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Kotak Superannuation Group Plan – II

Unit Linked Life Insurance

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

The key to employee retention is in your hands. In today’s time when the prospect of out-living retirement savings is larger than ever, your employees might not take the time to plan their long-term financial goals or have the discipline to systematically save for their retirement years. As an employer, you can help your employees in their retirement planning and, in turn, increase employee retention. You can achieve this with Kotak Superannuation Group Plan - II. It offers:

Defined Benefit Scheme - In this scheme, you can provide employees a specific retirement benefit based on salary and years of service. Such plans are funded by your contributions. If there is any shortfall between the amounts available in the scheme for payment to the employee, the shortfall will be made good by the master policyholder or the employer.

Defined Contribution Scheme - In this scheme, both your employees and/or you can contribute towards fund accumulation and the rates of each of your and your employees’ contributions are usually defined as a percentage of salary. It is becoming more important for employees in today’s evolving marketplace where the average employee may switch jobs and even careers multiple times over the course of a lifetime. The fund value at the time of benefit payment will be payable.

Key features

  • Assured benefit

    Get guarantees in the form of assured benefit payable as per option chosen: >Defined Benefit Schemes - Assured Benefit payable on complete surrender shall not be less than 100.1% of the total contribution paid, net of withdrawals already made from the account. Assured Benefit shall be applicable on the entire superannuation fund available with the Insurer. >Defined Contribution Schemes - Assured Benefit payable on retirement or death shall not be less than 100.1% of contributions paid. Assured Benefit is not applicable on exits other than retirement or death.

  • Monthly Regular Additions for higher fund sizes

    Monthly Regular Additions are added to the Schemes and the percent varies by fund size at the beginning of the calendar month.

  • Benefits for the employer

    It helps employer increase employee retention and motivation by helping to provide for their retirement. Any amount received by the trustees on behalf of an approved superannuation fund is exempt under sec 10(25) (iii) The amount of deduction available on ordinary annual contribution to an approved superannuation fund shall not exceed 27% (including the contribution to Provident Fund) of the employee's annual basic salary for each year of his service under section36 (1)(iv) of the Income Tax Act, 1961.

  • Benefits for the employee

    Any employee contribution towards an approved superannuation fund qualifies for tax deduction (up to Rs. 1 lacs) under section 80 C of the Income Tax Act, 1961. On death, the benefit paid to nominee shall be exempt from tax under section 10(13) and shall be as per the scheme rules of the employer's superannuation scheme. On retirement (vesting), the benefit shall be as per the scheme rules of the employer's superannuation scheme and commuted benefit shall be tax free. Any contribution by employer to approved superannuation fund up to Rs. 1 lacs will not be included in perquisites of the employee under Sec 17(2)(vii). At the time of withdrawal from service, employee has an option to transfer his superannuation account to his/her new employer, if allowed as per scheme rules of the superannuation fund. Note: Tax benefits are subject to change in the tax laws. You are advised to consult your tax advisor for details.

Eligibility

  • Age criteria

    • Group size: Min: 10 | Max: No limit
    • Age criteria: Entry age (as on Last birthday): Min: As specified in the Trust Rules or 18 years, whichever is higher | Max: One year before Normal Retirement Age as specified in the Trust Rules or 74 years whichever is lower, Maturity age (as on last birthday): Normal Retirement Age as specified in the Trust Rule or 75 years whichever is lower
  • Term

    • 1 year (renewable indefinitely)
  • Initial Contribution - Defined benefit

    • Minimum: Rs. 2,00,000 at inception | Maximum: No limit
  • Initial Contribution - Defined contribution

    • Minimum: Rs. 6,000 per member per year at inception | Maximum: No limit

Downloads

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Read about Tax benefits & Plan Disclaimer

Benefit for the Employer

  • Any amount received by the trustees on behalf of an approved superannuation fund is exempt under sec 10(25) (iii).
  • The amount of deduction available on ordinary annual contribution to an approved superannuation fund shall not exceed 27% (including the contribution to Provident Fund) of the employee’s annual basic salary for each year of his service under section36 (1)(iv) of the Income Tax Act, 1961.

Benefit for the Employee

  • Any employee contribution towards an approved superannuation fund qualifies for tax deduction (up to 1 lac) under section 80 C of the Income Tax Act, 1961.
  • On death, the benefit paid to nominee shall be exempt from tax under section 10(13) and shall be as per the scheme rules of the employer’s superannuation scheme.
  • On retirement (vesting), the benefit shall be as per the scheme rules of the employer’s superannuation scheme and commuted benefit shall be tax free.
  • Any contribution by employer to approved superannuation fund up to 1 lac will not be included in perquisites of the employee under Sec 17(2)(vii)
  • At the time of withdrawal from service, employee has an option to transfer his superannuation account to his/her new employer, if allowed as per scheme rules of the superannuation fund.

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 Superannuation Group Plan - II 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 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.

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

Kotak Superannuation Group Plan - II, UIN: 107L078V01, Form No: L078, Ref. No.: KLI/13-14/E-WEB/081

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 group gratuity plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. Hard copy of the information will be provided on request.

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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