Kotak Secure Return Employee Benefit Plan and Policy
Kotak Secure Return Employee Benefit Plan and Policy - Kotak Life Insurance has designed Kotak Secure Return Employee Benefit Plan to cater to the needs of employers, trusts, state government, central government or PSUs to fund a group member's benefit schemes. This product offers comprehensive employee benefit solution to manage the gratuity and leave encashment schemes in an efficient manner. It is a non-participating variable insurance group plan that offers competitive returns. It offers a guaranteed minimum floor rate of 2 percent per annum and a competitive additional interest rate is declared at the beginning of each quarter. It offers an additional protection to life at an additional cost and the renewal process is convenient and auto renewed provided that there are sufficient premiums available.
Eligibility - Kotak Secure Return Employee Benefit Plan
Particulars |
Minimum |
Maximum |
Entry Age |
18 years |
74 years |
Maximum maturity age |
- |
75 years |
Term |
1 year renewable |
- |
Contribution |
Rs.15 lakhs |
No limit. |
Key Features - Kotak Secure Return Employee Benefit Plan
Type |
A group life insurance plan, group gratuity or leave encashment plan. |
Basis |
Group |
Coverage |
Insurance Benefit: If a member dies, the sum assured will be paid to the nominee as advised by the policyholder. The insurance cover is mandatory to gratuity and leave encashment schemes. These benefits are paid by the company. Guaranteed minimum floor rate of 2 percent per annum is paid to the entire policy term on the balance of the account value. |
Policy account |
Each policyholder will have separate policy account. |
Premium paying term |
1 year |
Premium paying frequency |
Monthly, quarterly, half-yearly or annually. The premium frequency can be as desired by the policyholder. |
Bonuses |
No bonus. |
Surrender Value |
The policy can be surrendered at any time provided you give one month’s written notice. The surrender value will be equal to policyholders account value that is adjusted for Market Value Adjuster. |
Loan |
Loan facilities are not available. |
Free look period |
Policyholder gets 15 days free look period from the date of receipt of the policy. If the policyholder wants to return the policy, the refund will be paid after adjusting for expenses for stamp duty. |
Grace period |
Not applicable. |
Advantages - Kotak Secure Return Employee Benefit Plan
The advantages of the Kotak Secure Return Employee Benefit Plan are:
- On death of a scheme member, the benefit is paid in accordance with the scheme rules and focus on a maximum of the policy account value. If the member has opted for life cover, he gets an additional benefit of Rs.1,000.
- If the member exist this plan due to termination of service or on resignation or early retirement or due to natural death, the benefit is paid in accordance with the scheme rules bearing in mind the maximum policy account value.
- The benefits are payable on normal retirement as per the scheme rules laid out by the employer.
- On the accumulating balance of the account value, a guaranteed minimum floor rate of 2 percent per annum is paid for the entire policy term.
- Competitive additional interest rates are professed at the beginning of every quarter.
- The plan is auto renewed annually subject to availability of sufficient premiums.
- Tax benefits change from time to time, so you need to consult with your tax advisor for further details.
Kotak Group Life Insurance Plans and Policy |
|
| Group Gratuity/Leave Encashment | Kotak Gratuity Group Plan |
| Kotak Gratuity Plus Group Plan | |
| Kotak Secure Return Employee Benefit Plan | |
| Kotak Leave Encashment Group Plan | |
| Group Superannuation | Kotak Secure Return Superannuation Plan |
| Kotak Superannuation Group Plan – II | |
| Group Term | Kotak Term Group Plan |
| Kotak Credit Term Group Plan | |
| Kotak Group Secure | |
| Kotak Group Secure One | |
| Kotak Raksha Group Micro Insurance Plan | |
| Group Credit | Kotak Group Assure |
| Kotak Group Shield | |
| Kotak Complete Cover Group Plan | |
| Kotak Protection Plans |
|---|
| Kotak Saral Suraksha Protection Plan |
| Kotak Income Protection Plan |
| Kotak Term Protection Plan |
| Kotak Preferred Term Protection Plan |
| Kotak Retirement Plans |
|---|
| Kotak Lifetime Income Plan |
| Kotak Premier Pension Plan |
| Kotak Child Life Insurance Plans |
|---|
| Kotak Headstart Child Assure |