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Kotak Group Assure Plan and Policy

Kotak Group Assure Plan and Policy - Kotak Group Assure plan is a life insurance policy offered by Kotak Bank. The plan offers cover for the family of the insured in case of the demise of the insured individual. It also offers cover against illness and disability along with protects credit institutions from non payment of loans due to death. It acts as a group credit insurance policy.The plan has different options that cater to different needs of the customers. Listed below are the four options offered by the bank.

  1. Easy group assure
  2. Group assure
  3. Group assure plus disability benefit
  4. Group assure plus critical illness benefit

Eligibility - Kotak Group Assure

Eligibility

  • Easy group assure
  • Group assure
  • Group assure plus disability benefit
  • Group assure plus critical illness benefit

Minimum cover term

2 years for single premium and 5 years for regular premium

2 years for single premium and 5 years for regular premium

Maximum cover term

5 years for single premium and 30 years for regular premium

5 years for single premium and 30 years for regular premium

Minimum entry age

15 years

18 years

Maximum entry age

73 years for single premium

70 years for regular premium

63 years for single premium

60 years for regular premium

Maximum cover cease

Maximum 75 years

Maximum 65 years

Minimum sum assured

Rs.25,000 for Easy Group Assure

Rs.25,000 for Group Assure

Rs.25,000 for Group assure plus disability benefit

Rs.1,00,000 for group assure plus critical illness benefit

Maximum sum assured

No limit for both the options

No limit for both the options

Key Features - Kotak Group Assure

Type

Group credit insurance policy

Coverage

The plan offers comprehensive coverage which not only offers cover in case of death of the insured but also offers cover in other unfortunate incidents such as:

  • Disability
  • Critical illness
  • Terminal illness

Other covers

The plan offers protection against loan liability. The plan provides cover of sum that is equal to the outstanding balance of the loan amount. The amount is paid to the nominee of the insured.

Premium payment term

Single premium or regular term

Free look period

A free look period of 15 days is offered on the plan

Surrender benefit

Surrender value should be paid in case the loan is cancelled from inception or when the insured voluntarily transfers the insurance cover.

Benefits/Advantages - Kotak Group Assure

Death benefit

The plan offers death benefit in case of the death of the insured. The death benefit will be paid to the nominee or heir nominated by the insured at the time of the inception of the policy.

Surrender benefit

Surrender value should be paid in two cases. Firstly, when the loan is cancelled from inception and when the insured voluntarily transfers the insurance cover.

Protection against loan benefit

Protection is offered against loan liability.

Tax benefits

The premium paid by the customer is eligible for tax deductions under section 80C of the Income Tax Act.

Advantages - Kotak Group Assure

  • There are different plan options to choose from
  • Simple procedure
  • Minimal documentation
  • Comprehensive coverage with additional benefits
  • Financial security to the insured’s family
  • Hassle free signing up process

How does the Kotak Group Assure Plan Work? - Kotak Group Assure

The applicant who applies for the Kotak Group Assure plan will have four options to choose from. They can choose an option that caters to their needs better. The insured should nominate a nominee at the time of inception of the policy. The insured can choose to make a single payment premium or make regular premiums depending on their financial capability.

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