Kotak Gratuity Group Plan
Note: “In this policy, the investment risk in investment portfolio is borne by the policyholder.”
Gratuity is one of the vital aspects of employee benefits, that helps you retain the best of talent. But with increasing salaries and tenure, gratuity liability might also increase. You can relieve the liability with a comprehensive and effective gratuity plan that can help you reduce business costs and meet the funding needs to make gratuity payments. Kotak Gratuity Group Plan (KGGP) - a Unit-linked Group Gratuity Plan that will not only help you fund for the gratuity obligation systematically & effectively but will also help you release resources for your core business activities. It can help you avail tax benefits as applicable to approved gratuity funds as well.
Key Features
![Market Linked Returns & Long Term Investment Growth]()
Market Linked Returns & Long Term Investment Growth
Investing your Gratuity fund in a unit linked investment portfolio exposes you to a variety of market instruments. This plan enables you to reward your employees without putting a financial stress on your core business in the long run
![Regular Additions for Higher Fund Sizes]()
Regular Additions for Higher Fund Sizes
For fund sizes above the prescribed limits, additional units will be added to the schemes regularly, and the percentage addition will vary by fund size at the beginning of the calendar month.
![Choice of 7 Fund Options]()
Choice of 7 Fund Options
This plan offers 7 fund options to choose from suiting your risk appetite and investment objective.
![Life Insurance Coverage for Employees]()
Life Insurance Coverage for Employees
Apart from Gratuity benefit, employees are entitled to life insurance coverage that will be payable to their families in the unfortunate event of the death.
Eligibility
![Eligibility]()
Eligibility
- Group - Employer Employee Groups
- Group Size – Minimum : 10 employees ; Maximum : No Limit
- Entry Age (as on last birthday) – Minimum. : 18 years ; Maximum. : As per scheme rules (sub. to max. of 75 years)
- Maximum Age at Maturity (as on last birthday) : As per scheme rules, sub. to max. of 76 years
- Group - Employer Employee Groups
![Eligibility]()
Policy Term
- 1 year (Yearly renewable)
![Eligibility]()
Sum Assured
- Minimum: Rs. 5,000
- Maximum: As defined in the scheme rule, subject to the underwriting policy of the insurer.
Downloads
Download the brochure to know more about the plan and how it can benefit you.
Need help buying a plan?
Request a Relationship Manager
Mail us on corporate.solutions@kotak.com
Mail your queries to us and we will answer them at the earliest.
Read about Tax benefits & Plan Disclaimer
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.
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