LIC Premium and Maturity Calculator

Kotak Credit Term Group Plan and Policy

Kotak Credit Term Group Plan and Policy - The Kotak Credit Term Group Plan is a group life insurance plan aimed at credit institutions such as banks, retail financing companies etc. to cover groups of borrowers so that institutions can offset the risk of default in the unfortunate case of a borrower’s death. The plan will also help the borrower’s family by relieving them of the financial burden of a loan. This is a cost effective plan that will help lenders to competitively price their products on the back of greater financial security. The medical examination norms are relaxed in some cases while the non-medical cover limit varies as per the loan tenure, age of borrower and loan type. The plan is offered by Kotak Life Insurance.

Eligibility - Kotak Credit Term Group Plan

Entry Age

  • Minimum – 18 years
  • Maximum – 64 Years

Maturity Age

Maximum – 65 years

Sum Assured

  • Minimum – Up to original value of loan
  • Maximum – No limits (as per t&c of group insurance plan)

Key Features - Kotak Credit Term Group Plan

Type

Group term insurance

Coverage

Death Benefit – In the unfortunate event of death during the policy term, the member shall receive Sum Assured equal to the outstanding loan amount (or original loan amount).

Basis

Group

Premium paying term

1 year (renewable annually)

Premium paying modal factor

Yearly – 100%

Monthly – 8.5%

Premium payment frequency

Yearly and Monthly

Renewability

  • Premium to be paid within 7 days of due date
  • Plan can be renewed within 31 days of first unpaid premium
  • Interest shall be applicable on overdue premiums

Loans

NA

Policy termination

Policy will terminate at the earliest of:

  • Full loan repayment date
  • Borrower attains maturity age as per policy contract
  • Loan expiry date
  • Contract termination date as per loan contract
  • Premium stopping date of member

Free Look Period

15 days free look period is offered wherein a policyholder may return the policy if he/she is not agreeable to terms and conditions of the plan. Refund of premium will be processed after adjustments for stamp duty, medical examination and proportionate risk premium for period covered.

Advantages - Kotak Credit Term Group Plan

Tax Benefits

Tax benefits are available under Section 80C (tax deduction for borrowers) and Section 10 (10D) (tax free benefits for borrowers) of the Income Tax Act, 1961. The credit institution may also be eligible for tax deductions as premium paid could be considered as business expenses. Service tax shall be applicable over and above premium paid. You should consult your tax advisor for more details.

Riders

Information unavailabl

Benefits - Kotak Credit Term Group Plan

For borrowers

  • Low cost product as group cover allows for pooling of risk
  • Convenient and hassle free documentation
  • Relaxed medical exam norms in some cases
  • Life cover available 24/7 around the world

For credit institutions

  • Removes risk of default in unfortunate case of borrower’s death
  • Competitive pricing of credit products
  • Cost effective due to group pricing as well as premium recovery from the customer
  • Hassle free administrative procedure

Services

  • Dedicated customer relationship manager
  • Comprehensive support from centralized Group Operations Team
  • Centralized customer support

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