Kotak Saral Pension Plan

Kotak Saral Pension is a retirement plan that offers a guaranteed, lifelong income stream. It's a single-premium plan, meaning you make a one-time investment. The plan is not linked to the stock market, so your returns are not affected by market fluctuations.

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  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

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Invest ₹6,000/month & Get Tax-Free* Monthly Pension of ₹60,000#
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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 Saral Pension Plan?

Kotak Saral Pension is a retirement plan designed to provide a steady income stream for life. It's a single premium plan, meaning you pay a lump sum upfront, and in return, you receive regular pension payments. This plan is non-linked, which means its returns are not tied to the performance of any underlying investments, and it's also non-participating, so you won't receive any additional benefits like dividends or bonuses. Overall, Kotak Saral Pension offers a guaranteed and reliable income source for your retirement years.

Features of Kotak Saral Pension Plan

Below are the features of the Kotak Saral Pension Plan:

  • Life Annuity with Return of 100% of Purchase Price: This option guarantees a regular income for your lifetime. Upon your death, your nominee will receive 100% of the purchase price.

  • Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP): This option ensures a continuous income for both you and your spouse. The annuity will continue to be paid until the death of the last surviving person. Upon the death of the last survivor, your nominee will receive 100% of the purchase price.

  • Guaranteed Annuity Rates: This means that the rate at which you receive your pension income will remain fixed for your lifetime, providing you with financial stability.

  • Critical Illness Surrender Option: If you are diagnosed with a critical illness covered under the plan, you have the option to surrender your policy and receive a portion of your invested amount. This provides you with financial flexibility during a challenging time.

Eligibility Criteria of Kotak Saral Pension Plan

Parameters  Details 
Annuitant  Spouse
Annuitant Age Min- 40 years  Min- 40 years 
Max- 80 years  Max- 80 years 
Single Premium Min - Any amount that ensures a minimum monthly annuity of Rs.1000
Max – No Limit
Minimum Annuity Monthly: Rs. 1,000 per monthly
Quarterly: Rs. 3,000 per quarter
Half-Yearly: Rs. 6,000 per half-year
Yearly: Rs.12,000 per annum
Annuity Modes Yearly, Half-yearly, Quarterly, Monthly
Annuity Installment (per frequency) Mode Annuity Installment (per frequency)
Yearly  100%
Half Yearly  97% of Yearly Annuity x 1/2
Quarterly  96% of Yearly Annuity x 1/4
Monthly  95% of Yearly Annuity x 1/12

Benefits of Kotak Saral Pension Plan

  • Below are the benefits of the Kotak Saral Pension Plan:
    Enhanced Annuity Rates: Enjoy higher returns on your investment with Kotak Saral Pension Plan's competitive annuity rates. This is especially beneficial for existing Kotak Life policyholders and those purchasing online or through direct marketing channels.

  • Critical Illness Cover: The plan provides financial support in case of a critical illness diagnosis, allowing you to focus on your health and recovery without worrying about financial burdens.

  • Flexible Annuity Options: Choose from various annuity options to suit your specific retirement needs, including:

  • Joint Life Annuity with Survivor Benefit: Payments are made to you and your spouse, and continue to be paid to the surviving spouse after your death.

  • Guaranteed Annuity Rates: The annuity rates you receive at the time of policy issuance will remain fixed throughout your lifetime, providing you with financial stability and peace of mind.

  • Tax Benefits: Kotak Saral Pension Plan offers potential tax benefits under the Income Tax Act, 1961, subject to specific conditions. However, it's essential to consult with a tax professional for personalized advice.

Conclusion

Kotak Saral Pension Plan offers a reliable and secure way to generate a consistent income stream throughout your retirement. By investing a lump sum, you can enjoy a guaranteed pension without worrying about market volatility. It's a suitable choice for those seeking financial stability and peace of mind in their golden years.

FAQs

  • What happens if I miss paying a premium for the Kotak Saral Pension Plan?

    You usually have a grace period to pay overdue premiums. If premiums remain unpaid after the grace period, the policy may lapse, and benefits may be reduced or forfeited as per the policy terms.
  • How do I apply for the Kotak Saral Pension Plan?

    You can apply online through the Kotak Mahindra Life Insurance website or visit any Kotak Mahindra branch to speak with a financial advisor who can assist you with the application process.

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 Saral 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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