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Kotak Life Insurance

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Kotak Life Insurance

Overview
Kotak Mahindra Old Mutual Life Insurance Limited is one of the leading insurers in India with a network of more than 19 million customers. The company commenced its operations from 2001 onwards and is present in 167 Indian cities and towns. The company has been jointly established by the Kotak Mahindra Group and South Africa’s Old Mutual. The company possesses 232 branches in the country and functions through 99, 275 agents. The company’s AUM touched Rs. 16, 936 crore by 31 March, 2016. The products offered by the company include retirement, investment, savings and protection plans. There are child plans offered by the company.

Kotak Life Insurance at a glance
  • 89% claim settlement ratio (in %) in 2016.
  • Covering over 19 million lives nationwide
  • Fastest growing insurance companies in India
  • Insured over 19 million lives nationwide
  • 27.8% growth on 3-year CAGR over 2015-2017.

Kotak Mahindra Old Mutual Life Insurance Limited Retirement Plans
There are many Kotak Mahindra Old Mutual Life Insurance Limited retirement plans on offer which ensure ample financial security and savings. Some of the plans include the Kotak Premier Pension Plan which helps in post-retirement wealth building and assured vesting and death benefits. There is also the Kotak Lifetime Income Plan on offer.

Documentation needed to apply for Kotak Life Insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph

Kotak Life Insurance Pension Plans
  • Kotak Lifetime Income plan: Kotak Lifetime Income Plan is an Immediate Annuity plan that gives you the assurance of your income continuing throughout your life.
  • Kotak Premier Pension plan: Kotak Premier Pension Plan helps you accumulate enough wealth for your retirement, while you are earning sufficiently and also offers assured benefits on death and vesting.

1: Kotak Lifetime Income plan: This income plan is an immediate annuity plan to provide a source of alternate income and has a minimum age of 45 years.

Advantages and Benefits
  • Get regular payouts to meet your post-retirement financial needs
  • The plan has four annuity options to suit your various needs
  • Pick from monthly, quarterly, half-yearly and yearly income payment modes to suit your financial needs
Features Description
Min-Max age at entry 45-99 years
Min-Max Spouse age at entry 35-99 years
Premium Payment Term Single Pay
Minimum Annualized Premium Rs. 50,000

2: Kotak Premier Pension plan: his plan is a participating plan with assured benefits on death and vesting and aims to create a retirement savings.

Advantages and Benefits
  • In the first 5 policy years, Guaranteed Additions as %age of Basic Sum Assured will accrue payable either on maturity or on death, whichever is earlier
  • Get bonuses accrued from 6th policy year onwards
  • Choose from two rider options to increase the protection levels
Features Description
Min-Max age at entry Minimum: 30 years | Maximum: For Regular & Limited Pay: 55 years For Single Pay: 60 years
Min-Max age at vesting Min: 45 years | Max: 70 years
Premium Paying Term Regular Pay: 10 - 30 years
Limited Pay: 10 Pay: 15 – 30 years 12 Pay: 17 – 30 years Single Pay: 10 yrs & 15 years
Policy Term 10- 30 years
Basic Sum Assured INR 200,000
Premium paying frequency Yearly/Half Yearly/Quarterly/Monthly