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.
To be eligible for the Kotak Secure Return Superannuation Plan, customers need to meet certain eligibility criteria.
|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: 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.
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:
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:
|Nomination||A policyholder can make a nomination as per Section 39 of the Insurance Act, 1938.|
In accordance with the Income Tax Act 1961, policyholders of the Kotak Secure Return Superannuation Plan can avail tax benefits under:
Availing a plan from Kotak Life Insurance comes with a number of benefits.
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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