Kotak Gratuity Plus Group Plan

Kotak Gratuity Plus Group Plan

A Unit Linked Group Gratuity Insurance Plan
Note: In this policy, the investment risk in investment portfolio is borne by the policyholder.

Retain best of talent with gratuity. Every employee sees their organization as a little more than place of work. People dedicate their lives to working for an organization and building it. In turn, they trust that the company will take care of them and their needs. Thus, gratuity is not just a statutory obligation but a very important tool today to retain and attract talented employees. However, gratuity liability of the employer tends to increase with rising salary and tenure of employment.
Kotak Life Insurance offers Kotak Gratuity Plus Group Plan (KGPP) - a Unit-linked group gratuity plan that will not only help you fund for the gratuity obligation systematically & effectively but also will help you release resources for your core business activities.

Key features

Capital guarantee*
'Return of all contributions made (Net of past benefit payments, if any)' at the point of exit

Regular additions for higher fund size
For fund size above the prescribed limits, regularly additional units will be added to the schemes. The percentage addition will vary by fund size at the beginning of the calendar month

Life insurance coverage for employees
Apart from gratuity benefit, your employees are entitled to life insurance coverage that will be payable to their families in the unfortunate event of their death. *Subject to Terms & Conditions. Guarantee for every contribution shall be applicable only after one year from the date of that contribution and the Guaranteed Benefit in respect of that contribution is return of contribution net of past benefit payments, if any.

Eligibility

Age criteria
Group: Employer Employee groups
Group size: Min: 10 employees | Max: No Limit
[/B]Age criteria:[/B] Entry age (Last birthday): Min: 18 years | Max: As per scheme rules, subject to maximum of 74 years, Max Maturity age (Last birthday): As per scheme rules, subject to maximum of 75 years

Policy Term
1 yr (Yearly renewable)

Sum Assured
Rs. 1,000 (fixed)

Contribution/Premium
Minimum: Rs. 2,00,000 at inception | Maximum: No limit

Contribution Frequency
Yearly, Half-yearly, Quarterly, Monthly or as a lump sum at periodic intervals as agreed with Kotak Life Insurance, depending on the scheme requirements under AS 15 (Revised)