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KCA announced a cash reward of Rs. 1.5 crore to the players and management.
Sachin Baby-led Kerala will also tour Jammu & Kashmir during IPL.
Karun had a spectacular domestic season, in which he scored nine centuries, including one in the Ranji Trophy final.
Kerala showed all the inexperience of a team playing its maiden Ranji Trophy final, while Vidarbha showed their class when it mattered.
Ranji Trophy final-debutants Kerala conceded a 37-run lead in the first innings against Vidarbha.
Sachin fell for 98 and Kerala's first innings folded for 342 in response to Vidarbha's 379.
Sarwate was batting on 66 with Kerala on 131/3 in response to Vidarbha's 379 on day two of the final.
The 19-year-old made a brilliant comeback from a potentially career-ending stress fracture on his back.
Kerala are playing the Ranji Trophy final for the first time, while Vidarbha have won the title twice.
Kerala take on mighty Vidarbha in the Ranji Trophy final in Nagpur starting February 26.
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