Kotak Mahindra Old Mutual Life Insurance today launched annuity product lifetime income plan.
Kotak e-Lifetime income plan offers the purchaser of annuity the option to choose a beneficiary other than self, the company said in a statement.
This way, the beneficiary of regular income from the plan can be any close blood relative or spouse, apart from self, it said.
The plan is in response to increasing population longevity, which necessitates a regular source of income for a longer period, to take care of one’s needs in retirement years, it said.
The unique design of the plan also effectively addresses a huge demand among geographically mobile youth population groups such as individuals who have moved away from home in search of professional opportunities, and Non Resident Indians (NRIs), to secure a regular income for family and loved ones living back home, it added.