Kotak Pension Plans – Review, Types, Features, Criteria & more

You are responsible for the good life you created, and so, you have to take care of yourself in your retirement age. Fulfill all the needs that would arise in the golden age of your life and ensure you are self sufficient with the Kotak Pension Plan, which is constructed just for the said purpose.

The age period of retirement time is all about the time one has, away from work, with the fear for losing the financial status and need. This is when the company presents the bet of its services, putting together the experience it has, to construct the best of Kotak Retirement Plans

The place you are at now, this article, keeps you updated with the provided Kotak NPS Scheme, and the entire context related to it. This would endorse easy application and easy availing of benefits.

About Kotak Pension Plans

Kotak Life deploys the lifestyle people wish to follow forever, Live life king size, and aims to help retain it. It has managed to gain a significant and well appreciated reputation in the insurance sector, for its exclusive Kotak National Pension Funds allocation.

This company gives you the sense of self reliance, and it also aims at providing a relaxed retired life, away from the financial chaos. The Kotak Retirement Plans gives you the medium of investment through which you can save and ensure an overall well being.

Here is to you secured life, full of limitless fun and also security. Browse through the Kotak Pension Funds, as provided by the company.

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Types of Kotak Mahindra Pension Plans

You will find diverse Kotak Mahindra Pension Plan, not limit to a single one. It is so, the diverse needs are fulfilled and the holder gets quite some options to choose from.

There are reported 3 plans the company offers its customers. Check out the details of all the plans.

• Premier Pension Plan
• Lifetime income Plan
• e-Lifetime Income Plan

Find out other NPS Scheme in India

Kotak Premier Pension Plan – By Kotak Pension Plans

Here is a presentation from the company, a traditional Kotak National Pension Scheme. It is also applicable for bonus participation, with a fair proportioned maturity fund. Here are the detailed explanations of its features.

• This plan is rolled out with a profit earning possibility, by means of bonuses, which would be given out by the company.
• The choice for the mode of payment relies solely on the holder of the plan. The options provided are regular, limited or even single pay.
• Special additions are also provided with the policy, wherein the holder will be entitled to certain percentage of benefits, to be added in the first 5 years. This varies as per the mode of premium payment chosen. Percentage for regular and limited is 5%, whereas for single, it is 2%.
• After the end of 5^th year, the next year will be addition to the revisionary bonuses. The period of applicability for this bonus till vesting age or death.
• During unfavorable event of death, there is certain entitlement to the nominee. It is 105% of the premiums paid, with an addition to accrued and revisionary benefits.

More Features of Kotak Premier Pension Plan

• The options of availing the sum by nominee are provided as well. It is of withdrawing the entire amount, or to avail for the annuity payments.
• When maturity date arises, the payable amount would be sum assured in addition with the accrued and revisionary benefits. It is subject to 105% of all the premiums paid altogether.
• The way of availing for the maturity proceeds are diverse as well. The holder can choose to withdraw 1/3^rd of amount in cash, or purchase of deferred annuity Kotak life plan. Also, the vesting date can be postponed, given, the holder is below the age of 55 at the time for this Kotak NPS.
• Increase coverage is provided through this Kotak Mahindra NPS, with provision of Kotak Accidental Death Benefit Rider and Kotak permanent disability benefit rider.
• For choice of sum assured, higher than Rs.5 lakh, extra discounts would be provided under this Kotak NPS Scheme.

Eligibility Criteria for Kotak Premier Pension Plan

• Age criteria: 30 to 55 years for regular and Limited pay and 60 years for single pay
• Vesting age: 45 to 70 years.
• Period: Regular Pay -10 years, Limited 10 Pay – 15 years, Limited 12 Pay – 17 years, Single Pay – 10 and 15 years, with maximum of 30 years.
• Premium to be paid per year: Relies upon term, age and coverage
• Return guaranteed: Rs.2 lakh with no maximum limit
• Payment term: Just as the opted policy term or single pay or limited pay for 10 or 20 years.
• Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually.

Kotak Lifetime Income Plan – By Kotak Mahindra Pension Plans

The distinction of this Kotak Pension Plan from other plans is that, the annuity payments start rolling after a single payment of premium. Hence, it is also referred to as an immediate annuity plan. Check out the benefits and features it contains.

• Two life basis options are provided. Single life, or a joint life option can also be availed for.
• This Kotak National Pension Funds scheme is a host to a lot of annuity payment options. They are lifetime income, income for life along with return of price to nominee upon holder’s death, income for life with guaranteed payouts for year 5, 10, 15 or 20. Last option is of lifetime income for the last survivor, with constant annuity payment for life and after death of the holder.
• Tax exceptions imposed are for the premiums paid according to the Section 80CCC.

Eligibility Criteria for Kotak Lifetime income Plan

• Age criteria: 45 to 99 years
• Spouse age criteria: 35 to 99 years.
• Price of purchase: Rs.50,000 with no maximum limit
• Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually.

Check out more Pension Plans available for Investment

Kotak e-Lifetime Income Plan – By Kotak Pension Funds

This Kotak Pension Plan goes in the contrary direction of the mainstream way of availing for a plan. For starters, the pension payment start rolling out right after the premium is paid. Here are the other features.

• This Kotak NPS is available on the internet for purchase, and hence it reduced the basic and complicated process of availing a retirement plan.
• There are multiple annuity availing options for this Kotak National Pension Scheme as well:
• Income for life
• Income for life along with return of purchase price upon holder’s death
• Lifetime income alongside 5, 10, 15 or 20 years guarantee and then for life.
• Income to the last survivor for life.
• Taxation exception applicable on the premium payments, as per the section 80CCC of the income tax act.

Eligibility Criteria for Kotak e-Lifetime Income Plan

• Age criteria: New customer 45 years, whereas 18 years for the existing customer, with a collective maximum age of 99 years
• Spouse’s age: New customer 45 years, whereas 18 years for the existing customer, with a collective maximum age of 99 years
• Price of Purchase: Rs.50,000 with no maximum limit.
• Intervals of premium payments allowed: half yearly, quarterly, monthly or even annually.

Kotak Pension Plans / Retirement Plans – Conclusion

The best of options are provided by the company, and with the vast number of choices, there is a high possibility you will find what you are looking for. The Kotak Pension Plan is well structured and provides the sense of fulfillment and also protection.

We contributed our part, to your decision making process and hope it would work out in your favor.

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