When it comes to financial planning of life goals,we often concentrate on saving for a new house, buying a car, children’s education & others. However, accumulating for the retirement phase mostly takes a backseat.
A financially secure retirement is one where you are able to fulfil your desires. You may have saved enough, but the thought of outliving the savingscan be worrying. But with Kotak Life Insurance Immediate Annuity Plan, you can be assured of a regular stream of income for life, even post-retirement.
What is an Immediate Annuity Plan?
The annuityplan/pension planis a non-linked, non-participating life insurance plan thatgives you a guarantee to ensure a regularstream of income throughout life so that you are able to meet your post-retirement financial needs. The plan gives you the flexibility to choose from six annuity options, as well as lets you select the income payment modes as per your requirements.
If you want your pension to last for retirement, then below are six annuity plans offered by Kotak Life Insurance:
- Life Income:
Typically, the lifetime income option ensures the continuity of regular income till the time the insured person is alive. The income ceases only after the death of the Annuitant.
- Last Survivor Lifetime Income with 100% Annuity to Surviving Spouse:
Are you worried if the savings made in the Annuity plan will be able to take care of you and your spouse financially? You can opt for Kotak Life Insurance’s Last Survivor Lifetime Income with 100% annuity to Surviving spouse. Under this plan, if the primary or secondaryAnnuitant dies, the insurer will provide100% of the initial annuity payoutto the surviving spouse throughout the lifetime.
- Last Survivor Lifetime Income with 50% Annuity to Surviving Spouse:
Kotak Life Insurance offers Last Survivor Lifetime Income with 50% annuity to Surviving spouse. Upon the death of the primary Annuitant, the insurer will provide 50% of the initial income payout to the surviving spouse. If the secondary annuitant predeceases, the insurer will offer 100% of the annuity payout to the primary Annuitant.
- Life income with cashback:
If an individual select Lifetime income with a cashback option, the insured person will continue to receive a regular stream of income until his/her death. Post Annuitant’s death, the insurer will pay the total premium (paid for purchasing the plan) to the beneficiary. The total premium excludes the GST and other levies).
- Lifetime income with Term Guarantee:
Under this option, the insured person specifies the term period to receive payouts. It can be 5, 10, 15 or 20 years. In case of the sudden demise of the Annuitant before the term, the beneficiary or spouse will continue to receive the payouts until the expiry of the plan. On the other hand, if the Annuitant outlives the chosen guaranteed term, then the payout will be provided through his/her lifetime, and it will stop upon the death of the Annuitant.
- Last Survivor Lifetime Income with 100% Annuity to Surviving Spouse and Cash on the death of the surviving spouse:
Upon the death of the surviving spouse, the surviving spouse will receive 100% of the initial income payoutthroughout his/her life. In case the secondary Annuitant (also referred to as surviving spouse)predeceases before the primary Annuitant, then the annuity payments will continuefor the primary insured person. Additionally, if the primary insured person has a sudden demise, the total premium contributed for the annuity plan will be paid to the nominee.
Taking into account your requirements, you can select any of the above Kotak Life Insurance immediate annuity plansto ensure a financially safe future for you and your loved ones.