Kotak Assured Pension

Name: Kotak Assured Pension
Brand: Kotak Mahindra Life Insurance
Rating: 4.5 (110 reviews)

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

How it works

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

Key Features

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
- 2 Annuity Options to choose from
- Option to choose Single or Regular or Limited Premium Payment Term
- 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

Eligibility

Primary & Secondary Annuitant Minimum
Entry Age		Immediate Annuity Options	Deferred Annuity Options
	New / Existing Individual Customers / New Group Customers	40 years	40 years
	Policy purchased as QROPS	55 years	55 years – Deferment Period (in years)
	Existing Individual KLI Pension Plan Policyholders / Member of Superannuation Fund / Existing Group Customers	18 years	18 years
	Maximum
	Annuity Options	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.

Entry age for Nominees of deceased KLI Pension Plan policyholders (Last Birthday)

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
Premium

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

NPS subscribers / customers using proceeds of any existing KLI Pension Plan or Superannuation Fund shall have no restriction on minimum monthly annuity payout.

Maximum: No Limit.
Premium Payment Option

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
Premium Payment Term

Single Pay: One-time Payment

Limited Pay:

5 - 9 years (PPT should be less than Deferment Period)

Regular Pay:

5 - 10 years (PPT should be equal to Deferment Period)
Deferment Period

Single Pay: 1 – 10 years

Regular / Limited Pay: 5 – 10 years

Premium Payment Frequency

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

Minimum Annuity*

Monthly: ₹1,000 || Quarterly: ₹3,000

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

*No minimum annuity requirement for NPS subscribers / customers using proceeds of any KLI Pension Plan or Superannuation Fund.
Annuity Modes

Yearly, Half-yearly, Quarterly, Monthly

Annuity Installment

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

Download the brochure to know more about the plan and how it can benefit you.

Need help with life insurance?

Request a Life Advisor

Select Plan

Select City

New

By submitting this form, you hereby allow us to contact you even if you are registered under NDNC.

Submit Clear

Get details of your policy on WhatsApp

Send a 'Hi' to 93210 03007 from your registered mobile number.

Get in touch with our Customer Care team for assistance

Click Here

Call our toll-free number 1800 209 8800
(for retail or individual customers only). Timings : 08:00 AM to 10:00 PM (Monday to Saturday, excluding public holidays)

Our representatives are available to assist you with all your queries.

For NRI Customers

Contact No: +912267775000

Important Information:

*Call Charges Apply

Call Center Timings- 8am to 10pm(Monday to Saturday as per IST)

Get answers to the frequently asked questions.

Policy FAQs

Read about Tax benefits & Plan Disclaimer

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
NPS subscribers
Existing Kotak Life customers
New / Existing Group members (like Company Employees)
Existing Individual KLI Pension Plan Policyholders
Members of Superannuation Fund

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 5-10 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:

5 - 9 years (Premium Payment Term

should be less than Deferment Period)

Regular Pay:

5 - 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.

Read about Tax benefits Plan Disclaimer

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. Goods and Services Tax and Cess as applicable shall be levied over and above Total Premium as per applicable tax laws.

@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: 107N123V12.

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. Regn. No.:107, CIN: U66030MH2000PLC128503; Regd. Office: 8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai – 400051 | Website: www.kotaklife.com | WhatsApp: 9321003007 | Toll Free No: 1800-209-8800 | Ref. No.: KLI/25-26/E-WEB/2032.

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

Similar plans

Kotak Confident Retirement Savings Plan

Today you are an earning, self-reliant individual, working hard to realize yours’ and your loved one’s dreams. However, tomorrow when you retire, a new phase of your life will start as Retirement.
Know more

Kotak Assured Pension

How it works

Key Features

Immediate Annuity

Deferred Annuity

Eligibility

Entry age for Nominees of deceased KLI Pension Plan policyholders (Last Birthday)

Premium

Premium Payment Option

Premium Payment Term