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Kotak Assured Pension

A plan that offers immediate or deferred stream of income

Kotak Confident Retirement Builder

A plan that offers immediate or deferred stream of income

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Kotak Assured Pension

A Non-Participating, Non-Linked, General Annuity Product

What is Kotak Assured Pension?

Retirement years are the golden years of life where you would wish to do things that you have only been planning till now or are deferring by giving them lesser priority. It’s a phase where you would want to enjoy doing what you wish without worrying about finances.

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. ​It is part of Kotak Life’s range of retirement plans designed to provide financial stability during your post-retirement years.​


The plan will be offered to Individual Customers (Including customers transferring UK tax relieved assets through Qualifying Recognised Overseas Pension Scheme i.e. QROPS), Reverse Mortgage Schemes.

Key Features of Kotak Assured Pension:

Immediate Annuity

Immediate Annuity


  • 8 Annuity Options to choose from
  • Flexibility to avail additional annuity payout through Top Up
  • Issued annuity rates are guaranteed@ for lifetime
  • Higher Annuity Rates for Higher Premium
Deferred Annuity

Deferred Annuity


  • 2 Annuity Options to choose from
  • Flexibility to choose Deferment Period between 1–10 years’ basis on your annuity requirement
  • Guaranteed@ Additions accrued during the Deferment Period
  • Lump-sum amount payable on Death of Annuitant or Surviving Annuitant during & after the Deferment Period
  • Issued Annuity Rates are guaranteed@for lifetime
  • Higher Annuity Rates for Higher Premium

How Does the Plan Work?

You can choose this plan under 6 simple steps -

Step

1

Choose between Immediate/Deferred Annuity basis your requirement

Step

2

Choose the Annuity Option as per your requirement

Step

3

In case of Deferred Annuity, choose Deferment Period

Step

4

Choose the Annuity Payout Frequency

Step

5

Choose the Premium Payment Term and Premium Payment Frequency

Step

6

Provide your Age and Pay the Premium

Eligibility

  • Entry Age
  • Entry age for Nominees of deceased KLI Pension Plan policyholders (Last Birthday)
  • Premium
  • Premium Payment Option
  • Premium Payment Term
  • Deferment Period
  • Premium Payment Frequency
  • Minimum Annuity*
  • Annuity Modes
  • Annuity Installment (per frequency)

Primary & Secondary Annuitant

Minimum:
Immediate Annuity Options Deffered Annuity Options
New / Existing Individual Customers 40 years 40 years
Policy purchased as QROPS 55 years 55 years – Deferment Period (in years)
Existing Individual KLI Pension Plan Policyholders 18 years 18 years
Maximum:
Annuity Option Maximum Age at Entry
All Immediate Annuity Options except Option 6b 85 years
Immediate Annuity Option 6b 80 years
Deferred Annuity Options (Option 7 & 10) 70 years
The maximum age difference allowed between Primary & Secondary Annuitant is 30 years.

Minimum: 0 years; Maximum: 99 years (70 years for Deferred Annuity Option 7 & 10). For nominees of existing pension policyholders,

  • “Lifetime Income with Cash-Back on Death or Critical Illness” shall not be allowed if the Nominee is less than 18 years or is above 80 years
  • Joint Life Annuity Options shall not be allowed if the Nominee is less than 18 years

Minimum: Any amount that ensures minimum monthly annuity of ₹1000 for the chosen annuity option to an annuitant.


Customers using proceeds of any existing KLI Pension Plan shall have no restriction on minimum monthly annuity payout.

Maximum: No Limit

Immediate & Deferred Annuity Options (Except Option 7): Only Single Pay is allowed

Option 7: Deferred Income with Cash-Back: Single / Limited / Regular Pay is allowed

Single Pay One-time Payment

Limited Pay: 3 - 9 years (PPT should be less than Deferment Period)

Regular Pay:3 - 10 years (PPT should be equal to Deferment Period)

Single Pay1 – 10 year

Regular / Limited Pay:3 – 10 years

You will have the flexibility to pay premium yearly or half yearly or quarterly or monthly. The below mentioned modal loading will be applicable when you have opted for any premium payment mode other than yearly.


