Kotak Life Launches A Unique Immediate Annuity Product

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.

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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.

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