Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime!
Retirement can open up some new exciting possibilities in life. However, it is essential to be financially independent and stable during your retirement to enjoy your newfound freedom from the responsibilities you have shouldered all your life.
For this, it is vital to have a pension plan that can take care of your regular finances through regular pension pay-outs once your retirement commences.
While people today are interested in exploring different pension plans on offer, understanding the types of such plans can help narrow down the search for the right one significantly.
Participating pension plans share the fund’s profit with the insured person in the form of bonus payment. The bonus is provided in addition to the sum assured and death benefits.
Additionally, the insured person can opt for some optional riders as well.
One of the most popular pension plans in India, here an individual pays a one-time lump sum amount as premium payment and immediately starts receiving a fixed pension until his/her death or 99 years of age, whichever is earlier
The amount of pension to be received depends upon various factors such as The premium amount The chosen annuity option, such as
The age of the policyholder during the purchase of the plan.
Lifetime pension with cash-back
Lifetime pension with term guarantee
Lifetime pension with a full pension to the surviving spouse
Lifetime pension with a half pension to the surviving spouse
Cash-back to the nominee after the death of both spouses
In these plans, the individual starts getting a pension after a pre-agreed deferment period, varying from 1 to 10 years. The rest of the terms and conditions are similar to that of an immediate annuity plan.
Apart from the pension plans discussed above, there are also some government schemes and plans like EPF, PPF, or NPS.
While government pension plans can also be a good option, they generally have a maximum cap on investing. For instance, you can’t invest more than Rs. 1,50,000 in a PPF account in a financial year.
Therefore, you might fall short of achieving your retirement corpus by solely relying on government plans.
While market-linked financial instruments can help you get potentially higher returns, they also come with risks related to market volatility. On the other hand, pension plans provide the safety of stable returns that are completely insulated from market volatilities. Hence, it is important to include a mix of both while building your retirement corpus.
Therefore, start by analysing your finances and choose the type of pension plan that suits your needs. After all, you don’t just buy a pension plan, you invest in the peace of mind in old age.