Compare Kotak Mahindra Pension Plans

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Kotak Mahindra Old Mutual Life Insurance Company

Kotak Mahindra Old Mutual Life Insurance Ltd (Kotak Mahindra Old Mutual Life) is a joint venture between India’s eminent bank, the Kotak Mahindra Bank Ltd., and one of the world’s highly acclaimed investment group, Old Mutual. While the former holds a 74% stake in the company and is known for rendering avant-garde financial services in the country, the latter holds a 26% stake in the insurance company, and provides asset management, banking, & insurance solutions to individuals & organizations across Europe, America, Africa, and Asia. In India, the insurer serves 4 million customers and helps them to achieve their financial goals and protection requirements, through an exceptional range of cost-effective products.

Kotak Mahindra Old Mutual Life Pension Plans

To ensure that you have a fulfilling experience in those golden years of life, there needs to be a financial plan in place well in advance. Kotak Mahindra Old Mutual Life offers three pension plans, which help you create a good retirement kitty, so that you need not be dependent on others for your medical expenses or pursuing your hobbies. These plans offer a great amount of flexibility by letting you choose how you wish to avail the proceeds at vesting time. You could opt for a lump sum amount in one go, or select a monthly income payout for a lifetime. There are also options to provide your spouse with a monthly income benefit, even after you’re gone.

Pension Plans:
Pension plans help you live a financially independent life, even when those monthly salaries have stopped coming in. They induce you to save money whilst you are still earning, so that when you approach retirement, you have enough funds to pay the bills and meet other financial obligations. With the help of Annuity plans, one can be assured of receiving a monthly income throughout life, and can also provide his/her spouse with the same benefit, in case of occurrence of any unfavourable eventuality.

Common Features of Kotak Mahindra Old Mutual Life Pension Plans:

  • Flexibility in terms of choosing the policy term
  • Income Tax benefits

List of Different Pension Plans Offered By Kotak Mahindra Old Mutual Life Insurance Company, With Features, Benefits And Eligibility

1. Kotak Premier Pension Plan

Features:

  • A Traditional Participating Pension Plan
  • Enjoy Guaranteed Additions in the first 5 policy years and watch your retirement corpus grow
  • Receive a variety of bonuses - Simple Reversionary, Interim, & Terminal Bonuses from 6th policy year onwards
  • Be assured of receiving the minimum guaranteed Benefit of 105% of Total Premiums paid in the event of death and on vesting
  • Pay an additional nominal premium and avail the Rider benefit for increasing your protection against unfavourable eventualities
  • Three premium payment options to choose from as per your needs & goals - Regular Premium Pay, Limited Pay of 10 & 12 years, and Single Pay
  • Enjoy discounts on premium on choosing a larger sum assured. For Regular and Limited Premium Payment option avail Premium discount of Rs. 2 per 1000 Basic Sum Assured for Basic Sum Assured of Rs. 5 lacs & above. For Single Premium Payment option, avail Premium discount of Rs. 8 per 1000 Basic Sum Assured for Basic Sum Assured of Rs. 5 lacs & above
  • A variety of options to avail the Death Benefit & Vesting Benefit
  • Facility of Reduced Paid-Up Benefit for Regular & Limited Premium Pay policies, whereby on non-payment of premiums within the grace period, the policy is converted into a Reduced Paid-Up policy, provided the policy has acquired a Surrender Value. At vesting, the policyholder can avail the Reduced Paid-up Basic Sum Assured along with the accrued reversionary bonuses/guaranteed additions.
  • Avail income tax benefits on premium payments & benefits received

Benefits:

Guaranteed Additions: These are the assured additions which get credited to your policy in the first 5 policy years, and are payable either on vesting or on death, whichever is earlier, provided the policy is in force and all due premiums have been paid in full. These are expressed as a percentage of the Basic Sum Assured. While for Regular & Limited Premium payment options, the Guaranteed Additions are calculated at 5% p.a. of the Basic Sum Assured, for Single Premium Payment option, the additions are accrued at 2% p.a. of the Basic Sum Assured.

