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Insurance Company
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Kotak Mahindra Old Mutual Life Insurance Ltd
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Plan Name
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Kotak Retirement Income Plan (Without Cover)
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Plan Nature
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TRADITIONAL
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Plan Category
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Retirement Plan
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UIN No.
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107N014V01
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About Plan
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It is designed to give you the financial independence to meet your requirements after retirement and live a retired life comfortably witout worrying about inflation and increasing in securities. It is savings plan designed to meet your post-retirement needs and to give you the choice to remain independent even after retirement. It is a participating plan.
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Minimum Entry Age
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18 years
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Maximum Entry Age
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60 years
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Minimum Maturity Age
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45 years
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Maximum Maturity Age
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65 years
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Minimum Policy Term
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5 years
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Maximum Policy Term
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30 years
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Benefits
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| Particulars | Description |
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Death Benefits
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The amount payable to the beneficiary will be, greater of:i) Return of premiums paid (without interest), andii) Accumulation Account.
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Death Benefits
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The beneficiary may choose to take the entire Death Benefit as a lumpsum or take it as part lumpsum and use the balance to purchase an annuity from Kotak Life Insurance (subject to the choices and rates available at that time) or from any other insurer approved by the IRDA.
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Tax Benefits
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| Section | Description |
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SEC 80 CCC
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Section 80 CCC allows to individual, tax deduction for amount paid during the financial year out of income chareable to tax, towards specified pension plan. Maximum deduction allowed is Rs. 100,000.
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SEC 80 D
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Under Section 80 D premium up to Rs 10,000 (Rs.15,000 for senior citizens) are allowed as deduction from taxable income.
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SEC 10 (10) A (3)
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Under Section 10 (10) A (iii), any payment received by way of commutation of pension plans is exempt from tax.
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Kotak Accidental Death Benefit (Rider) [107C001V01]
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Kotak Permanent Disability Benefit (Rider) [107C002V01]
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Kotak Term Benefit (Rider) [107C003V02]
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Critical Illness Benefit (Rider) [107C009V01]
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Kotak Accidental Disability Guardian (Rider) [107C011V01]
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Kotak Life Guardian (Rider) [107C012V01]
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Kotak Preferred Term Benefit (Rider) [107C013V01]
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On Retirement, you may take a lump sum in cash of up to a third of your Basic Sum Assured or Accumulation Account, whichever is higher; the balance of the benefit you are eligible for will be used to buy an annuity of your choice. Yoy may buy an annuity either from Kotak Life Insurance (subject to the choices and rates available at that time).
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You may opt to retire early, i.e. at any age before the normal retirement date (subject to the policy being in force for 3 years or your attaining a minimum age of 45 ears, whichever is later). You can then secure benefits of your Accumulation Account, net of early retirement charges.
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You have the option of paying premiums in monthly, quarterly, half-yearly or yearly installments.
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21-Jan-09
11:52
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Kotak Life ties up with DHFL Vysya
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15-Jan-09
14:10
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Kotak Life registered a growth of 63%
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24-Dec-08
14:50
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Kotak Life launches interactive Web site
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22-Oct-08
12:10
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Kotak Life launches Kotak long life
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16-Oct-08
11:59
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Insurance cover for student loans
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15-Oct-08
09:35
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Allahabad Bank signs MoU with Kotak Life Insurance
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01-Sep-08
09:35
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Other Insurers to follow Kotak's strategy on cut insurance cost
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28-Aug-08
20:41
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Kotak Life insurance brings down term plan rates up to 40%
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