The Kotak Group Secure Plan by Kotak Mahindra Life Insurance is a group term life insurance plan that provides life coverage as well as coverage in the event of a terminal illness. The plan is designed for employees or members of a company/association, societies, agencies etc. The plan has multiple levels of benefits depending on the needs of members and is easy and convenient to register for. The plan comes with multiple tenure options and a range of premium paying modes, making it convenient for members to cover the cost of coverage. Targeted at larger groups, the plan requires a minimum of 50 members and also extends cover to incurable conditions, enhancing cover to members.
Another feature of the policy is the low minimum sum assured amount of Rs.5,000, which makes it an affordable policy for smaller organisations and groups as well.
The Kotak Group Secure Plan is well suited to organisations or groups looking to provide life coverage to their members or employees at a reasonable cost. The plan offers basic coverage in case of an unforeseen circumstance as well as in the case of a terminal illness, safeguarding the dependents of the member. The plan has certain eligibility criteria that are to be met, which are as mentioned below:
|Minimum entry age||18 years|
|Maximum entry age||60 years|
|Maturity age||65 years|
|Policy term||Premium type||Minimum||Maximum|
|Single||2 years||5 years|
|Regular||5 years||5 years|
|Minimum sum assured||Rs.5,000|
|Maximum sum assured||No limit, subject to underwriting|
|Group size||Minimum of 50 members|
The Kotak Group Secure Plan offers members a low sum assured amount, making it convenient for members to enrol under the plan. The minimum sum assured amount for each member under the plan is Rs.5,000. The upper limit on the sum assured amount is as defined by the underwriting policy as approved by the Board.
The Kotak Group Secure Plan offers its members a range of premium paying mode and options. Members can choose to pay their premiums either regularly or they can make a one-time payment. All members will have to agree upon one type of premium payment term. Premiums that are being paid through the regular mode can be paid either monthly, quarterly, semi-annually or annually.
The premium amount payable would depend on the sum assured amount decided upon by the primary policyholder and the members.
The coverage under the Kotak Group Secure Plan is as mentioned below:
The table below lists the coverage provided under the plan:
|Death benefits||The policy provides two types of death benefits, which are as follows:
This plan is not eligible for any riders or add-on plans.
The exclusions under the Kotak Group Secure Plan are as follows:
Additional features of the Kotak Group Secure Plan are as listed in the table below:
|Free look period||If a policyholder or member is not satisfied with any of the provisions of the policy, he/she may return the same within the free look period along with the reason, during which there will be no charges levied. The free look period is 15 days from the date of receipt of the physical policy document. In case of distance marketing policies, the free look period is 30 days from receipt of policy.|
|Grace period||If a member/policyholder is unable to pay the premium within the given deadline, he/she can pay the premium during the grace period and not incur any penalties. The grace period is 30 days from the deadline for the premium payment for yearly, half-yearly and quarterly modes and 15 days for the monthly mode.|
|Lapse of policy||The policy will lapse if the premiums are not paid within the grace period. This is not applicable to single premium policies.|
|Revival of policy||A lapsed policy can be revived within 2 years of it lapsing. The revival terms are as follows:
|Surrender benefit||If the primary policyholder surrenders the policy, members can choose to continue receiving life cover till maturity. Those who do not choose to continue cover will receive the following as surrender value:
The Kotak Group Secure Plan enables policyholders and members to save tax through investing in the policy in the following ways:
It is to be noted, however, that tax rules are subject to change and it is advisable to consult with the company or an individual conversant with the latest tax laws for the current tax provisions.
The Kotak Group Secure Plan comes with a host of benefits and features for policyholders and members. In addition to these, Kotak Mahindra plans come with additional services and features, some of which are listed below:
Kotak Mahindra Old Mutual Life Insurance Ltd. is one of the most trusted names in the field of life insurance. Established in 2001, the company is a joint venture between the Kotak Mahindra Group and the South African banking and insurance firm Old Mutual plc. The two blend expertise in banking and insurance, providing insurance solutions that cater to the needs of every individual. The company’s insurance offerings provide life coverage solutions that cover the needs of the urban professional, women, children, retirees as well as the rural sector. A strong commitment to providing the best service and striving for excellence are the hallmarks of the company, which is evidenced through the many accolades they have received.
Boasting one of the best claim settlement ratios in the market, Kotak Mahindra Life Insurance seeks to provide quality life insurance products and assistance to customers which makes them one of the top rated insurance companies in the country.
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