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Retirement years are the golden years of life.
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Ref. No. KLI/22-23/E-BB/492
Kotak Assured Pension is an annuity plan giving you guaranteed lifelong regular income. Click on to know more about what is Kotak Assured Pension.
The retirement phase represents the golden years of life, a time when you aspire to pursue activities you have long planned or put on hold due to lower priority. It is a period to relish doing what brings you joy without concerns about financial matters.
To guarantee a financially stable retirement and fulfill your aspirations, Kotak Life Insurance introduces Kotak Assured Pension—a non-linked, non-participating life insurance annuity plan. This plan provides you with the confidence of a consistent income stream tailored to your needs, ensuring financial security throughout your lifetime.
Kotak Assured Pension is an annuity plan that guarantees a consistent income either immediately or after a deferment period throughout your life. The plan offers a variety of annuity options, including 8 Immediate Annuity and 2 Deferred Annuity Options. You also have the freedom to select the annuity frequency that suits your needs. This plan is available for Individual Customers (including those transferring UK tax-relieved assets through the Qualifying Recognised Overseas Pension Scheme, i.e., QROPS), participants in Reverse Mortgage Schemes, subscribers of the National Pension System (NPS), and members of Group Schemes.
The primary purpose of pension plans is to offer financial security after retirement. Kotak Assured Pension is an annuity plan that offers several benefits, including:
The plan provides a guaranteed stream of income for life, either immediately or after a deferment period. This can help you to meet your living expenses in retirement and avoid outliving your savings.
You can choose from a variety of annuity options to suit your needs. It offers Immediate Annuity with:
It also offers Deferred Annuity with:
You can choose the frequency of your annuity payments (monthly, quarterly, half-yearly, or annually) and the premium payment term and frequency. Here is the 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 |
Premium Payment 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 |
You may be able to avail tax benefits on the premiums paid and the annuity received under the plan, subject to prevailing tax laws.
This plan also offers other benefits such as guaranteed additions during the deferment period (if opting for a deferred annuity), and a death benefit to the nominee.
This plan is available for both Individual Customers and Group Master Policyholders aiming to provide financial security for their employees’/members’ retirement. It includes:
An annuity rate is an income amount, typically paid, dependent on various factors, including interest rates, retirement age, and health considerations. Annuity rates are calculated based on the following factors:
Policies, subject to terms and conditions, will be issued with the applicable annuity rates as of the issuance date. Issued annuity rates are guaranteed for the annuitant’s lifetime and remain unaffected by market fluctuations.
Following issuance, the first annuity installment is to be paid as follows:
With its commitment to providing a guaranteed stream of income tailored to individual needs, the Kotak annuity plan ensures peace of mind throughout one’s lifetime. The multiple annuity options, flexibility in payment frequencies, and tax benefits contribute to the plan’s appeal. Kotak Assured Pension annuity plan is guaranteed to pay you a steady income for life, no matter what happens in the market.
Features
Ref. No. KLI/23-24/E-BB/1052
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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.
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/155.
Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Ltd. under license.
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.