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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
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Plan Nature
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ULIP
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Plan Category
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Retirement Plan
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UIN No.
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107L024V01
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About Plan
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The Kotak Retirement Income Plan is a savings plan designed to meet your post-retirement needs. It is a plan that gives you Jeene ki azaadi. It gives you the choice to remain independent even after retirement.The Kotak Retirement Income Plan is a participating plan. The plan comes in two forms:(i) With Cover (ii) Without Cover.
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Minimum Entry Age
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18 years
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Maximum Entry Age
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89 Yers
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Minimum Policy Term
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10 years
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Maximum Maturity Age
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30 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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99 Years
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Minimum Premium
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Rs 10000
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Benefits
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| Particulars | Description |
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Death Benefits
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In the event of the death of the life insured before retirement for the With Cover plan the benefit to the beneficiary will get greater of I) Sum Assured less all the premiums due but not paid and II) Accumulation Account for the Without Cover plan the benefit to the beneficiary will get greater of I) Return of premiums (without interest) and II) Accumulation Account
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Retirement Benefit
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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 yrs, whichever is later). You can then secure benefits with your Accumulation Account, net of an early retirement charge of 5%. If the early retirement is due to ill health, then you may retire before attaining the age of 45. You can then secure benefits with your full Accumulation Account.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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Kotak Accidental Death Benefit (Rider) [107C001V01]
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Kotak Permanent Disability Benefit (Rider) [107C002V01]
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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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You can choose to retire at any age between 45 yrs and 65 yrs. Option of Early retirement due til-health. You can make top-ups into your policy at any time before retirement. You may exercise the option of paying premiums from the Top-Up Account, created for top-up premiums, if the need arises. For a With Cover plan, you have the facility of Automatic Cover Maintenance, which ensures that the cover remains in force even when you miss the premium payments. This facility is available after paying full premiums for first three years of the term.
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Lump sum injections you can make lump-sum injections into your policy at any time before retirement. A Supplementary Accumulation Account will be created for this, and benefits will be paid out in the same manner as other benefits. you may exercise the option of paying premium from the Supplementry Accumulation Account, created for lump-sum injections, if need arises.
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Value-adds you may avail of these value-adds for a nominal premium at the time of taking the policy subject to the aggregate premium on the value-adds not exceeding 30% of the premuim on the basic benefit.
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Pension Balanced
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Pension Bond
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Pension Floating Rate
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Pension Gilt
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Particulars
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Range
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Pension Balanced
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Equity
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30% - 60%
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Debt
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20% - 70%
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Cash & Money market
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0% - 20%
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Pension Bond
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Debt
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0% - 100%
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Cash & Money market
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0% - 20%
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Pension Floating Rate
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Debt
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0% - 100%
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Cash & Money market
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0% - 20%
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Pension Gilt
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Debt
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80% - 100%
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Cash & Money market
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0% - 20%
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Pension Balanced Fund
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17-May-13
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34.8981
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Pension Bond Fund
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17-May-13
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22.1834
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Pension Floating Rate Fund
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17-May-13
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18.1699
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Pension Gilt Fund
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17-May-13
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20.8976
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Pension Balanced
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Pension Bond
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Pension Floating Rate
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Pension Gilt
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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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