New Delhi, Dec. 19: Om Kotak Mahindra Life Insurance company today launched two pension plans — Kotak Retirement Income Plan and Kotak Capital Multiplier Plan — to help customers start plan retirement early in life.
The Kotak Retirement Income Plan is basically a saving plan which is designed to meet post-retirement needs of an individual. It is available in two forms — both with a cover and without cover. The plan can be purchased between 18 years to 60 years for a premium of Rs 1,060, Rs 2,055 and Rs 4,000 at a premium payment which can be made at quarterly, half yearly and an annual basis.
The policyholder can be a minimum 45-year old to a maximum 65-year old to be entitled to receive his annuity. The plan allows the policyholder to take a lump sum in cash of up to a third of his basic sum assured or accumulation account (whichever is higher). The balance of the benefit entitled to the policyholder will be used to buy an annuity of his choice.