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  • Kotak Lifetime Income Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment 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:

    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 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.

    Minimum Premium Rs.50,000
    Maximum Premium No Limit

    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:

    Options Description
    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:
    • 5 years
    • 10 years
    • 15 years
    • 20 years
    If the policyholder is alive after the guaranteed period, then the income payment will continue.
    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.

    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:

    Particulars Details
    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.

    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:

    Particulars Details
    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.

    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.  

    This Insurance Company has not partnered with BankBazaarInsurance.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.