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  • Kotak Group Rider

    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

    One of the premier insurance providers in the company, Kotak Life Insurance provides a wide array of products that is tailored to suit every individual’s need. Life insurance policies are some of the more popular products available. Group insurance plans are also a part of the roster and these plans are best suited for corporations and companies, among others.

    In addition to the benefits and features provided by the insurance plan by itself, policyholders have the option to procure additional benefits called ‘Riders’. These riders provide additional security and these can be procured by paying an additional fee. There are a number of different types of riders based on the plans that they are being offered under. These riders are beneficial when individuals wish to procure a higher level of protection that may not be provided by their insurance plan alone.

    Benefits of Kotak Group Riders:

    There are a number of benefits to availing a rider in addition to just an insurance plan on its own and these are as follows:

    • Every individual may have different needs and requirement for additional protection that would not have been covered by the insurance plan alone. In such cases availing a rider is highly recommended.
    • Riders provide flexibility and additional cover to an insurance plan and thereby making it more secure.
    • Kotak Group offers a number of riders that can be procured based on the customers’ discerning need. There is something in it for everyone.
    • Rider options range from accidental death benefit to group daily task benefit.
    • All these riders are affordable but provide enormous returns, thereby making riders one of the most advantageous plans that can be availed by a policyholder.

    List of Group Riders provided by Kotak Life Insurance:

    Given below are a list of Group Riders that are provided by this insurance company.

    Kotak Accidental Death Benefit Group Rider:

    This rider will be applicable in case of the policyholder’s death during the policy tenure.

    Benefits and Features of Kotak Accidental Death Benefit Group Rider:

    • The nominee will receive an additional lump sum benefit in the event of policyholder’s death during tenure of policy.
    • This lump sum will be over and above the basic Sum Assured.
    • This Rider can be procured without the need for additional underwriting.
    Age of Entry as on last birthday (in years) Age of Maturity as on last birthday (in years) Sum Assured Premium Benefit Term Premium Payment Term Mode of Premium Payment
    Min Max Min Max Min Max Min Max
    18 74 or maximum age of entry of the base plan, whichever is lower 19 75 or maximum age of maturity of the base plan, whichever is lower Rs.1,000 Basic life cover under said base policy Based on minimum group size and Sum Assured 1 year 1 year but renewable indefinitely Equal to the benefit tenure Annually/Semi-annually/Quarterly/Monthly

    Kotak Accidental Disability Group Rider:

    This rider can be procured as a protection against permanent disability as a result of an accident.

    Benefits and Features of Kotak Accidental Disability Group Rider:

    • In case the policyholder is permanently and completely disabled due to an accident, he/she would receive a lump sum benefit.
    • This lump sum benefit will be provided along with the basic Sum Assured.
    • This benefit can be procured without the need for an extra underwriting requirement.
    Age of Entry as on last birthday (in years) Age of Maturity as on last birthday (in years) Sum Assured Premium Benefit Term Premium Payment Term Mode of Premium Payment
    Min Max Min Max Min Max Min Max
    18 74 or maximum age of entry of the base plan, whichever is lower 19 75 or maximum age of maturity of the base plan, whichever is lower Rs.1,000 Basic life cover under said base policy Based on minimum group size and Sum Assured 1 year 1 year but renewable indefinitely Equal to the benefit tenure Annually/Semi-annually/Quarterly/Monthly

    Kotak Accidental Dismemberment Benefit Group Rider:

    This rider compensates the policyholder in case of an injury that has caused partial or complete loss of eyesight, limb or hearing due to an accident.

    Benefits and Features of Kotak Accidental Dismemberment Benefit Group Rider:

    • This rider compensates the policyholder in case of accidental dismemberment and benefit is provided in the form of a lump sum amount.
    • From the time of the accident, the policyholder will have to survive for a period of 24 hours in order to avail this benefit.
    • There is no need of an additional underwriting in order to procure this rider.
    • Numerous benefits are payable but after total benefits have reached 100% of the Assured Sum, future benefits will cease.
    Age of Entry as on last birthday (in years) Age of Maturity as on last birthday (in years) Sum Assured Premium Benefit Term Premium Payment Term Mode of Premium Payment
    Min Max Min Max Min Max Min Max
    18 74 or maximum age of entry of the base plan, whichever is lower 19 75 or maximum age of maturity of the base plan, whichever is lower Rs.1,000 Basic life cover under said base policy Based on minimum group size and Sum Assured 1 year 1 year but renewable indefinitely Equal to the benefit tenure Annually/Semi-annually/Quarterly/Monthly

    Kotak Accidental Death, Disability and Dismemberment Benefit Group Rider:

    This rider provides one single product that covers accidental disability, death and dismemberment.

