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Kotak Term Group Plan

Kotak Term Group Plan is a pure term group insurance plan which offers life cover to members (those covered under the plan) in the event of the unfortunate coming to pass. Under this plan, the beneficiary of the insured individuals will receive a lump sum benefit in case of an unfortunate event. Members also have the option of taking additional insurance over for their spouse and themselves. In addition to this, members can also choose from a wide range of add-on riders that can be attached to this plan to enhance its protection. Riders offered with this plan include protection against risks like illness, dismemberment, functional impairment, disability and family benefit. This policy also offers tax benefits as per the laws of the Income Tax Act of 1961.

Eligibility - Who is the Kotak Term Group Plan for?

To be eligible for the Kotak Term Group Plan, applicants must comply with the criteria which has been laid out by Kotak Life Insurance. His criteria pertains to the maximum and minimum age for entry into the policy.

Type of Plan Group plan
Minimum Entry Age of Member (last birthday) 18 years or as per the scheme rules, whichever is greater
Maximum Entry Age of Member (last birthday) 74 years or as per scheme rules, whichever is lesser
Group Size Min. - 50; No maximum limit

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

Sum Assured

Under the Kotak Term Group Plan, the minimum Basic Sum Assured (BSA) that each member is entitled is fixed at Rs.1,000. There is no cap on the maximum amount that can be provided as Basic Sum Assured under this plan.

Premium

  • Premium Payment Mode - The Kotak Term Group Plan offers you the flexibility to choose the premium payment mode as per your convenience. Policyholders have the choice to pay either single premium or pay regular premiums.
  • Premium Payment Frequency - You have the choice to make your premium payments on a monthly, quarterly or half-yearly or annual basis. Premium modal factors applicable are as follows:
Frequency % of annual premium
Monthly payments 8.75% of annual premium
Quarterly 26% of annual premium,
Half-yearly 51% of annual premium

Plan Coverage - What the Kotak Term Group Plan Covers?

The Kotak Term Group Plan is a pure term group insurance plan which works to provide insurance cover to the employees of an organization. This plan basically provides your employees (known as members) with insurance cover, which means that in case the employee passes away or is rendered disabled or suffers from an illness leaving them incapacitated, their beneficiary will be financially shielded.

Voluntary Cover/Voluntary Spouse Cover Under the Kotak Term Group Plan, the members have the option of taking Voluntary Cover/Voluntary Spouse Cover under which enhanced insurance cover is provided to the member and their spouse.
Comprehensive Coverage The Kotak Term Group Plan provides comprehensive coverage to the members against a variety of perils such as death, illness or disability. You can also extend the coverage provided by the plan to other members of the family by opting for additional riders.

Riders/Add-On Plans – Additional Coverage under the Kotak Term Group Plan:

To enhance the protection provided by the Kotak Term Group Plan, you can opt for any of the following riders.

Rider Description
Accidental Death Benefit (ADE) If the policy member passes away during the policy term, following an accident, their beneficiary will get additional lump sum benefit, provided over and above the amount of the basic sum assured. This rider does not require any additional underwriting requirement.
Accidental Disability Benefit (ADB) This rider provides the policy member with a lump sum benefit over and above the basic sum assured if they are rendered completely and permanently disabled due to an accident.
Accidental Dismemberment Benefit (ADM) The Accidental Dismemberment Benefit will provide compensation (as lump sum) to the policy member if they suffer an injury that has caused complete/partial loss of a limb, loss of hearing or eyesight.
Accidental Death, Disability & Dismemberment Benefit (ADDD) This unique rider provides the benefits of 3 accident riders under a single package and provides comprehensive protection against 3 types of losses.
Critical Illness Benefit (CI) This rider kicks into effect if the insured policy member is diagnosed with any of the critical illnesses covered under the rider. Once the insured is diagnosed with the critical illness and the same is verified successfully by Kotak Life, they will be paid the Critical Illness Benefit. This is a one time benefit rider.
Kotak Critical Illness Plus Benefit (CIP) This is similar to the Critical Illness Benefit. However, under this, the payout is made when the insured policy member is diagnosed with the first instance of any of the 17 critical illnesses covered under one of the 17 critical illnesses covered under the rider.
Family Benefit (FB) This rider will provide life cover to the policy member’s spouse and 3 children (aged between 1 - 18 years).
Terminal Illness Benefit (TI) This rider kicks in when the insured policy member is diagnosed with a terminal illness. Once the Terminal Illness Benefit is paid out, the member’s death benefit will become equal to the amount of the payout.
Daily Task Benefit (DT) The Daily Task Benefit is paid to the insured policy member if they are unable to carry out some basic routine activities like speaking, walking, bending, hearing, kneeling, standing up etc. In this case too, the death benefit will decrease to the amount of the payout.

Other Key Features – Free Look Period, Surrender Values, Policy Term, etc.

Worldwide Cover This plan provides insurance cover 24 hours a day, no matter where they may be in the world.
Policy Term The term of this policy is 1 year.
Renewability This is a yearly renewable policy which means it has to be renewed every year.
Policy Lapse The policy will lapse and all benefits will cease if the premium payment is not made on or before the due date.
Policy Revival · Under 6 months - If a lapsed policy is revived under 6 months from the date of the first unpaid premium, within the I year policy term, it can be done without a medical certificate proving good health. • Revival after 6 months - If a lapsed policy is revived after 6 months from the date of the first unpaid premium, within the I year policy term, a medical certificate of good health must be provided.
Surrender · To surrender the policy, a written intimation must be given to Kotak Life Insurance. The policy’s surrender value will be paid in accordance to the following: 1. Surrender Value for realignment of dates = Total Premium x (Unexpired Term/Total Term) 2. Surrender for purposes other than realignment of Dates: Compulsory cover surrender value = Unexpired Risk Premium - Max (Claims - Expired Risk Premium, 0) + Brokerage Recovered
Free Look Period · Kotak offers a free look period of 15 days for this policy. · If the policy taker is not satisfied with the terms and conditions of the policy, they must return the original policy document, specifying the reason for return, within 15 days from the date the policy was received. · Once the insurer receives the original policy document, they will initiate the refund of premiums paid, after subtracting charges incurred towards stamp duty, medical expenses, proportionate risk premium, etc.

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

All premiums paid by an employer towards this policy are eligible for deduction as business expense under the Income Tax Act, 1961. Tax benefits provided will be in accordance with the applicable Income Tax laws.

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

  • Kotak Life Insurance has set up a dedicated customer service department which is available on call and via email. They help customers resolve any insurance related queries.
  • Kotak Life Insurance has a prominent online presence, which means that customers can easily access all the information they need about life insurance plans on the Kotak Life website.
  • In addition to knowing more about offered plans, customers can also apply for a new policy online.
  • To facilitate easy premium payments, Kotak Life has set up multiple channels via which customers can pay their policy premiums.
  • Customers can also register for SMS alerts for all policy related activity. They can access information like premium due date, amount due, NAV & Fund Value, Unit Link statement, renewal notice and more.

Why you should buy the Kotak Group Term Plan?

Kotak Life insurance was established in the year 2001 and is one of India’s leading private life insurer. Formed as a joint venture between the Kotak Mahindra Group and the South Africa-based Old Mutual Group, the insurer has a presence in over 160 cities across India. Employing advanced technology and expertise in the field of insurance, Kotak Life Insurance offers a number of products such as savings plans, investment plans, Kotak protection plans, retirement plans. With emphasis on providing superior customer support, the insurer has established a dedicated customer service helpline for query resolution.

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

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