Dubbed as Kotak Assured Income Accelerator, the new plan starts offering annual payout of the guaranteed income following completion of the premium payment term.
Apart from the last installment of the increasing guaranteed income, the guaranteed maturity benefit is also payable at maturity, according to the insurer.
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In addition, the product also provides the convenience of three different payment and payout terms to meet the requirements of different customers.
In case of unfortunate demise of the insured, the policy offers pays out the Guaranteed Death Benefit, irrespective of payouts already given.
Further, the customers can also avail of optional riders including term benefit, accident death benefit, permanent disability benefit, life guardian benefit and accidental disability guardian benefit available under the plan.
Kotak Life Insurance managing director G Murlidhar said, "Our product 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."
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