Kotak Premier Pension Plan is a traditional participating pension plan which will provide you with financial security after retirement so that you can lead the same lifestyle which you enjoy now. It offers various advantages such as guaranteed additions, assured benefits etc so that you can lead a worry-free retirement life. With this life insurance plan, you can continue to live an independent life even after your regular income stops.
Eligibility Conditions for the Kotak Premier Pension Plan:
|Minimum Entry Age||30 years|
|Maximum Entry Age||55 years (For Regular and Limited Pay) 60 years (For Single Pay)|
|Minimum Vesting Age||45 years|
|Maximum Vesting Age||70 years|
Policy Terms for the Kotak Premier Pension Plan:
|Regular Pay||10-30 years|
|Single Pay||10 years and 15 years|
|Limited Pay||15-30 years (10 Pay) 17-30 years (12 Pay)|
Premium Payments Offered by the Kotak Premier Pension Plan
|Regular Pay||Same as policy term|
|Limited Pay||10 and 12 years|
|Premium Payment Mode||Yearly, Half-Yearly, Quarterly and Monthly|
|Minimum Basic Sum Assured||Rs.2 lakhs|
|Maximum Basic Sum Assured||Subject to underwriting|
|Premium Modal Factor||100%(Yearly) 51%(Half-Yearly) 26%(Quarterly) 8.8%(Monthly)|
Key Features of Kotak Premier Pension Plan:
|Type of Plan||Kotak Premier is a traditional participating pension plan.|
|Premium Payment Options||The available premium payment options are Yearly, Half –Yearly, Quarterly and Monthly.|
|Guaranteed Additions||A certain percentage of Basic Sum Assured will be paid in the form of Guaranteed Additions in the first five policy years.|
|Bonus||The policyholder can earn the bonus from 6th policy year onwards.|
|Assured Benefit||This benefit is available either on death or vesting. It is equal to the 105% of total premiums paid till date of death or vesting.|
|Death Benefit||Death Benefit is available under this plan.|
|Tax Benefits||Tax Benefits are available as per Section 80CCC of Income Tax Act, 1961.|
|Additional Protection||Two rider options are available under this plan namely Kotak Accidental Death Benefit Rider and Kotak Permanent Disability Benefit Rider.|
|Grace Period||A grace period of 30 days is provided for yearly, half-yearly and quarterly mode. A grace period of 15 days is provided for the monthly mode.|
|Surrender Benefit||Surrender Benefit is available under this plan.|
|Revival||Upon the lapse of the policy, it can be revived during a 2 year period starting from the date of the first unpaid premium.|
|Free Look Period||A free look period of 15 days is provided in case the policyholder wants to return the policy.|
Payment Options for the Premiums offered by Kotak Premier Pension Plan:
The policyholder can pay the premiums regularly using the following options –
- Monthly intervals throughout the term of the policy
Advantages and Benefits of Kotak Premier Pension Plan:
The Kotak Premier Pension Plan provides the following key benefits :
Once all the pending premium have been paid, the policyholder is eligible to receive the Guaranteed Additions in the first 5 policy years. It will be available either on vesting or on death, depending on whichever takes place earlier.
|Regular and Limited Premium Payment||5% p.a of the Basic Sum Assured|
|Single Premium Payment Option||2% p.a of the Basic Sum Assured|
In case of demise of the Life Insured during the policy term, the Assured Benefit PLUS, accrued Guaranteed Additions PLUS and accrued Reversionary Bonuses and Terminal Bonus will be given to the nominee. The nominee can get hold of the Death Benefit payout either by purchasing an Immediate Annuity or by directly withdrawing the entire proceeds.
A Guaranteed Surrender Value is also available under this plan. It is based on various factors such as the premium payment term chosen and the number of premiums paid. In case of Regular and Limited Premium, GSV is available only after full premiums have been paid for three consecutive years. In case of Single Premium Paying policy, GSV is available anytime after Single premium has been paid.
This benefit is available either on death or vesting. It is equal to 105% of total premiums paid till date of death or vesting.
Vesting Benefit is available once the policyholder completes one full tenure of the plan. The following benefit comes under Vesting Benefit :
- Basic Sum Assured PLUS
- accrued Guaranteed Additions PLUS
- accrued Reversionary Bonuses and Terminal Bonus
Tax Benefit is available under this plan as per Section 80CCC of Income Tax Act, 1961.
Two rider options are available under this plan :
- Kotak Accidental Death Benefit Rider
- Kotak Permanent Disability Benefit Rider
Kotak Accidental Death Benefit Rider:
It is the benefit paid on accidental death.
Kotak Permanent Disability Benefit Rider:
Under this rider, installments are paid in case the individual becomes disabled due to accident.
Nomination and Assignment:
Nomination is allowed under this plan as per Section 39 of the Insurance Act,1938. Assignment is not allowed under this plan.
Free Look Period:
If the policyholder is not satisfied with the policy, he/she can choose to return it within 15 days from the date of receipt of policy.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017