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    Kotak Superannuation Group Plan - II

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    When you think of reputable insurance providers in India, Kotak Mahindra Old Mutual Life Insurance Ltd. is one of the names that will pop up in your mind. Kotak Mahindra Old Mutual Life Insurance Ltd. is a leading insurance provider in India who are known for offering customised and innovative insurance products. Kotak Mahindra Old Mutual Life Insurance Ltd. was formed as a joint venture between Kotak Mahindra Bank Ltd. and Old Mutual plc. The company has more than 4 million customers and is one of the fast growing insurers in India. From mutual funds and life insurance to stock broking and investment banking, Kotak Mahindra offers it all. Their insurance products are designed to offer protection for individuals, groups, and family.

    Kotak Mahindra Old Mutual Life Insurance Ltd. specially designs insurance products to different sectors in the society. Many employees in this country do not systematically save for their retirement in this country. Employees these days do not have long-term financial goals as the cost of living is high and all their earnings are spent to merely survive the month. Savings is a luxury for employees in this generation. To help employees save for their retired life, Kotak Mahindra Old Mutual Life Insurance Ltd. has introduced a new unit linked superannuation insurance plan called Kotak Superannuation Group Plan- II.

    Kotak Superannuation Group Plan- II targets employers across the country and motivates them to help their employees in their retirement planning process. The employers in return earn goodwill, increase the employee’s morale, and will be able to retain their employees. The plan comes with two options which are.

    Defined Benefit Scheme: Under this plan, the employers provide employees with a certain retirement benefit which will be calculated based on the employee’s salary and experience. These plans will primarily be funded by the employer.

    Defined Contribution Scheme: Under this scheme, both the employer and the employee can contribute towards their retirement fund. The percentage of the contribution will be defined in terms of the percentage of the employee’s salary.

    Eligibility – Who is the Kotak Superannuation Group Plan- II for?

    The Kotak Superannuation Group Plan- II is for all employers who wish to make their organisation a better place for their employees. To be eligible for this plan, certain criteria set out by the insurer must be met. The eligibility criteria for The Kotak Superannuation Group Plan- II is given below:

    Parameter Details
    Plan Type Unit linked group insurance plan
    Minimum Group Size 10
    Maximum Group Size No limit
    Minimum Entry Age 18 years or as specified in the trust rules, whichever is higher
    Maximum Entry Age 74 years or one year before normal retirement as specified in the trust rules, whichever is lower
    Minimum Age at Maturity No limit
    Maximum Age at Maturity 75 years or normal retirement as specified in the trust rules, whichever is lower
    Policy Term 1 year (renewable indefinitely)

    Contributions – What you get and what it costs?

    Like many other term insurance policies, Kotak Superannuation Group Plan- II does not have a fixed sum assured amount that will be paid upon retirement. When purchasing the Kotak Superannuation Group Plan- II, the master policyholder can choose from two options, namely death benefit scheme and defined contribution scheme. If the policyholder chooses death benefit scheme, a specific retirement benefit will be provided by the employer based on the salary and experience of the employee. If the insured chooses defined contribution scheme, both the employees and employers will contribute towards fund accumulation. When the policyholder retires, the total fund accumulated till the date of retirement plus accrued interest, if any will be payable.

    Parameter Details
    Contribution – Defined benefit The minimum contribution is Rs.2,00,000 at inception. There is no maximum limit on contributions under defined benefit.
    Contribution – Defined contribution The minimum defined contribution is Rs.6,000 per member, per year. There is no maximum limit on defined contribution.
    Premium Payment Option One year renewable

    Please note that premiums vary based on age, location, plan term and other factors

    Plan Coverage – What the Kotak Superannuation Group Plan- II Covers?

    Kotak Superannuation Group Plan- II has many benefits. If you are an employer, you will enjoy the below benefits:

    • Any amount received by the trustees on behalf of an approved superannuation fund is exempt from taxes under sec 10(25) (iii) of the Income Tax Act, 1961.
    • The amount of deduction available on ordinary annual contribution to an approved superannuation fund shall not exceed 27% of the employee's annual basic salary for each year of his service under section 36 (1)(iv) of the Income Tax Act, 1961.

