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Kotak Gratuity Group Plan

Kotak Gratuity Group Plan

A Unit Linked Group Gratuity Insurance Plan

"IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER."

 

Gratuity is not just a statutory obligation but also a very important tool today to retain and attract talented employees. However, gratuity liability of the employer tends to increase with an increase in the salary and tenure of employment.

 

A comprehensive and effective gratuity plan will help you in reducing business costs and meet the funding needs to make gratuity payments. It will also help you avail tax benefits as applicable to approved gratuity funds.

 

Kotak Life Insurance offers Kotak Gratuity Group Plan (KGGP) - a Unit-linked group gratuity plan that will not only help you fund for the gratuity obligation systematically & effectively but also will help you release resources for your core business activities.


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Group

Employer – Employee groups

Group size

Min: 10 employees
Max: No Limit

Entry age (Last birthday)

Min: 18 yrs
Max: As per scheme rules, subject to maximum of 75 yrs

Maximum Maturity age (Last birthday)

As per scheme rules, subject to maximum of 76 years

Policy Term 1 yr (Yearly renewable)
Sum Assured Min: 5,000
Max: As defined in the scheme rule, subject to the underwriting policy of the insurer.
Contribution / Premium Min: 2,00,000 at inception
Max: No limit
Contribution Frequency Yearly, Half-yearly, Quarterly, Monthly Contributions may be revised based on the actuarial valuation of the scheme as per AS(15)


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