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.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
At the time of purchase, a onetime premium is paid out to the annuitant who is paid by the proposer. This one time premium is paid out at the chosen interval which can be monthly, quarterly, half yearly or yearly at the predefined annuity rate which is promised at the time of purchase.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
There are three factors on which the annuity rates will depend – age of the annuitant, amount invested and annuity option chosen. 18 years is the minimum age of entry for the proposer and the minimum entry age for annuitant is 45 years. The minimum one time investment can be Rs. 50,000. This single premium is also eligible for a tax deduction under section 80CCC.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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.
Read Also: What is Annuity | Types of Annuity
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply