• Kotak Secure Return Employee Benefit Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Overview

    Kotak Life Insurance has designed Kotak Secure Return Employee Benefit Plan to cater to the needs of employers, trusts, state government, central government or PSUs to fund a group member's benefit schemes. This product offers comprehensive employee benefit solution to manage the gratuity and leave encashment schemes in an efficient manner. It is a non-participating variable insurance group plan that offers competitive returns. It offers a guaranteed minimum floor rate of 2 percent per annum and a competitive additional interest rate is declared at the beginning of each quarter. It offers an additional protection to life at an additional cost and the renewal process is convenient and auto renewed provided that there are sufficient premiums available.

    Eligibility Conditions of Kotak Secure Return Employee Benefit Plan

    Particulars

    Minimum

    Maximum

    Entry Age

    18 years

    74 years

    Maximum maturity age

    -

    75 years

    Term

    1 year renewable

    -

    Contribution

    Rs.15 lakhs

    No limit.

    Key Features of Kotak Secure Return Employee Benefit Plan

    Type

    A group life insurance plan, group gratuity or leave encashment plan.

    Basis

    Group

    Coverage

    Insurance Benefit: If a member dies, the sum assured will be paid to the nominee as advised by the policyholder. The insurance cover is mandatory to gratuity and leave encashment schemes. These benefits are paid by the company.

    Guaranteed minimum floor rate of 2 percent per annum is paid to the entire policy term on the balance of the account value.

    Policy account

    Each policyholder will have separate policy account.

    Premium paying term

    1 year

    Premium paying frequency

    Monthly, quarterly, half-yearly or annually. The premium frequency can be as desired by the policyholder.

    Bonuses

    No bonus.

    Surrender Value

    The policy can be surrendered at any time provided you give one month’s written notice. The surrender value will be equal to policyholders account value that is adjusted for Market Value Adjuster.

    Loan

    Loan facilities are not available.

    Free look period

    Policyholder gets 15 days free look period from the date of receipt of the policy. If the policyholder wants to return the policy, the refund will be paid after adjusting for expenses for stamp duty.

    Grace period

    Not applicable.

    Advantages of Kotak Secure Return Employee Benefit Plan

    The advantages of the Kotak Secure Return Employee Benefit Plan are:

    • On death of a scheme member, the benefit is paid in accordance with the scheme rules and focus on a maximum of the policy account value. If the member has opted for life cover, he gets an additional benefit of Rs.1,000.
    • If the member exist this plan due to termination of service or on resignation or early retirement or due to natural death, the benefit is paid in accordance with the scheme rules bearing in mind the maximum policy account value.
    • The benefits are payable on normal retirement as per the scheme rules laid out by the employer.
    • On the accumulating balance of the account value, a guaranteed minimum floor rate of 2 percent per annum is paid for the entire policy term.
    • Competitive additional interest rates are professed at the beginning of every quarter.
    • The plan is auto renewed annually subject to availability of sufficient premiums.
    • Tax benefits change from time to time, so you need to consult with your tax advisor for further details.

    How The Plan Works

    The plan is taken by the employer and it has to paid for by the employer on behalf of the employee. The group members cannot contribute to the premiums directly. The additional life cover can be opted for your members at an additional cost. The benefits are paid on the date of retirement. If the member dies or is terminated, resigns, retires early, then the benefit is paid in accordance to the rules of the scheme, subject to a maximum of the policy account value.

    For instance, you contribute Rs.100,000,000 in the first year, subject to a mortality charge of Re.1 per Rs.1,000 sum assured, your account value will be:

    Year

    Annual Contribution (in Rs.)

    Investment Income (non-guaranteed)

     

    Account value at end of the year

     
       

    4% (in Rs.)

    8% (in Rs.)

    4% (in Rs.)

    8% (in Rs.)

    1

    40,000,000

    5,600,000

    11,200,000

    145,600,000

    151,200,000

    2

    42,400,000

    7,520,000

    15,488,000

    195,520,000

    209,088,000

    3

    44,944,000

    9,618,560

    20,322,560

    250,082,560

    274,354,560

    4

    47,640,640

    11,908,928

    25,759,616

    309,632,128

    347,754,816

    5

    50,499,078

    14,405,248

    31,860,312

    374,536,455

    430,114,206

    6

    43,529,023

    17,122,619

    38,691,458

    445,188,097

    522,334,687

    7

    56,740,764

    20,077,154

    46,326,036

    522,006,016

    625,401,488

    8

    60,145,210

    23,286,049

    54,843,736

    605,437,275

    740,390,434

    9

    63,753,923

    26,767,648

    64,331,549

    695,958,846

    868,475,906

    10

    67,579,158

    30,541,520

    74,884,405

    794,079,525

    1,010,939,469

    Premium Payment and Riders

    The premium is paid only once while purchasing this plan. It is usually auto renewed each year provided that there sufficient premiums are available.

