Kotak Gratuity Group Plan

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
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
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
This plan offers 7 fund options to choose from suiting your risk appetite and investment objective.

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
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

Policy Term
1 year (Yearly renewable)

Sum Assured
Minimum: Rs. 5,000
Maximum: As defined in the scheme rule, subject to the underwriting policy of the insurer.