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Kotak Gratuity Plus Group Plan

A Unit Linked Group Gratuity Insurance Plan

Note: In this policy, the investment risk in investment portfolio is borne by the policyholder.

Retain best of talent with gratuity. Every employee sees their organization as a little more than place of work. People dedicate their lives to working for an organization and building it. In turn, they trust that the company will take care of them and their needs. Thus, gratuity is not just a statutory obligation but a very important tool today to retain and attract talented employees. However, gratuity liability of the employer tends to increase with rising salary and tenure of employment.

Kotak Life Insurance offers Kotak Gratuity Plus Group Plan (KGPP) - 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.

Key features

  • Capital guarantee*

    'Return of all contributions made (Net of past benefit payments, if any)' at the point of exit

  • Regular additions for higher fund size

    For fund size above the prescribed limits, regularly additional units will be added to the schemes. The percentage addition will vary by fund size at the beginning of the calendar month

  • Life insurance coverage for employees

    Apart from gratuity benefit, your employees are entitled to life insurance coverage that will be payable to their families in the unfortunate event of their death. *Subject to Terms & Conditions. Guarantee for every contribution shall be applicable only after one year from the date of that contribution and the Guaranteed Benefit in respect of that contribution is return of contribution net of past benefit payments, if any.

Eligibility

  • Age criteria

    • Group: Employer – Employee groups
    • Group size: Min: 10 employees | Max: No Limit
    • Age criteria: Entry age (Last birthday): Min: 18 years | Max: As per scheme rules, subject to maximum of 74 years, Max Maturity age (Last birthday): As per scheme rules, subject to maximum of 75 years
  • Policy Term

    • 1 yr (Yearly renewable)
  • Sum Assured

    • Rs. 1,000 (fixed)
  • Contribution/Premium

    • Minimum: Rs. 2,00,000 at inception | Maximum: No limit
  • Contribution Frequency

    • Yearly, Half-yearly, Quarterly, Monthly or as a lump sum at periodic intervals as agreed with Kotak Life Insurance, depending on the scheme requirements under AS 15 (Revised)

Downloads

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Read about Tax benefits & Plan Disclaimer

Tax Benefits

  • Contributions to an approved Gratuity fund is deductible under section 36 (1)(v) of the Income Tax Act, 1961, subject to the conditions contained therein
  • Income earned from investments received by an approved Gratuity fund is tax-exempt under Section 10(25)(iv) of the Income Tax Act, 1961
  • For Government employees, Gratuity receipts at the time of retirement are completely tax free
  • For Non-government employees, Gratuity receipts are tax-exempt up to the limit of 10 lakhs under Section 10(10) of the Income Tax Act, 1961

Tax benefits are subject to change in the tax laws. You are advised to consult your tax advisor for details.

Risk Factors

  • Linked Insurance Products are different from traditional insurance policies and are subject to risk factors
  • The premium paid in Linked Insurance policies are subject to investment risk associated with capital markets and the NAVs of the units may go up or down based on the performance of the fund and factors influencing the capital market and insured is responsible for his/ her decisions.
  • Kotak Mahindra Old Mutual Life Insurance Ltd. is only the name of the company and Kotak Gratuity Plus Group Plan is only the name of the linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
  • The fund offered under this contract is the name of the fund and do not in any way indicate the quality of these plans, their future prospects and returns.
  • The past performance of other plans of the Company is not necessarily indicative of the future performance of the fund.
  • Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document of the insurer. All benefits payable under the policy are subject to the tax laws and other financial enactments, in force from time to time.

Terms and conditions

Kotak Gratuity Plus Group Plan UIN: 107L091V01, Form No: L091; Ref. No.: KLI/16-17/E-WEB/161

Regd. Office:

Kotak Mahindra Old Mutual Life Insurance Ltd.

Reg No. 107
CIN : U66030MH2000PLC128503
2nd Floor, Plot # C- 12, G- Block, BKC,
Bandra (E), Mumbai - 400051
Toll Free: 1800 209 8800 (8 am to 10 pm)
Website: http://insurance.kotak.com
Email: clientservicedesk@kotak.com

SMS KLIFE to 5676788 Toll Free No. - 1800 209 8800

This is a non-participating unit-linked group gratuity plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

IRDAI clarifies to public that

  • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
  • IRDAI does not announce any bonus.
  • Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

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