Kotak Mahindra Pension Plans

Kotak Mahindra Pension Plans
  • 93.72% Claim Settlement Ratio
  • 24*7 Customer Assistance
  • Secured 20million+ Lives
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About Kotak Mahindra Life Insurance Company

Kotak Life Insurance Company which was formerly known as Kotak Mahindra Old Mutual Life Insurance Company is the leading life insurance company in India. It is one o the fines life insurers if the country that caters to almost all life insurance products. The company deals in pension plans, term insurance, savings plan, child insurance and much more. It is like a one-stop-shop for all your life insurance needs and that too at affordable premium.

The company aims to become the best insurance company in the life insurance industry. The company keeps on inventing new life insurance products.

  • Claim Ratio: The company carries a good claim ratio of 93.72 which is quite good as compared to others.
  • Customer Assistance: To assist customers with their every query and requirement, the customer is offering 24*7 customer assistance.
  • Secured 20million + Lives: As of March 2018, the company has already secured 20million + lives
Kotak Mahindra Pension Plans
Business lineLife Insurance
Claim Ratio93.72
Online buying optionAvailable

Kotak Mahindra Life Pension Plans In India

To deal with the needs of post-retirement days and to offer a secure and enjoyable retirement, the company has launched many innovative products at a nominal premium. Below is the list of Kotak life pension plans for your convenience.

1. Kotak Mahindra Pension Plans: Premier Pension Plan

Kotak Premier Pension Plan is a participating plan that assists the insured to accumulate kitty for the post-retirement years which will help you in leading a comfortable and worry-free retirement life. This plan comes out with assured benefits on death and vesting.

Key Features of Kotak Premier Pension Plan

  • Guaranteed Additions: In the initial 5 years of the plan, guaranteed additions in the form of a percentage of the basic sum assured will accrue payable on maturity or death whichever is the earlier.
  • Bonus: After completing 5 years in the policy, you will be able to accrued bonuses from 6 the year.
  • Assured Benefit: With this plan, you will get guaranteed benefit on death or on vesting that will be equal to 105% of the total premium that you paid till death or vesting.
  • Additional Protection: This pension plan allows you to enhance the coverage with the help of additional riders.

Eligibility of Kotak Premier Pension Plan

Entry age30-60 years
Minimum Sum Assured2 lacs
Vesting age45-70 years
Premium Modal FactorYearly - 100%, Half-yearly - 51%, Quarterly - 26%, Monthly - 8.8%

2. Kotak Mahindra Pension Plans: Lifetime Income Plan

Kotak Lifetime Income plan is purposely designed to offer assured income throughout the lifetime and in case of your absence, it will provide the same to your spouse. This plan ensures that you live a happy and comfortable life during post-retirement days.

Key Features of Lifetime Income Plan

  • Financial Independence: This pension plan makes sure that you live your post-retirement years Independently so that you can meet your daily needs easily.
  • Wide range of income options: The plan provides multiple offers different options of income to deal with multiple needs of insured and family.
  • Multiple ranges of annuity payouts: Under this Kotak, LIfe pension plan provides a range of annuity payout frequencies such as monthly, quarterly, half-yearly and yearly among others to deal with multiple needs.

Eligibility of Lifetime Income Plan

Entry Age18-99 years
Minimum Vesting Age1000
Annuity ModesYearly, Half-yearly, Quarterly, Monthly

Why Pension Plans?

As you grow older, you realize that while daily life in itself quite a challenge, retired life could even be extra difficult mainly without the comfort of regular income. To make sure normal profits at every stage in your retirement years, Kotak life retirement plans are good to go. Now you can buy best Kotak life pension plans online as well These plans come with 4 annuity options that may be selected according to the requirements of customers.

  • For people without dependents, a lifetime plan can be availed, which pays an everyday income until demise.
  • This guarantees that you will get a regular amount for the selected time chosen by you and it continues even after that time to the survival of the insured man or woman.

Optional Riders To Enhance the Cover

This plan has come out with the feature where you can get the additional cover with the help of optional riders. The two riders that you can op with the above-mentioned Kotak life pension plan are

Kotak Accidental Death Benefit Rider: With this rider, in case of the death of the insured, the company will pay the rider sum assured along with the death benefit under the base plan.

Key Features

  • Flexibility to pay the premium as per your convenience
  • Offers comprehensive protection throughout the tenure
  • In case of death, rider sum assured is payable
  • Option to choose rider at inception or the policy's anniversary

Kotak Permanent Disability Benefit Rider: Under this rider, on the total permanent disability of the insured because of an accident, the benefit will be paid in installments

Key Features

  • Offers flexibility to pay premiums mode- Single, Limited and Regular Pay options
  • Comprehensive cover during the base plan tenure
  • 120% of the Rider Sum Assured will be paid over 5 years
  • Allow selecting Rider at inception or any policy anniversary

Why Kotak Mahindra Life Pension Plans?

Pension plans assist you to spend a financially impartial life, even if one's income has stopped. They help you in maintaining your lifestyle when you are not earning, in order when you retire, you have got enough funds to pay the payments and meet different financial responsibilities. With the help of Annuity plans, one can be confident of receiving monthly income at some point in life, and also can offer his/her partner with equal advantage in case of any unwanted situation like the insured's demise.

Kotak Mahindra Old Mutual Life Insurance Limited (a subsidiary of Kotak Mahindra Bank) is one of the fastest-growing insurance companies in India, covering over 20 million lives nationwide (as on march,2018).

Have you ever thought about your retired life? You must make sure that you are financially stable after you retire. Kotak life insurance can help you with this, you could take any of the retirement plans by Kotak to live a financially strong life even when you retire. It's very important to head for a retirement plan even if you have brilliant financial savings.

Kotak Mahindra is one of the leading financial service providers of the company. It offers financial offerings across several domains. These encompass business banking, stockbroker, insurance products and investment banking. Kotak Mahindra gives products like life insurance Kotak Life Pension Plans, protection plans, child plans, financial savings, and investment plans. Kotak life pension plans are a brilliant way to ensure a fixed regular income even after retirement. Those plans make sure that your retirement planning is done smartly and comprehensively.

Kotak Premier Pension Plan: FAQs

With the growing inflation rate and healthcare cost, your PF corpus will not be enough to offer sufficient to deal with your growing needs. During retirement life for living a stable and happy life, you can't depend solely on PF funds. YOu must have a separate pension plan for complete coverage. You can use a pension calculator to calculate the same.

With the growing costs of, medicines, lifestyle, and healthcare, the need for a pension plan is huge. You must start investing in the same as soon as possible.

While investing in a pension plan, it is important to calculate the required corpus using a pension calculator, look out for different funds options, flexibility and check additional features among others.

Yes, at the time of inception the insured/annuitant can choose to advance the annuity payout. However, the same may vary from plan to plan and company to company.

Yes, it is available but again this also varies from plan to plan and company to company.

No, this policy cant is assigned to anyone else.

Last updated on 06-11-2020