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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.
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 are the various group insurance plans offered by Kotak:
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.
These are the benefits and features of this group 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.
These are the benefits and features of this 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.
These are the benefits and features of this group plan:
This plan helps employers in financing the leave encashment liabilities of their employees. It also assists an organisation in managing its operations.
Let us take a look at the benefits and features of this group plan:
This plan is great for PSUs, employers, central government, trustees, and state governments. It helps an employer organise its superannuation programmes extensively.
Let us take a look at the benefits and features of this group 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.
Let us take a look at the benefits and features of this group plan:
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.
Let us take a look at the benefits and features of this 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.
Let us take a look at the benefits and features of this 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.
Let us take a look at the benefits and features of this 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.
Let us take a look at the benefits and features of this 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.
Let us take a look at the benefits and features of this group 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.
Let us take a look at the benefits and features of this group 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.
Let us take a look at the benefits and features of this group plan:
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. |
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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