Tax Benefits
For Employer:
- Contributions to an approved Gratuity fund is deductible under section 36 (1)(v) of the Income Tax Act, 1961, subject to the conditions contained therein
- Income earned from investments received by an approved Gratuity fund is tax-exempt under Section 10(25)(iv) of the Income Tax Act, 1961
For Employee:
Gratuity settlement for retirement/resignation/ (as the case may be) will be settled as per the Trust Rules:
- For Government employees, Gratuity receipts at the time of retirement are completely tax free
- For Non-government employees, Gratuity receipts are tax-exempt up to the limit specified under the Act from time to time
Note : Tax benefits are subject to change in the tax laws. You are advised to consult your tax advisor for details.
Risk Factors
- Linked Insurance Products are different from traditional insurance policies and are subject to risk factors
- The premium paid in Linked 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 Life Insurance Company Ltd. is only the name of the company and Kotak Gratuity Group Plan is only the name of the linked 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 are the name of the funds and do not in any way indicate the quality of these funds, their future prospects and returns
- The past performance of other funds of the Company is not necessarily indicative of the future performance of the funds.
- 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
Terms and conditions
Kotak Gratuity Group Plan UIN: 107L010V07, Form No: L010; Ref. No.: KLI/17-18/E-WEB/728
Regd. Office:
Kotak Mahindra Life Insurance Company Ltd.,
Reg No. 107
CIN : U66030MH2000PLC128503
8th Floor, Plot # C- 12, G- Block, BKC,
Bandra (E), Mumbai - 400051
Toll Free: 1800 120 7856 (8 am to 10 pm)
Website: https://www.kotaklife.com
Email: kli.groupoperations@kotak.com
SMS KLIFE to 5676788 Toll Free No. - 1800 209 8800
This is a non-participating, unit-linked, group gratuity 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.
Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Ltd. (formerly known as Kotak Mahindra Life Insurance Company Ltd.) under license.
