Kotak Credit Term Group Plan is an annually renewable non-participating plan offered to the borrowers on their outstanding loan amount. This facility is provided only to financial lending institutions such as banks, NBFCs, and other retail finance providers. Here the life assured is the borrower and the lending institution is the beneficiary. In the event of untimely death of the borrower, Kotak Life Insurance will repay the loan amount relieving the guarantor or family members from the responsibility of loan repayment.
To be eligible for the Kotak Credit Term Group Plan, the applicant has to meet certain criteria. Refer to the below table for the same:
|Minimum Entry Age||18 years|
|Maximum Entry Age||64 years or a lesser age decided by the financial lending institution|
|Policy Term||1 year|
|Maximum Maturity Age||65 years or a lesser age decided by the financial lending institution|
The policy pays out a fixed sum on death of the policyholder which will not exceed the amount offered as loan by the lending institution. The details of the sum assured and modes of payment are given below:
|Minimum Basic Sum Assured||The protection cover will not exceed the original value of the loan amount|
|Maximum Basic Sum Assured||No limits on Maximum Basic Sum Assured|
|Premium Payment Mode||Monthly and Yearly|
|Premium Modal Factor||100% for yearly payment mode 8.5% for monthly payment mode|
|Extent of cover||It’s available 24 x 7 anywhere in the world|
Suicide Exclusion - In the event of suicide of the life assured within one year from the start of the policy, none of the benefits shall be paid.
The salient features of the Kotak Credit Term Group Plan are described below:
|Free Look Period||If the policyholder disagrees with any of the terms and conditions of the plan, he/she can cancel the policy within 15 days of signing the policy contract. This interval is referred to as the free-look period.|
|Service Tax and Cess||Service Tax and Cess will be deducted as per the existing tax laws. The charges may vary from time to time depending on the changes brought by government.|
|Policy Lapse and Revival||
|Termination of Policy Cover||The policy cover will automatically terminate on the earliest of:
However, tax rules are liable to change in the future. So, it is advisable to consult a tax advisor before investing in the policy.
You can view the details of your Kotak Credit Term Group Plan through the online customer portal of Kotak Life Insurance. The website also allows you to renew the policy by paying premiums online. Payments can be made through the following channels:
|Debit Cards||MasterCard, Visa, Maestro, and RuPay cards are accepted|
|Credit Cards||MasterCard, Visa, Maestro, American Express, and Diners Club cards are accepted|
|Bill Junction||You can register at Bill Junction and authorise your premium payments online|
|Net Banking||You can use the Net Banking facility to make premium payments online|
|e-Wallets||Premiums can be paid through e-Wallets as well|
|Other modes||NEFT, ECS, Kotak Mahindra Bank ATM, Drop Boxes, Money Order, Branch Offices, and other immediate mobile payment services|
In addition to the above, you can initiate an online chat with a customer care representative to get clarifications to queries and for resolution of issues. The insurer also offers the SMS Support facility using which you can request for a callback from the customer service team. Alternatively, you can request for a callback through the Kotak website.
Kotak Mahindra Life Insurance is a joint venture between Kotak Mahindra Bank Ltd., its affiliates and the international investment and banking group Old Mutual plc. Kotak Life Insurance is one of the leading insurance companies in India selling a wide range of insurance plans. The company is known for its competitively priced insurance products and easy claim settlement process. Here are some of the strengths of Kotak Mahindra Life Insurance:
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