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Kotak Term Group Plan and Policy

Kotak Term Group Plan and Policy - Success, more often than not is a result of teamwork, with organizations striving to build better teams that can overcome hurdles together. Kotak Term Group Plan is an insurance cover designed to protect the whole team, which includes not just employees of a particular organisation but also their families. The feeling of knowing that one is looked after is a huge boost to the confidence and workmanship of an individual employee, helping him/her strive harder to achieve greater heights, and this is what Kotak Term Group Plan aims to achieve.

Eligibility - Kotak Term Group Plan and Policy

Entry Age of member

Minimum – 18 years

Maximum – 74 years

Group Size (No of members)

Minimum – 50

Maximum – No upper limit

Basic Sum Assured (per member)

Minimum – Rs 1,000

Maximum – No upper limit

Key Features - Kotak Term Group Plan and Policy

Type

Pure Term Group Insurance Plan

Coverage

Death benefit – Beneficiaries get a lump sum benefit in the event of any untoward incident.

Spouse Cover – An employee's spouse can also be covered for an additional premium payment.

Basis

Group Plan

Premium paying term

1 year

Premium paying modes

Monthly, quarterly, half-yearly or annual

Premium modal factor

Premium Mode

Premium Modal Factor

Annual

100.00%

Half yearly

51.00%

Quarterly

26.00%

Monthly

8.75%

Revival

Lapsed policies can be revived within 6 months of due date without any proof of good health.

A medical check up might be required for lapsed policies after 6 months.

Free Look Period

A 15 day period is provided as free look period wherein a policyholder can return the policy if he/she does not agree with any terms and conditions of the plan.

Surrender

One can surrender the policy by giving a written intimation to Kotak Life Insurance stating the same.

Advantages - Kotak Term Group Plan and Policy

Tax Benefits

The premium amount paid by an organization gets tax benefits under the Income Tax Act of 1961.

Simple

The entire process has been simplified to reduce hassles and fast track applications.

Global Coverage

This plan offers worldwide insurance coverage.

Flexibility

An organization can choose from flexible payment modes, depending on their financial standing.

Customization

Policyholders can choose to customise their policies with additional riders.

How The Plan Works - Kotak Term Group Plan and Policy

Kotak Term Group Plan is designed for organizations looking to protect their employees and their families from untoward incidences. Administrators of said organization can cover all their employees (minimum 50) for a period of 1 year by paying the premium amount. Additional riders can be availed to enhance the protection, albeit at an extra premium.

Premium Payment - Kotak Term Group Plan and Policy

This plan of Kotak Life is for a period of one year and one can opt for a monthly, quarterly, half-yearly or annual mode of payment.

Riders - Kotak Term Group Plan and Policy

Kotak Term Group Plan comes with a host of additional riders which one can opt for by paying an additional premium. These riders are mentioned below.

  • Additional Death Benefit – In the event of accidental death of a member, his/her beneficiary will receive an additional lump sum benefit.
  • Accidental Disability Benefit – In the event of accidental disability, a member will receive a lump sum in addition to the basic sum assured.
  • Accidental Dismemberment Benefit – This rider offers a compensation in case of any injury which results in either a loss of limb, hearing or eyesight.
  • Accidental Death, Disability and Dismemberment Benefit – This rider offers protection against any of the three eventualities, that is death, disability and dismemberment.
  • Critical Illness Benefit – This covers 12 critical illnesses and will cease post payment for any of the mentioned illness.
  • Family Benefit – This offers protection to the spouse and children of a member.
  • Terminal Illness Benefit – This offers protection against a terminal illness.

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