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Kotak E-Lifetime Income Plan

What is the Plan all About?

Kotak e-Lifetime Income Plan is an immediate annuity plan that provides you an assurance of regular income throughout your life. This plan can be bought online with a convenient and hassle-free procedure. Under this plan, the annuity rates quoted are guaranteed for a lifetime, so live your life without financial worries.

What are the Key Features?

  • 4 annuity options
  • Guaranteed annuity rates for lifetime
  • Varying death cover basis of annuity option
  • Convenient process to buy plan online
  • Gift to loved ones
  • Avail tax benefits

What are the Plan Benefits?

Income Options

    This plan is available with 4 annuity/income options.

    Option 1- Lifetime Income: This option provides a regular income through the entire life of the annuitant. It stops on demise of the annuitant.

    Option 2- Lifetime Income with Cash Back: This income option provides the annuitant a regular income throughout life and in the event of death, the single premium or purchase price is paid back to the nominee.

    Option 3- Lifetime Income with a Term Guarantee: This income option provides a regular income payout for a guaranteed period of 5/10/15/20 years. In case of survival of the annuitant, the payout continues for the lifetime.

    Option 4- Last survivor Lifetime Income: Under this option, both the spouses are considered as annuitants. This income option provides a regular income throughout life for first annuitant and this payout continues through the life of the second surviving annuitant.

Death Benefit

    Under Option 1- Lifetime Income, on death, the payout will cease and the policy gets terminated.

    Under Option 2- Lifetime Income with Cash Back, on the demise of the annuitant, the single premium is paid back to the nominee.

    Under Option 3- Lifetime Income with a Term Guarantee, a regular stream of income is paid through the guaranteed period (as chosen) to the nominee on the unfortunate demise of the annuitant. In case of death of the annuitant after completion of the guaranteed period, the income payout ceases.

    Under Option 4- Last survivor Lifetime Income, on demise of the first annuitant, the income payouts continues to the surviving annuitant and on the death of the second annuitant, the payout ceases and the policy gets terminated.

Bonus

    No bonuses are applicable.

Loan Benefit

    No loan benefit is available under this plan.

Surrender Value

    No surrender value is payable under this plan.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday)* 45 Years (new Customers), 18 Years (existing Policyholders) 99 Years
Single Premium Rs 50,000 No Limit
Freelook Period 30 Days From The Receipt Of The Policy -
Grace Period Nil -
Plan Type Online -

Is any Rider Available with this Plan?

No rider can be opted under this plan.

Is the Plan, eligible for Tax Benefit?

You may avail tax benefits on premium paid under Section 80CCC of Income Tax Act, 1961 subject to the provisions as specified.

How the Plan Works?

Mr. Raman at 45 years of age is looking for a plan that can provide a regular income for life. He opts for Kotak e-Lifetime Income Plan with ‘Option 2- Lifetime Income with Cash Back’ with the investment of the single premium of Rs 1 Lac.

Scenario I: On survival of Raman

In case of survival of Mr. Raman, he will receive a regular stream of income throughout life.

Scenario II: On demise of Raman

On demise of Mr. Raman, the single premium is paid back to the nominee.