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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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In a world full of uncertainties, an annuity plan is one of the most certain things you can rely upon. Different types of annuity plans are offered in India based on the needs of an individual. You must choose one which suits your financial needs perfectly.
What is an Annuity Plan?
In simple terms, an annuity plan is a chain of periodic payments which you receive time to time from a lump sum amount previously paid by you. Annuity payouts are a regular source of financial income.
For an individual, his/her other assets in life might deplete over a period of time for some reason or the other, but an annuity plan can offer the guarantee of assured income.
How Does It Work?
As said previously, there is a wide range of annuity plans which one can choose from based on his/her requirements. Each plan works differently. We would look at some common types and how they work below:
Why you need an Annuity Plan?
Here are a few reasons why an annuity plan is worth chasing:
1. Offers you fixed income for the rest of your life, which means financial freedom with the help of retirement annuity during your sunset days.
2. Flexibility to choose between monthly or yearly payouts.
3. Tax benefits based on current tax provisions.
4. Ability to withdraw money after being diagnosed with a critical illness.
5. Flexibility for premium payments for your annuity plans.
Annuity Plans with Kotak
Kotak Life offers an immediate annuity life insurance plan - the Kotak Lifetime Income Plan. The plan offers an assurance of lifetime income for the policyholder, along with guaranteed lifetime income for the spouse in case of policyholder’s death.
The top features of the plan include:
1. Assurance of financial independence in your post-retirement life.
2. A choice between 6 annuity options to match your specific requirements.
3. Flexible monthly, quarterly, half-yearly and yearly payout modes to suit your goals.
You can calculate your premium outflow with the Kotak Premium Calculator.
- A Consumer Education Initiative series by Kotak Life
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