Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) today announced the launch of Kotak Assured Income Plan.
Kotak Assured Income Plan is an ideal investment avenue for customers who desire a steady, tax-free and guaranteed second income to indulge in life’s little luxuries with absolute peace of mind. The plan guarantees a second income of up to 10.10% of the Basic Sum Assured to customers for a period of 20 years. In addition to the annual income, up to 110% of Basic Sum Assured will be paid on maturity.
Customers have the flexibility to pay for a limited term and enjoy the benefit of long term cover. The plan provides life cover for 30 years for a premium payment term of 15 years and on death, any time during the policy term it guarantees the customer his Basic Sum Assured.
The plan has the feature of reduced paid up which allows the customer to continue the policy after premium for at least 3 years have been paid**. The plan’s policy loan feature allows customers to tide over liquidity problems by borrowing up to 80% of the surrender value.
Optional rider benefits can be bought to guard against unforeseen situations such as accidental death and permanent disability of the life insured. The plan also offers Life Guardian Benefit and Accidental Disability Guardian Benefit as riders to ensure continuation of the policy after the death or accidental disability of the policyholder.
*Customers can avail tax benefits offered under relevant Tax Laws, subject to fulfillment of conditions.
**In such cases the basic sum assured will reduce depending on the number of premiums paid
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