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.
To be eligible for the Kotak Group Assure Plus Critical Illness Benefit, customers need to meet certain criteria.
|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: 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.
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:
Listed below are the exclusions of the Kotak Group Assure Plus Critical Illness Benefit:
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.|
In accordance with the Income Tax Act 1961, policyholders of the Kotak Group Assure Plus Critical Illness Benefit can avail tax benefits under:
Availing a plan from Kotak Life Insurance comes with a number of benefits.
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.