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Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
Kotak Lifetime Income Plan
An Immediate Annuity Non-linked Non-participating Life Insurance Plan
All these years you have saved money to ensure a comfortable and financially independent life post retirement. But still it worries you to spend down your retirement fund as you are concerned about outliving the same. An Immediate Annuity plan provides you a secured alternate source of income so that you can live your life without having financial worries!
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
Key features
Ensures financial independence post retirement
Provides regular payouts to meet your post-retirement financial needs.
Offers a wide range of income options suiting different retirement needs
Plan has six annuity options to suit various customer needs. You can choose the option that suits you best.
Allows a range of annuity payout frequencies
Monthly, quarterly, half-yearly and yearly income payment modes are offered to suit your financial needs.
Eligibility
Age criteria
Minimum: New customers*: 45 years / 55 years#
Existing KLI Pension Plan Policy Holders: 18 years
Maximum: 99 years
#for policy purchased as QROPS through transfer of UK tax relieved assets
*New Customers are customers who intend to purchase the annuity plan separately and not using the proceeds of any of the Kotak Life's Pension Plans / Superannuation fund(s)
Entry age for nominees of deceased KLI pension plan policyholders
(last birthday)
Minimum: 0 years
Maximum: 99 years
Spouse entry age* (last birthday) (applicable for options 4,5 & 6)
Minimum: New customers*: 35 years
Existing KLI Pension Plan Policy Holders: 18 years
Maximum: 99 years
*New Customers are customers who intend to purchase the annuity plan separately and not using the proceeds of any of the Kotak Life's Pension Plans / Superannuation fund(s)
Single Premium
Minimum: any amount that ensures minimum monthly annuity of rs.1000 (per member for superannuation fund)
Maximum: no limit
Minimum Annuity
Monthly : Rs. 1,000
Quarterly : Rs. 3,000
Half-yearly : Rs. 6,000
Yearly : Rs.12,000
Annuity Modes
Yearly, Half-yearly, Quarterly, Monthly
