Kotak Complete Cover Group Plan and Policy
Kotak Complete Cover Group Plan and Policy - Kotak Complete Cover Group Plan is aimed at safeguarding the interest of borrowers as well as lenders in case of sudden unfortunate demise of the borrower. It provides life protection to a group of borrowers from a same credit institution, bank or retail finance company. The plan can expect all members to join or can be voluntary depending upon certain terms and conditions. The plan aims to relieve the borrower's family of the loan liability in case of death of the borrower and also aims to pay for the loss incurred by the lending entity as a result of the borrower's death.
Eligibility - Kotak Complete Cover Group Plan
Entry Age |
Minimum Entry Age is 15 years Maximum Entry Age for single premium plan is 73 years |
Age at which cover ceases |
75 years |
Key Features - Kotak Complete Cover Group Plan
Plan type |
Non-Participating single premium plan |
Plan basis |
Group |
Premium paying terms |
Single Premium |
Premium payment frequency |
Annually |
Free-look period |
|
Sum Assured |
Minimum Sum Assured – Rs.5000 per person Maximum Sum Assured – No Limit |
Coverage |
Sum assured can be chosen by the policyholder. If he/she wants the sum assured to be higher than the loan amount then he/she can include 3 more EMIs. Sum assured equal to 110% of loan outstanding amount can also be chosen by a policyholder. |
Surrender Benefit |
In case of pre-closure of loan by a borrower, the cover shall continue till the agreed term period unless otherwise mentioned. Also, in case of loan transfer from one bank to another too, the cover shall continue unless otherwise specified. |
Benefits/Advantages - Kotak Complete Cover Group Plan
Listed below are some of the most prominent benefits and advantages offered by Kotak Life Insurance Plan.
- Tax benefits: Premiums paid by any organization are subject to tax exemption under the Income Tax Act. Also, any premium contribution by individual policyholders is also subject to tax exemption under section 80C of the act.
- Simple and easy application process: Availing this group insurance scheme is a simple and hassle-free process.
- Pooling of risk: Since a number of people together avail this insurance policy, the risk is mitigated and the cover is offered at a lower cost than otherwise.
- Relaxed medical examination rules.
- International coverage: The cover through the Kotak Complete Cover Group Plan is offered 24X7 anywhere in the world.
- Protection against loan liability: Kotak Complete Cover Group Plan offers protection against any loan liability that your family might have to shoulder in case of your sudden demise.
How Does The Kotak Complete Cover Group Plan
Kotak Complete Cover Group plan is a group insurance scheme that functions on the principle of pooling risks and shouldering responsibilities in a group. The plan aims to safeguard the interest of loan borrowers as well as those of loan lenders by making then part of a group insurance scheme. In the unfortunate event of death of any loan borrower, the sum assured is paid in order to protect the borrower's family from any sort of loan liability after the borrower's demise. The plan also safeguards the interest of the lending entities like banks, NBFCs etc. by mitigating the loss incurred by them if any of their loan borrower defaults due to sudden death.
Riders/Add-on - Kotak Complete Cover Group Plan
Following are the riders that are available with the Kotak Complete Cover Group Plan in order to enhance protection and maximize returns.
Critical Illness Benefit - Kotak Complete Cover Group Plan
Portion of Sum Assured on maturity (maximum 50% of Sum Assured on maturity) payable on admission of a claim for critical illness, subject to terms and conditions, definitions and specific exclusions.
Kotak Group Life Insurance Plans and Policy |
|
| Group Gratuity/Leave Encashment | Kotak Gratuity Group Plan |
| Kotak Gratuity Plus Group Plan | |
| Kotak Secure Return Employee Benefit Plan | |
| Kotak Leave Encashment Group Plan | |
| Group Superannuation | Kotak Secure Return Superannuation Plan |
| Kotak Superannuation Group Plan – II | |
| Group Term | Kotak Term Group Plan |
| Kotak Credit Term Group Plan | |
| Kotak Group Secure | |
| Kotak Group Secure One | |
| Kotak Raksha Group Micro Insurance Plan | |
| Group Credit | Kotak Group Assure |
| Kotak Group Shield | |
| Kotak Complete Cover Group Plan | |
| Kotak Protection Plans |
|---|
| Kotak Saral Suraksha Protection Plan |
| Kotak Income Protection Plan |
| Kotak Term Protection Plan |
| Kotak Preferred Term Protection Plan |
| Kotak Retirement Plans |
|---|
| Kotak Lifetime Income Plan |
| Kotak Premier Pension Plan |
| Kotak Child Life Insurance Plans |
|---|
| Kotak Headstart Child Assure |