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Kotak Group Secure Plan

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.

Eligibility - Who is the Kotak Group Secure Plan for?

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:

Parameters Eligibility
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

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

Sum Assured:

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.

Premium:

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.

Plan Coverage - What the Kotak Group Secure Plan covers?

The coverage under the Kotak Group Secure Plan is as mentioned below:

  • The policyholder and members choose a sum assured amount.
  • Following this, a policy term and premium paying term (either single or regular) is selected.
  • The premium amount is determined based on factors that include the sum assured and the premium paying term.

The table below lists the coverage provided under the plan:

Death benefits The policy provides two types of death benefits, which are as follows:
  • Easy Secure: this is the basic group level plan where the sum assured amount will be paid out in the event of the member’s demise.
  • Secure Plus: this benefit type provides basic cover as well as terminal illness cover, with the features being:
  • Sum assured to be paid out in the event of the death of the insured member
  • Sum assured to be paid out to the insured member in case he/she contracts a terminal illness.

Riders/Add-on Plans:

This plan is not eligible for any riders or add-on plans.

Exclusions- What the Kotak Group Secure Plan doesn’t cover?

The exclusions under the Kotak Group Secure Plan are as follows:

  • Suicide: In the event of one of the members committing suicide within a year of the policy’s inception, the company is liable to pay 80% of the premiums to his/her dependents. In cases where a member commits suicide after 12 months of the policy’s start, the below will be applicable:
    • Suicide within one year of the date of the policy’s revival if the revival is done within 6 months from the date of the first unpaid premium will result in the death benefit being paid to the dependents.
    • Suicide within one year from the date of the policy’s revival if the revival is done more than 6 months from the date of the first unpaid premium will result in either the surrender value or 80% of the premiums paid, whichever is higher, being payable in the case of a death claim.
  • A diagnosis of terminal illness will not be considered if the member is also infected with the Human Immunodeficiency Virus (HIV).
  • Terminal illness due to self-inflicted injuries or attempted suicide within a year of the policy’s inception or revival of the policy will not be considered.

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

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:
  • For revival within 6 months: policies revived within 6 months of lapsing require the payment of all outstanding premium amounts along with interest (if any).
  • For revival after 6 months: policies that are revived after 6 months require the following:
  • Payment of all outstanding dues and interest (if any)
  • Furnishing of sufficient proof of satisfactory good health.
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:
  • For single premium: 60% x single premium x (outstanding cover term/cover term)
  • For regular premium: there is no surrender value payable.

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

The Kotak Group Secure Plan enables policyholders and members to save tax through investing in the policy in the following ways:

  • Premiums paid are eligible for tax exemption under Section 80C of the Income Tax Act, 1961.
  • Benefits received from the policy such as annual and terminal bonuses, survival benefit, maturity benefit, death benefit etc. are eligible for tax exemptions under Section 10 (10D) of the Income Tax Act of 1961.

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.

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

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:

  • Ease of premium payment: Kotak Mahindra Life Insurance provides its customers with various options with regard to premium payments. Customers can choose to pay their premiums either offline or online based on their convenience. A list of payment methods is provided below
    • Through debit/credit card.
    • Through netbanking.
    • Through a branch office of Kotak Mahindra Life Insurance.
    • Through NEFT.
    • Through Electronic Clearing Service (ECS).
    • Through cheques deposited at a Kotak Mahindra Bank ATM drop box.
    • Through Bill Desk.
  • Kotak Mahindra Life Insurance policyholders can look up information pertaining to their policy online at a click of a few buttons instead of having to visit a branch office for policy information. The company also provides SMS alerts to customers, notifying them of upcoming premium payments, fund performance, policy renewals etc.

Why you should buy the Kotak Group Secure Plan from Kotak Life Insurance?

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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