The policy has two phases: Premium Paying Term (PPT) where the policy holder has to pay regular premium for a certain period of time and the Pay Out Phase.
Guaranteed maturity benefit: Annual payment of guaranteed income starts after the premium payment is over. At maturity, guaranteed maturity benefit is payable with the last installment of the increasing guaranteed return.
Premium Payment Term: the policy term for 7 PPT is 15 years, for 10 PPT is 20 years and for 15 PPT is 30 years.
Payout Period: It has three pay out period options. 7 PPT where 8 yearly payouts starts from the end of 8th policy year. 10 PPT is 10 yearly payouts that starts from the end of 11th policy year. 15 PPT where 15 yearly payouts start from 16th policy year.
Entry age: There is no minimum entry age limit. Maximum entry limit for 7 PPT is 60 years, for 10 PPT is 20 years and for 15 PPT is 30 years.
Premium: Minimum annual premium is Rs. 15,000 and there is no maximum limit.
Basic Sum Assured: Its 10 times the annual premium paid by the policy holder.
Death benefit: In case, the policyholder dies, the plan will pay the guaranteed death benefit which is irrespective of the payouts that has already been given.
Rider benefit: Optional rider benefits are also available like term benefit, accident death benefit, permanent disability benefit, life guardian benefit and accidental disability guardian benefit.
Income Tax Benefit: Income tax benefit is available under section 80C.
You will be getting guaranteed returns if you buy Kotak Assured Income Accelerator Plan. If you are looking for an assured income which increases every year then you can consider to invest in this plan.