    Benefits and Features of Kotak Accidental Death, Disability and Dismemberment Benefit Group Rider:

    • In case of a member’s death due to an accident during policy tenure, the nominee will receive an additional lump sum benefit which will be over and above the basic sum that has been assured.
    • If the policyholder is permanently and totally disabled due to an accident, he/she will receive a lump sum benefit which is again over and above the basic sum that has been assured. However, in order to avail this rider, the policyholder will have to survive a waiting period of 120 days from the date on which the accident occurred.
    • The accidental dismemberment aspect of this rider provides compensation to the policyholder in the form of a lump sum benefit in case of an injury as a result of an accident that causes partial or complete loss of eyesight, limb or hearing. In order to avail this policy however, the policyholder will have to survive for a period of 24 hours after the accident.
    Age of Entry as on last birthday (in years) Age of Maturity as on last birthday (in years) Sum Assured Premium Benefit Term Premium Payment Term Mode of Premium Payment
    Min Max Min Max Min Max Min Max
    18 74 or maximum age of entry of the base plan, whichever is lower 19 75 or maximum age of maturity of the base plan, whichever is lower Rs.1,000 Basic life cover under said base policy Based on minimum group size and Sum Assured 1 year 1 year but renewable indefinitely Equal to the benefit tenure Annually/Semi-annually/Quarterly/Monthly

    Kotak Critical Illness Benefit Group Rider:

    This rider can be procured as a protection against any of the 17 critical illnesses that have been covered under the rider.

    Benefits and Features of Kotak Critical Illness Benefit Group Rider:

    • In case a policyholder has been diagnosed with any of the 17 critical illness for the first time and it has been proved satisfactorily to Kotak Life Insurance, then the Critical Illness Benefit will be paid.
    • Once payment has occurred, benefit will stop and death benefit for the said policyholder will be lowered based on the extent of the payout.
    • This rider comes with a 90 day waiting period which implies that in case claims arise during this period, it will not be entertained.
    Age of Entry as on last birthday (in years) Age of Maturity as on last birthday (in years) Sum Assured Premium Benefit Term Premium Payment Term Mode of Premium Payment
    Min Max Min Max Min Max Min Max
    18 64 or maximum age of entry of the base plan, whichever is lower 19 65 or maximum age of maturity of the base plan, whichever is lower Rs.1,000 Basic life cover under said base policy Based on minimum group size and Sum Assured 1 year 1 year but renewable indefinitely Equal to the benefit tenure Annually/Semi-annually/Quarterly/Monthly

    Kotak Critical Illness Plus Benefit Group Rider:

    By procuring this rider, policyholders can avail compensation if they are diagnosed for the first time with any of the 17 critical illness covered by this rider.

    Benefits and Features of Kotak Critical Illness Plus Benefit Group Rider:

    • In case the policyholder is diagnosed with first instance of any of the 17 critical illnesses that are covered under this rider and this has been proven satisfactorily to Kotak Life Insurance, an additional benefit is paid.
    • Once the payment has been made, this cover will cease.
    • However, the death benefit for the member will not change as a result of this rider.
    • This rider comes with a 90 day waiting period which implies that in case claims arise during this period, it will not be entertained. Benefit will only be paid for claims after this.
    Age of Entry as on last birthday (in years) Age of Maturity as on last birthday (in years) Sum Assured Premium Benefit Term Premium Payment Term Mode of Premium Payment
    Min Max Min Max Min Max Min Max
    18 64 or maximum age of entry of the base plan, whichever is lower 19 65 or maximum age of maturity of the base plan, whichever is lower Rs.1,000 Basic life cover under said base policy Based on minimum group size and Sum Assured 1 year 1 year but renewable indefinitely Equal to the benefit tenure Annually/Semi-annually/Quarterly/Monthly

