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Secure Return Gratuity Plan

Kotak Superannuation Group Plan - II

Unit Linked Life Insurance



In today's time when the prospect of out-living retirement savings is larger than ever, few employees take the time to plan their long-term financial goals or have the discipline to systematically save for their retirement years. As an employer of choice, you can help your employees tremendously by assisting in their retirement planning and, in turn, increase employee retention. The solution lies in Kotak Life Insurance's Kotak Superannuation Group Plan - II. This plan offers:


  • Defined Benefit Scheme - In this scheme, employers provide employees a specific retirement benefit based on salary and years of service. Such plans are funded by employer 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/employer.

  • Defined Contribution Scheme - In this scheme, both employees and/or employers can contribute towards fund accumulation and the rate of employer and/or employee contributions are usually defined as a percentage of salary. This scheme is becoming more important for workers in today's evolving marketplace where the average worker may switch jobs and even careers multiple times over the course of a lifetime. Both employer and employee can contribute to this scheme. The fund value at the time of benefit payment will be payable.

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Assured benefit:

This plan offers 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

  • 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 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 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.


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