Are you looking for a wonderful life after retirement? To achieve this goal, Kotak Pension Plans are best for you. These plans were introduced by the Kotak Life insurance to help the individuals to lead a happy life after retirement.
Kotak Pension Plans Review
Every people wants to make their dreams came true. But they are busy in their jobs, and there is no time to lead a happy life. The only time to be happy is after retirement. Hence Kotak Life Insurance introduces various Retirement/ Pension plans for the individuals to get the pension after retirement. As we know that Life is full of expenses and hence saving money for retirement stage is more important. During the retirement, we can’t get income as we are getting but there will be no change in the expenses. Hence choose the best Pension Plan and save money. So, start saving the money as early as possible. Kotak Life Insurance provides the best Kotak Life Insurance Retirement Plans that help you to lead a stress-free life. Through this plan, you can fulfil your dreams.
About Kotak Mahindra Life Insurance
Kotak Mahindra Life Insurance is one of the leading life insurance companies in India. It is a joint venture of the Kotak Mahindra Bank and Old Mutual Fund. It offers a wide range of financial services to meet corporate and individual investment needs. The Plans covered by the Kotak Life Insurance are Child Plans, Protection Plans, Savings Plans, Pension Plans, etc. The details regarding the key features, benefits, etc. of the Retirement Plans are given below.
Overview of Kotak Retirement Plans
Kotak Pension Plans offers the best policies with various benefits for you and your family. There are total three pension plans that include
- Kotak Premier Pension Plan.
- Kotak Mahindra e-Lifetime Income Plan.
- Lifetime Income Plan.
Kotak Premier Pension Plan
Kotak Premier Pension Plan is a participating plan. This Plan may help you to enjoy your life with early savings after retirement. It provides guaranteed additions in the first five years and bonuses from 6th year onwards. The UIN number of the Kotak Premier Pension plan is 107N094V01. This Plan has the following benefits, features.
Key Features of Premier Pension Plan:
- Guaranteed additions: A basic sum for the first 5years.
- Early Bonus: From 6th year onwards bonus will be accrued.
- Assured benefits: 105% of total premium will be given for death and vesting.
- Additional Protection: For optional riders.
Kotak Premier Pension Plan Benefits:
There are various benefits offered by the Kotak in Premier Pension Plans. They are
- Assured benefit
- Vesting benefit
- Death benefit
- Tax benefit
Assured Benefit:
This is the minimum guaranteed benefit available either on death or vesting. It is equal to 105% of the Total Premiums paid till date of death or vesting.
Vesting Benefit:
On completion of the total tenure plan, the following benefits will be available
- Basic Sum assured
- Accrued guaranteed additions.
- Accrued Reversionary Bonus and Terminal bonuses.
Death Benefit:
In case if the Policyholder has died during the term plan the nominee will get the following benefits.
- Assured Benefit
- Accrued Guaranteed Additions
- Accrued Reversionary Bonuses and Terminal Bonus
The nominee may choose anyone of the following benefit to receive the death benefit.
- Withdraw the entire proceeds of the Policy
- Buy an immediate annuity at the prevailing rate from the Kotak Life Insurance with the entire proceeds of the policy or a part of it.
Tax Benefit:
You may get tax benefits on premium paid under the section 80CCC of Income Tax Act, 1961. Benefits will be given based on the conditions specified in that sections.
Kotak Premier Pension Plan Eligibility Criteria
Entry Age |
For Single pay-60 years. |
| Vesting Age |
|
| Policy Term |
12 pay:17-30 years
|
| Premium Payment Term |
|
| Premium Payment Modes (Through ECS/SI only) |
|
| Premium Modal factor | Yearly-100%
Half yearly-51% Quarterly-26% Monthly-8.8%
|
| Basic sum assured | Min: 2 lakhs.
Max: subject to underwriting |
| Premium level | Based on the sum assured, age, PPT, term |
If you want the complete details of this retirement plan then follow the link.
Kotak Mahindra e-Lifetime Income Plan
The UIN number of the Kotak e-Lifetime income plan is 107N085V02. It is one of the Kotak Pension Plans. This is the immediate annuity plan from the Kotak Life Insurance. The e-Lifetime pension plan can be availed online and gives a regular income to the insured person. The annuity rate offered at the time of availing policy remains the same throughout life. Tax exemption can be availed for this plan.
Key features of the e-Lifetime Income Plan:
- Regular Payouts are available.
- Flexible to choose the frequency and Payout options.
- Option to gift the benefits for the nominees.
The e-Lifetime Income Plan Benefits:
If the Policyholder expires, the benefits payable by the Kotak Mahindra Life Insurance are
Lifetime Income:
On the death of the insured, the payout will be stopped and the policy will get terminated.
