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  • Kotak Lifetime Income Plan

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    Plan Benefits

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    Most of us visualize our retired life as devoid of worries and responsibilities. When we are old and grey, we would want to lead a relaxed life sans any concerns. The only way to ensure a stress-free retired life is by making the right investments when you are young. You can opt for Kotak Lifetime Income Plan, an insurance plus investment traditional endowment plan which ensures financial security after retirement. The plan also provides regular payouts in addition to offering four income options suitable for various requirements. This kotak life plan allows a wide range of annuity payout frequencies such as monthly, quarterly, half-yearly and yearly income payment modes.

    Eligibility Conditions of Kotak Lifetime Income Plan

    Entry Age

    Minimum: 45 years; maximum:99 years

    Spouse Age

    Minimum: 35 years; maximum: 99 years

    Key Features of Kotak Lifetime Income Plan


    Annuity plan

    Minimum Amount

    Single Premium

    Minimum: Rs.50,000

    Maximum: No limit


    • Provides financial security after retirement in that the income which is paid to the annuitant would depend on several factors such as annuitant’s age, the income option chosen in addition to the amount of single premium paid. It is important to note that the income rate is guaranteed for the annuitant’s whole life since it does not vary with market conditions.
    • This plan offers various income options for different financial requirements after retirement of customers.
    • Under this plan, customers can enjoy easy access to income via direct credit to their bank accounts.
    • This plan offers several annuity payout frequencies for the benefit of customers such as monthly, quarterly,half-yearly and yearly payment modes.
    • Customers cannot change the income option under this plan after selection.

    Income Options

    • Lifetime Income: Under this plan, regular income for covering daily expenses will be paid till death. This option is most suitable for customers who have no dependents.
    • Lifetime Income with cashback: Regular income is paid throughout life. Also, under this plan, single premium is paid back to the nominee upon death to cater to the financial requirements of the family. This option is most suitable for customers who have dependents.
    • Lifetime Income with a term guarantee: Regular income for guaranteed period which can be 5, 10, 15 or 20 years is paid. Income will be paid throughout life for survival post the guaranteed period. This plan is suitable for customers who have some liabilities for a certain period of time.
    • Last survivor Lifetime Income: Regular income is paid. It continues for spouse’s life after the demise of the annuitant. This option is suitable for customers who want to ensure the financial security of their spouses.


    Not available under this plan

    Surrender Value

    Not available under this plan

    Freelook period

    Customers can return the policy within 15 days from the date of receipt of policy. Customers are entitled to a refund of the premium after various deductions, namely, medical examination, stamp duty and proportionate risk premium.

    Grace period

    30 days

    Advantages of Kotak Lifetime Income Plan

    Tax benefit

    This plan offers tax benefits under section 80C and section 10 (10D) of the IT Act, 1961

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    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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