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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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Your post-retirement years are for you to live a stress-free life. If planned correctly, you will not need to worry about taking care of your financial needs. There are a lot of financial plans available out there, that help you in your retirement years. One of the effective products for taking care of your financial needs in your post-retirement life is an annuity plan.
What is an annuity plan?
An annuity plan is simply a chain of periodic payments that are made in a time interval. Hence, the payouts will work as a regular source of income. An annuity plan is an easy way of creating your financial net for your retirement. It is considered a form of insurance, instead of an investment alternative. If you wish to get an annuity plan, you must read up on the types of plans. Depending on your needs and requirements, you can select from the different annuity plans available.
Different types of annuity plans and their key benefits in India are:
1. Immediate Annuity:
In an immediate annuity plan, the premium for the policy is paid in a lump-sum and not through multiple, regular payments. This plan will help you get the payout as soon as the first investment is made. Additionally, you will get guaranteed payouts at regular time intervals.
2. Fixed Annuity:
In this plan, the payout is the same for the entire time period of the plan. The duration of the plan is also fixed. Hence, even after the policyholder’s demise during the tenure, their beneficiary or spouse will keep receiving the payout. The funds from this plan are invested in fixed income instruments.
3. Lump-sum Annuity:
While some annuity plans offer payouts at regular intervals for a specified time, some plans provide a lump-sum payout option. However, this plan is an alternative and is accessible only at a specified period.
4. Variable Annuity:
A variable annuity is a plan designed to provide variable annuity payouts throughout the plan tenure. The payout is not prefixed like the other types of annuity plans. The money is invested in mutual funds, and the return will depend on the performance of the fund the money is invested in.
5. Deferred Annuity:
In the deferred plan, the policyholder’s funds are invested for some period before the payments are made.
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