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Not so good offer....you can do one thing ...put papers on this offer and try to have better offer on the basis of immediate joiner
Depends on your tech stack. Because for your yoe you are getting a good salary. But if you have exceptional skills, then definitely you can jump higher.
It's not a great offer, in terms of hike but great in terms of your YoE, but definitely do put in your papers. 4 years is good enough for a firm. Keep looking for better offers in your NP. Cognizant might also try to retain by matching the offer, so that is also a a possibility
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