Kotak Premier Pension Plan

Kotak Premier Pension Plan is a traditional participating pension plan designed to help you build a retirement corpus. It offers assured benefits on death and vesting, as well as guaranteed additions in the first five years and bonuses from the sixth year onwards. This plan can help you lead a comfortable and worry-free retirement life.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is Kotak Premier Pension Plan?

Kotak Life Insurance presents the Kotak Premier Pension Plan, a traditional participating pension plan designed to help you build a comfortable retirement corpus. This plan offers guaranteed additions in the first five policy years and accrues bonuses from the sixth year onward, ensuring a steady growth of your retirement corpus. With assured benefits on death and vesting, you can rest assured that your loved ones will be financially protected even in unforeseen circumstances. By investing in the Kotak Premier Pension Plan, you're taking a proactive step towards securing your retirement and ensuring a worry-free future.

Features of Kotak Premier Pension Plan

Features of Kotak Premier Pension Plan: 

  • Guaranteed Additions: Enjoy a fixed percentage of Basic Sum Assured as guaranteed additions in the first 5 policy years. This provides a stable and predictable income stream.

  • Earn Bonus from 6 Policy Year Onwards: From the 6th policy year onwards, you have the opportunity to earn bonuses, which can enhance your retirement corpus.

  • Assured Benefit of 105% of Total Premiums Paid: In the event of death or vesting, you are guaranteed to receive 105% of the total premiums paid. This ensures a minimum payout, providing financial security for your loved ones.

  • Additional Protection through Optional Riders: Customize your plan with optional riders like Accidental Death and Disability Benefit, Critical Illness Benefit, and Waiver of Premium Benefit to safeguard your retirement income against unforeseen circumstances.

Eligibility Criteria of Kotak Premier Pension Plan

Entry Age Min: 30 years
Max: For Regular & Limited Pay: 55 years For Single Pay: 60 years
Vesting age Min: 45 years
Max: 70 years
Policy Term Regular Pay: 10 - 30 years
Limited Pay: 10 Pay: 15 - 30 years
12 Pay: 17 - 30 years
Single Pay: 10 yrs & 15 years
Premium Payment Term (PPT) Regular Pay: Same as policy term
Limited Pay: 10 and 12 years
Single Pay 
Premium Payment Mode Yearly, Half-yearly, Quarterly, Monthly
Premium Modal Factor  Yearly-100%, Half yearly-51%, Quarterly-26%, Monthly-8.8%
Basic Sum Assured Min: ₹2,00,000
Max: Subject to underwriting
Premium Level Will depend on Sum Assured levels, age, PPT and Term

Benefits of Kotak Premier Pension Plan

Below are the benefits of the Kotak Premier Pension Plan: 

  1. Guaranteed Additions

    One of the key features of the Kotak Premier Pension Plan is its guaranteed additions. These additions are assured returns that accumulate over the policy term, providing a guaranteed growth component to your investment.

    • Regular & Limited Premium Payment Options: For these options, you'll receive a guaranteed addition of 5% per annum of the basic sum assured in the first five policy years.

    • Single Premium Payment Option: If you opt for a single premium payment, you'll receive a guaranteed addition of 2% per annum of the basic sum assured in the first five policy years.

    These additions are vested at the end of each financial year and are available either on vesting or death, provided the policy is in force, and all premiums have been paid.

  2. Death Benefit

    In the unfortunate event of the life insured's death during the policy term, the nominee will receive the following:

    • Assured Benefit: This includes the basic sum assured.

    • Accrued Guaranteed Additions: Any accumulated guaranteed additions up to the date of death.

    • Accrued Reversionary Bonuses and Terminal Bonus: Any bonuses earned during the policy term.

    The nominee has the flexibility to choose how to receive the death benefit payout:

    • Purchase an Annuity: They can use the death benefit proceeds to purchase an immediate or deferred annuity from Kotak Life Insurance or another insurer.

    • Withdraw Proceeds: The nominee can also opt to withdraw the entire death benefit proceeds.

