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Kotak life Group insurance Plans

Kotak offers specialised group plans for people who are a part of certain groups such as employees working in a company or borrowers of certain credit institutions, and so on.

Benefits of Kotak Group Plans:

The group insurance plans provided by Kotak Life Insurance are very helpful to organisations. Let us take a look at some of the advantages of these plans:

  • These plans provide tax benefits to the members of an organisation.
  • These plans give premiums at very low costs as the risks are pooled by all the members.
  • These plans offer protection and also serve as instruments that help in building the incomes.
  • These plans are great for all income sections of the society as they are very reasonably priced.
  • These plans enable employers to provide employee benefits in a fair and orderly manner.

List of Kotak Group Plans:

These are the various group insurance plans offered by Kotak:

Kotak Group Secure One Plan:

It is a term plan for a group of members. It gives extensive protection to members if there is a death or terminal illness. This plan is generally given to members of self-help groups, co-operative societies, professional associations, government schemes, and so on. If the insured member dies, the sum assured is paid in a lump sum to the beneficiary.

Benefits and Features of Kotak Group Secure One Plan:

These are the benefits and features of this group plan:

  • Kotak allows depositors to take this plan. Here, the targeted savings amount of the deposits will be the sum assured. This amount will be given to the nominee when the life insured dies.
  • This particular group plan offers protection not just for death. It gives extensive financial security even for terminal illness.
  • This will enable you to focus on every member of your company or organisation.

Kotak Group Secure Plan:

This is a group cover term insurance plan. It is ideal for groups that do not have any employers and employees such as homogenous groups. You can go for a level and terminal illness cover or a level cover.

Benefits and Features of Kotak Group Secure Plan:

These are the benefits and features of this group plan:

  • When a member of a group takes this plan, he or she can enjoy extensive coverage with extra features.
  • This plan can be easily and quickly availed from Kotak.
  • This plan is perfect for someone who belongs to a certain profession or a domestic worker, trade, Anganwadi worker, co-operative society, government worker, etc.
  • If the policyholder dies, the nominee will receive the sum assured as a lump sum.
  • It gives protection for both life and terminal illness.
  • You will receive tax deductions as per Section 80C of the Income Tax Act, 1961 when you pay premiums. When the nominee gets any benefits, these benefits will be free of taxes as per Section 10(10 D) of the Income Tax Act, 1961.

Kotak Gratuity Plus Group Plan:

This is a unit linked gratuity insurance plan for a group of individuals. When the plan expires, you will receive guaranteed returns. This plan will provide you with monetary assistance for giving gratuity and assist you in conducting your business operations.

Benefits and Features of Kotak Gratuity Plus Group Plan:

These are the benefits and features of this group plan:

  • This plan helps an employer contribute money to a gratuity fund.
  • When an employer gets income from funds invested in gratuity, the employer can enjoy tax exemptions.
  • When a government employee goes for this plan, the gratuity that he or she gets will be tax-free.
  • When a non-government employee goes for this plan, the gratuity that he or she gets will be exempted from taxes for up to Rs.10 lakhs.
  • This plan provides a policyholder with a death benefit, partial withdrawal, and a surrender option.

Kotak Leave Encashment Group Plan:

This plan helps employers in financing the leave encashment liabilities of their employees. It also assists an organisation in managing its operations.

Benefits and Features of Kotak Leave Encashment Group Plan:

Let us take a look at the benefits and features of this group plan:

  • If you go for higher funds, you will receive extra benefits.
  • This plan gives life protection to the employees of an organisation.
  • This plan can be renewed on a yearly basis. It will be renewed automatically if the number of premiums is adequate.
  • The primary features offered by this plan include top-ups, switching of funds, retirement benefit, death benefit, redirection of money into other insurance plans, surrender option, termination benefit, partial withdrawal, and more.

Kotak Secure Return Superannuation Plan:

This plan is great for PSUs, employers, central government, trustees, and state governments. It helps an employer organise its superannuation programmes extensively.

Benefits and Features of Kotak Secure Return Superannuation Plan:

Let us take a look at the benefits and features of this group plan:

  • Under this plan, you can go for a Defined Contribution (DC) or a Defined Benefit (DB) scheme.
  • This policy can be renewed automatically at the end of every year.
  • You will get a guaranteed rate of at least 2% p.a. for your full policy period.
  • For this plan, an excellent interest rate is announced for each quarter.

