The Kotak Retirement Income Plan of Kotak Life Insurance policy is a savings policy which is designed to meet the requirements and needs of the retired life. This plan gives freedom to live and remain independent even after retirement. This plan is a participating plan and it comes in 2 forms namely,
- With cover
- Without cover
The advantages of Kotak Retirement Income Plan of Kotak Life Insurance policy are as follows:
- The policy holder can choose any age of retirement from the age of 45 years to 99 years.
- This policy also holds the option of early retirement due to illness in health.
- The policy holder can make top ups in the policy any time before retirement.
- The customer can use the options of premium payments from the top up account if there is any need of top up premiums.
- The ‘with cover’ plan comes with the facility of automatic cover maintenance which will ensure that the cover remains active even when the insured misses to pay the premiums.
The benefits of Kotak Retirement Income Plan of Kotak Life Insurance policy are as follows:
Early Retirement Benefits
The policy holder can opt for early retirement before the normal age of retirement if the policy remains active for 3 years and the person attaining the age of 45 years. The policy holder can secure the benefits with the accumulation amount with an early retirement charge of 5%.
Late Retirement Benefits
The policy holder can opt for late retirement than the date selected. In this case no further premiums will be payable and the death benefit will be equal to the balance in accumulation amount.
In case of the death of the insured or policy holder the beneficiary will get the accumulation amount sum Assured less all the premiums due but not paid.
Section 80C, 10(10D) of Income Tax Act, 1961 is applicable. Premiums paid for Critical Illness Benefit qualify for benefits under Section 80D of Income Tax Act, 1961. Tax benefits are subject to change in tax laws.