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.

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Get Guaranteed Lifelong Pension
For You And Your Spouse

Invested amount returned to your nominee

Pension Options
  • Invest ₹20k monthly & Get yearly pension of ₹4.2 Lacs for Life

  • Guaranteed Return For Life

  • Multiple Annuity Options

  • 4.8~ Rated
  • 7.7 Crore Registered Consumer
  • 50 Partners Insurance Partners
  • 4.2 Crore Policies Sold
We are rated~
rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Get Guaranteed Lifelong Pension^^
For You And Your Spouse
Invested amount returned to your nominee
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We are rated~
rating
7.7 Crore
Registered Consumer
50
Insurance Partners
4.2 Crore
Policies Sold
Disclaimer: ^^ Guaranteed income starts after the deferment period, which depends on the annuity amount chosen at the time of purchase of policy and the amount of premium paid. The policy remains in force until the lifetime of Primary Annuitant and after the death of Primary Annuitant until the lifetime of Secondary Annuitant. The option chosen is joint life plan and life annuity with 100% return of premium is also available.

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.

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.

Safe Guard Yourself Against Drop in Interest Rates

Below scenario shows if a customer had taken an annuity in 2011 as against invested in FD the Annuity rate beats the interest rate in the long run.
pension-ki-no-tensionpension-ki-no-tension

People Also Read: Best Pension Plan In India

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.

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
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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