  3. Maturity Benefit

    Upon completion of the policy term, you'll receive the following:

    • Basic Sum Assured

    • Accrued Guaranteed Additions

    • Accrued Reversionary Bonuses and Terminal Bonus

This maturity benefit provides a lump sum amount that can be used to supplement your retirement income or for other financial needs.

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Riders Under Kotak Premier Pension Plan

Enhance your pension plan's coverage with Kotak Premier Pension Plan's optional riders. Choose from:

  • Kotak Accidental Death Benefit Rider: Receive a lump sum payment in case of accidental death.

  • Kotak Permanent Disability Benefit Rider: Get regular installments if you become permanently disabled due to an accident.

Policy Details of Kotak Premier Pension Plan

  1. Bonuses:

    • Simple Reversionary Bonus: Accrues from the 6th policy year and is paid on vesting or death.

    • Interim Bonus: Paid in case of a claim before the declaration of the Simple Reversionary Bonus for the current financial year.

    • Terminal Bonus: Paid on death after 10 full policy years or on vesting.

  2. Annuity:

    • Vesting or surrender benefits can be used to purchase an annuity plan from Kotak Life or another insurer.

    • If the annuity amount falls below the IRDAI-mandated minimum, the proceeds will be paid in a lump sum.

  3. Grace Period:

    • 30 days for yearly, half-yearly, and quarterly premiums.

    • 15 days for monthly premiums.

  4. Lapse:

    • If premiums for the first two policy years are not paid within the grace period, the policy will lapse.

  5. Reduced Paid-Up Policy:

    • If premiums are not paid after the second policy year, the policy will be converted to a Reduced Paid-Up policy.

    • No future bonuses or guaranteed additions will be available.

    • Benefits on vesting or death will be based on the Reduced Paid-Up Basic Sum Assured.

    • Can be reinstated within 5 years.

  6. Policy Revivals:

    • Lapsed or Reduced Paid-Up policies can be revived within 5 years by paying outstanding premiums with late payment charges.

  7. Free Look Period

    • 15 days for policies sold through most channels.

    • 30 days for Distance Marketing channels.

Exclusions of Kotak Premier Pension Plan

Suicide within the First Year: If the policyholder commits suicide within a year of the policy's start date, only 80% of the premiums paid will be paid to the nominee.

Suicide After One Year:

  • Revival within 6 Months: No suicide exclusion applies if the policy is revived within 6 months of the first missed premium.

  • Revival After 6 Months: The higher of 80% of premiums paid or the surrender value will be paid if the policyholder commits suicide within a year of revival.

FAQs

  • What is the Assured Benefit under the Kotak Premier Pension Plan?

    The Assured Benefit is the minimum guaranteed amount available on death or vesting. It equals 105% of the total premiums (excluding taxes and rider premiums) paid up to the date of death or vesting.
  • What are Guaranteed Additions, and how do they work?

    Guaranteed Additions are assured benefits that accrue in the first 5 policy years. They vest at the end of each financial year and are available on death or vesting, provided the policy is active and all premiums are paid. For Regular & Limited Premium options, the Guaranteed Addition is 5% of the Basic Sum Assured annually. For Single Premium Payment, it is 2% of the Basic Sum Assured annually.
  • How can I utilize the Vesting Benefit?

    The Vesting Benefit can be used in one of the following ways:
    • Purchase an immediate or deferred annuity at the prevailing rate from Kotak Life Insurance or any other insurer (up to 50% of the entire proceeds after commutation).

    • Receive a lump sum of up to 60% of the Vesting Benefit tax-free, with the remainder used to purchase an annuity.

    • Purchase a single premium deferred pension product from Kotak Life Insurance.

    • Extend the accumulation period within the same policy, provided the Life Insured is below 55 years of age.

  • What is the Death Benefit under this plan?

    In the event of the policyholder's death during the policy term, the nominee will receive:
    • Assured Benefit

    • Accrued Guaranteed Additions

    • Accrued Reversionary Bonuses and Terminal Bonus, if any.