Bonuses: Under this plan, you are eligible to receive the following three types of bonuses:  

Simple Reversionary Bonus, which is declared at the end of each financial year, and is expressed as a percentage of the Basic Sum Assured. These bonuses are accrued to the policy from the 6th policy year onwards and continue to be credited till the end of the Policy Term, and are receivable either on vesting or on death.

Interim Bonus, which may be provided by the Company, if a claim has been made part-way through a financial year or before declaration of the Simple Reversionary Bonus for the Financial Year in which such a claim is intimated.

Terminal Bonus, which the Company may decide to pay in case of death, provided the policy has completed 10 years. It is expressed as a percentage of the Basic Sum Assured, and may be received by the policyholder on vesting, provided the policy is not Reduced Paid-Up or surrendered.

Assured Benefit: As the name suggests, this is the minimum guaranteed benefit that is receivable either on death or on vesting, and is equivalent to 105% of the Total Premiums (excluding taxes and rider premium, if any) paid till the date of death or vesting.

Vesting Benefit: At the time of vesting, the policyholder becomes eligible to receive the following benefits, subject to a minimum of Assured Benefit:
Basic Sum Assured + Accrued Guaranteed Additions + Accrued Reversionary Bonuses & Terminal Bonus, if any
The Vesting Benefit may be availed as per any one of the following options:  

  1. Withdrawal of a tax-free lump sum of up to 1/3 of the vesting benefit or to the extent as specified by the Income Tax Act 1961, with the balance amount being used to purchase an annuity from Kotak Life Insurance at the then prevailing annuity rates
  2. Investing the proceeds in a single premium deferred pension product from Kotak Life Insurance at that time
  3. Extending the accumulation period within the same policy with the same terms and conditions as the original policy, provided the Life Insured is below 55 years of age.

Death Benefit: In the unfortunate event of death of the Life Insured during the term of the policy, the nominee is granted with a Death Benefit, which is an accumulation of the following:
Assured Benefit + Accrued Guaranteed Additions + Accrued Reversionary Bonuses & Terminal Bonus, if any
The nominee may select any one of the following options for receiving the payout:

  1. Withdraw the entire proceeds of the policy
  2. Use the proceeds, in full or part thereof, for purchasing an Immediate Annuity at the then prevailing rate from Kotak Life
  3. Insurance

Eligibility:

Entry Age Minimum: 30 years | Maximum: For Regular & Limited Pay: 55 years; For Single Pay: 60 years
Vesting age Minimum: 45 years | Maximum: 70 years
Policy Term Regular Pay: 10 - 30 yrs | Limited Pay: 10 Pay: 15 - 30 yrs; 12 Pay: 17 - 30 yrs Single Pay: 10 yrs & 15 years
Premium Payment Term Regular Pay: Same as policy term Limited Pay: 10 and 12 years Single Pay
Premium Payment Mode Yearly, Half yearly, Quarterly, Monthly
Basic Sum Assured Minimum: Rs. 2,00,000 | Maximum: Subject to underwriting
Premium Will depend on Sum Assured, Age, Premium Payment Term, & Policy Term
Premium Payment Frequency Yearly, half-yearly, or monthly

Riders:
• Kotak Accidental Death Benefit Rider
• Kotak Permanent Disability Benefit Rider

2. Kotak Lifetime Income Plan

Features:

  • An Immediate Annuity plan
  • Pay a lump sum and enjoy a regular and reliable stream of income throughout your life
  • Take your pick from 4 Income Options, based on your retirement goals
  • Enjoy the perks of receiving your income through direct credit to bank accounts and on-time cheque payments
  • Choose the best-suited annuity payout frequency - Monthly, quarterly, half-yearly, and yearly

Benefits:

Income Options: Based on your retirement needs and those of your dependents, you may select any one of the following Income Options:  

