Kotak e-Term Plan
Protect Your family’s financial future with Kotak e-Term Plan.
Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Savings Plan
A plan that offers long term savings and insurance in one premium.
Insurance and investment in one plan with Kotak e-Invest.
Kotak Health Shield
Insurance against medical expenses related to heart, brain, liver and Cancer.
In a world of uncertainties, an annuity plan is one of the most certain things you can rely upon. However, different types of annuity plans are offered in India based on the needs of an individual. Therefore, you must choose one which suits your financial needs perfectly.
In simple terms, an annuity plan is a chain of periodic payments you receive from time to time from a lump sum amount previously paid by you.
For an individual, their other life assets might deplete over time for some reason or the other. Still, an annuity plan can offer the guarantee of assured income.
As said previously, one can choose from a wide range of annuity plans based on their requirements. Each plan works differently. We will look at some common types of annuity plans and how they work below:
Here are a few reasons why an annuity plan is worth chasing:
1. Offers you a fixed income for the rest of your life, which means financial freedom with the help of a 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 plan offer.
An annuity plan offer should be taken into consideration if you want a lifetime of assured income, particularly after retirement. An annuity plan’s main goal is to provide you with financial security throughout your retirement years when your regular income quits. The income from an annuity plan offer can be used to pay for retirement expenses as well as to pursue post-retirement goals, including travel, business ventures, hobbies, and more.
The fact that an annuity plan offers a consistent income throughout your life, including after retirement, is one of its primary characteristics.
This gives you the freedom to select a plan that meets your needs. You have the choice of selecting either the joint or single life option to getting income for the rest of your life. You can choose to wait a set amount of time and then request your money back. Numerous options are available in annuity plans that let you tailor the plan to your needs.
Under Section 80C of the Income Tax Act of 1961, the plan premium you pay at the time of purchase is eligible for a deduction of up to ₹1.5 lakh.
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 and guaranteed lifetime income for the spouse in case of the 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.
In this policy, the investment risk in the investment portfolio is borne by the policyholder.