Chandigarh: Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) announced the launch of Kotak Premier Pension Plan, today. This is a participating plan that helps one achieve financial stability, financial security and earn a steady income while pursuing an active retired life.
The provision of post-employment income in the form of pension and/or lump sum wealth is a necessity to ensure the well-being of ageing population. The plan promises assured guaranteed benefit available on death or on vesting. This assured benefit will be equal to 105% of the total premiums (excluding taxes and rider premium, if any) paid till date of death. At any time during the tenure of the contract the death benefit equal to sum of assured benefit, accrued guaranteed additions and accrued revisionary bonus plus terminal bonus (if any) shall be payable. On Vesting, a corpus consisting of sum assured plus accrued guaranteed additions plus accrued revisionary bonus plus terminal bonus (if any), will be used to buy an annuity from Kotak Life Insurancein line with the option chosen which will provide regular income to the customers.
· Guaranteed additions to accrue in the first five policy years
· Reversionary Bonus will accrue from sixth policy year onwards
· Assured benefit of 105% of the total premium paid on death or vesting
· Additional protection through optional riders
· Tax benefit on premiums paid under Sec 80CCC of Income Tax Act
Sunil Sharma, Appointed Actuary and Chief Risk Officer, Kotak Life Insurancesaid, “The Life expectancy of Indians is increasing year on year and therefore living longer is a significant risk.Planning for retirement is crucial to ensure an active retired life in today’s fast evolving times.Kotak Premier Pension Plan will facilitate retirement planning at an early age in a systematic manner to enable you to manage your longevity risk.Retirement should be about living life to the fullest,and not just confined to taking care of rising medical bills.We believe that early planning for retirement enables customers to pursue their passion, challenge their limits, work for a social cause or learn something newwith confidence post retirement.”
Kotak Premier Pension Plan has an exclusive advantage of guaranteed additions in the first five years as a percentage of the basic sum assured. For regular and limited premium payment terms, it is 5% per annum and for single premium payment term, it is 2% per annum.
Kotak Accidental Death Benefit and Kotak Permanent Disability Benefit rider options can be availed along with this unique plan. The details of this plan are available here: Kotak Premier Pension Plan