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Kotak Life insurance has launched Kotak Assured Income Plan which would provide a guaranteed annual income to the insured for 20 years.
“The Kotak Assured Income plan provides life cover for 30 years for a premium payment term of 15 years,” the company said in a statement today.
The plan would provide guarantee of a second income of up to 10.1 per cent of the sum assured to the policyholders for a period of 20 years. Investment in this scheme is eligible for income-tax deduction, it said.
Kotak Mahindra Old Mutual Life Insurance is a 74:26 joint venture between Kotak Mahindra Bank and Old Mutual Plc. The company provides cover to over 3 million people.
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