Kotak Life

Buy a Life Insurance Plan in a few clicks


Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

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. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

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. Know more

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! Know more

Which Pension Plan Suits You best?

Which Pension Plan Suits You best?
  • 21st Sep 2021 |
  • 833

Retirement opens up a world of opportunities. You finally get the time to tick everything off your wish list. You will, however, require adequate funds to maintain your current lifestyle and fulfill the long-awaited dreams. Given the rising inflation rate and the limited social security programmes available for senior citizens, it would not be a wise decision to rely totally on your savings and investments.

Moreover, by the time you retire, your living expenses will have increased. You would also need to account for medical emergencies and other unforeseen expenses. As a result, thorough retirement planning is required to cover all these and other expenses. This is where pension plans come into the picture.The best pension scheme for senior citizens can provide a supporting income, letting you enjoy complete financial freedom in your golden years.

Fixed investment in the best pension plan can assist you in achieving financial security and overcoming any other future worries. These long-term plans offer dual benefits of investment and insurance cover, where you can invest monthly or quarterly as per convenience. All you do is pay a fixed amount regularly for a defined period and enjoy

Pension Plans: Your Safety Net for A Secure Future

A pension plan is a type of fund where a portion of your pay is invested during your employment tenure. This investment also aids in the collection of payments throughout the retirement era. Moreover, the investments are suitable for financially secure senior persons because they yield future advantages.

the advantages when you retire. By contributing a set amount to your pension plan monthly, you gradually accrue a sizable sum. This will ensure a constant stream of income after you retire.

The host of benefits of investing in the best pension scheme include:

  • Guaranteed Income/Pension The steady flow of income ensures you enjoy a financially independent post-retirement life.
  • Tax Efficiency Some pension plans like Atal Pension Yojana (APY) and National Pension Scheme (NPS) are entitled to tax deductions and exemptions under section 80C of the Income Tax Act, 1961.
  • Flexible Vesting Age The age when you begin to receive your monthly pension varies from scheme to scheme and insurer to insurer. While the best pension plans in India keep their minimum vesting age at 45-50 years, which can be extended up to 70 years, some companies allow it to be up to 90 years.
  • Liquidity Retirement plans are primarily the product of low liquidity. Therefore, it ensures funds to fall back on during emergencies without relying on bank loans or others for financial requirements.

Investing in the best pension scheme in India as per your financial goal is the first criteria you must follow. You have several types of pension plans available in the country, which gives you varied benefits. Each plan has a specific classification concerning its structure and benefits.

Below mentioned are the different types of pension plans available in India:

  • Deferred Annuity
  • Immediate Annuity
  • Certain Annuity
  • With Cover and Without Cover Pension Plans
  • Guaranteed Period Annuity
  • Life Annuity
  • Life ULIP Plan
  • Defined Contribution Pension Plan
  • National Pension Scheme

Comparing the various pension plans will help you understand it better and further assist in making the best selection.

Pension Plans Tax on Income Withdrawal Flexibility Lock-In Period
Deferred Annuity Taxable Post 1 year 10% of the annuity value can be withdrawn Up to 10 years
Immediate Annuity Applicable Income Tax rate Post 1 year 10% of the annuity value can be withdrawn Up to 15 years
Certain Annuity Under the Income Tax rate 33% of fund value upon retirement 5 years, 10 years and 15 years
With and Without Cover Pension Plans Taxable Up to 33% upon retirement 5 Years
Guaranteed Period Annuity Taxable Up to 33% of fund value upon retirement Stops on death of annuitant
Life Annuity Taxable Withdrawal up to 33% of fund value upon retirement 15 Years
Life ULIP Plan Exempt 100% withdrawal any time after 5 years 5 Years
Defined Contribution Pension Plan Taxable Up to 33% of Fund value on retirement Depends on type of pension fund
National Pension Scheme Exempt No. Partial withdrawal up to 25% after 10 years Can be withdrawn at the age of 60

Retirement planning is not only an essential part of your total financial planning, but it is also critical to begin early in life. Always keep in mind that early and methodical retirement planning can help you lessen the financial load you will face throughout your retirement years and plan for a worry-free and financially secure retirement. Because with a well-planned retirement, you gain a sense of self-reliance and emotional well-being in addition to the guarantee of savings.

Kotak e-Term Plan


  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

Everything About Claim Settlement Ratio for Term Insurance

How Does Term Life Insurance Work? Learn the Benefits

How to Compare Term Insurance Online

Steps on How to Buy Term Insurance Online

5 Benefits of Early Retirement Planning

Eligibility Criteria for Buying Term Insurance in India

How to Ensure That Your Term Insurance Claims Are Never Rejected?

Do I Need to Give a Medical Test for Term Insurance in India?

Should You Have Multiple Term Life Insurance Policies?

What Should Be The Duration Of Your Term Plan in India?

What is Term Insurance - A Complete Guide

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

Buying A Term Insurance Plan? Take These Factors into Account

Calculating Term Insurance Premium

What Is a Renewable Term Insurance Policy?

What is Insurance Premium - A Detailed Guide

Can Senior Citizens Avail Term Insurance?

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Why is it important to buy term insurance plan?

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Different Types of Protection Plans

Term Life Insurance Plan for Smokers vs Non-Smokers

Is a Term Insurance Policy Portable?

Term Insurance: Smokers vs Non-Smokers

How Much Term Insurance Do I Need

What Are the Best Term Insurance Plans for Planning Retirement?

Term Insurance with Critical Illness

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Tax Benefits of Term Insurance in India

Why Should New Parents Buy Term Life Insurance?

Can I Extend the Tenure of My Term Insurance Plan?

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

Why Should You Buy Term Insurance in 2022?

