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• Kotak Secure Return Superannuation Plan and Policy

Kotak Secure Return Superannuation Plan and Policy

Kotak Secure Return Superannuation Plan and Policy - This is a kotak life insurance plan designed to serve the needs of an employer be it a private employer, state government, central government, etc planning to fund group member's’ benefits under this scheme. This is employee benefit solution to manage the superannuation schemes in an efficient way.

Eligibility - Kotak Secure Return Superannuation Plan and Policy

This policy is available for a minimum of 1 year and is renewable.

The key highlights available in the Secure Return Superannuation

Advantages - Kotak Secure Return Superannuation Plan and Policy

These benefits will be paid to a member of the group who will be entitled for Leave Encashment and Gratuity in case the member has died in during the tenure of his/her employment the benefit will be paid to his/her nominee or legal heir.

For the employer:

For the employee:

1. If a employee makes a contribution towards the superannuation fund it will be available for tax deduction of up to Rs. 1, 00, 000, as per section 80C of the Income Tax Act, 1961.
2. If an employee dies, the benefit will be paid to nominee, and this benefit will have an exempt from tax under section 10(13) as per the scheme rules of the employer's superannuation scheme.
3. If an employee retires after years of service, the benefit will be paid as per the scheme rules defined by the employer and this benefit will also be exempt from tax.
4. No contribution made by the employer up to Rs. 1, 00, 000 should not be included as a perquisite for the employee as per Sec 17(2)(vii)
5. An employee can transfer his superannuation account to his/her new employer in the event of a job change, as per scheme rules of the superannuation fund if allowed.