    The critical illness covered under the Critical Illness and Critical Illness Plus Benefit riders are as follows:

    • Cancer of certain severity
    • Heart attack of first instance of specified severity
    • Stroke that results in symptoms that are permanent
    • Kidney failure that requires regular dialysis
    • Major bone marrow or organ transplant
    • Paralysis of limbs that are of a permanent nature
    • Motor Neuron Disease
    • Surgery of aorta
    • Coma of a specific severity
    • Major burns
    • Blindness
    • Brain tumour that is benign
    • Repair of Valves of heart or Open Heart Replacement Surgery
    • Loss of limbs
    • Loss of speech
    • Parkinson’s Disease
    • Open chest CABG

    Kotak Group Terminal Illness Benefit Group Rider:

    This rider is applicable for those who have been diagnosed with a terminal illness.

    Benefits and Features of Kotak Group Terminal Illness Benefit Group Rider:

    • In case the policyholder has been diagnosed with a terminal illness then this benefit would be paid.
    • Death benefit will decrease based on the extent of the amount that has been paid.
    • The minimum Rider Sum Assured is Rs.1,000.
    Age of Entry as on last birthday (in years) Age of Maturity as on last birthday (in years) Rider Sum Assured Minimum size of group Policy Term Premium Payment Term
    Min Max Min Max Min Max Min Max
    18 74 19 75 or maximum age of maturity of the base plan, whichever is lower Rs.1,000 Basic life cover under said base policy 50 members per group 1 year 1 year but renewable indefinitely Equal to the benefit tenure

    Kotak Family Benefit:

    If policyholders avail this rider, then life cover can be availed for the spouse of the policyholder and for 3 children between the ages of 1 to 18.

    Benefits and Features of Kotak Family Benefit:

    • Life cover can be procured for the spouse of the policyholder and for a maximum of three children who are aged between 1 to 18.
    • In case over one family member dies, multiple benefits will be payable.
    • Benefits stop upon death of the family member.
    • The minimum rider Sum Assured is Rs.1,000.
    Age of Entry of member as on last birthday (in years) Age of entry of spouse as on last birthday (in years) Age of entry of children as on last birthday (in years) Age of maturity as on last birthday (in years)
    Min Max Min Max Min Max
    • Member - 75
    • Spouse - 65
    • Children - 19
    18 74 18 64 1 18
    Sum Assured Premium Minimum Size of Group Premium Payment Term
    Min Max
    Rs.1,000
    • Member - Rs.20,00,000
    • Spouse - 100% of cover of member
    • Children above the age of 12 - 50% of member’s cover
    • Children below the age of 13 - 25% of member’s cover
    Based on minimum group size and Sum Assured 50 members Equal to the tenure benefit

    Kotak Group Daily Task Benefit:

    This rider provides benefits to the policyholder in case he/she becomes permanently functionally impaired. Functional impairment refers be an individual’s inability to perform certain ‘routine tasks’.

    Benefits and Features of Kotak Group Daily Task Benefit:

    • In case a policyholder becomes functionally impaired, he/she will receive the benefits provided by this rider.
    • After the rider benefit has been paid, cover under the base plan will decrease based on the amount of benefit that is paid.
    • In order to avail this benefit, the member will have to be functionally impaired permanently for a period of 180 days which is classified as waiting period.
    • The claim event refers to the date when the claimant is not able to perform certain basic tasks such as using a keyboard, writing implement, sitting or standing without assistance and speaking, among others.
    Age of Entry as on last birthday (in years) Age of Maturity as on last birthday (in years) Sum Assured Policy Term Minimum size of group Premium Payment Term
    Min Max Min Max Min Max Min Max
    18 64 19 65 Rs.1,000 Basic life cover under said base policy 1 year 1 year but renewable indefinitely 50 members Equal to the benefit tenure

    Why does one need Kotak Group Rider?

    One of the foremost providers of life insurance, Kotak Life Insurance has a policy for everyone. Riders provide additional protection and cover on an insurance plan. Procuring a rider is also more lucrative as customers can avail additional benefits without having to pay a large sum of money. Life is unpredictable and hence is important for one to ensure that their’s and their family’s well-being is ensured in case of any unfortunate event. Procuring riders is therefore a feasible and necessary action.

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