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Kotak Group Shield Plan

Kotak Life Insurance is a top insurance company that is committed to delivering superior quality insurance services. The company has a wide variety of plans that cater to the specific requirements of each individual. The company has both individual plans and group plans. Kotak Group Shield is a group plan that is designed for financial organisations so that they can secure their funds properly when anybody misses their payment deadlines.

Eligibility - Who is the Kotak Group Shield Plan for?

This plan provided by Kotak is perfect for a group of borrowers who want protection for their loans. This plan also offers coverage when the policyholder suffers from a permanent disability or dies. This plan can be taken by an individual borrower or a co-borrower.

Plan Group Shield and Easy Group Shield Group Shield plus Critical Illness and Group Shield plus Disability Benefit
Minimum entry age 15 years 18 years
Maximum entry age Single premium: 73 years Regular premium: 70 years Single premium: 63 years Regular premium: 60 Years
Maximum cover cease age 75 years 65 years
Premium payment term Regular premium with full policy period or single premium

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

Under the Kotak Group Shield Plan, your sum assured will be determined by the premium payment option and the plan option that you select. The sum assured refers to the guaranteed amount of money that is given to the policyholder. These are the details of the sum assured for this plan:

Minimum sum assured Easy Group Shield: Rs.5,000 Group Shield: Rs.25,000 Group Shield plus Critical Illness Benefit: Rs.100,000 Group Shield plus Disability Benefit: Rs.25,000
Maximum sum assured There is no limit.
Minimum premium Information not provided
Maximum premium Information not provided
Cover term Group Shield and Easy Group Shield Regular premium Minimum: 5 years Maximum: 30 years (depending on maximum maturity age which is less than or equal to 75) Single premium Minimum: 2 years Maximum: 30 years (depending on maximum maturity age which is less than or equal to 75) Group Shield plus Critical Illness and Group Shield plus Disability Benefit Regular premium Minimum: 5 years Maximum: 30 years (depending on maximum maturity age which is less than or equal to 75) Single premium Minimum: 2 years Maximum: 30 years (depending on maximum maturity age which is less than or equal to 75)

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

Plan Coverage – What the Kotak Group Shield Plan covers?

The Kotak Group Shield Plan offers 5 different plan options and benefits. Let us take a look at what the plan covers:

Plan option Features of the plan and benefit
Joint Life Under this joint life coverage option, protection is given for up to 2 lives. This is applicable when 2 lives have an insurable interest.
Group Shield This option will give the benefit when any of the 2 lives suffers from a terminal illness or dies (whichever happens first).
Group Shield and Critical Illness Benefit This option will give the benefit when any of the 2 lives suffers from a critical illness or terminal illness or dies (whichever happens first).
Easy Group Shield This option will give the benefit when any one of them dies.
Group Shield plus Disability Benefit This option will give the benefit when any of the 2 lives suffers from an accidental permanent disability or terminal illness or death (whichever happens first).

Exclusions – What the Kotak Group Shield Plan doesn’t cover?

Insurance plans generally have certain exclusions. The Kotak Group Shield Plan does not cover a few instances. Let us take a look at these exclusions:

  • Key-hole or laser surgery
  • Angioplasty and/or other intra-arterial procedures
  • Stem-cell transplants other than bone marrow transplant or major organ
  • Terminal illness with diagnosis of HIV infection
  • War or rebellion or civil unrest
  • Criminal activity
  • Substance abuse or drug-taking
  • Nuclear fusion or nuclear waste or nuclear fission
  • Adventure sports such as ice climbing, cave diving, boxing, sky surfing, parasailing, etc.
  • Suicide exclusion clause: When the group member commits suicide in 1 year after the policy begins, 80% of the premiums that have been paid can be given to the nominee.

Other Key Features of Kotak Group Shield Plan:

Let us take a look at the other significant characteristics of Kotak Group Shield Plan:

Free look period You will get a free look period of 15 days. Within these 15 days, you can return your insurance policy by giving any proper reason.
Surrender benefit When your loan gets foreclosed or moved to another company by other group members, the policy will go on till the policy period expires until it is surrendered by any of the members. A surrender value is given when there is a single premium. The formula for this surrender value is 75% X Single premium X Outstanding cover term or cover term
Safety against loan liability This cover is equivalent to your original loan amount.

Tax Benefits – How you can save with the Kotak Group Shield Plan?

With the Kotak Group Shield Plan, you will receive great tax benefits. Your benefits will be determined by Section 80C, 80CC and 80CCE of the Income Tax Act, 1961.

Other Benefits – How you can save with the Kotak Group Shield Plan?

Let us take a look at some of the other benefits of Kotak Group Shield Plan:

  • Kotak Life Insurance has a user-friendly premium calculator which will enable you to ascertain your premiums accurately. You will be required to enter relevant details in order to use this calculator.
  • You can request a relationship manager online for support by giving a few personal details. This will help you purchase a plan appropriately.
  • Kotak gives a proper fund update on a monthly and annual basis regarding the performance of the claim settlement processes. This will give you a clear idea about each plan offered by the company.
  • The signing-up procedure for Kotak Group Shield Plan is very simple and quick.

Why should you buy the Group Shield Plan from Kotak?

Kotak Life Insurance is a leading insurance company that holds a track record in delivering prompt and perfect insurance solutions to several people. The company utilises advanced technology and methodologies to provide extensive protection for multiple types of dangers. You can rely on the company to give state-of-the-art services to your entire group with the help of the Group Shield Plan.

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.