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  • Kotak e-Lifetime Income Plan

    Kotak Life Insurance

    Overview

    Retirement is the time to relax and get to all those things that you been working and saving for. To make sure that you enjoy the financial security in your retirement, take the Kotak e-Lifetime Income Plan. This kotak life insurance plan gives you the assurance of regular means of income through your lifetime to lead a carefree life.

    This plan can be taken for your parents back home that is if you are working abroad and have your life sorted. Gift your parents a guaranteed means of income for them to truly enjoy their retirement. This plan is convenient and hassle free, you can also buy this plan online.

    Eligibility Conditions of Kotak e-Lifetime Income Plan

    Particulars

    Minimum

    Maximum

    Entry Age

    45 years

    99 years

    Entry Age for nominees of deceased Kotak Life Pension holder

    0

    99 years

    Spouse Entry age

    35 years

    99 years

    Single Premium

    Online channel – Rs.50,000

    Distance marketing – Rs.20,000

    No limit.

    Key Features of Kotak e-Lifetime Income Plan

    Type

    An immediate Annuity Plan.

    Basis

    Individual and Joint.

    Coverage

    • Death Benefit: There are 4 options for the benefits pay-out on death of the insured:
    • Lifetime Income- The income pay-out will stop and the policy will be immediately terminated on the death of the annuitant.
    • Lifetime income with cash back- The single premium paid for purchasing the plan will be paid to the nominee and the policy will get terminated.
    • Lifetime income with term guarantee- If the annuitant dies during the chosen guaranteed term, the income pay-out will be made to the nominee till the end of the guaranteed term and the policy will be terminated afterwards. If the annuitant dies after the guaranteed term, the income pay-out will stop and the policy will get terminated.
    • Last survivor lifetime income- If the first annuitant on whom the policy is issued dies, the income pay-out will be made to the surviving spouse. On the death of the surviving annuitant, the pay-out will stop and eventually the policy will be terminated.
    • Income option: This plan has 4 income options depending on the specific retirement needs.
    • Lifetime income – Income will be paid throughout the lifetime of the annuitant that will cease on the annuitant's death.
    • Lifetime income with cashback – Income will be paid throughout the annuitant’s lifetime and on the death of the annuitant, the single premium paid for purchasing the plan will be paid to the nominee.
    • Lifetime income with term guarantee – The income will be paid for the guaranteed period of either 5 years, 10 years, 15 years or 20 years as chosen by the annuitant. If the annuitant survives the guaranteed period, then the pay-out will continue for his lifetime.
    • Last survivor lifetime income – The income will be paid throughout the lifetime of one annuitant on whom the policy is issued and on his death, the income will be paid throughout the lifetime of the surviving annuitant.

    Premium range

    Single premium.

    Premium paying term

    Premium term is only once, as it is a single premium plan.

    Premium paying frequency

    Premium is paid up front.

    Bonus

    No bonus.

    Surrender Value

    The plan cannot be surrendered.

    Loan

    Loan facilities are not available.

    Free look period

    Customer gets 30 days free look period from the date of receipt of the policy. The policyholder can return the policy during that period if he is not satisfied. The customer gets a refund of the premium paid after adjusting the medical examination expenses, stamp duty expenses and if any annuity was paid.

    Grace period

    Not applicable as it is a single premium plan.

    Advantages of Kotak e-Lifetime Income Plan

    The advantages of the Kotak e-Lifetime Income plan are:

    • The customer can avail tax benefits under section 80CCC of the Income Tax Act, 1961. The income paid by annuity is taxable.
    • This plan can be conveniently purchased online.
    • It can be gifted to your loved ones.
    • The issued annuity rates are guaranteed for lifetime.
    • There are 4 annuity options to choose from: Lifetime income, lifetime income with cashback, lifetime income with term guarantee and last survivor lifetime income.

    How The Plan Works

    The annuity rates are determined based on the age of the annuitant or annuitants, the single premium amount paid, annuity option chosen and the frequency of the pay-out chosen. The policy is issued on the applicable annuity rate on the issuance date and it is guaranteed for lifetime. The annuity rate will not change with the varying market conditions. The first annuity instalment is paid either after one month or three months or 6 months or one year after the year of issuance depending on the frequency of the pay-out chosen.

    For example, Mr. Rao has invested Rs.3 lakhs for purchasing an annuity for his father aged 66 years, he is assured a guaranteed annual pay-out at 11.12% under the lifetime income option and at 10.58% under the 10 year guaranteed pay-out. This is irrespective of the annuitant’s death during the guaranteed period option.

    On a one time investment of Rs.5 lakhs, the annuitant will get:

    Age (in years)

    Yearly pay-out

    Rate (in %)

    60

    Rs.48,200

    9.64

    65

    Rs.51,850

    10.37

    70

    Rs.56,500

    11.30

    75

    Rs.61,600

    12.32

    80

    Rs.66,500

    13.30

    85

    Rs.70,700

    14.14

    Premium Payment and Riders

    The premium is paid only once while purchasing this plan. You can select from the 4 annuities, that is- lifetime income, lifetime income with cashback, lifetime income with term guarantee and last survivor lifetime income. This plan does not have riders.

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