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    Kotak Mahindra Retirement/Pension Plans

    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

    Have you planned for your retired life? You should make sure that you are financially secure after you have retired. Are you wondering if you will struggle without a steady income? Kotak Life Insurance has got your back! You can take any of the retirement plans provided by Kotak to stay financially stable even after you retire. It is very important to go for a retirement plan even if you have great savings.

    Benefits of Kotak Life Insurance Retirement Plans:

    Let us discuss the benefits of Kotak Life Insurance Retirement Plans:

    • These plans will enable you to stand on your feet even after retiring from work.
    • These plans provide a constant income as well as benefits for your nominee after your death.
    • These plans generally provide you with a sum assured and bonuses if you have earned any during the policy period.
    • Under these plans, you will get the income directly in your account or in the form of a cheque. The company makes sure that there is no delay in processing the income to your account.

    List of Retirement Plans Provided by Kotak Life Insurance:

    These are the retirement plans offered by Kotak Life Insurance:

    Kotak Premier Pension Plan:

    This is a conventional participating pension plan offered by Kotak. This plan will help you build your funds required for a relaxed and peaceful retired life. If you have a few plans that do not work when you are young, you can achieve them during your leisure time after you retire.

    Benefits and Features of Kotak Premier Pension Plan:

    Let us discuss the benefits and features of Kotak Premier Pension Plan:

    • This plan gives you guaranteed additions during the first 5 years of the policy term. This addition will be a certain percentage of the basic sum assured. These additions will be given when the policy matures or when the life insured dies.
    • After the 6th year, you will start to get bonuses. You can accumulate your bonuses over many years.
    • This plan provides you with a guaranteed benefit which will be equivalent to 105% of all your premiums that have been paid until vesting or death. This benefit will be given when the life insured dies or on vesting.
    • You will receive enhanced protection with these plans when you take riders. The riders provided with this plan include reduced paid-up benefit, Kotak Accidental Death Benefit Rider (ADB), Kotak Permanent Disability Benefit Rider (PDB), and a high sum assured discount.
    • In this plan, under the vesting benefit, you will be given a basic sum assured, accumulated reversionary bonus, terminal bonus, and accumulated guaranteed additions.
    • According to Section 80CCC of Income Tax Act, 1961, you will receive tax benefits when you take this plan.
    • Under this plan, you can choose a regular pay, a single pay or a limited pay policy term.
    • If you take a vesting benefit as a lump sum, you will need to buy an annuity with the outstanding amount.
    • Under the death benefit, you will receive an assured benefit, bonuses, and guaranteed additions.

    Kotak Lifetime Income Plan:

    This is an immediate annuity plan offered by Kotak. You will receive a steady income for fixed periods. With this income, you will be able to lead a great lifestyle even after you retire. You will be required to pay a large sum of money at the beginning and then you will get income for your entire life. This income will be provided to the annuitant and the annuitant can be the policyholder or the immediate family members of the policyholder.

    Benefits and Features of Kotak Lifetime Income Plan:

    Let us discuss the benefits and features of this plan:

    • When you take this plan, you will get income on a regular basis. You will not have to worry about the absence of a steady income after you retire from work. This plan is specifically designed for retired individuals.
    • The income options provided by this plan include lifetime income, lifetime income with a term guarantee, lifetime income with cashback, and last survivor lifetime income.
    • Under this plan, the lifetime income is ideal for a person who does not have any dependent. It only gives a regular income to the policyholder.
    • The lifetime income with cashback is great for someone who has dependents. It provides income to the policyholder from time to time and also returns the premium to the policyholder’s beneficiary after the policyholder’s death. This will help the dependents survive even in the absence of the policyholder.
    • The last survivor lifetime income is perfect for someone who has a spouse. The plan will pay an income to the annuitant frequently and after the annuitant dies, his or her spouse will continue to get the income.
    • The lifetime income with a term guarantee is good for a person who has liabilities. This is because the policyholder will be given an income regularly until the guaranteed period. If the policyholder survives even after the guaranteed period, he or she will receive the income.
    • This plan will ensure that you do not depend on others for your finances even after you retire.
    • This plan will serve as a backbone to you and your family in times of financial emergencies. Even if your savings fall short or if there is any trouble in your savings such as not getting the returns that you were promised.
    • The incomes will be paid on a quarterly, monthly, half-yearly or an annual basis.
    • Under this plan, the income will be transferred directly to your bank account or given to you through cheque.
    • The plan comes with a free look period of 15 days. After you receive the policy, you will be allowed to give back the policy within 15 days.

    Kotak e-Lifetime Income Plan:

    This is an online retirement plan offered by Kotak. You can buy it peacefully from home simply by following the steps provided on the official website of Kotak. This plan offers 4 different annuity options. If you have not been able to do something that you have always wanted due to a hectic lifestyle, you can now make it happen after retiring.

    Benefits and Features of Kotak e-Lifetime Income Plan:

    Let us take a look at the benefits and features of this plan:

    • You can decide how much income you will need for a particular period by selecting any of the 4 annuity options.
    • Under this plan, the annuity rates will depend on the premium amount, the annuitant’s age, the annuity option that has been selected, and the payout intervals. You can go for a yearly, monthly, quarterly, or a half-yearly payout.
    • The income options offered by this plan include lifetime income, lifetime income with term guarantee, lifetime income with cashback, and last survivor lifetime income.
    • If the annuitant dies, the nominee will receive benefit payouts and these include lifetime income, lifetime income with term guarantee, lifetime income with cashback, and last survivor lifetime income.
    • This plan can also be given as a gift to your beloved folks including parents, siblings, spouse, and grandparents.

    Table showing the different Kotak Retirement Plans:

    Plan name Entry age Vesting age or maturity age Premium
    Kotak Premier Pension Plan Minimum: 30 years Maximum for single pay: 60 years Maximum for regular and limited pay: 55 years 45 to 70 years The premiums will be determined by age, policy term, PPT, and sum assured levels.
    Kotak Lifetime Income Plan Entry age of annuitant: 45 to 99 years Entry age of spouse: 35 to 99 years Information not provided. Minimum: Rs.50,000 Maximum: There is no limit.
    Kotak e-Lifetime Income Plan Minimum For a new customer: 45 years For a current KLI pension policyholder: 18 years Maximum 99 years For nominees 0 to 99 years Entry age of spouse For a new customer: 35 years For a current KLI pension policyholder: 18 years Information not provided. Minimum For current KLI pension plan policyholder: An amount that will make sure you pay the minimum annuity amount For a new customer: Rs.50,000 Maximum: There is no limit.

    Why one needs Kotak Life Insurance Retirement Plans?

    Choosing a retirement plan from Kotak will give you a peace of mind when you think about your retired life. You can also receive tax benefits for the premiums that you have paid as per Section 80CCC of Income Tax Act, 1961. These plans will keep you financially secure with income for a lifetime and will also provide protection to your dependents. When you select a nominee, he or she will receive a benefit after your death.

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