It is a an insurance plan which provides financial security to the family in case of Death or Terminal Illness. Depending on the needs of the member, two types of benefits are available under this life insurance plan namely Easy Secure and Secure Plus. Different premium modes are also available for the individual to choose from according to his/her convenience.
Eligibility Conditions for the Kotak Group Secure One Plan:
|Minimum Group Size||50 members|
|Minimum Entry Age||18 years|
|Maximum Entry Age||64 years|
|Maximum Cover Cease Age||65 years|
Policy Terms for the Kotak Group Secure One Plan:
|Cover Term||1 year (annually renewable)|
Premium Payments Offered by the Kotak Group Secure One Plan:
|Minimum Sum Assured||Rs.5,000|
|Maximum Sum Assured||As per Board Approved Underwriting Policy|
|Minimum Premium||Premium corresponding to the Minimum Sum Assured|
|Maximum Premium||Not Applicable|
|Premium Payment Mode||Yearly, Half-Yearly, Quarterly, Monthly|
|Modal Factors||100% (Yearly) 51% (Half-Yearly) 26% (Quarterly) 8.5% (Monthly)|
Key Features of Kotak Group Secure One Plan:
|Type of Plan||It is an insurance plan for the group which provides financial security to the family in case of Death or Terminal Illness.|
|Premium Payment options||The available premium options are Yearly, Half-Yearly, Quarterly and Monthly.|
|Financial Security to the member’s family||Kotak Group Secure One plan can be used by various groups as it provides financial security to the member’s family. In case of death of the insured member, the amount will be paid to the nominee.|
|Protection of a targeted savings account||Depositors can also use this plan.|
|Tax Benefit||Tax Benefit is available under this plan.|
|Grace Period||A grace period of 30 days is available for half-yearly and quarterly mode. A grace period of 15 days is available for the monthly mode.|
|Surrender Benefit||Surrender Benefit is available under this plan.|
|Revival||The lapsed policy can be revived within 6 months from the due date of the first unpaid premium. This option is applicable only for half-yearly, quarterly and monthly premium paying mode.|
|Free Look Period||This kotak life insurance policyholder can choose to return the policy within 15 days from the date of the receipt of the policy.|
|Nomination||Nomination is allowed as per Section 39 of the Insurance Act, 1938.|
|Assignment||Assignment is allowed as per Section 38 of the Insurance Act, 1938.|
Payment Options for the Premiums offered by Kotak Group Secure One Plan:
The policyholder can pay the premiums using the following modes:
- Half – Yearly
Advantages and Benefits of Kotak Group Secure One Plan:
The Kotak Group Secure One Plan provides the following key benefits :
Financial Security to the family:
It is an insurance plan specifically designed for a group. It provides financial security to the member’s family. Many groups such as Self-help groups, NGOs and several professional groups can use this plan. In case the insured member suddenly dies, the Sum Assured is paid to the nominee.
Targeted Savings Amount Protection:
The best thing about this plan is that even the depositors can use this policy. In case of unfortunate death of the insured member, the Sum Assured is paid to the nominee.
This benefit is applicable only in case where the insured member suddenly dies. In such cases, the Sum Assured is paid.
As per this plan, the sum assured is paid in case of unfortunate death of the insured member. Also, if the insured member is diagnosed with a terminal illness, the sum assured is paid to the member.
Tax Benefit is available under this plan as per the Income Tax Laws.
Surrender Benefit is available under this plan. When the surrender happens within the free look period, the free look cancellation amount has to be paid. On the other hand, there is no surrender value for post free look period.
Nomination and Assignment:
Nomination is allowed under this plan as per Section 39 of the Insurance Act, 1938. Assignment is also allowed under this plan as per Section 38 of the Insurance Act, 1938.
Free Look Period:
In case the policyholder is not happy with the policy, he/she can choose to return the policy within 15 days from the date of receipt of the policy. The person will also have to state the reasons for cancellation. The cancellation request has to be sent to the nearest branch of the insurer or to the insurer’s head office.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017