Kotak Life Insurance has launched 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, a 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.
"The product addresses a wide variety of customer needs ranging from second income to planned lifecycle events such as child education and retirement," G Muralidhar, managing director, Kotak Life Insurance, said.
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