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| Home> For
Individuals> Retirement Plans> 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. |
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 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.
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| 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.
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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)
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| 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. |
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| 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)
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| *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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