• Kotak Group Assure Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Kotak Group Assure is a plan that protects the family of the policyholder from running the risk of paying loans in a situation in which the life assured is no more. It also shields credit organisations from running the risk of non-payments of loans due to permanent disability, illness, and death. It also protects the assets and savings of the life assured in case of permanent disability, illness, and death. This plan provides complete security to the policyholders by giving them coverage against death, permanent disability, and terminal illness. It is a cover term plan with the option of moratorium period.

    Eligibility - Who is the Kotak Group Assure?

    To be eligible for the Kotak Group Assure, the applicant has to meet certain criteria. Refer to the below table for the same:

    Minimum Entry Age 18 years
    Maximum Entry Age A maximum age of 65 years
    Policy Term A maximum of 30 years
    Maximum Maturity Age 75 years

    Sum Assured and Premium Range - What you get and what it costs?

    This plan provides protection in case of the death of the policyholder, terminal illness, critical illness, and permanent disability. The details of the sum assured and modes of payment are given below:

    Minimum Basic Sum Assured
    • For Group Assure: Rs.25,000
    • For Easy Group Assure: Rs.5,000
    • For Group Assure Plus Critical Illnesses: Rs.100,000
    • For Group Assure Plus Disability Benefit: Rs.25,000
    Maximum Basic Sum Assured No Limit
    Premium Payment Mode Full Policy Term or Single Premium
    Premium Modal Factor 100% for yearly payment mode 8.5% for monthly payment mode
    Extent of cover Available everywhere

    Plan Coverage - What the Kotak Group Assure covers?

    • The plan takes care of the outstanding loan amount of the borrower, thus relieving their family members from financial burden.
    • The insurance cover is offered at a low cost by Kotak Life Insurance as the risk cover is pooled.
    • Offers relaxation on pre-medical checkup. However, the non-requirement of a medical checkup will depend on the age, loan tenure, and the type of loan availed.
    • The credit institution offering Kotak Credit Term Group Plan must pay premiums within 7 days from the due date to avoid lapse of the cover.
    • Buying the plan involves hassle-free documentation process and even the pre-medical examination norm are relaxed to a good extent.

    Exclusions - What the Kotak Group Assure doesn’t cover?

    • 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.

    Other Key Features of Kotak Group Assure Plan:

    Following are the other key features of the Kotak Group Assure:

    • 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.
    • Policy Lapse and Revival: To maintain the cover, the lending institution should pay the premiums within 7 days from the due date. The policy can be revived within 31 days from the date of first unpaid premium and interests will be charged on overdue premiums.
    • Service Tax and CESS: Service Tax and Cess will be deducted as per the existing tax laws.  It charges may vary from time to time depending on the changes brought by government.
    • Termination of Policy Cover: The policy cover will automatically terminate on the earliest of:
    • The date on which the loan is closed.
    • The date on which the policyholder attains the ceasing age mentioned in the policy contract.
    • The date of the scheduled loan expiry of the loan as per the policy contract.
    • The date on which premium payment ceases.

    Tax Benefits – How you can save with the Kotak Group Assure?

    • The premiums paid towards the Kotak Group Assure Plan are eligible for tax benefits under section 80C of the income Tax Act.
    • The death benefit, surrender value, and maturity benefit are eligible for tax rebates under Section 10(10D) of the Income Tax Act. However, tax rules are liable to change in the future. So, it is advisable to consult a tax advisor before investing in the policy.

    Other Benefits – How you can save with the Kotak Group Assure Plan?

    • You can view the details of your Kotak Group Assure 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 authorize 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

    Why you should buy the Kotak Group Assure from Kotak Life Insurance?

    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. It has been striving for years to bring to you the best of products in the insurance sector. These products not only take care of your financial needs but it takes care of your financial security and prosperity as well. Here are some of the strengths of Kotak Mahindra Life Insurance:

    • The company offers a diversified portfolio of products to meet the specific needs of customers.
    • Kotak has years of experience in asset management and has received high ratings from some of the independent rating agencies in the country.
    • Innovative products have been launched by the company from time-to-time combining protection and savings.
    • Higher transparency in all the services offered.

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