Lifetime Income with Cashback:
If the Life Assured has died, a single premium paid on purchasing the plan will be paid back to the nominee. After that payment, the policy will get terminated.
Lifetime Income with term guarantee:
- On the death of policyholder during the guaranteed term: The nominee will get the income after the end of the guaranteed term and the policy will get terminated.
- On the death of the annuitant after the guaranteed term: The income payout will be stop and the policy will get terminated.
Last survivor Lifetime Income:
In case if the policyholder has died, the spouse will get the income. If spouse also dies the income payout will be stopped and the policy will get terminated.
Kotak e-Lifetime Income Plan Eligibility Criteria
| Entry age (as on last birthday) | Min: 45 years(for new customer).
18 years( for already a member of Kotak Life Insurance). Max: 99 years. |
| Entry age for nominees(as on last birthday) | Min: 0 years.
Max: 99 years. |
| Spouse entry age | Min: 35 years(for new customer).
18 years( for existing member in Kotak Insurance plans). Max: 99 years. |
| Single premium(retirement fund) | Min:
New customers: Rs.50,000 For existing policyholder in Kotak Life Insurance: Any amount that ensures the minimum annuity amount as per section 4(I) of Insurance Act 1938 as amended from time to time. Max: No limit. |
If you require any other details regarding this plan then follow the link.
Kotak Lifetime Income Plan
The UIN number of the Lifetime Income Plan is 107N047V02. Kotak Lifetime Income Plan gives you the assurance of you or your loved one’s income continuing throughout the life. This is the immediate annuity plan which is different from the other Kotak Pension Plans. What all of you have to do is pay a lump sum amount and enjoy the benefits throughout the life. To receive the income in regular during your retirement years, Kotak life retirement plans are a good option.
Key features of Kotak Life Insurance Income Plan:
- Regular Payouts.
- Flexibility to choose the frequency of receiving payments.
- Flexibility to choose from four payout options.
- Option to give the payout to the nominee.
Kotak Lifetime Income Plan Benefits:
- Ensures financial independence post retirement.
- This Plan reduces the risk that you / your loved ones outlive your / their savings.
- Removes the risk of you / your loved one’s savings being depleted due to poor investment returns.
- It offers a wide range of income options of different retirement needs.
- This Plan provides easy access to income through direct credit to bank accounts and on-time cheque payments.
- It provides the best service available.
- Allows a range of annuity payout frequencies to suit your needs.
- Monthly, quarterly, half-yearly and yearly income payment modes are offered.
Kotak Lifetime Income Plan Eligibility Criteria
| Single Premium (retirement fund) | Min: Rs. 50,000/-
Max: No Limit. |
| Entry Age of insured (as on last birth date) | Min: 45 years.
Max:99 years. |
| Spouse Entry Age(as on last birth date) | Min: 35 years.
Max: 99 years. |
For detailed information regarding the Kotak e-Lifetime Income plan refer the link provided below.
Kotak Pension Plans Buying Process
You can Buy the Kotak Guaranteed Pension Plans from the Nearest Kotak Mahindra Branch Office or, from the Agent of Kotak Life Insurance Company. You can also download the Proposal Form from the Kotak’s Official website also. The Documents required for buying Kotak Guaranteed Pension Plans are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required).
Kotak Life Retirement Plans Policy Claim Process
The Policyholder / Nominee can apply for the Claim in the case of Death or Disability Occurred due to the Sudden Accident of the Policyholder within the Policy Term or if your Policy Maturity Period completed. You can get the Claim Form from the Kotak’s Regional Offices or, from the Official Website of Kotak Life Company. The Documents required in Kotak guaranteed pension policy Claim Process are
- Original Policy Bond.
- Death Certificate Original or Attested copy.
- NEFT Form.
- Date of Birth proof.
- Address Proof of Nominee.
- A copy of Pass Book.
- A copy of Hospital Records.
- Additional documents, in the case of death, occurred due to unnatural or accidental death.
Kotak Pension Plans Premium Calculator
You can calculate the Minimum Premium that has to be Paid to take the Policy By Using the Kotak Mahindra Pension Plan Premium Calculator. The Amount of Premium Paid will depend on the Sum Assured, Policy Term, Premium Payment Modes and Age of the Life Assured. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value.
Additional Information about Kotak Pension Plans
Free Look Period:
If you are not satisfied with the policy terms and conditions, you may return the policy within the Free Look Period mentioned by the company.
Grace Period:
If you have not paid the premium within time, the company will provide a grace period to make the policyholder pay the premium within that time.
Revival Period:
If you have not paid the due premiums within the grace period, the policy lapses. Then you can revive your policy within the duration mentioned by the company from the date of first unpaid premium.
Surrender Value:
You can surrender the policy at any time during the policy term if you have paid the premiums for the period mentioned by the company.