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Kotak Complete Cover Group Plan

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.

Eligibility - Who is the Kotak Complete Cover Group Plan for?

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.

Parameter Details
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 and Premium Range - What you get and what it costs?

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.

Type Minimum Maximum
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.

Plan Coverage - What the Kotak Complete Cover Group Plan covers?

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.

Riders - Additional coverage under the Kotak Complete Cover Group Plan:

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.

Exclusions - What the Kotak Complete Cover Group Plan doesn’t cover?

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.

Other Key Features of Kotak Complete Cover Group Plan:

Discontinuance of policy This policy can be terminated only when
  • The entire loan amount is paid off, be it by the end of the loan term or foreclosure.
  • The borrower decides to move his/her loan to another financial institution.
In both these cases, the borrower must surrender their policy voluntarily. Otherwise the policy will continue to be in force till the end of the original contracted term.
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.

Tax Benefits – How you can save with Kotak Complete Cover Group Plan?

  • As per Indian tax laws, the premium paid by the financial institution is considered a business expense and might be tax deductible.
  • Any premium paid by the group member directly in the capacity of an individual might be eligible for tax deduction under Section 80C of the Income Tax Act, 1961.
  • Surrender benefits, if any, are free from tax deductions under Section 10(10 D) of the Income Tax Act, 1961.

Other Benefits – How you can save with Kotak Complete Cover Group Plan?

Let us discuss some of the other advantages of choosing the Kotak Complete Cover Group:

  • You can apply for this plan online simply by making a few clicks on the official website of Kotak Life Insurance.
  • All Kotak online plans can be taken with the assistance of KK, the e-advisor of Kotak.
  • You can always ask for a life advisor by just clicking one button on the Kotak website. You will be asked to fill a few mandatory details and then you can complete the buying process in no time.
  • You can get answers to all your queries regarding Kotak life insurance products by calling the toll free number at 1800 209 8800.

Why you should buy the Kotak Complete Cover Group Plan?

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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