Kotak Secure Return Employee Benefit Plan:

This insurance plan offered by Kotak enables an employer in handling its leave encashment and gratuity programmes. It is perfect for organisations such as PSUs, trustees, central governments, state governments, employers, and so on.

Benefits and Features of Kotak Secure Return Employee Benefit Plan:

Let us take a look at the benefits and features of this group plan:

  • Under this plan, an extra interest rate is announced for each quarter. This will give you great returns.
  • This plan helps an employer provide benefits to the employees. The benefits are given for resignation, retirement, withdrawal, and death.
  • This plan can be automatically renewed depending on the premiums.

Kotak Superannuation Group Plan – II:

This plan assists companies in providing retirement benefits to their employees. The Superannuation Group Plan – II gives 2 schemes namely Defined Contribution Scheme and Defined Benefit Scheme. Both these schemes give assured benefits.

Benefits and Features of Kotak Superannuation Group Plan – II:

Let us take a look at the benefits and features of this group plan:

  • This plan gives a tax deduction to employees when they contribute money to the superannuation fund.
  • This plan assists corporate organisations to preserve employees for longer periods as the plan gives funds for post-retirement periods.
  • The Defined Contribution Scheme gives assured benefit for death or retirement. The Defined Benefit Scheme gives assured benefit when the policyholder surrenders the plan fully.
  • This plan allows for additions on a monthly basis which are included in the fund.

Kotak Term Group Plan:

This is a life insurance plan designed for a group of members. It enables an organisation to provide protection and security to an employee and his or her family.

Benefits and Features of Kotak Term Group Plan:

Let us take a look at the benefits and features of this group plan:

  • When the policyholder dies, the nominee will receive a benefit as a lump sum.
  • Under this plan, there is a very special feature. The policyholder can go for an extra life cover which is voluntary in nature. This can be used by the policyholder and his or her spouse.
  • This plan enhances the goodwill of a company as it keeps in mind the wellbeing of its employees.
  • When you go for a term group plan from Kotak, you can select special riders in order to receive exclusive additional benefits at additional costs.
  • You can pay your premiums for this plan on a half-yearly, monthly, quarterly or yearly basis.
  • When you pay premiums for this plan, you can enjoy tax deductions.
  • This plan provides extensive protection.

Kotak Credit Term Group Plan:

This plan gives protection for life to several borrowers who are a part of any credit institution. These institutions can be retail finance companies, banks, and so on. In this case, the borrower is the policyholder and the credit institution is the beneficiary. This is only for the undue loan amount. The remaining benefit amount is given to the person who has been nominated by the policyholder.

Benefits and Features of Kotak Credit Term Group Plan:

Let us take a look at the benefits and features of this group plan:

  • This plan is non-participating in nature.
  • This plan reduces the burden of debts on the dependents of the policyholder. Kotak will handle the entire loan repayment process to the credit institution without giving any trouble to the policyholder’s family.
  • This plan encourages a group of individuals to buy the plan together. Therefore, the plan is very reasonably priced.
  • To apply for this plan, individuals will have to take only a very simple medical test.
  • This plan enables a credit institution to charge competitive prices for its products.

Kotak Gratuity Group Plan:

This insurance plan is a unit-linked group plan. This plan provides finances to an organisation for its gratuity. It also supports a company in performing its operations. The plan helps a company offer gratuity to its employees in a methodical manner.

Benefits and Features of Kotak Gratuity Group Plan:

Let us take a look at the benefits and features of this group plan:

  • When you take this plan, you will get a great idea about several market instruments.
  • This unit-linked investment plan will assist a company in appreciating its hardworking staff with high funds.
  • This plan understands that each individual will be comfortable with different risk levels. Therefore, it has 6 fund choices from which a person can select the most appropriate one.
  • This plan gives not only gratuity, but also life insurance protection. When the group member dies suddenly, the person’s family members will receive life insurance coverage.

Kotak Complete Cover Group Plan:

As the name suggests, this plan provides complete life protection for borrowers who belong to a credit institution. This lending institution could be a retail finance company or a bank. The plan can be voluntary where any member can join if he or she wants to or a compulsory plan where every member will be required to join.

