
|Lifetime Income with a term guarantee||It is best for people who have liabilities that will be active for a fixed term. The option pays a regular income for a guaranteed period. The policyholders can choose one of the following terms:
|Lifetime Income with cash-back||It is best for people who have dependents. It pays regular income throughout life. In case of annuitant’s death, it pays the single premium that was paid at the start back to the nominee to cover the financial needs of the family.|
|Last survivor Lifetime Income||It is best for married people who have to look after their spouse. The option pays regular income for life, but the income does not stop after death of annuitant. His/her spouse will receive the income for life after his/her death.|
Kotak Lifetime Income Plan does not offer riders or add-on plans.
Kotak Lifetime Income Plan has many important features. Some of them are:
|Free Look Period||15 days from date of receiving the policy.|
|Proposer and Annuitant||The proposer and annuitant can either be the same person or different people. If they are different, then the relationships permitted are spouse, grandparent – grandchild, parent – child and siblings.|
|Income rates||The rates are fixed and guaranteed for life.|
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.
Apart from the above, Kotak Lifetime Income Plan offers many other benefits. Some of them are:
|Online calculators||There are various online calculators available on the website of Kotak Life Insurance, which policyholders can use for free for any calculations related to their policies.|
|Customer Care||Kotak Life Insurance offers 24x7 customer care service. Customers can contact the customer care for any policy related queries.|
|Premium Payment||Kotak Life Insurance allows policyholders to pay their premium online on its website.|
|SMS Alerts||If customers want specific information on their policies, they can register for the SMS alert service.|
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.
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