Kotak Mahindra Old Mutual Life Insurance (Kotak Life Insurance) today announced the launch of Kotak e-Lifetime Income Plan, an immediate annuity product.
Kotak e-Lifetime Income Plan is unique in that offers the proposer (the purchaser of annuity) the option to choose an annuitant (the beneficiary) other than self. This way, the beneficiary of regular income from the plan can be any close blood relative or spouse, apart from self.
The minimum age of entry for the proposer is 18 years while the minimum age of entry for annuitant is 45 years. The minimum one time investment can be as low as Rs 50,000. The single premium invested is also eligible for a tax rebate.
Speaking at the launch, Elizabeth Venkataraman, head, marketing at Kotak Life Insurance said, ''The product fulfills an urgent need-gap among mobile populations to secure incomes of loved ones back home, apart from with those wishing to secure their own retirement income. We believe the product will especially appeal to individuals who have moved away from their homes in search of professional opportunities, including NRIs, since the foremost priority for these individuals is to secure a regular source of income for aged parents and spouses back home. From now on, regardless of how busy one is, a convenient one-time investment can ensure a perfect gift for one's parents and loved ones, guaranteeing them regular income and financial peace of mind.''