Premium Payment Frequency Modal Factor
Yearly 100% of Yearly Annuity
Half-Yearly 51% of Yearly Annuity
Quarterly 26% of Yearly Annuity
Monthly 8.8% of Yearly Annuity

Monthly: ₹1,000 || Quarterly: ₹3,000

Half-Yearly: ₹6,000 || Yearly: ₹12,000

*No minimum annuity requirement for customers using proceeds of any KLI Pension Plan

Yearly, Half-yearly, Quarterly, Monthly

Mode Annuity Installment (per frequency)
Yearly 100% of Yearly Annuity
Half-Yearly 98% of Yearly Annuity x 1/2
Quarterly 97% of Yearly Annuity x 1/4
Monthly 96% of Yearly Annuity x 1/12

Downloads

Know more about the plan and how it can benefit you.

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FAQs on Kotak Signature Legacy:

1

What is Kotak Assured Pension?

It's a retirement plan that provides you a regular income after you retire, either immediately or after a few years, depending on the options that you have selected (Immediate Annuity or Deferred Annuity).

2

Who can buy this plan?

Anyone aged between 18 and 85 years (depending on the option/s) can buy it - including:

  • New / Existing Individuals Customers
  • Existing Kotak Life customers
  • Existing Individual KLI Pension Plan Policyholders
3

When will I start getting the annuity income?

Immediate Annuity: Annuity income starts immediately as per the pay-out mode that you have selected.

Deferred Annuity: Annuity income starts after the end of Deferment Period i.e You can choose from 3-10 year deferment period.

4

How will I receive the annuity income?

You can choose to receive your annuity income:

  • Monthly
  • Quarterly
  • Half-Yearly
  • Yearly
5

How long will I get the annuity?

You get it for your lifetime. In some options, your spouse can continue receiving it after your death (applicable in Joint Life Annuity).

6

Can I get the principal back under this plan?

Yes, in case of deferred and immediate Annuity (as per option selected) option the entire premium is returned in the unfortunate demise of the customer.

7

What is the minimum amount I need to pay?

There is no fixed minimum, but your premium should ensure a monthly annuity of at least ₹1,000.

8

Can I pay in instalments?

  • Single Pay

    One-time Payment

  • Limited Pay:

    3 - 9 years (Premium Payment Term should be less than Deferment Period)

  • Regular Pay:

    3 - 10 years (Premium Payment Term should be equal to Deferment Period).

9

Can I stop or cancel the plan later?

Yes, but only under certain options. You may get part of your money back if you surrender early.

10

Will I get any tax benefits?

You may avail of tax benefits as defined under the Income Tax Act, 1961, subject to conditions as specified in those sections. You are advised to consult your tax advisor for details.

11

Can I take a loan on this plan?

Yes, only in Deferred Annuity Options and only during the deferment period.

12

Can I change anything later?

You can change how often you receive your pension once a year (only after deferment, not during). You cannot change the plan type or benefits once chosen.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS /FRAUDULENT OFFERS

IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Tax Benefits & Disclaimers

You may avail of tax benefits as defined under the Income Tax Act, 1961 subject to conditions as specified in those sections. Payment of Annuities, Surrender Value (if any), Benefit Payout due to Death or due to Critical Illness may be subject to taxes as per the prevailing tax laws on the date of payment and as per the Annuitant’s / Nominee / Legal Heir’s taxable income slabs. Tax benefits are subject to change as per tax laws. Customer is advised to take an independent view from tax consultant.

@Guaranteed if the policy is in force and all premiums are paid in full. Annuity Rate shall be guaranteed throughout the lifetime of Annuitant/ Primary Annuitant/ Secondary Annuitant once the policy has been issued.

Terms & Conditions:

Kotak Assured Pension - UIN: 107N123V13, This is a non-participating, non-linked, general annuity product. This website content only gives the salient features of the plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

Kotak Mahindra Life Insurance Company Ltd.; CIN: U66030MH2000PLC128503 Regn. No.:107, Regd. Office: 8th Floor, Plot # C-12, G-Block, BKC, Bandra (E), Mumbai - 400 051. Website: www.kotaklife.com | WhatsApp: 9321003007 | Toll Free No: 18002098800 | Ref. No.: KLI/25-26/E-WEB/2334.

Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Ltd. under license.