  1. Lifetime Income: Avail an assured inflow of income for a lifetime. This option is an ideal proposition for those who do not have any dependants.
  2. Lifetime Income with cash-back: This is an ideal solution for those who have dependants. Under this option, the annuitant receives a steady stream of income throughout life, and in the event of death, the Company pays back the nominee the single premium paid at the time of taking the policy.
  3. Lifetime Income with a term guarantee: This option entitles the annuitant to receive a regular stream of income for the guaranteed period of 5, 10, 15, or 20 years chosen at policy inception. On survival of the annuitant till the end of this period, the Company continues to pay the income throughout life. This is a good proposition for those who are on the lookout to pay off their liabilities during a definite period of time.
  4. Last survivor Lifetime Income: Under this option, the annuitant is assured of receiving an income throughout life, and in the event of death, the inflow of income continues throughout the life of the spouse.

Eligibility:

Entry Age of Annuitant (as on last birth date) Minimum: 45 years | Maximum :99 years
Spouse Entry Age (as on last birth date) Minimum: 35 years | Maximum: 99 years (For Lat Survivor Lifetime Income Option)
Single Premium (retirement fund) Minimum: Rs. 50,000 | Maximum: No Limit

3. Kotak e-Lifetime Income Plan

Features:

  • An Immediate Annuity Plan
  • As many as 4 Annuity/Income Options to choose from:
    1. Lifetime Income: For receiving an income throughout your life
    2. Lifetime Income with Cash-Back: For receiving an income throughout your life, and after your death, the Single Premium paid by you for taking the policy, is returned to your spouse
    3. Lifetime Income with a Term Guarantee: For receiving an income for a guaranteed period of 5 yrs, 10 yrs, 15 yrs, or 20 yrs as chosen by you at policy inception, and when you outlive this term, you start receiving the income payout for your entire life
    4. Last survivor Lifetime Income: For receiving an income payout throughout your life, and upon your death, the income payout is given to your spouse for a lifetime.  
  • Enjoy guaranteed annuity rates throughout life
  • Quick & hassle-free online buying
  • Facility of gifting the policy to others
  • Choose the frequency of annuity payout basis your needs  - monthly, quarterly, half-yearly, or annually
  • Enjoy tax benefits as per Section 80CCC of Income Tax Act, 1961

Benefits:

Benefit Payouts on Death of Annuitant: In the unfortunate event of the demise of the annuitant, the Death Benefit payable will depend upon the Annuity Option chosen and will be as follows: 

  1. Lifetime Income: The income payout will be stopped and the policy ceases to exist.
  2. Lifetime Income with cash-back: The Single Premium paid for purchasing the policy will be paid back to the nominee, followed by termination of the policy.
  3. Lifetime Income with a term guarantee: Under this option, the benefit payout will depend on the following two situations:

    On death of the annuitant during the chosen Guaranteed Term: The nominee will continue to receive the income payout till the end of the guaranteed term, following which, the policy will come to an end. 
    On death of the annuitant after the Guaranteed Term: The income payout will be stopped and the policy will be terminated.

  4. Last survivor Lifetime Income: In the event of the death of the first annuitant/policyholder, the income payout will be continued to be paid to the surviving spouse/annuitant. Upon the death of the surviving annuitant, the income payout will be stopped, and the policy will cease to exist.  

Eligibility:

Minimum Entry Age (as on last birthday) Minimum : 45 years (For New Customers); 18 years (For existing Kotak Life Insurance Pension Plan policyholders)
Maximum Entry Age (as on last birthday) 99 years
Entry age for Nominees of deceased Kotak Life Pension policyholder Minimum: 0 years | Maximum: 99 years
Spouse Entry Age (Applicable only for Last Survivor Lifetime Income Minimum: 35 years (For New Customers); 18 years (For existing Kotak Life Insurance Pension Plan policyholders) | Maximum: 99 years
Single Premium (retirement fund) Minimum: New Customers : Rs. 50,000

Existing Kotak Life Pension Plan Policy holders: Any amount that ensures the minimum annuity amount as per section 4(I) of Insurance Act 1938 as amended from time to time Maximum: No Limit

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