Kotak Life Insurance Unveils Assured Income Accelerator Plan

Private insurer Kotak Mahindra old Mutual Life Insurance (Kotak Life Insurance) has launched Assured Income Accelerator, a plan which guarantees an increasing income every year during the payout phase, irrespective of economic changes.

In a release, Kotak Life Insurance Managing Director Mr. G Murlidhar said, “This product fulfils a long pending demand for a life insurance product which offsets the ever-increasing cost of living and meaningfully addressed an individual's lifecycle needs."

Assured Income Accelerator addresses a wide variety of customer needs ranging from second income to planned lifecycle events such as child education and retirement, Mr. Murlidhar added.

Under the plan, the minimum annual premium is Rs 15,000. The annual payout of guaranteed income commences after premium payment term is over. At maturity, guaranteed maturity benefit is also payable along with the last instalment of the increasing guaranteed income.

In the case of unfortunate death of the person insured, the plan pays out a guaranteed death benefit, irrespective of the payouts already given.

This new offering of Kotak Life Insurance also provides optional riders such as Term Benefit, Accident Death Benefit, Permanent Disability Benefit, Life Guardian Benefit and Accidental Disability Guardian Benefit.

Kotak Mahindra old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank and South Africa-based Old Mutual Public Limited Company, a global investment, savings, insurance and banking group. Kotak Mahindra Bank owns 74 per cent of the stake in the JV; while, Old Mutual holds the remaining 26 per cent.

Source: http://www.insuringindia.com