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How to Invest in Kotak Assured Pension Online?

Kotak Assured Pension investment provides alternatives for immediate or deferred annuity, as well as lifetime income guaranteed. Guaranteed additions and flexible annuity income are among the benefits.

  • 1,596 Views | Updated on: Jul 05, 2024

Kotak Assured Pension are individual, non-linked, non-participating life insurance annuity plan offered by Kotak Mahindra Life Insurance Limited. This plan is designed to provide a *guaranteed stream of income for life, either immediately or after a deferment period.

Benefits of Kotak Assured Pension

Kotak Assured Pension offers benefits like a death benefit to the nominee and guaranteed additions during the deferment period (if opting you are for a deferred annuity). Here are some of the key benefits of these plans:

*Guaranteed Income

The plan provides a guaranteed stream of regular income for life. This can help you to meet your living expenses in retirement and avoid outliving your savings.

Multiple Annuity Options

You can choose from a variety of annuity options to suit your needs, such as lifetime income with a return of premium, higher annuity for higher premium, and joint life annuity with a survivor benefit.

Flexibility

You can choose the frequency of your annuity payments (monthly, quarterly, half-yearly, or annually) and the premium payment term and frequency.

Tax Benefits

You may be able to avail tax benefits on the premiums paid and the annuity received under the plan, subject to prevailing tax laws.

How can you Invest in Kotak Assured Pension?

Investing in an annuity plan is a wise decision you can make. Let us take a look at how you can invest in Kotak assured pensions:

Step 1

For the first step, you have to choose between Immediate/Deferred Annuity basis your requirements.

Step 2

Now choose the annuity option as per your requirements.

Step 3

If you are selecting Deferred annuity, then you have to choose the deferment period.

Step 4

Now you have to choose the annuity payout frequency, which is as follows:

Frequency

Modal Factor

Yearly

100% of Yearly Annuity

Half-yearly

51% of Yearly Annuity x 1/2

Quarterly

26% of Yearly Annuity x 1/4

Monthly

8.8% of Yearly Annuity x 1/12

Step 5

After selecting the payout frequency, it is time to choose the premium payment term and premium payment frequency.

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

Step 6

The last step is to provide the details of your age and pay the premium for your chosen annuity plan to avail yourself of the benefits of this plan.

Considerations Before Investing in Annuity Plans

Investing in an annuity plan can be a wise decision for securing your financial future in retirement, but it is not a one-size-fits-all solution. Before you commit, there are several important factors to consider:

Understanding Your Needs

  • Retirement Goals: Determine what kind of lifestyle you envision in retirement. This will help you identify the income amount you will need to cover your expenses comfortably.
  • Current Financial Situation: Analyze your income, existing savings, debts, and risk tolerance for better financial planning.
  • Family Dependents: Consider if the plan provides coverage for your spouse or dependents in case of death or disability.

Plan Features

  • Annuity Options: Understand the different annuity options offered by the plan (e.g., immediate, deferred) and their payouts.
  • Annuity Rates: Issued annuity rates are guaranteed for life.
  • Higher Annuity Rates for Higher Premium

Wrapping Up

Kotak retirement plans is a comprehensive solution for securing a *guaranteed stream of income in retirement. With benefits such as flexibility, multiple annuity options, and tax advantages, these plans cater to diverse financial needs. When assessing investment, a thorough understanding of personal needs, plan features, and additional considerations is crucial. By making an informed decision and considering all relevant factors, individuals can pave the way for a financially stable and secure retirement.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS /FRAUDULENT OFFERS

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

Kotak Assured Pension; UIN: 107N123V07, Form No: N123. This is a non-linked, non-participating annuity plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.

You may avail of tax benefits as defined under the 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.

*Guaranteed if policy is in force and all the premiums are paid.

Kotak Mahindra Life Insurance Company Ltd.; Regn. No.: 107, CIN: U66030MH2000PLC128503, Regd. Office: 8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai - 400 051 | Website: www.kotaklife.com | WhatsApp: 9321003007 | Toll Free No. - 1800 209 8800 | Ref. No. KLI/24-25/E-WEB/165

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