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What is Kotak Assured Pension ?

Kotak Assured Pension is an annuity plan giving you guaranteed lifelong regular income. Click on to know more about what is Kotak Assured Pension.

  • 1,792 Views | Updated on: Jun 25, 2024

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.

What is Kotak Assured Pension?

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.

Benefits of Kotak Assured Pension

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:

Guaranteed Income

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.

Multiple Annuity Options

You can choose from a variety of annuity options to suit your needs. It offers Immediate Annuity with:

  • 8 Annuity options to choose from
  • Flexibility to avail of additional annuity payout through Top Up
  • Issued annuity rates are guaranteed for a lifetime
  • Higher Annuity Rates for Higher Premium

It also offers Deferred Annuity with:

  • 2 annuity options to choose from
  • Flexibility to choose a Deferment Period between 1-10 years based on your annuity requirement
  • Guaranteed additions accrued during the deferment period
  • The lump-sum amount payable on the Demise of Annuitant or Surviving Annuitant during and after the Deferment Period

Flexibility

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

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.

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.

Eligibility for Buying Kotak Assured Pension

This plan is available for both Individual Customers and Group Master Policyholders aiming to provide financial security for their employees’/members’ retirement. It includes:

  • New Customers (Individual or Group)
  • Existing Customers (Individual or Group)
  • Customers transferring UK tax-relieved assets through the Qualifying Recognised Overseas Pension Scheme (QROPS)
  • Subscribers of the National Pension System (NPS)
  • Nominees of deceased Pension Plan Policyholders of Kotak Life Insurance

Calculating Annuity Rates for Kotak Assured Pension

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:

  • Age of the annuitants
  • Deferment period (for deferred annuity options)
  • Premium payment option, premium payment term, and premium payment mode
  • Premium and additional premium (if applicable)
  • Annuity option selected
  • Annuity payout frequency chosen (monthly, quarterly, half-yearly, yearly)
  • New or existing customer status

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:

  • Immediate Annuity Options: one month, three months, six months, or one year after the policy issuance date, depending on the chosen annuity payout frequency.
  • Deferred Annuity Options: one month, three months, six months, or one year after the end of the Deferment Period, based on the selected annuity payout frequency.

Final Thoughts

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.

- 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.

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.

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