Kotak life Time Income Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
The Kotak Lifetime Income Plan ensures that retiree enjoys a financial independence and security long after they have stopped working. This policy helps to supplement the policyholders’ limited income on retirement; it removes the risk that the policyholder may outlive his or her own savings or the savings of their loved ones.
Product Description
- No Premium Allocation charges
- Well defined fund options
- Guaranteed Bonus additions
- Enjoy regular income after your working file
COMPARE & BUY SIMILAR PLANS
Unique Features
- Life pension-pension continues till death of the annuitant(who gets the pension).
- Life pension with return of premium.
- Pension guaranteed for 5 years/10 years/15 years/20 years even if annuitant dies before the guarantee term(in such cases pension is paid to nominee).
- Pension for both husband and wife (Joint pension), pension is paid till last survivor.
Eligibility Criteria
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Eligibility Criteria |
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|---|---|---|
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Minimum |
Maximum |
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Entry Age |
18 Years |
89 Years |
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Vesting Age |
45 Years |
99 Years |
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Policy Term |
10 Years |
40 Years |
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Annual Premium |
Rs.25,00 |
No Limit |
OneInsure App Benefits
Product Benefit
Maturity Benefits:-
- On your retirement, you may withdraw up to one-third of the amount as a lump sum in cash and the balance shall be used to receive a pension (an annuity ) from Kotak Life Insurance or any other annuity provider approved by Insurance Regulatory and Development Authority (IRDA).
- Fund Value in the Main Account (which includes Guaranteed Bonus) + Fund Value in Top-Up Accounts, if any.
Death Benefit:-
- As a lump sum or
- Entire amount as an annuity
- Partly as lump sum and the balance amount as an annuity
Other Policy Features
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Feature |
Description |
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|---|---|---|---|---|
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Investment Funds |
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Fund Name & Objective |
Asset Allocation |
Risk Profile |
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Pension Classic Opportunities |
Equity |
75 – 100% |
Aggressive |
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Debt (Including Money Market Instruments*) |
0-25% |
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Pension Frontline Equity Fund |
Equity |
60 – 100% |
Aggressive |
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Debt (Including Money Market Instruments*) |
0-40% |
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Pension Balanced Fund II |
Equity |
30%- 60% |
Moderate |
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Debt (Including Money |
40%-70% |
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Pension Floor Fund II |
Equity |
0 – 75% |
Cautious |
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Debt (Including Money Market Instruments*) |
25 – 100% |
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Pension Bond Fund II |
Equity |
– |
Conservative |
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Debt Securities |
100% |
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Money Market |
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Pension Money Market Fund II |
Equity |
- |
Conservative |
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Debt (Including Money |
100% |
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Notes: *Investments in Money Market Instruments will not exceed 40%, except for Money Market Fund. |
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Guaranteed Bonus |
Guaranteed Bonus will be credited to the Main Account at the end of the 10th policy year and at maturity if the policy is in force at that time. |
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The bonus is calculated as per the revised policy term in case the retirement age has been preponed or postponed |
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At the end of 10th policy year |
At Maturity |
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15% |
2% for each policy year from the |
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Pension Options |
Lifetime Income |
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Lifetime Income with cash-back |
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Lifetime Income with term guarantee (of 5/10/15/20 years) |
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Last survivor Lifetime Income |
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Lapses |
If you are unable to pay your premiums for the first three policy years within the grace period, the policy shall lapse from the due date of unpaid premiums |
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Once the policy has lapsed, all policy benefits cease although the funds continue to remain invested. |
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The charge used in determining the Surrender Value will be the charge applicable at the due date of the first unpaid premium as mentioned below |
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Policy Year of Lapse |
1 |
2 |
3 |
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Surrender Charge |
100% |
80% |
70% |
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Policy Revivals |
A lapsed policy or a policy in ANM mode may be revived within 2 years from the date of the first unpaid premium by making payment of the premium in arrears with an additional revival charge of Rs.500 |
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Top-Up Premium |
Increase your investment contribution as and when you have surplus money |
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Top-Ups |
Top-Up Premiums will be invested in separate Top-Up Accounts, each with a lock-in of 3 years from the date of Top-Up |
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Minimum Top-Up Premium is Rs. 10,000. There is no maximum limit to the amount that can be paid as a Top-Up. |
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Loan |
Avail of a loan if required, subject to conditions |
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Surrender |
You can surrender the policy after completion of the 3 policy year provided |
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The amount payable on surrender is the Fund Value in Main Account less the |
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Automatic Non-Forfeiture |
Enables your policy to remain intact, whilst your fund balance allows it, should you miss your premium payments or stop them all together. |
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Switching between |
Switch as per your needs and accomplish the objective of maximizing your returns. |
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Settlement Options |
On selecting the Settlement Option, the number of units to be liquidated to meet each payment shall depend on the respective fund NAVs as on the date of each payment |
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During the settlement period, the investment risk in the investment portfolio is borne by the policyholder |
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In case of death, Fund Value shall be paid immediately as a lump sum. |
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Life cover and other benefits are not provided during the settlement period |
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Then the balance Fund Value will be payable and the policy will be terminated |
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Add-ons
Not Applicable
Charges
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Charges |
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|---|---|---|---|---|
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Fund Management Charges |
The annual FMC of all the funds offered in this plan is 1.35% p.a |
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Notes: Annual charge is levied as a percentage of the Fund Value and is adjusted in the Net Asset Value (NAV) on daily basis. |
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Premium Allocation Charges |
There is no premium allocation charge in this plan for premiums towards the Main Account. |
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Premium Administration Charges |
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Initial Annualized Premium (Rs.) |
Policy Year |
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1 to 5 |
6 to 10 |
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Up to 1,49,999 |
0.70% |
0.40% |
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1,50,000 to 4,99,999 |
0.60% |
0.30% |
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5,00,000 & above |
0.50% |
0.20% |
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Mortality Charge |
Mortality charge is not applicable for this plan. |
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Switching |
The first four switches in a year are free. |
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Thereafter a charge of Rs. 500 will be applicable for each additional switch. |
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Miscellaneous Charges |
The charges for alteration in the policy contract is Rs. 500 per request. |
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For premium redirection, a fee of Rs. 100 will be charged |
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Surrender Charge |
Policy Year * |
4 |
5 |
6+ |
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Surrender Charge |
10% |
5% |
Nil |
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Exclusions
There is no exclusion in this plan.
Tax Benefits
Tax benefits under the policy will be as per the prevailing Income Tax laws and they are subject to change in the tax laws.
Claim Process
Know claim process of Kotak Lifetime Income Plan
Company Overview
Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture between Kotak Mahindra Bank Ltd., its affiliates, and Old Mutual. Kotak Mahindra is one of India's leading banking and financial services organizations, offering a wide range of financial services that encompass every sphere of life. Old Mutual is an international long-term savings, protection and investment group.
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