    If you are an employee, you will enjoy the below benefits:

    • You will qualify for tax deduction under section 80C of the Income Tax Act, 1961.
    • In the event of the death of the policyholder, the benefit that is paid out to the nominees shall be exempt from tax under section 10(13) of the Income Tax Act, 1961.
    • The benefit that is payable upon retirement shall be tax-free.
    • If you switch jobs, you will have an option to transfer your superannuation funds to your new employer.
    Assured Benefit For defined benefit schemes, the assured benefit payable on complete surrender shall not be less than 100.1% of the total contribution paid minus the total of withdrawals already made from the account. The assured benefit for defined contribution schemes shall not be less than 100.1% of the total contributions paid.
    Assured benefit on death or retirement For defined benefit schemes members: The assured benefit payable on death or retirement is the amount that is communicated by the employer according to the scheme rules. For defined contribution schemes: The assured benefit payable on death or retirement of a member under this schemes will be the fund value, which is the number of units in the member’s retirement account multiplied by the unit price.
    Maturity Benefit The Kotak Superannuation Group Plan- II also offers maturity benefit. If the policyholder survives till the end of the policy term, maturity benefit will be paid. The maturity benefit paid under the Kotak Superannuation Group Plan- II is the sum assured amount, accrued reversionary bonus, if any, and terminal bonus, if any.
    Termination or Resignation Benefit Both defined benefit schemes and defined contributions schemes offer termination or resignation benefit. The benefit amount will be in accordance with the superannuation fund rules.

    Riders/Add-On Plans – Additional Coverage under the Kotak Superannuation Group Plan- II:

    Policyholders who are looking for additional protection can attach add-on plans. These add-on plans offer extra protection which is not included in the base plan. Generally, Kotak Mahindra Old Mutual Life Insurance Ltd. offers riders like Term Benefit Rider, Accidental Death Benefit Rider, Permanent Disability Benefit Rider, Critical Illness Benefit Rider, Life Guardian Benefit Rider, and Accidental Disability Guardian Benefit Rider. Please contact your insurer if you are looking for a complete list of riders you can attach to the Kotak Superannuation Group Plan- II.

    Other Key Features of Kotak Superannuation Group Plan- II:

    Following are some of the other key features of the Kotak Superannuation Group Plan- II:

    Monthly Regular Additions Under the Kotak Superannuation Group Plan- II, policyholders are eligible to receive monthly regular additions. Monthly regular additions are expressed in terms of units and will be added to the unit fund at the end of each month. The percentage that will be added depends on the size of the fund, usually, it ranges from 0.05% p.a to 0.30% p.a. The monthly regular additions will be credited at the beginning of the calendar month.
    Investment Funds To help policyholders achieve good investment performance, Kotak Life Insurance has specially designed Group Secure Capital Fund. Under the Group Secure Capital Fund, 0-40% of the funds accumulated by the policyholder in the account will be invested in short-term investments, 0-75% of the funds accumulated will be invested in government guaranteed securities, and 25-100% of the funds accumulated will be invested in other debt securities.
    Annuity Options At vesting, policyholders can choose from any one of the annuity options offered by the insurance company at the then prevailing annuity rates:
    • Lifetime annuity
    • Lifetime annuity with cash-back
    • Lifetime annuity with term guarantee of 5/10/15/20 years
    • Last survivor Lifetime Annuity
    Surrender Value The master policyholder can surrender the policy by giving three months’ prior notice in writing to the insurer. At the end of the notice period, the insurer will pay the current value of units as on the date of surrender, subject to surrender charges.
    Free Look Period Customers who purchase this policy have the option to return it within 15 days if they are not satisfied with the terms and conditions of the same.
    Charges Under Kotak Superannuation Group Plan- II
    • Premium allocation charges
    • Administrative charges
    • Fund management charges
    • Surrender charges
    • Switching charges

    Exclusions – What is excluded from the Kotak Superannuation Group Plan- II?

    There are no exclusions under the Kotak Superannuation Group Plan- II.

    Suicide exclusion: There is no suicide exclusion under the Kotak Superannuation Group Plan- II. The benefit will be payable on the death of the policyholder, irrespective of the nature of death.

    Tax Benefits – How you can save with the Kotak Superannuation Group Plan- II?

    Policyholders who have purchased the Kotak Superannuation Group Plan- II will enjoy tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961.

    Why You Should Choose the Kotak Superannuation Group Plan- II?

    You should choose Kotak Mahindra Old Mutual Life Insurance Ltd. as they are one of the leading insurance providers in India. They have a variety of insurance products at affordable prices to choose from. The company caters to more than millions of people across the country. They have over 232 branches in around 167 cities and towns in India. Currently, the company has more than 32 listed products which include 9 group products, 10 ULIPs, and 18 rider options.

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