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Kotak Secure Return Superannuation Plan

Catering to the needs of employees of the Central and State government, PSUs, Trustees, etc., who are looking to invest in a retirement plan, Kotak Life Insurance has launched the Kotak Secure Return Superannuation Plan. This non-participating group insurance product offers customers with benefit solutions - keeping the goal of a retirement corpus as the main priority. For individuals, the minimum investment for the year towards the Kotak Secure Return Superannuation Plan is Rs.2,000 and a guaranteed floor rate of 2% is added to the outstanding balance annually.

Eligibility – Who is the Kotak Secure Return Superannuation Plan for?

To be eligible for the Kotak Secure Return Superannuation Plan, customers need to meet certain eligibility criteria.

Parameter Details
Entry Age Minimum: 18 years Maximum: 74 years
Maturity Age Maximum: 75 years
Term 1 year (renewable)
Contribution Min: Rs.2,000 per individual (Defined contribution) Min: Rs.15 lakh per group (Defined benefit) No Maximum contribution

Sum Assured and Premium Range – What you get and what it costs?

Sum Assured: The sum assured depends on the annual contribution of the policyholder. An additional floor rate of 2% is added to the contribution annually.

Premium: The minimum contribution that policyholders have to make is Rs.2,000 annually. There is no limit to how much a policyholder can contribute. The premium can be paid annually, half-yearly, quarterly or monthly - as per the wishes of the policyholder.

Plan Coverage – What the Kotak Secure Return Superannuation Plan covers?

Offering a benefit solution with regard to retirement, the Kotak Secure Return Superannuation Plan also covers death benefits and maturity benefits.

Benefit option Features of the coverage
Death benefit In case of untimely death of the policyholder, the nominee has two options:
  • To make a complete withdrawal of the balance amount in the retirement corpus.
  • To partly or completely invest the death benefit balance in an annuity plan (fixed income).
Maturity benefit
  • At the point of maturity, the policyholder can extend the policy - subject to the Income Tax laws.
  • The policyholder can even use the maturity benefit to invest in an annuity plan.
  • He/she can also use the maturity benefit to buy another pension plan.

Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

The Kotak Secure Return Superannuation Plan comes with a number of key features, they are listed below:

Renewal Since the Kotak Secure Return Superannuation Plan is offered for a term of 1 year only, policyholders can renew the plan at the end of each term.
Free-look period Policyholders are granted a free-look period for a span of 15 days from the commencement of the policy. If the individual does not agree to the terms and conditions of the plan, he/she can return the policy and a refund of the contribution will be made.
Exit/Surrender If the policyholder decides to exit the plan, he/she has two options:
  • Transfer the residual amount to another superannuation plan.
  • Use the residual balance to structure an annuity plan.
  • He/she can also use the residual fund to purchase another pension plan.
Nomination A policyholder can make a nomination as per Section 39 of the Insurance Act, 1938.

Tax Benefits – How you can save with the Kotak Secure Return Superannuation Plan?

In accordance with the Income Tax Act 1961, policyholders of the Kotak Secure Return Superannuation Plan can avail tax benefits under:

  • Section 80C of the Income Tax Act, 1961, for the pension contribution made towards the scheme.
  • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from maturity and death benefits.

Other Benefits – How you can save with the Kotak Secure Return Superannuation Plan?

Availing a plan from Kotak Life Insurance comes with a number of benefits.

  • Customers can utilize the Kotak Life Insurance guide on their website - which will guide customers through all the insurance products on offer, helping them determine the right insurance product for them.
  • The Kotak Life Insurance advisor will address the doubts, requests and grievances of customers and give them life-saving beneficial solutions to their problems.
  • Customers can make contributions through different payment channels - credit cards, net banking account, debit card, e-wallets, etc.

Why you should buy the Kotak Secure Return Superannuation Plan from Kotak Life Insurance Limited?

Kotak Life Insurance Limited was formed following a joint venture between Old Mutual (South African insurance and Investment Company) and Kotak Mahindra Group. Founded in 2001, the company already has more than 15 million customers and has its presence in over 160 countries across the world. Kotak Life insurance offers its customers with a plethora of insurance products to choose from, including child insurance, retirement insurance and annuity plans, and various other protection plans. Now one of the leading insurance companies in the country, Kotak Life Insurance has a diverse portfolio and caters to the needs of its million customers through its dedicated customer service team that functions round-the-clock to bring satisfaction to each and every of their customers.

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