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  • Kotak Preferred e-Term Plan

    Kotak Preferred e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.

  • Kotak e-Assured Savings Plan

    Kotak e-Assured Savings Plan not only provides affordable protection but also helps accrue wealth for accomplishing your upcoming financial aims by giving guaranteed benefits.

  • Kotak e-Lifetime Income Plan

    Kotak e-Lifetime Income Plan gives you the assurance of regular stream of income throughout your lifetime to lead a care-free life.

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Kotak Leave Encashment Group Plan

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

Kotak Leave Encashment Group Plan is designed to cater to the needs of Employee’s leave encashment liabilities increasing over the period of time. This product is designed to reduce the financial strain on the employer by helping them fund their Leave encashment liabilities payable to employees. This will also help the employee fund for the leave encashment benefit systematically & effectively and release resources for your core business activities.

Key features

  • Market-linked returns and long-term investment growth

    Enjoy return from the market through long-term investments

  • Regular additions for higher fund sizes

    Regularly additional units will be added to the Schemes and the percent varies by fund size at the beginning of the calendar month. The rate of these additions is in the range of 0.10% to 0.50% per annum

  • Choice of 6 fund options

    Get the flexibility to choose from an array of six funds, as per your Risk-Return Profile that will enable you to maximize the earnings potential. Choose from Group Balanced Fund - (ULGF-003-27/06/03-BALFND-107) Group Bond Fund - (ULGF-004-15/04/04-BNDFND-107) Group Floating Rate Fund - (ULGF-005-07/12/04-FLTRFND-107) Group Gilt Fund - (ULGF-002-27/06/03-GLTFND-107) Group Money Market Fund - (ULGF-001-27/06/03-MNMKFND-107) Group Short Term Bond Fund - (ULGF-018-18/12/13-SHTRMBND-107)

  • Life insurance coverage for employees

    Secure protection for employees’ families and help them shoulder their responsibilities.

  • Convenient renewal process

    It is an annually renewable policy, which will be auto-renewed subject to availability of sufficient premiums.

Eligibility

  • Age criteria

    • Group size: Min10 employees | Max: No Limit,
    • Age criteria: Entry age (Last birthday): Min: 18 years | Max: As per scheme rules, subject to maximum of 74 years, Maturity age (Last birthday): Max: As per scheme rules, subject to maximum of 75 years
  • Policy Term

    • 1 year (Yearly renewable)
  • Sum Assured

    • Flat Rs. 1,000/-
  • Leave Encashment Contribution

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

Downloads

Download the brochure to know more about the plan and how it can benefit you.

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Read about Tax benefits & Plan Disclaimer

Benefits of the plan:

For Employer

  • The cash equivalent of the leave Encashment Benefit as and when paid by the employer is deductible from his income under section 43B (f) of the Income Tax Act^, 1961.

For Employee

Under Section 10(10AA) of the Income Tax Act, 1961,

  • For Government employees, the leave encashment benefits received at the time of retirement are tax free.
  • For non- Government employees, leave encashment benefits are exempt from taxes subject to the least of the following amounts
  • Rs 3 lakh
  • Ten months’ average salary - Average salary implies the average of the salary drawn during the last ten months prior to retirement.
  • Cash equivalent of salary in respect of the leave due at the time of retirement
  • Leave encashment actually received at the time of retirement
  • Leave Salary paid to legal heirs of deceased employee in respect of privilege leave standing to the credit of such employee at the time of death is exempt from tax.

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

Risk Factors:

  • Unit Linked Life Insurance products are different from traditional insurance products and are subject to risk factors.
  • The premium paid in Unit Linked Life 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 Leave Encashment Group is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
  • The funds 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.

Kotak Leave Encashment Group Plan – UIN No: 107L088V01, Form No: L088 ; Ref No: KLI/14-15/E-WEB/031

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

Insurance is the subject matter of solicitation. This is a non-participating unit-linked group leave encashment 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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