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Kotak Retirement Income Plan

 
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Overview
The Kotak Retirement Income Plan is a savings plan designed to meet your post-retirement needs. It is a plan that gives you "Jeene ki azaadi". It gives you the choice to remain independent even after retirement.
The Kotak Retirement Income Plan is a participating plan. The plan comes in two forms:
(i) With Cover (ii) Without Cover.
 Advantages
  • You can choose to retire at any age between 45 yrs and 65 yrs.
  • Option of Early retirement due to ill-health.
  • You can make top-ups into your policy at any time before retirement.
  • You may exercise the option of paying premiums from the Top-Up Account, created for "top-up premiums", if the need arises.
  • For a "With Cover" plan, you have the facility of Automatic Cover Maintenance, which ensures that the cover remains in force even when you miss the premium payments. This facility is available after paying full premiums for first three years of the term.
 Key Features
On Retirement
You may take a lump sum in cash of up to a third of your Basic Sum Assured or Accumulation Account, whichever is higher; and the balance of the benefit you are eligible for will be used to buy an annuity of your choice.
Annuity Options
You may buy an annuity either from Kotak Life Insurance (subject to the choice and rates available at that time), or from any other registered insurer.
Early Retirement Benefits
You may opt to retire early, i.e. at any age before the normal retirement date (subject to the policy being in force for 3 years or your attaining a minimum age of 45 yrs, whichever is later). You can then secure benefits with your Accumulation Account, net of an early retirement charge of 5%.
If the early retirement is due to ill health, then you may retire before attaining the age of 45. You can then secure benefits with your full Accumulation Account.
Late Retirement Benefits
You may opt to retire after the retirement date originally selected, and select a new retirement date (subject to a maximum of 65 years). No further premiums will be payable and the death benefit will be equal to the balance in Accumulation Account. (However, all riders will cease at the original retirement date).
Death Benefit (With Cover Plan)
The benefits to the beneficiary will be, greater of:
  • Sum Assured less all the premiums due but not paid, and
  • Accumulation Account.
This is used to buy an annuity, and provide commutation benefit, in accordance with the beneficiary's choice.
Death Benefit (Without Cover Plan)
The benefits to the beneficiary will be, greater of:
  • Return of premiums paid and
  • Accumulation Account.
This will be used to buy an annuity, and provide commutation benefit, in accordance with the beneficiary's choice.
What value-adds you can opt for?
You may avail of the following value-adds for a nominal premium at the time of taking the policy, subject to the aggregate premium on the value-adds not exceeding 30% of the premium on the basic benefit.
  • Term/Preferred Term Benefit (KTB – UIN No: 107C003V02, KPTB – UIN No: 107C013V01)
  • Accidental Death Benefit (ADB – UIN No: 107C001V01)
  • Critical Illness Benefit Permanent Disability Benefit (CIB – UIN No: 107C004V02)
  • Permanent Disability Benefit (PDB – UIN No: 107C002V01)
  • Life Guardian Benefit (LGB – UIN No: 107C012V01)
  • Accidental Disability Guardian Benefit (ADGB – UIN No: 107C011V01)
 Tax Benefits
Section 80C, 10(10D) of Income Tax Act, 1961 would apply. Premiums paid for Critical Illness Benefit qualify for benefits under Section 80D of Income Tax Act, 1961. Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.
For more details on terms and conditions please download the product brochure.
Kotak Retirement Income Plan includes with cover & without cover – UIN 107N013V01 (with cover) and UIN 107N014V01 (without cover)
*Accumulation Account is your personal account in which the premiums that you pay are deposited, the returns declared every year are added and risk and expense charges are deducted.
**For example you can currently avail of the Kotak Immediate Income Plan, which gives the option of Life Annuity with Return of Purchase Price. The annual annuity rate applicable for an immediate annuity purchased now is 6.11% of Purchase Price (before deduction of charges), for the age group 56 years to 65 years. This, however, will vary with prevailing market interest rates, but will be competitive
 
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Life insurance gives an individual’s family the financial security needed and protects them from uncertainties and eventualities of life.

ULIPs or Unit Linked Insurance Plans for Kotak Life Insurance gives an individual the security of life insurance along with wealth creation opportunities. One can benefit from flexibility, liquidity, strategic savings, tax benefits and fund options that are inherent in a ULIP.

Retirement Plans from Kotak Life Insurance helps provide an individual with the financial security to lead a comfortable lifestyle in his post retirement years. Make use of the retirement calculator to assess your retirement options wisely.

Savings and Investment Plans from kotak Life Insurance are customized plans that help an individual achieve his / her long-term goals through smart financial planning.

Children Plans from Kotak Life Insurance help an individual secure his / her child’s financial future so that in future the child is able to fulfill every dream and aspiration without any hindrance

Group Life Insurance Plans from Kotak Life Insurance can help address the needs of both employees and employers, to secure their financial future.
Kotak Mahindra Old Mutual Life Insurance Ltd. A joint venture between Kotak Mahindra Bank Ltd. and Old Mutual plc.
9th floor, Godrej Coliseum, Behind Everard Nagar, Sion (E), Mumbai - 400 022

All rights reserved. Registered with Insurance Regulatory & Development Authority (IRDA) as Life Insurance Company. Regn. No. 107.
Insurance is the subject matter of the solicitation
Tax benefits available with life insurance are as per the Income Tax Act, 1961, and are subject to amendments made thereto from time to time.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.