    This plan also does not have riders.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Kotak Secure Return Employee Benefit Plan Reviews

  • Page 1 of 12 1 2 3 4 5
    • Kotak Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Kotak, it also offers accidental benefits , I pay a premium of 42000 per year. After certain interval they will be applying a bonus amount which is good. Overall I never had any issues with their services so far and I make premium payments online. .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance with Kotak Life from last 2 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in 3 months and i am convenient with the payment options. The maturity period for this policy is 10 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I am having the Life insurance policy with the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE company. I got this policy around 14years ago. This policy has the tenure of 20years. I pay the premium amount of Rs,2500 every year once. The plan benefits and the coverage is good with this policy and i am satisfied using it .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • Kotak Life Life Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've been using the life insurance policy from Kotak Mahindra . I pay a premium of 70000 per annum. The main objective of this policy is to save on taxes. I never had any issues with their services. Overall it has been a good experience.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 07, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Life Insurance service is good. I have one policy with Kotak Mahindra for the tenure period is for 15 years. The online portal is good with Kotak Mahindra Life Insurance service. The payments will be deducted through Ecs. It was a good experience with Kotak Mahindra Life Insurance service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Life Insurance service is good. I have one policy with Kotak Mahindra for the tenure period is for 15 years. The online portal is good with Kotak Mahindra Life Insurance service. The payments will be deducted through Ecs. It was a good experience with Kotak Mahindra Life Insurance service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a term insurance with Kotak Life since 2011, it is a long term policy with the tenure period of 25 years. I pay a premium of Rs 12000 every year through net banking and i am convenient with the payment options. I have a health coverage of Rs 35 lakhs and accidental coverage of Rs 50 lakhs in this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 18, 2018
    • Kotak Life Life Insurance
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I have a Life insurance policy taken from Kotak Life, I got very good plan benefits on this policy, the policy is for 16 years, and I have to pay only for 8 years and I receive the money after 8 years. I pay the premium on yearly basis, over all I am happy with the policy and satisfied with it.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 12, 2018
    • Kotak Life Life Insurance
      "Better policy to use"
      0.5 4.0/5 "Great!"
      I have got the Life insurance policy from the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE company around 3years. This policy has the tenure of 12years . I pay the premium amount of Rs,1,00,000 per annum. I pay the premium annually, I pay it through online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 05, 2018
    • Kotak Life Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I am using Kotak Mahindra for past 7 years. I have taken a endowment policy. I used to pay Rs.30,000 per annum as a premium. I got the insurance papers on time. The total tenure period is 7 years. After the maturity period I will get the sum assured value.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 13, 2018
    • Kotak Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life insurance with LIC.The premium amount is 18,000.The policy is taken eight years back.The sum assured is 1.05 lakhs.The policy is for 15 years.I don't have claim experience with them.The plan name are benefits.I make online payments.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 10, 2018
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.5/5 "Pretty good"
      Kotak Mahindra Life insurance service is good. The payments procedure was been online and also through cheques. The new schemes and offers are good. I have one policy with Kotak Mahindra. It is a average service from Kotak Mahindra Life insurance service.
      Was this review helpful? 0
      , namakkal
      Reviewed on Mar 05, 2018
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I got the LIFE INSURANCE policy from KOTAK LIFE around 2 years ago. The customer support service is good with the KOTAK LIFE, I pay the premium through ECS mode which is a easiest way to do pay the premium . I pay the premium of Rs,35000 annually. This policy has the tenure of 15years .
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 27, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the Kotak mahindra life insurance company. Customer service is good one for me with them and the coverage value is not aware by my end. Services are fine one with the Kotak mahindra insurance company.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 09, 2018
    • Kotak Life Life Insurance
      "Okay"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Kotak mahindra old mutual life insurance company. I would like to say that the customer service is okay one for me and the coverage value is not yet aware. Premium amount is nominal one for me with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Feb 02, 2018
    • Kotak Life Life Insurance
      "Good Life Insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a Child plan from them. I have been paying a premium of Rs.44000 annually for this scheme. When my child reaches the age of 8 and upto 15th year I will be getting Rs.44000 yearly as a return and also a good sum assured. This is a good investment I have made.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 23, 2018
    • Kotak Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had taken a life insurance from Kotak Mahindra life Insurance .I pay a minimum premium amount its debited from my salaried account once in year.I get a good policy policy coverage amount.The executives do respond on time without much delay.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • Kotak Life Life Insurance
      "Dis satisfactory"
      0.5 3.5/5 "Pretty good"
      Earlier I had taken a life insurance with Kotak. It was taken for a limited period of 3 years since I had a financial problem and have been forced to close this insurance. After completing the 3 years, I had submitted back and the total amount was not satisfactory.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 30, 2017
    • Kotak Life Life Insurance
      "Wonderful"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Kotak mahindra old mutual life insurance company. Coverage value is good one with the Kotak mahindra old mutual life insurance company. Everything is fine one with the Kotak mahindra old mutual life insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 30, 2017
    • Kotak Life Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with Kotak Mahindra Life.The premium amount is paid online or by an ECS.I get a policy coverage of 8-9 lakhs.I don't have a claim experience with them so far.I pay a premium amount of 62,000 per annum.The website is easy to understand and navigate.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 21, 2017
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