Kotak Premier Pension Plan

A fixed percentage of Basic Sum Assured in the first 5 policy years

6th policy year onwards

105% of Total Premiums paid on Death and on Vesting

Under section 80CCC on Income Tax Act

If the Life Insured dies during the tenure, the nominee will receive the following:

• Assured Benefit - This is the minimum guaranteed benefit available either on death or on vesting. This benefit will be equal to 105% of the Total Premiums (excluding taxes and rider premium, if any) paid till date of death or vesting.
• Accrued Guaranteed Additions - A fixed percentage of Basic Sum Assured in the first 5 policy years
• Accrued Reversionary Bonuses and Terminal Bonus, if any

The nominee can use any one of the following options for receiving the Death Benefit pay-out:
- Purchase an Immediate Annuity from the insurer with the entire proceeds of the policy or with part of it; OR
- Withdraw the entire proceeds of the policy;

Upon completion of complete tenure of the plan, the following benefit will be payable:

• Basic Sum Assured 
• Accrued Guaranteed Additions 
• Accrued Reversionary Bonuses and Terminal Bonus, if any

The Vesting Benefit can be taken as per any one of the following options:
- Receive a lump sum of up to 1/3 of the vesting benefit. The remaining amount must be used to purchase an annuity from the insurer OR
- Purchase a single premium deferred pension product from the insurer OR
- Extend the accumulation period within the same policy provided the Life Insured is below 55 years of age.

The premium paid is tax free under Section 80CCC of Income Tax Act, 1961. Income paid by the annuity is taxable in the hands of the customer.

There are 2 riders in this plan

1. Kotak Accidental Death Benefit (ADB)
2. Kotak Permanent Disability Benefit (PDB)

Discount on premium for option higher sum assured

If the policyholder is not convinced with the terms and conditions of the policy, s/he cancel the same within 15 days from the date of receipt of the policy document.