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    Kotak Group Assure Plus Critical Illness Benefit Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Keeping the welfare and financial security of families in mind, Kotak Life Insurance has rolled out the Kotak Group Assure Plus Critical Illness Benefit. A part of the Kotak Group Assure Plan, the Kotak Group Assure Plus Critical Illness Benefit offers families protection against loan liabilities or unpaid loans in the case of a critical illness or death. The Kotak Group Assure Plus Critical Illness Benefit comes with coverage for certain critical illnesses as well as offers security for loan liabilities.

    Eligibility - Who is the Kotak Group Assure Plus Critical Illness Benefit for?

    To be eligible for the Kotak Group Assure Plus Critical Illness Benefit, customers need to meet certain criteria.

    Parameters Details
    Group size 50 members
    Entry Age Minimum: 18 years Maximum: 63 years (For single premium) 60 years (For regular premium)
    Maturity Age 65 years
    Policy Term For Single Premium: Minimum: 2 years Maximum: 30 years For Regular Premium: Minimum: 5 years Maximum: 30 years

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

    Sum Assured: The minimum sum assured for the Kotak Group Assure Plus Critical Illness Benefit is Rs.1 lakh and there is no limit.

    Premium: The premium depends on the sum assured chosen by the policyholder. Policyholders have the choice of choosing either a Single premium or a Regular premium mode.

    Plan Coverage - What the Kotak Group Assure Plus Critical Illness Benefit covers?

    For those subscribed to the Kotak Group Assure Plus Critical Illness Benefit, they have the benefit of critical illness coverage.

    Critical Illness Cover In case of untimely death of the policyholder, the sum assured is passed on to the nominee. The sum assured is also paid out if the policyholder is diagnosed with a critical illness. Once the sum assured is paid, the policy is terminated. The Kotak Group Assure Plus Critical Illness Benefit covers the below listed critical illnesses only:
    • First heart attack
    • Cancer (specified severity)
    • Stroke resulting in paralysis or some form of permanent disability
    • Open Chest Coronary Artery Bypass 4 Graft Surgery (CABG)
    • Kidney failure requiring dialysis
    • Bone marrow or major organ failure
    • Paralysis or loss of limbs
    • Aorta surgery
    • Major burns
    • Open heart replacement
    • Blindness to one or both eyes

    Exclusions - What the Kotak Group Assure Plus Critical Illness Benefit doesn’t cover?

    Listed below are the exclusions of the Kotak Group Assure Plus Critical Illness Benefit:

    • Self inflicted injury or attempted suicide. If the policyholder commits suicide within the first 12 months since the commencement of the policy, the nominee is liable to 80% of the premiums paid.
    • Terminal illness caused by HIV.
    • Critical illness contracted 48 months before commencement of the policy.
    • Injury arising from war or civil unrest.
    • Injury or disability arising from criminal activity or terrorism.
    • Abuse of drugs or alcohol.
    • Disability caused due to radioactive exposure.
    • Injury caused from any sports or recreational activity.
    • If the policyholder has failed to seek medical advice.
    • If the policyholder is diagnosed within 45 days of the commencement of the policy.

    Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

    Listed below are the features of the Kotak Group Assure Plus Critical Illness Benefit.

    Surrender benefit The policyholder is liable to the surrender benefit if the loan has been suspended.
    Free-look period Policyholder are granted a free-look period 15 days from the commencement of the policy. If he/she disagrees with the terms and conditions of the loan, they can return loan and receive the refund for the premium paid.
    Nomination A policyholder can make a nomination as per Section 39 of the Insurance Act, 1938.

    Tax Benefits – How you can save with the Kotak Group Assure Plus Critical Illness Benefit?

    In accordance with the Income Tax Act 1961, policyholders of the Kotak Group Assure Plus Critical Illness Benefit can avail tax benefits under:

    • Section 80C of the Income Tax Act, 1961, for the contributions made towards the scheme.
    • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from death benefits.

    Other Benefits – How you can save with the Kotak Group Assure Plus Critical Illness Benefit?

    Availing a plan from Kotak Life Insurance comes with a number of benefits.

    • Customers can utilize the Kotak Life Insurance guide on their website - which will guide customers through all the insurance products on offer, helping them determine the right insurance product for them.
    • The Kotak Life Insurance advisor will address the doubts, requests, grievances of customers and give them life-saving beneficial solutions to their problems.
    • Customers can make contributions through different payment channels - credit cards, net banking account, debit card, e-wallets, etc.

    Why you should buy the Kotak Group Assure Plus Critical Illness Benefit from Kotak Life Insurance Limited?

    Kotak Life Insurance Limited was formed following a joint venture between Old Mutual (South African insurance and Investment Company) and Kotak Mahindra Group. Founded in 2001, the company already has more than 15 million customers and has its presence in over 160 countries across the world. Kotak Life insurance offers its customers with a plethora of insurance products to choose from, including child insurance, retirement insurance and annuity plans, and various other protection plans. Now one of the leading insurance companies in the country, Kotak Life Insurance has a diverse portfolio and caters to the needs of its million customers through its dedicated customer service team that functions round-the-clock to bring satisfaction to each and every of their customers.