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.
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You like to live life king size. Why should that change when you retire and have all the time to enjoy the thrills of life? Choose a Retirement Plan and instead of limited possibilities, open your doors to limitless fun and security.
A sense of self-reliance
Relaxed retired life
Assurance of savings
Retirement planning refers to a multi-step process of defining retirement income goals and the strategy required to achieve the said goals. In general terms, retirement planning involves making financial strategies to save, invest and distribute money for your sustenance and survival during retirement.
Retirement planning is not limited to assets and income. It includes a holistic evaluation of these, along with future costs, liabilities and overall life expectancy. Ideally, it is a life-long process, which can be started at any time. However, it is always best to plan your retirement years well and much in advance.
Retirement planning is a crucial process to ensure you enjoy the non-working years of your life. For this, you need to invest in a reliable retirement plan so that you are secured for life.
Retirement plans are reliable financial security solutions, that helps you secure your future financially. The purpose of a pension plan is to safeguard the future years of life and secure a regular income after retirement. A good retirement plan can help maintain your living standard, as well as combat the rising inflation and the overall high cost of living.
A pension plan is a very popular retirement tool. Some of its most significant features and benefits include:
Below are the documents necessary to buy the best retirement plan:
|Age Proof||Birth Certificate
High School Certificates
|Identity Proof||Aadhar Card
|Address Proof(any one)||Passport
Telephone Bill-latest within 6 months
Electricity Bill-latest within 6 months
|Income Proof(any one)||Latest Salary Slip-3 month Bank Account Statements of latest 6 months-- only if salary credit is reflecting with employer name Income Tax Return (ITR) documents of last 3 years|
|Medical Condition Proof||In some cases, insurers demand recent medical reports before purchasing the retirement plan.|
Kotak Life offers retirement plans so that you are assured of a relaxed retired life. The assured returns and host of features guarantee^ complete financial and mental well-being in your golden years.
Let us look at the four Kotak Life retirement plans:
This is a traditional participating pension plan that offers assured benefits on the vesting or death of the policyholder. The basic features of the plan are:
This is an Annuity Plan that promises to pay a regular stream of income on a regular basis:
This is an Annuity Plan that gives you the assurance of a regular stream of income throughout your lifetime:
Retirement plans are also known as pension plans. They are a type of life insurance plan which are specifically created to fulfil your post-retirement needs. Typically, you would require such plans to provide you with a consistent stream of income, enabling you to meet living expenses and pay medical costs in retirement.
A retirement plan provides you with a much-needed respite, while you are figuring out finances in your retirement. Therefore, it is best that you start investing as early in your career as possible. You can get a standard income flow by paying a lump sum amount or by investing over a period of time. These premiums that you pay in the initial years of life tend to become the regular payments for your future, ensuring your adequate financial security.
A term plan is different in nature from a retirement plan. Some of the major differences include:
Overall, both retirement and term plans have their pros and cons. The final choice depends on your financial requirements. A term plan is more a protection plan than a policy, which can secure your future with regular income earnings.
As a prudent planner, you should plan your retirement years well in advance. This provides you with a sense of security and financial independence during the non-working phase of your life. Moreover, it is important that you opt for a retirement plan that offer continuous monthly earnings.
An income plan, like Kotak Lifetime Income Plan, is a very effective retirement investment plan to earn income even while you are not working. An income plan is generally an immediate annuity non-linked, non-participatory life insurance plan. This type of retirement plan aims to provide you with a secure alternative source of earning during retirement to fulfil your needs and manage your standard of living.
With an assured income plan, you can be sure to let go off all your financial worries for the retirement years. An income plan allows you to live a comfortable and financially independent life post-retirement. With income plans, like Kotak Lifetime Income Plan, you receive an assured pay throughout your life. In case of your absence or untimely demise, the income is given to the spouse or your nominee.
Income plans by Kotak offer ensure your financial independence post-retirement. They also offer you a wide array of income options to best match your needs. Moreover, you can choose from a range of annuity payout frequencies – yearly, half-yearly, quarterly and monthly – in tune with your financial requirements.
Pension plans secure a part of your savings over a long period to provide financial security in the future. After the term ends, you get a part of the benefits as a lump sum and the balance you can invest in the annuity and paid to you at regular intervals after retirement.
Even if you have invested in a provident fund (PF), it is advisable to invest in a retirement plan.
Retirement plans support you financially when your income starts to recede. Pension plans allow you to live with pride and maintain a good standard of living, making fewer compromises and more memories. Moreover, by allowing your funds to grow and accumulate over time, you can acquire inflation-adjusted wealth in the long run with channelized income cash flows.
A retirement plan is one of the most reliable assets for your post-retirement financial security. So, if you are framing your financial plan for the future, it is important to incorporate a retirement plan. Pension plans offer you long term savings, regular income, insurance cover for your family, tax advantages and so much more.
Yes, you can invest in multiple retirement plans at a time. You could choose to make retirement investments in different private banks and commercial pension scheme providers.
Yes, by investing in a retirement plan, you can avail tax benefits. As per the Income Tax Act, 1961, the pension scheme premiums paid up to a limit of ₹1.5 lacs are exempt from taxes under Section 80CCC.
In case the policyholder dies while the retirement plan is active, the retirement plan continues for the spouse in case he/ she is added under the same plan. According to the type of retirement plan, the spouse receives the pension benefits after the demise of the policyholder. So, a retirement plan not only serves to provide you with financial security for retirement but also supports your spouse in your absence.
You may avail of tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961 subject to conditions as specified in those sections. Tax benefits are subject to change as per tax laws. Customer is advised to take an independent view from tax consultant.
Kotak Lifetime Income Plan; UIN: 107N103V08, Form No: N103 This is a non-participating immediate annuity plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Kotak Premier Pension Plan UIN: 107N094V02, Form No: N094. This is a Participating non-linked Pension Plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
Kotak Assured Pension UIN: 107N123V03, Form No: N123. This is a non-linked, non-participating annuity plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
Kotak Saral Pension; UIN: 107N124V01, Form No: N124. This is a single premium non-linked non participating individual immediate annuity plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
For more details on riders, please read the Rider Brochure.
^Guaranteed benefits due under this plan are available provided premiums are paid regularly for the entire premium payment term and the policy is in force.
Kotak Mahindra Life Insurance Company Ltd.
Reg No. 107 | CIN : U66030MH2000PLC128503
Regd. Office: 8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai – 400051, Toll Free: 1800 209 8800
Website: www.kotaklife.com | WhatsApp: 9321003007 | Email: kli.in/WECARE | Ref. No. KLI/22-23/E-WEB/1250
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Extract of Section 41 of the Insurance Act, 1938 as amended from time to time states: (1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. (2) Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakhs rupees.
Fraud and Misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act, 1938 as amended from time to time. Please visit our website for more details: Read more about section38_39_45_of_insurance_act_1938
Browse through the following plans to know more
A single premium non-linked and nonparticipating individual immediate annuity plan that gives you the assurance of regular stream of income throughout your lifetime.
Kotak Assured Pension is an annuity plan that promises to pay a regular stream of income on immediate basis or post deferment period for life, ensuring a worry-free retirement.
Kotak Premier Pension Plan helps you accumulate enough wealth for your retirement, while you are earning sufficiently and also offers assured benefits on death and vesting.
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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