Kotak Life Insurance Launches A Unique Immediate Annuity Product

Kotak Life Launches A Unique Immediate Annuity Product

E-Lifetime Income Plan, launched by Kotak Mahindra Old Mutual Life Insurance Ltd, is a unique immediate annuity product that offers an option to choose a beneficiary other than self. The beneficiary can be any close blood relative or spouse except self. The quoted income rate on purchasing the plan has a lifetime annuitant guarantee which doesn't changes with changing market scenarios. In response to increasing population longevity and a necessity of a regular income for a longer period of time, this plan is highly demanded among geographically mobile youth population like NRIs or people living away from their home in search for career opportunities.

This unique immediate annuity product provides a choice of four appealing income options:

Lifetime Income – It provides a regular stream of income throughout the life of the annuitant. Payout ceases in case the annuitant dies.

Lifetime Income with cash-back – This option in addition to giving a regular stream of income throughout the life of the annuitant, and, returns the purchase price to the nominee upon the death of the annuitant. In case if nominee is absent, it is given to the policyholder.

Lifetime Income with a term guarantee – This option offers a regular income for a guaranteed period of time that can be 5 years or either of 10, 15, and 20 as chosen by the proposer. The income continues irrespective of the death of the annuitant during the guaranteed period and for annuitant’s life in case of her/his survival after the guaranteed period.

Last survivor Lifetime Income – It along with giving a regular stream of income throughout annuitant’s life, also continues it after the death of the annuitant to the surviving spouse of annuitant.

This unique product has fulfilled an urgent requirement-gap that exists among mobile populations for securing incomes of loved ones back home. This product is also for those who wish to secure their own retirement income. This is a convenient one time investment guaranteeing one's parents and loves ones a regular income and financial peace of mind.