Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) today announced the launch of Kotak Assured Income Accelerator, a plan that factors in the ever increasing cost of living by paying an increasing annual guaranteed income during the payout phase.
Annual payout of the guaranteed income commences after the premium payment term is over. At maturity, Guaranteed Maturity Benefit is also payable along with the last installment of the increasing guaranteed income. The product also offers the convenience of three different payment and payout terms to suit needs of different customers.
In the unfortunate event of death of the life insured, the plan pays out the Guaranteed Death Benefit, irrespective of payouts already given. Customers can also avail of optional riders such as Term Benefit, Accident Death Benefit, Permanent Disability Benefit, Life Guardian Benefit and Accidental Disability Guardian Benefit available under the Plan.
The minimum annual premium is Rs 15,000. Premiums paid are also eligible for tax rebate under section 80C of the Income Tax Act.
‘Our product fulfills the long pending demand for a life insurance product that offsets the ever increasing cost of living and meaningfully address an individual’s life cycle needs," said G Murlidhar, Managing Director, Kotak Life Insurance.