Kotak Leave Encashment Group Plan

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.