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Kotak Life has launched a product ‘get assured income now’ or GAIN that offers guaranteed regular income to policyholders up to 85 years of age.
It is a non-linked participating product (the company will share profits to policyholders) aimed at long term savings and income.
Under this policy, policyholders will have three options: Early income option, paid-up addition option and premium saver option. While the early income option provides regular monthly or annual payments immediately after the purchase of the policy, in the paid-up addition option, the income benefits will be used to purchase additional sum assured throughout the policy term. These benefits can then be withdrawn as per convenience of the policyholder or received as lump sum at the end of the policy term.
Meanwhile, the premium saver option will pay benefits by payment of last two premiums.
Discussing the aim of launching this product, Mahesh Balasubramanian, MD, Kotak Life, said: “All three variants of Kotak G.A.I.N will offer customers a blend of long-term income as well as life cover. We believe that this will play a significant role in helping individuals achieve their financial goals with confidence and peace of mind.”
The policy comes with premium payment term of 8,10 and 12 years. The minimum premium amount is Rs. 50,000.