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    Kotak Group Secure One 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

    Group plans for perfect for those individuals or companies who wish to provide insurance plans to their members in order to assure their safety. The Secure One by Kotak Life Insurance is a Group plan that provides comprehensive protection solution to all members who have availed the plan in case of untimely death or illness. Through this plan, financial security can be provided and is also a comprehensive solution.

    The Kotak Group Secure One can be used for all members of NGOs, Self Help Group, Government schemes, Co-operative societies and others wherein the Sum Assured will be paid to the nominee in the form of a lump sum in case unfortunate death of an insured member. This plan can also be utilised by depositors wherein the targeted savings amount of all deposits would be used as Sum Assured and will be paid to the nominee in case of demise of insured member. The unique feature of this plan is that, protection is provided not just in case of death as is the case with most plans, but cover is also provided in case of insured’s terminal illness.

    Additionally this plan provides protection to all members of the team and procuring this plan is extremely easy and can be done so conveniently as well. Premium payment modes are convenient as well.

    Eligibility - Who is the Kotak Group Secure One?

    In order to avail the Kotak Group Secure One plan, customers must satisfy the eligibility criteria given below:

    Particulars Description
    Size of Group Minimum of 50 members
    Age of Entry (in years)
    • Minimum of 18 years
    • Maximum of 64 years
    Age for Cease of Cover (in years) Maximum of 65 years
    Cover Tenure Cover tenure is 1 year and is renewable annually
    Sum Assured per member (in Rupees) Minimum Sum Assured: Rs.5,000 Maximum Sum Assured: Based on Underwriting Policy approved by Board
    Premium Minimum premium is amount corresponding to Sum Assured. There is no upper limit on the Sum Assured, however.
    Premium Payment Tenure One year and is renewable annually
    Mode of Premium Payment Annually/Semi-Annually/Quarterly/Monthly
    Modal Factors
    • Annually - 100%
    • Semi-Annually - 51%
    • Quarterly - 26%
    • Monthly - 8.5% of the yearly premium

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

    Sum Assured:

    Sum Assured is dependent on the tenure and premium payment.

    Particulars Description
    Sum Assured per member (in Rupees) Minimum Sum Assured: Rs.5,000 Maximum Sum Assured: Based on Underwriting Policy approved by Board

    Premium Range:

    Particulars Description
    Premium Minimum premium is amount corresponding to Sum Assured. There is no upper limit on the Sum Assured, however.
    Premium Payment Tenure One year and is renewable annually
    Mode of Premium Payment Annually/Semi-Annually/Quarterly/Monthly

    Premiums vary depending on age, location, plan term and other factors.

    Plan Coverage - What the Kotak Group Secure One covers?

    The Kotak Group Secure One Plan come with two types of benefit. Customers can choose either of the benefit plan depending on their requirements.

    Type of Plan Benefit
    Easy Secure This is a cover term plan that is on a group level. Under this plan, in case of untimely demise of policyholder, the Sum Assured will be paid.
    Secure Plus This group level cover term plan also provides an additional cover for Terminal Illness. The following are the plan benefits:
    • In case of untimely demise of policyholder, the Sum Assured will be paid, or
    • In case policyholder has been diagnosed with a terminal illness, the Sum Assured will be given to the member and after this the cover under the group policy will stop for the policyholder.
    • Terminal illness in this case refers to a medical condition that is non-curable or non-correctable or also a non-response to a specified disease treatment and would most likely result in death.

    Exclusions - What the Kotak Group Secure One does not cover?

    In case of demise of policyholder as a result of suicide within the first year from date of policy commencement of the cover, under the Group Secure One plan, benefits will not be paid under the policy and nominee of the policyholder will receive 80% of all premiums paid by the policyholder. This excludes Cess and Service Tax.

    Additionally, if the Secure Plus Benefit type has been procured:

    • Terminal Illness diagnosis due to infection resulting from Human Immunodeficiency Virus or HIV is excluded.
    • Terminal illness due to attempted suicide or self-inflicted injuries within a period of 12 months from commencement of policy or revival of cover, is not included.

    Other Key Features - Freelook Period, Surrender Values, Grace Period etc.

    Conditions for Terminal Illness
    • The medical condition will have to be incurable based on independent medical specialist and the prognosis of disease will be explained to the insured.
    • No improvement in condition of policyholder for the past 6 months and medical specialist decides that along with treatment modalities, possibility of improvement is minimal with death within one year.
    Grace Period For annual, semi-annual and quarterly mode, the grace period applicable is 30 days whereas for monthly mode, the grace period applicable is 15 days.
    Revival and Lapse The policyholder has the option to revive the policy at any point of time within a period of 6 months from the due date of the very first premium that has been unpaid along with payment of outstanding premiums with interest which is 9% per annum currently. Option to revive is only available for Premium Payment mode other than yearly mode.
    Surrender In case the insured wishes to surrender the policy, surrender value as follows will be applicable:
    • Within the Free Look Period -
      • Free look cancellation amount = Premium * (remaining days to next premium payment/365) - Stamp duty and medical costs, if applicable.
    • After Free Look Period -
      • There will no surrender value payable.
    • In case of claim, benefits will be paid to the nominee as is applicable.
    Free Look Period In case policyholder does not agree with the provisions of the policy, he/she can return the same along with the reasons within a period of 15 days from date of receipt of policy. Cancellation will have to be sent to the Insurer’s Head Office directly or to the nearest branch of the Insurer. Revival or reinstatement is not allowed and a new policy proposal will have to be made if insured wishes to revive the policy.
    Cess and Service Tax Cess and Service Tax will be levied as applicable based on existing tax laws. In case of statutory duties as charged by the Government, the Company can recover these charges from the insured. This amount will be charged over and above the amount paid as premium.
    Assignment and Nomination Nomination will be allowed based on the provisions of Section 39 of Insurance Act of 1938 and Assignment will be allowed based on the provisions of Section 38 of Insurance Act of 1938, as amended frequently.

    Tax Benefits - How you can save with the Kotak Group Secure One?

    Tax Benefits under the Kotak Group Secure One plan is applicable based on existing Income Tax Laws. These are subject to amendments and changes from time to time. Customers are advised to talk to their tax advisor regarding the same, for additional details.

    Other Benefits - How you can save with the Kotak Group Secure One?

    One of the foremost provides of insurance in the country, Kotak Life Insurance has a plethora of products for each individual’s unique need. A number of varied insurance products are available and services offered by this company is tailored in such a way that customers’ ease and comfort is the first priority.

    There are also separate contact numbers for policyholders depending on whether they are NRI customers or Indians.

    Customers can conveniently access any information regarding insurance plans by visiting the Kotak Insurance website, and will not have to go to a branch for the same. Individuals also have the option to apply for insurance plans online. Customers have the unique option of requesting a ‘Life Advisor’ who will give all the necessary information about a plan and guide individuals into procuring the most suitable plan for them, based on their needs and requirements.

    Online calculator available on the Kotak Insurance website ensures that individuals can calculate their premiums prior to purchasing their plan.

    Why you should buy the Kotak Group Secure One Plan?

    One of the foremost providers of life insurance plans, Kotak Mahindra Old Mutual Life Insurance is a joint venture between two premier companies, Kotak Mahindra Group and Old Mutual. This insurance company is also one of the largest and fastest growing company in the country with over 4 million customers. This company boasts of innovation, disciplined management of funds, transparency, focus on customer and financial acuity making this company one of the most well-known and sought after insurance companies. This provider of life insurance also won the DMA Bronze award in 2012 in the Social Media apps category.

    This Insurance Company has not partnered with BankBazaarInsurance.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.