|· After completion of premium payment term, from the beginning of next year Guaranteed Annual Income will be paid for the remaining term
· At the end of the policy term Accrued Bonuses & Terminal Bonus (if any), will be paid out
· Provides life cover throughout the policy term
· Option to enhance and customise protection through wide range of riders
· The premiums paid and the benefits received are eligible for tax benefits under Sec 80 (C) & 10 (10D) of the Income Tax Act
Mumbai, (GNI): Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance), today announced the launch of Kotak Premier Income Plan (KPIP). This is a limited pay participating, savings cum life insurance plan that offers Guaranteed Annual Income post completion of the premium payment term. KPIP is completely aligned with the firm’s core purpose of adding value to lives of customers by providing Protection and Long Term Savings (PALTs).
With the ever increasing cost of living, it has become imperative for individuals to plan their future expenses. Kotak Premier Income Plan (KPIP) is structured keeping in mind that long term financial goals of customers also comprise of recurring expenses. Kotak Premier Income Plan provides policyholders the ability to meet their present financial commitments while simultaneously protecting future comfort of their families.
For instance, if one is planning to take their family on a vacation or wants to secure his/her family’s future needs or wants to fulfil his dreams post retirement, the Guaranteed Annual Income will take care of these additional expenses while the lump sum maturity benefit will serve as an additional income to meet some of the future expenses. KPIP also offers customers the flexibility to choose the premium payment term (8 years, 10 years or 12 years) and premium payment mode (yearly, half-yearly, quarterly or monthly) based on the estimated future needs.
Suresh Agarwal, Chief Distribution Officer, Kotak Mahindra Old Mutual Life Insurance Ltd. said, “Kotak Premier Income Plan (KPIP) is designed with the core purpose of adding value to customers’ life. We have designed the product to cater to customer requirement of a rewarding second income that will help them fulfil dreams of themselves and their loved ones. KPIP is ideal for individuals who want to save for a limited term and are looking for a regular income at their disposal in the future. These are the people who live a big life built through small joys!”
Kotak Premier Income Plan provides Accrued Simple Reversionary Bonus and Terminal Bonus (if any) at policy maturity. Bonuses declared under the policy are paid to the policyholder as a lump sum pay-out at the end of the policy term or death or surrender of the policy.
In case of unfortunate death of the life insured during the premium payment term, benefits payable shall be Sum Assured on Death plus Accrued Simple Reversionary Bonus (if any) plus Terminal Bonus (if any).
Policyholders may customise and enhance the protection offered by attaching a wide range of optional riders to this plan. The riders offered are Kotak Life Guardian Benefit Rider, Kotak Accidental Disability Guardian Benefit Rider, Kotak Permanent Disability Benefit Rider, Kotak Term Benefit Rider and Kotak Accidental Death Benefit.ends