Kotak Lifetime Income Plan

What is the Plan all About?

Kotak Lifetime Income Plan is an immediate annuity plan that pays you/your loved ones a regular income for the entire life. You only need to pay a lump sum amount and receive income for the life. The income rate quoted will be guaranteed for the entire life of the annuitant and will not alter with varying market conditions. This immediate annuity plan thus provides a secured source of income, so you can live life without financial worries.

What are the Key Features?

Regular income for life
Enjoy financial independence post retirement
4 income options
Hassle-free access to income
Flexible annuity payout frequencies
Single premium payment
Assurance of best service
Tax benefits

What are the Plan Benefits?

Income Options

Lifetime Income: This option promises the annuitant to pay a regular income through the entire life and it is also helpful to meet day to day expenses. This payout ceases on the death of the annuitant.

Lifetime Income with Cash Back: Under this income option, the annuitant will receive a regular income throughout life and on death, the single premium is paid back to the nominee. This income option is best suited for people with dependents.

Lifetime Income with a Term Guarantee: This income option pays a regular income for the guaranteed period of 5/10/15/20 years, irrespective of survival of the annuitant. The income continues even after the guaranteed period as long as the annuitant survives.

Last survivor Lifetime Income: Under this option, you will receive a regular stream of income through life and it continues for the life of the spouse after the death of the annuitant. It is best suited for people looking to ensure financial independence for his/her spouse.

Death Benefit

Upon choosing ‘Lifetime Income with Cash Back’ option, on death, the single premium is paid back to the nominee that will help to take care of family’s financial needs.

Upon choosing ‘Lifetime Income with a Term Guarantee’ option, on death, a regular income is paid throughout the guaranteed period to the nominee.

Upon choosing ‘Last survivor Lifetime Income’ option, the regular income continues for the life of the spouse after your death.

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	99 Years
Single Premium	Rs 50,000	No Limit
Freelook Period	15 Days From The Receipt Of The Policy	-
Grace Period	Nil	-
Plan Type	Offline	-

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 conditions as specified.

How the Plan Works?

Mr. Rai at 45 years of age is looking to opt for a plan that can provide a regular income for life. He decides to buy Kotak Lifetime Income Plan with ‘Lifetime Income with Cash Back’ income option with the single premium of Rs 1 Lac.

Scenario I: On survival of Rai

In case of survival of Mr. Rai, he will receive a regular income throughout life to take care of his expenses.

Scenario II: On demise of Rai

On demise of Mr. Rai, the single premium is paid back to the nominee that will support to fulfill his family’s financial needs.