Kotak Mahindra Old Mutual Life Insurance Limited has launched an insurance policy called Kotak Assured Income Accelerator. In a press release, the company said that the plan factors in the ever increasing cost of living by paying an increasing annual guaranteed income during the payout phase.
The press release said, “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.”
“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,” said the press release.
The minimum annual premium is Rs.15,000. Premiums paid are also eligible for tax rebate under section 80C of the Income Tax Act.
Through the press release, G Murlidhar, Managing Director, Kotak Life Insurance said ‘We are glad to present this pioneering product which 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. The product addresses a wide variety of customer needs ranging from second income to planned lifecycle events such as child education and retirement.”
The company has an assets under management of Rs. 10,862 crore as on March 2013.