LIC Premium and Maturity Calculator

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 Saving and Investment Plans
Kotak Invest Maxima
Kotak Single Invest Advantage
Kotak Wealth
Kotak Gramin Bima
Kotak Sampoorn Bima Micro-Insurance Plan
Kotak Single Invest Plus
Kotak Premier Life
Kotak Classic Endowment
Kotak Premier Endowment
Kotak Assured Income
Kotak Assured Savings
Kotak Assured Income Accelerator
Kotak Premier Moneyback
Kotak Platinum
Kotak Ace Investment
Kotak Premier Income
Kotak Guaranteed Savings
Kotak Retirement Plans
Kotak Lifetime Income Plan
Kotak Premier Pension Plan
Kotak Child Life Insurance Plans
Kotak Headstart Child Assure

Kotak Group Insurance Plans
Kotak Group Insurance Plans
Kotak Gratuity Group Plan
Kotak Gratuity Plus Group Plan
Kotak Secure Return Employee Benefit Plan
Kotak Leave Encashment Group Plan
Kotak Secure Return Superannuation Plan
Kotak Superannuation Group Plan – II
Kotak Term Group Plan
Kotak Credit Term Group Plan
Kotak Group Secure
Kotak Group Secure One
Kotak Raksha Group Micro Insurance Plan
Kotak Group Assure
Kotak Group Shield
Kotak Complete Cover Group Plan