  • Are there any tax benefits available under this plan?

    Yes, premiums paid under this plan may qualify for tax benefits under Section 80CCC of the Income Tax Act, 1961, subject to conditions specified therein. Tax laws are subject to change, and it is advisable to consult a tax advisor for more information.

    What are the premium payment options available under the plan?

    The plan offers three premium payment options:

    • Regular Premium Pay

    • Limited Pay (10 or 12 years)

    • Single Pay

  • Are there any discounts on premiums for higher Sum Assured amounts?

    Yes, for Regular and Limited Premium Payment options, a discount of ₹2 per ₹1,000 Basic Sum Assured is available for a Sum Assured of ₹5 lakhs and above. For Single Premium Payment, the discount is ₹8 per ₹1,000 Basic Sum Assured for a Sum Assured of ₹5 lakhs and above.
  • What happens if I miss a premium payment?

    For Regular & Limited Premium Pay policies, if the policy acquires Surrender Value and subsequent premiums are not paid within the grace period, the policy will be converted into a Reduced Paid-Up policy by default. For Single Premium policies, the policy will be considered fully paid up.

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
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Kotak Premier Pension Plan Reviews & Ratings

4.3 / 5 (Based on 24 Reviews)
(Showing Newest 10 reviews)
Ekta
Kanpur, July 20, 2016
Coverage Is High
I have pension plan which purchase from kotak life. The service is fantastic, online service is so simple which can be access by anyone. Easy renewals though online portal. The executives and staff response so well to the customers which makes policyholder so comfortable.
Bhanu
Deoli, July 20, 2016
Good Service
Kotak life is very popular insurance company right now, i took pension plan from them in very low premiums. The service is fast and the claims are high. Policy coverage is high approx. 91% and it reduces the percentage of the tax paying.
Nirbhaya
Chandipur, July 11, 2016
Pension Policy
My pension insurance plan i purchased in low investments, the premiums is also less but the returns are high. Policy coverage is good and claims are simple to clear due to fast service given by staff members. Online service is also easy to operate and access it.
Abhilasha
Akbarpur, June 29, 2016
Good
The pension plan I have is good insurance policy. Service provided by your staff of your company is good and fast too. The internet service is also nice and easily accessed. Good investment for my future. The any updates regarding the policy is mailed to me.
Himanshu
Dwarka, April 25, 2016
Marvelous
I purchase kotak life pension plan for my father. My father happy with the policy and its benefits. Policy coverage is high ~91% and the premium amount is low. The amount of Rs.45 K is given per month after the policy mature. The behaviour of executives and staff members are nice. Nice services, good work.
Kushagra
Nasik, April 25, 2016
Awesome Policy
I have a pension policy plan like every one does. The policy is great with high returns and low premiums. Policy coverage is also nice ~ 92% and service is fast. Really good job guys, you provide best services. Great future investment with tax saving.
Rohit
Jodhpur, April 25, 2016
Great Plan
My pension policy plan is suggestion of the friend, So i took it from kotak mahindra life insurance which really good insurer. Staff members and executives provide good and quick services. Policy coverage is good approx. 89% but the premiums are normal. Good terms in compare with other companies.
Harish
Ahmedabad, April 25, 2016
Satisfactory
Recently took kotak life pension plan. Great retirement plans with low premiums and nice policy coverage. The service providers are cooperative and doing there jobs very nicely. Claims easy to get and time period is less. Nice deal, satisfied.
Tanishk
Chennai, April 25, 2016
Good Service
Kotak life pension plan I have which is really very nice. Plan is an average one with okay services, 77% policy coverage, Rs.40 K per month returns. Good future investment which reduces my taxes too. The behaviour of the executives and staff members. Manageable.
Bhasker
Navi_mumbai, April 25, 2016
Totally Safe
I have my pension plan from kotak mahindra life insurance. Policy coverage is good ~90%. Service is also nice provided by the executives and stuff, the claim sanctioning easily. The executives and staff members are doing there work very nicely. Good future investment and save taxes.
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