Increasing Term Insurance and Riders

Term Insurance With Riders In India

Planning For Children's Future

Do You Need Term Insurance Cover After Retirement?

9 Most Frequently Asked Questions on Term Insurance

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

What is Critical Illness Policy

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

What Is the Correct Age to Buy Term Insurance?

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Importance of Term Insurance at Every Stage of Your Life

Protection for your family

Is Group Term Life Insurance Provided By Employer Sufficient?

Can Term Insurance Plans Be Purchased As A Gift?

Understanding Term Insurance Riders

Do Beneficiaries Pay Taxes on Term Insurance?

Is It Good To Buy A Term Insurance Plan In 2022?

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

Make Your Online Term Plan Your Family's Monthly Pay Cheque

Is Life Insurance Investment Worthy Enough

Is term Insurance Needed for People With No Dependents?

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

All About Term Insurance Inbuilt Coverage

Make Your Online Term Plan Your Familys Monthly Payout

Can I Buy Term Insurance for a COVID-19 Patient?

Which Death Type Does Your Term Plan Not Cover?

Why Term Plan Should Be The First Step To Securing Your Future?

Term Insurance Plans and Policies for Smokers

Can You Increase Your Term Insurance Cover?

Advantages & Disadvantages of Term Insurance in India

Insuring yourself against Ill Health with a Critical Illness Rider

Term Plan with Spouse Cover

Insurance Policy for Housewife In India

Different Types of Premium in Term Insurance

Ensure Protection Against Death, Disease & Disability With Life Insurance

Cost of Term Insurance Likely to Increase Soon

Individual Life Insurance vs. Group Term Life Insurance

Does Term Insurance Cover Accidental Death?

Why Buy Term Insurance Even at Rising Rates?

What is a short term insurance policy?

5 Things To Consider While Buying Term Insurance Plan

What Types of Deaths Are Covered in a Term Insurance Plan?

Advantages of Buying Term Insurance in Your 50s

Should You Buy a Term Plan After 40?

What Are Insurance Riders and How to Choose Them in a Term Plan?

9 Ways to Help Family Members in Financial Trouble

How Not To Get Your Term Insurance Claim Rejected

What Should You opt for - Limited or Premium Pay?

6 Reasons That Make Term Insurance a Must Buy

Know How to Invest at Every Age for Larger Returns

Gift Your Father A Term Insurance Plan This Father's Day

Can I Get Term Insurance on Behalf of My Spouse?

4 Reasons Why You Need Critical Illness Cover

How Much Term Life Insurance Cover Do I Need in India?

Best Investment Plans for Children - Secure Your Child's Future

Tips to Choose the Right Term Period for Term Insurance Plan

Insuring Against Disability With Disability Insurance Rider

4 Methods to Calculate How Much Term Insurance You Need

How To Calculate The Amount Of Term Life Insurance You Need?

6 Types of Death not covered in Term Insurance Plan

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

How Much Cover Should I Take In A Term Plan?

Term Insurance – Why You Must Include In Your Financial Planning?

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

Why Term Insurance Is Better Than ULIP?

Why Premium Amount for Term Insurance is So Low?

Term Insurance Basics You Should Know

8 Benefits of Term Insurance You Should Know

Insuring Protection Against Death With Death Insurance Rider

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

Top 3 Reasons Why You Should Buy A Term Plan Now

8 Factors to consider before choosing a Critical Illness Insurance

Is ₹1 Crore Term Insurance Good Enough Cover?

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Insuring Against Accidents with an Accidental Death Insurance Rider

How to Identify Term Insurance According to Your Needs?

Planning For Son or Daughter's Wedding

How To Choose the Right Sum Assured Under a Term Plan?

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Term Plans are Definitely Cheaper than You Think!

What Happens if you Hide Facts in your Term Insurance?

Why Should You Add a Rider to a Term Insurance Plan?

Why Buy Term Insurance Plan With a High Cover?

Why Term Insurance Is Important in times of COVID-19?

10-Year Term Life Insurance Policy - Explained in Detail

Difference between Term Insurance and Life Insurance

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Comparing Term Plans – What Should You Look Out For

What are the Documents Required for Term Insurance Plan?

Should Youngsters, Working Couples Buy Term Insurance Plans?

Is There Any Tax Benefit on Term Insurance?

Term Insurance Calculator - Everythng You Need To Know

How To Change The Nominee in Term Insurance?

5 Reasons to Buy Term Insurance When You are in Your 30s

Endowment Plans vs Term Plans: Understanding the difference

Key Differences Between Term Insurance, ULIPs, And Health Insurance

How To Choose the Right Term Insurance Plan?

Why should single women purchase term life insurance?

All you need to Know about Term Insurance Plans for Housewives

Reasons You Need Term Insurance Plan as a Self-Employed Person

Why does every working woman need life insurance?

5 Term Insurance Benefits for Single Women

How to Surrender Term Life Insurance When you have No Liabilities

What are incremental term insurance plans?

Why Married People Should Buy Term Insurance Under MWP Act?

Busting Myths and Facts About Term Insurance Policies

Term Insurance: What Happens When You Don’t Pay Your Premiums?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Why Should You Not Take A Term Plan Without Medical Test in India?

While Buying Term Insurance Compare Features, Not Just Premiums

Choosing Riders for Insurance Plans

Term Insurance Age Limit – Term Plan for All Age Groups

Can I Make Changes to My Term Insurance Policy Post Purchase?

How Does A Term Life Insurance Work in India?

What All Documents Required For Term Insurance In India?

Is Term Life Insurance Plan an Investment or Expense?

Why 1 Cr Term Plan Is Necessary For Family?

8 Things To Do After Buying Term Insurance

4 Things To Expect From Your Term Insurance Plan in India