Kotak Mahindra is one of the leading financial service provider of the country. The bank provides financial services across a host of domains. These include commercial banking, stock broking, insurance products and investment banking.
Under the insurance umbrella, Kotak Mahindra offers products like life insurance protection plans, child plans and savings and investment plans. Kotak life insurance pension plans are a great way to ensure a fixed regular income even after retirement. These plans ensure that your retirement planning is done in a clever and comprehensive way.
Types of Kotak Life Retirement Plans
There are two types of retirement plans being offered by Kotak Mahindra. Both of these are traditional annuity plans that provide regular income post-retirement. The only difference being that one of these plans is available online while the other can be availed only by walking into your nearest Kotak Mahindra office.
Kotak e-Lifetime Income Plan
This pension plan can be availed online and gives a regular income to the insured person. The plan can be availed by keeping a lump-sum amount to Kotak and then enjoying returns on the same throughout the plan tenure.Benefits:
- Can be availed online
- The plan is available in four annuity options
- The annuity rate offered at the time of availing policy remains the same throughout life
- Tax exemption can be availed on this plan
Kotak Lifetime Income Plan
Get this plan in order to ensure an independent lifestyle even after your retirement. This play can also be bought for your parents to guarantee a carefree retirement life for them.Benefits:
- Apart from annuity options it gives customers four annuity payout frequency options too
- A hassle-free access to income via direct credit to bank accounts and cheque payments
- Assured death benefit depending upon the type of annuity availed
Mr. Sharma is a retired private sector employee. At the age of 46 years, he decided to set aside money for his superannuation. After going through various pension plans offered by different insurance companies, he chose the Kotak Lifetime Income with cahsback plan from Kotak Mahindra. He paid a lump-sum premium of Rs.15,00,000 towards Kotak Mahindra which has now enabled him to earn a regular income every month. Also, this insurance policy ensures that the initial sum of Rs.15,00,000 is paid back to Mr. Sharma’s wife (nominee) in the event of his sad demise. Since, Mr. Sharma has a wife who is dependent on him, this plan works well for him.
Why Kotak Life Pension Plans?
As your grow old you realize that while day-to-day life is in itself quite a challenge, retired life could even be more challenging especially without the comfort of regular, disposable income. To ensure a regular income during your retirement years, Kotak life retirement plans are a good option. These plans come with four annuity options which can be chosen as per requirements of customers.
- For people with no dependents, Lifetime Income plan can be availed which pays a regular income until death and ceases thereof.
- Lifetime Income with Cashback plan is best-suited for customers with dependents who get the initial lump-sum back in case of the insured person’s demise.
- For people who have continued liabilities, Lifetime Income with a term guarantee is the best plan. This ensures that you are paid a regular amount for the term (5/10/15/20 years) chosen by you and it continues even after that term till the survival of the insured person.
- The last survivor lifetime income plan is best suited for people who have a spouse to provide for. This plan pays a regular amount of income throughout life and continues even after the annuitant’s death.
Tip for Availing Pension Plans
Apply for your Kotak retirement plan online to avail your policy at cheaper rates.
Retirement plans by Kotak are a great way to build for your superannuation. These plans make sure that your money is being put to good investment while providing you with regular income and also a death benefit, in some cases.
Other Kotak Life Insurance Plans
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017