Kotak Complete Cover Group Plan is a non-participating group insurance plan designed especially for the insurance requirement of a group of people from credit/lending institutions. This is a single-premium insurance that covers almost all types of loans.
Depending on the financial institution, the plan can be either mandatory or voluntary for the members to join. Since the plan protects the loan a borrower has taken, in event of the unfortunate demise of the borrower, his/her family members get respite from paying off the remainder of the loan. The credit institution is also safeguarded from facing a loss in such situations.
Any person between the age of 15 years and 73 years who has a taken a loan from a financial institution is eligible to get a Kotak Complete Cover Group Plan as a foil for that loan. The term of insurance is directly proportional to the terms of the loan and can extend up to 30 years, as most Indian loan terms tend to be a maximum of 30 years.
|Minimum Entry Age||15 years|
|Maximum Entry Age||73 years|
|Minimum Age at Maturity||None|
|Maximum Age at Maturity||75 years|
|Minimum Policy Term||2 years|
|Maximum Policy Term||30 years|
Sum Assured: The Sum Assured in Kotak Complete Cover Group Plan is usually the amount of the loan the borrower has taken from the credit/lending organization, which is still outstanding at the time of death of the borrower.
|Single Premium||Rs.5,000||No limit|
Premium Range: The premium range is again entirely dependent on the loan amount and the Sum Assured. Thus, the loan amount doesn’t have any upper limit. There is also only one premium payment term that is a single payment for the entire period of cover.
|Premium Payment Mode||Minimum||Maximum|
|Single Premium||Rs.5,000||No limit|
*Premiums vary based on age, location, plan term and other factors.
|Surrender Benefit||If the policyholder decides to surrender their policy, they will be eligible for a surrender value which will be equal to 75% of the single premium multiplied by the remaining cover term and the remaining cover amount.|
As this plan provides cover only for customers of financial institutions and does not cover life insurance in the traditional sense, hence, no riders are associated with this plan.
Suicide Exclusion: In case a group policy member commits suicide within a year of the commencement of the policy, 80% of the single premium paid will be paid to the nominee of the policy member.
|Discontinuance of policy||This policy can be terminated only when
|Free Look Period||If the master policyholder disagrees with the terms and conditions of the policy, he/she can return the policy back to the insurer within 15 days of receipt of the policy documentation. This interval is referred to as the free-look period. The policyholder is then liable to receive a refund of the premiums paid minus the charges borne by the insurer for stamp duty and other charges.|
Let us discuss some of the other advantages of choosing the Kotak Complete Cover Group:
Kotak Mahindra Old Mutual Life Insurance Ltd., a collaboration between Kotak Mahindra Bank Ltd. and Old Mutual Plc. is a leading insurance provider in India. The partner companies in the joint venture have a large amount of global expertise and local experience in the banking and financial services domain.
The life insurance company offers a bouquet of insurance products for the varied needs of customers of different age and income groups. Kotak Life Insurance has a competitive turnaround time for claim settlement and issue resolution as they lay a lot of focus on customer satisfaction. The company has been delivering competitively priced insurance solutions and quality services to customers across the country for several years.
You should go for the Kotak Complete Cover Group Plan if you are looking for an authentic loan protection plan. This plan will keep your dependents free from the burden of paying off your loans even if something ill-fated happens to you. You can buy this plan quickly without any trouble. This plan comes with a removal of premiums when you go through total or permanent disability and the plan will continue as usual.
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