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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

  • 15 days from the date of purchasing the insurance plan

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 Saving and Investment Plans
Kotak Invest Maxima
Kotak Single Invest Advantage
Kotak Wealth
Kotak Gramin Bima
Kotak Sampoorn Bima Micro-Insurance Plan
Kotak Single Invest Plus
Kotak Premier Life
Kotak Classic Endowment
Kotak Premier Endowment
Kotak Assured Income
Kotak Assured Savings
Kotak Assured Income Accelerator
Kotak Premier Moneyback
Kotak Platinum
Kotak Ace Investment
Kotak Premier Income
Kotak Guaranteed Savings
Kotak Retirement Plans
Kotak Lifetime Income Plan
Kotak Premier Pension Plan
Kotak Child Life Insurance Plans
Kotak Headstart Child Assure

Kotak Group Insurance Plans
Kotak Group Insurance Plans
Kotak Gratuity Group Plan
Kotak Gratuity Plus Group Plan
Kotak Secure Return Employee Benefit Plan
Kotak Leave Encashment Group Plan
Kotak Secure Return Superannuation Plan
Kotak Superannuation Group Plan – II
Kotak Term Group Plan
Kotak Credit Term Group Plan
Kotak Group Secure
Kotak Group Secure One
Kotak Raksha Group Micro Insurance Plan
Kotak Group Assure
Kotak Group Shield
Kotak Complete Cover Group Plan