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Kotak Group Secure Plan and Policy

Kotak Group Secure Plan and Policy - It is an insurance plan which is specially made to meet the needs of the group clients such as non-employer employee homogenous group. It covers death irrespective of what factor or reason caused it. The best thing about this plan is that it is a group plan and it provides financial protection to the member’s family. Apart from that, different premium payment options are also available for the members. This life insurance plan covers terminal illnesses also.

Eligibility - Kotak Group Secure Plan

Minimum Group Size 50 members
Minimum Entry Age 18 years
Maximum Entry Age 60 years
Maximum Cover Cease Age 65 years

Policy Terms - Kotak Group Secure Plan

Minimum Cover Term 2 years (Single Premium) 5 years (Regular Premium)
Maximum Cover Term 5 years (Single Premium) 5 years (Regular Premium)

Premium Payments - Kotak Group Secure Plan

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

Key Features - Kotak Group Secure Plan

Type of Plan
It is an insurance plan made to meet the needs of the group clients such as non-employer employee homogenous group.
Premium Payment options
The available premium payment options are Yearly, Half-Yearly, Quarterly and Monthly.
Financial Security to the Member’s Family
This kotak life insurance plan can be used by all the members in a group. It provides financial security to the member’s family.
Benefit Types
Two benefit types are available under this plan namely Easy Secure and Secure Plus.
Tax Benefit
Tax Benefit is available under this plan as per section 80C of the Income Tax Act,1961.
Grace Period
A grace period of 30 days has been provided for yearly, half-yearly and quarterly premium paying mode. A grace period of 15 days has been provided for monthly premium paying mode.
Surrender Benefit
Surrender Benefit is available under this plan.
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.
Free Look Period
A free look period of 15 days from the date of receipt of the policy is provided to the policyholder holder in case he/she wants to return the policy.

Payment Options - Kotak Group Secure Plan

kotak group secure policyholder can pay the premiums using the following options:

  • Yearly
  • Half – Yearly
  • Quarterly
  • Monthly intervals throughout the term of the policy

Advantages and Benefits - Kotak Group Secure Plan

The Kotak Group Secure provides the following key benefits:

Financial Security to the member’s family:

The best thing about this plan is that it is a group insurance plan which provides financial protection to the member’s family. Any kind of groups such as domestic workers associations, trade workers, government agencies etc can use this plan. If the insured member suddenly dies, the sum assured is paid to the nominee.

Benefit Types:

Kotak Group Secure plan provide two benefit types :

Easy Secure

If the insured member dies during the policy term, the sum assured is paid to the nominee.

Secure Plus

In case of the demise of the insured member, the sum assured is paid. Also, if the insured member is diagnosed with a terminal illness, the sum assured is paid to the member.

Surrender Benefit:

In case the main policyholder decides to surrender the policy, the members have the option of either continuing the life cover or discontinuing it.

If the member decides to discontinue with the life cover, then for single premium, the surrender value is equivalent to 60% x Single Premium x (Outstanding Cover Term/Cover Term). However, there is no surrender value for regular premium.

Tax Benefit:

Tax Benefit is available under this plan. Tax deduction on premium will happen according to section 80C of the Income Tax Act, 1961. On the other hand, the benefits received by the nominee is tax free as per section 10(10D) of the Income Tax Act, 1961.

Nomination and Assignment:

Nomination is allowed as per section 39 of the Insurance Act, 1938. Assignment is allowed as per section 38 of the Insurance Act, 1938.

Free Look Period:

If the Kotak Group Secure policyholder or the member is not satisfied with the plan, he/she can choose to return the policy during the free look period. A free look period of 15 days from the date of receipt of the policy is provided under this plan. They have to send the cancellation request 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