Benefits and Features of Kotak Complete Cover Group Plan:

Let us take a look at the benefits and features of this group plan:

  • This plan is non-participating in nature.
  • You will be required to pay your premium only once. This way, it is very convenient for the policyholder.
  • This plan is good for both the lender as well as the borrower. When the borrower dies, the outstanding loan dues will be paid by Kotak Life Insurance. The borrower’s family members do not have to worry about repaying the loan taken by the borrower.
  • The group cover is created by the combining of risks of different people. Therefore, the cover costs very low and so this plan can be taken by anybody.

Kotak Group Assure Plan:

This plan is a group credit insurance plan that gives security for outstanding loans of an individual. It also helps a lending institution when people cannot repay their loans on time because of illness, death or disability.

Benefits and Features of Kotak Group Assure Plan:

Let us take a look at the benefits and features of this group plan:

  • This plan gives a cover that is equivalent to the unsettled loan amount that has to be paid by the borrower.
  • In this plan, the benefit will be given to the legal heir, nominee or borrower.
  • This group plan gives extensive protection for critical illness, disability, and terminal illness.

Kotak Group Shield Plan:

This insurance plan is created exclusively for financial institutions so that they can protect their various financial assets impeccably. This is useful when borrowers do not repay their debts on time. It gives coverage for loans and savings made by the customers of a financial institution. Moreover, it gives protection for customers and their family members when the life insured dies or suffers from a disability or illness.

Benefits and Features of Kotak Group Shield Plan:

Let us take a look at the benefits and features of this group plan:

  • This plan gives a cover for an amount which is equivalent to the original loan amount.
  • Under this plan, the benefit will be handed over to the nominee, borrower or legal heir.
  • Apart from death, it gives protection for critical illness, disability or terminal illness.

Table showing the different Kotak Group Plans:

Plan name Eligibility age Cover cease age or maturity age Premium / Contribution
Kotak Group Secure One 18 to 60 years Up to 65 years This depends on the minimum sum assured.
Kotak Group Secure 18 to 60 years Up to 65 years This depends on the maximum sum assured.
Kotak Gratuity Plus Group Plan 18 to 74 years Up to 75 years Minimum: Rs.2,000 Maximum: There is no limit.
Kotak Leave Encashment Group Plan 18 to 74 years Up to 75 years Minimum: Rs.2,00,000 at the beginning Maximum: There is no limit.
Kotak Secure Return Superannuation Plan 18 to 74 years Up to 75 years Defined contribution: Rs.2,000 for each member
Kotak Secure Return Employee Benefit Plan 18 to 74 years Up to 75 years Minimum: Rs.15,00,000 Maximum: There is no limit.
Kotak Superannuation Group Plan - II 18 to 74 years Up to 75 years Defined contribution: Rs.6,000 for each member at the beginning
Kotak Term Group Plan 18 to 74 years Information not provided. Information not provided.
Kotak Credit Term Group Plan 18 to 64 years Up to 64 years Information not provided.
Kotak Gratuity Group Plan 18 to 75 years Up to 76 years Minimum: Rs.2,00,000 at the beginning Maximum: There is no limit.
Kotak Complete Cover Group Plan 15 to 73 years Up to 75 years Information not provided.
Kotak Group Assure For Easy Group Assure and Group Assure Min - 15 years Max - Single premium: 73 years Regular premium: 70 years For Group Assure plus Disability Benefit and Group Assure plus Critical Illness Benefit Min – 18 years Max - Single premium: 63 years Regular premium: 60 years For Easy Group Assure and Group Assure Max – 75 years For Group Assure plus Disability Benefit and Group Assure plus Critical Illness Benefit Max – 65 years Information not provided.
Kotak Group Shield For Easy Group Assure and Group Assure Min - 15 years Max - Single premium: 73 years Regular premium: 70 years For Group Assure plus Disability Benefit and Group Assure plus Critical Illness Benefit Min – 18 years Max - Single premium: 63 years Regular premium: 60 years For Easy Group Assure and Group Assure Max – 75 years For Group Assure plus Disability Benefit and Group Assure plus Critical Illness Benefit Max – 65 years Information not provided.

Why one needs Kotak Group Plans?

The group plans offered by Kotak are very helpful to both the employer and the employee. It helps an employer such as a private company, a PSU, a central government or state government organisation, etc. in building its reputation. When a company provides gratuity, retirement planning, and other benefits to its employees, the goodwill and the performance of the company improve extensively. Even employees receive great benefits from these plans as the plans help them in multiplying their funds as well as provide protection for their family members in their absence.

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