Comments
Kotak Mahindra Old Mutual Life Insurance Ltd (Kotak Life Insurance) today launched Kotak Assured Income Accelerator, a plan that factors in the ever-increasing cost of living by paying an increasing annual guaranteed income during the payout phase.
Guaranteed maturity benefit
Annual payout of the guaranteed income commences after the premium payment term is over. At maturity, Guaranteed Maturity Benefit is also payable along with the last installment of the increasing guaranteed income.
The product also offers the convenience of three different payment and payout terms to suit the needs of different customers.
Guaranteed death benefit
In the unfortunate event of death of the life insured, the plan pays out the Guaranteed Death Benefit, irrespective of the payouts already given. Customers can also avail themselves of optional riders such as Term Benefit, Accident Death Benefit, Permanent Disability Benefit, Life Guardian Benefit and Accidental Disability Guardian Benefit available under the plan.
The minimum annual premium is Rs15,000. Premiums paid are also eligible for tax rebate under section 80C of the Income-Tax Act.
G Murlidhar, Managing Director, Kotak Life Insurance, said: ‘We are glad to present this pioneering product which fulfills the long-pending demand for a life insurance product that offsets the ever-increasing cost of living and meaningfully address an individual’s lifecycle needs. The product addresses a wide variety of customer needs ranging from second income to planned lifecycle events such as child education and retirement.''
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.