Private insurer Kotak Mahindra Old Mutual Life Insurance (Kotak Life Insurance) announced the launch of its Assured Income Accelerator here today, which offers an increasing guaranteed income every year during the payout period, irrespective of economic changes.
The minimum annual premium is Rs 15,000 and the plan is also eligible for a tax rebate, while the annual payout of guaranteed income commences after premium payment term is over, said an official release issued here.
"This product fulfills a long pending demand for a life insurance product which offsets the ever increasing cost of living and meaningfully addressed an individual's lifecycle needs. The product addresses a wide variety of customer needs ranging from second income to planned lifecycle events such as child education and retirement," Kotak Life Insurance Managing Director G Murlidhar said in a release issued here.
At maturity, a guaranteed maturity benefit is also payable along with the last installment of the increasing guaranteed income.
The product also offers three different payment and payout terms to suit needs of different customers.
In the unfortunate event of death of the insured person, the plan pays out a guaranteed death benefit, irrespective of payouts already given.
Under the plan, customers would also avail of optional riders such as term benefit, accident death benefit, permanent disability benefit, life guardian benefit and accidental disability guardian benefit.
Kotak Mahindra Old Mutual Life is a 74:26 joint venture between Kotak Mahindra Bank and South Africa-based global investment, savings, insurance and banking group Old Mutual Public Limited Company.
