It is an insurance plan which is specially made to meet the needs of the group clients such as non-employer employee homogenous group. It covers death irrespective of what factor or reason caused it. The best thing about this plan is that it is a group plan and it provides financial protection to the member’s family. Apart from that, different premium payment options are also available for the members. This life insurance plan covers terminal illnesses also.
Eligibility Conditions for the Kotak Group Secure:
|Minimum Group Size||50 members|
|Minimum Entry Age||18 years|
|Maximum Entry Age||60 years|
|Maximum Cover Cease Age||65 years|
Policy Terms for the Kotak Group Secure:
|Minimum Cover Term||2 years (Single Premium) 5 years (Regular Premium)|
|Maximum Cover Term||5 years (Single Premium) 5 years (Regular Premium)|
Premium Payments Offered by the Kotak Group Secure:
|Minimum Sum Assured||Rs.5,000|
|Maximum Sum Assured||As per Board Approved Underwriting Policy|
|Premium Payment Mode for Single Premium||Single|
|Premium Payment Mode for Regular Premium||Yearly, Half-Yearly, Quarterly and Monthly|
|Premium Payment Term||Single and Regular|
|Premium||Premium corresponding to the maximum Sum Assured|
|Modal Factors (Single Premium)||Not Applicable|
|Modal Factors (Regular Premium)||100% (Yearly) 51%(Half-Yearly) 26%(Quarterly) 8.5%(Monthly)|
Key Features of Kotak Group Secure Plan:
|Type of Plan||It is an insurance plan made to meet the needs of the group clients such as non-employer employee homogenous group.|
|Premium Payment options||The available premium payment options are Yearly, Half-Yearly, Quarterly and Monthly.|
|Financial Security to the Member’s Family||This kotak life insurance plan can be used by all the members in a group. It provides financial security to the member’s family.|
|Benefit Types||Two benefit types are available under this plan namely Easy Secure and Secure Plus.|
|Tax Benefit||Tax Benefit is available under this plan as per section 80C of the Income Tax Act,1961.|
|Grace Period||A grace period of 30 days has been provided for yearly, half-yearly and quarterly premium paying mode. A grace period of 15 days has been provided for monthly premium paying mode.|
|Surrender Benefit||Surrender Benefit is available under this plan.|
|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.|
|Free Look Period||A free look period of 15 days from the date of receipt of the policy is provided to the policyholder holder in case he/she wants to return the policy.|
Payment Options for the Premiums offered by Kotak Group Secure Plan:
kotak group secure policyholder can pay the premiums using the following options:
- Half – Yearly
- Monthly intervals throughout the term of the policy
Advantages and Benefits of Kotak Group Secure:
The Secure provides the following key benefits:
Financial Security to the member’s family:
The best thing about this plan is that it is a group insurance plan which provides financial protection to the member’s family. Any kind of groups such as domestic workers associations, trade workers, government agencies etc can use this plan. If the insured member suddenly dies, the sum assured is paid to the nominee.
provide two benefit types :
If the insured member dies during the policy term, the sum assured is paid to the nominee.
In case of the demise of the insured member, the sum assured is paid. Also, if the insured member is diagnosed with a terminal illness, the sum assured is paid to the member.
In case the main policyholder decides to surrender the policy, the members have the option of either continuing the or discontinuing it.
If the member decides to discontinue with the life cover, then for single premium, the surrender value is equivalent to 60% x Single Premium x (Outstanding Cover Term/Cover Term). However, there is no surrender value for regular premium.
Tax Benefit is available under this plan. Tax deduction on premium will happen according to section 80C of the Income Tax Act, 1961. On the other hand, the benefits received by the nominee is tax free as per section 10(10D) of the Income Tax Act, 1961.
Nomination and Assignment:
Nomination is allowed as per section 39 of the Insurance Act, 1938. Assignment is allowed as per section 38 of the Insurance Act, 1938.
Free Look Period:
If the Kotak Group Secure policyholder or the member is not satisfied with the plan, he/she can choose to return the policy during the free look period. A free look period of 15 days from the date of receipt of the policy is provided under this plan. They have to send the cancellation request 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