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  • Kotak Secure Return Superannuation Plan

    Kotak Life Insurance

    Overview

    This is a kotak life insurance plan designed to serve the needs of an employer be it a private employer, state government, central government, etc planning to fund group member's’ benefits under this scheme. This is employee benefit solution to manage the superannuation schemes in an efficient way.

    The Eligibility Conditions for This Plan Are:

    Particulars

    Minimum

    Maximum

    Entry Age

    18 years

    74 years

    Maturity Age

    75 years

     

    Contribution

    Defined benefit: Rs. 15, 00, 000

    Defined contribution Rs. 2, 000/ member

    No limit

    This policy is available for a minimum of 1 year and is renewable.

    The key highlights available in the Secure Return Superannuation

    1. Composite Employee Benefit Solution - this feature allows to cater to the superannuation scheme offered by employers. This scheme has Defined Benefit (DB) or Defined Contribution DC). The benefits in the event of death, retirement or termination of the members as per scheme rules will be payable of it’s members.
    2. Guaranteed Floor rate - there is a guaranteed minimum floor rate for policy term accumulating on the value of the account. The rate for this is a 2% per annum.
    3. This is a professionally managed fund, with very high levels of service.
    4. Interest rates are declared additionally at the start of every quarter.
    5. With an additional cost you can also opt for additional life cover.
    6. The renewal process of this policy is extremely easy, it is automated if there are sufficient premiums.
    7. This policy has a free-look period of 15 days from the receipt of the policy.

    The Advantages of This Secure Return Superannuation Plan:

    These benefits will be paid to a member of the group who will be entitled for Leave Encashment and Gratuity in case the member has died in during the tenure of his/her employment the benefit will be paid to his/her nominee or legal heir.

    For the employer:

    1. Any amount received by the professionally managed fund on behalf of the superannuation is exempt from tax under section 10(25)(iii) of the Income Tax Act 1961.
    2. Any deductions made from the ordinary contribution to the superannuation fund should not exceed 27% of the employee’s basic annual salary for every year of service as per the section 36 (1)(iv) of the Income Tax Act 1961.

    For the employee:

    1. If a employee makes a contribution towards the superannuation fund it will be available for tax deduction of up to Rs. 1, 00, 000, as per section 80C of the Income Tax Act, 1961.
    2. If an employee dies, the benefit will be paid to nominee, and this benefit will have an exempt from tax under section 10(13) as per the scheme rules of the employer's superannuation scheme.
    3. If an employee retires after years of service, the benefit will be paid as per the scheme rules defined by the employer and this benefit will also be exempt from tax.
    4. No contribution made by the employer up to Rs. 1, 00, 000 should not be included as a perquisite for the employee as per Sec 17(2)(vii)
    5. An employee can transfer his superannuation account to his/her new employer in the event of a job change, as per scheme rules of the superannuation fund if allowed.
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