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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.
» What are the advantages of this plan? You can choose to retire at any age between 45 yrs and 65 yrs. On Retirement: You may take a lump sum in cash of up to a third of your Basic Sum Assured or Accumulation Account, whichever is higher; and the balance of the benefit you are eligible for will be used to buy an annuity of your choice. Annuity Options:* You may buy an annuity either from Kotak Life Insurance (subject to the choice and rates available at that time), or from any other insurer. Early Retirement Benefits: 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. Late Retirement Benefits:** You may opt to retire after the retirement date originally selected, and select a new retirement date (subject to a maximum of 65 years). No further premiums will be payable and the death benefit will be equal to the balance in Accumulation Account. (However, all riders will cease at the original retirement date). You can make lump-sum injections into your policy at any time before retirement (such lump-sum injections during a year may not exceed 25% of the Basic Sum Assured). A Supplementary Accumulation Account will be created for this, and will be paid out in the same manner as other benefits. You may exercise the option of paying premiums from the Supplementary Accumulation Account, created for "lump-sum injections", 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 the first three years of the term. You have the option of paying premiums in quarterly, half-yearly or yearly installments. You have the facility of a 15-day free look period.
» What value-adds can you opt for? You may avail of the following value-adds for a nominal premium at the time of taking the plan, subject to the aggregate premium on all value-adds not exceeding 30% of the basic plan premium. Term Benefit / Preferred Term Benefit:In the event of death during the term of this benefit, the beneficiary would receive an additional Death Benefit amount, which is over and above the Sum Assured. The maximum amount of benefit you can avail of is equal to the Basic Sum Assured. Where the Term Benefit cover applied for is more than Rs.10 lakhs, better rates may apply, subject to meeting eligibility requirements. Accidental Death Benefit: In the event of death as a result of an accident during the term of this benefit, your beneficiary will receive an additional benefit, which is over and above the Basic Sum Assured. The maximum Accidental Death Benefit you can avail of is equal to the Basic Sum Assured (subject to a maximum of Rs. 10 lakhs). Critical Illness Benefit:In case of the first occurrence of a critical illness during the term of this benefit, the Critical Illness Benefit Sum Assured will be added to the Supplementary Accumulation Account. Once the addition is made to the Supplementary Accumulation Account , the Basic Sum Assured would reduce by the Critical Illness Benefit Sum Assured, the Basic Accumulation Account would reduce in the same proportion and future premiums for the plan would be recalculated based on the reduced Sum Assured. . The maximum Critical Illness Benefit Sum Assured you can avail of is equal to the Basic Sum Assured (subject to a limit of Rs.20 lakhs). Permanent Disability Benefit : If you meet with an accident during the term of this benefit, and are permanently disabled, you would be entitled to an additional amount, which is over and above the Basic Sum Assured. This amount will be added to the Supplementary Accumulation Account and will be available on retirement. The maximum benefit available under this plan is equal to the Basic Sum Assured (subject to a maximum of Rs.10 lakhs). Life Guardian Benefit: In case of the unfortunate death of the proposer, this benefit keeps the policy alive by waiving all future premiums on the policy. This is available only where the proposer and the life insured are two different individuals. Accidental Disability Guardian Benefit:In case the proposer is permanently disabled as a result of an accident, this benefit keeps the policy alive by waiving all future premiums on the policy. This is available only when the proposer and the life insured are two different individuals.
» Tax Benefits Section 80C, 10(10D) of Income Tax Act would apply. Premiums paid for Critical Illness Benefit qualify for benefits under Section 80D.