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Kotak Group Secure One Plan and Policy

Kotak Group Secure One Plan and Policy - It is a an insurance plan which provides financial security to the family in case of Death or Terminal Illness. Depending on the needs of the member, two types of benefits are available under this life insurance plan namely Easy Secure and Secure Plus. Different premium modes are also available for the individual to choose from according to his/her convenience.

Eligibility - Kotak Group Secure One Plan

Minimum Group Size 50 members
Minimum Entry Age 18 years
Maximum Entry Age 64 years
Maximum Cover Cease Age 65 years

Policy Terms for the Kotak Group Secure One Plan:

Cover Term 1 year (annually renewable)

Premium Payments - Kotak Group Secure One Plan

Minimum Sum Assured
Rs.5,000
Maximum Sum Assured
As per Board Approved Underwriting Policy
Minimum Premium
Premium corresponding to the Minimum Sum Assured
Maximum Premium
Not Applicable
Premium Payment Mode
Yearly, Half-Yearly, Quarterly, Monthly
Modal Factors
100% (Yearly) 51% (Half-Yearly) 26% (Quarterly) 8.5% (Monthly)

Key Features - Kotak Group Secure One Plan

Type of Plan
It is an insurance plan for the group which provides financial security to the family in case of Death or Terminal Illness.
Premium Payment options
The available premium options are Yearly, Half-Yearly, Quarterly and Monthly.
Financial Security to the member’s family
Kotak Group Secure One plan can be used by various groups as it provides financial security to the member’s family. In case of death of the insured member, the amount will be paid to the nominee.
Protection of a targeted savings account
Depositors can also use this plan.
Tax Benefit
Tax Benefit is available under this plan.
Grace Period
A grace period of 30 days is available for half-yearly and quarterly mode. A grace period of 15 days is available for the monthly mode.
Surrender Benefit
Surrender Benefit is available under this plan.
Revival
The lapsed policy can be revived within 6 months from the due date of the first unpaid premium. This option is applicable only for half-yearly, quarterly and monthly premium paying mode.
Free Look Period
This kotak life insurance policyholder can choose to return the policy within 15 days from the date of the receipt of the policy.
Nomination
Nomination is allowed as per Section 39 of the Insurance Act, 1938.
Assignment
Assignment is allowed as per Section 38 of the Insurance Act, 1938.

Payment Options - Kotak Group Secure One Plan

The policyholder can pay the premiums using the following modes:

  • Yearly
  • Half – Yearly
  • Quarterly
  • Monthly

Advantages and Benefits - Kotak Group Secure One Plan

The Kotak Group Secure One Plan provides the following key benefits :

Financial Security to the family:

It is an insurance plan specifically designed for a group. It provides financial security to the member’s family. Many groups such as Self-help groups, NGOs and several professional groups can use this plan. In case the insured member suddenly dies, the Sum Assured is paid to the nominee.

Targeted Savings Amount Protection:

The best thing about this plan is that even the depositors can use this policy. In case of unfortunate death of the insured member, the Sum Assured is paid to the nominee.

Easy Secure:

This benefit is applicable only in case where the insured member suddenly dies. In such cases, the Sum Assured is paid.

Secure Plus:

As per this plan, the sum assured is paid in case of unfortunate death of the insured member. Also, if the insured member is diagnosed with a terminal illness, the sum assured is paid to the member.

Tax Benefit:

Tax Benefit is available under this plan as per the Income Tax Laws.

Surrender Benefit:

Surrender Benefit is available under this plan. When the surrender happens within the free look period, the free look cancellation amount has to be paid. On the other hand, there is no surrender value for post free look period.

Nomination and Assignment:

Nomination is allowed under this plan as per Section 39 of the Insurance Act, 1938. Assignment is also allowed under this plan as per Section 38 of the Insurance Act, 1938.

Free Look Period:

In case the policyholder is not happy with the policy, he/she can choose to return the policy within 15 days from the date of receipt of the policy. The person will also have to state the reasons for cancellation. The cancellation request has to be sent to the nearest branch of the insurer or to the insurer’s head office.

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