Kotak Complete Cover Group Plan

Kotak Complete Cover Group Plan is aimed at safeguarding the interest of borrowers as well as lenders in case of sudden unfortunate demise of the borrower. It provides to a group of borrowers from a same credit institution, bank or retail finance company. The plan can expect all members to join or can be voluntary depending upon certain terms and conditions. The plan aims to relieve the borrower's family of the loan liability in case of death of the borrower and also aims to pay for the loss incurred by the lending entity as a result of the borrower's death.

Eligibility Criteria for Kotak Complete Cover Group Plan :

Entry Age

Minimum Entry Age is 15 years

Maximum Entry Age for single premium plan is 73 years

Age at which cover ceases

75 years

Key Features of Kotak Complete Cover Group Plan

Plan type

Non-Participating single premium plan

Plan basis


Premium paying terms

Single Premium

Premium payment frequency


Free-look period

  • 15 days from the date of purchasing the insurance plan

Sum Assured

Minimum Sum Assured – Rs.5000 per person

Maximum Sum Assured – No Limit


Sum assured can be chosen by the policyholder. If he/she wants the sum assured to be higher than the loan amount then he/she can include 3 more EMIs. Sum assured equal to 110% of loan outstanding amount can also be chosen by a policyholder.

Surrender Benefit

In case of pre-closure of loan by a borrower, the cover shall continue till the agreed term period unless otherwise mentioned. Also, in case of loan transfer from one bank to another too, the cover shall continue unless otherwise specified.

Benefits/Advantages of Kotak Complete Cover Group Plan

Listed below are some of the most prominent benefits and advantages offered by Kotak Life Insurance Plan.

  • Tax benefits: Premiums paid by any organization are subject to tax exemption under the Income Tax Act. Also, any premium contribution by individual policyholders is also subject to tax exemption under section 80C of the act.
  • Simple and easy application process: Availing this group insurance scheme is a simple and hassle-free process.
  • Pooling of risk: Since a number of people together avail this insurance policy, the risk is mitigated and the cover is offered at a lower cost than otherwise.
  • Relaxed medical examination rules.
  • International coverage: Complete Cover Group Plan is offered 24X7 anywhere in the world.
  • Protection against loan liability: Kotak Complete Cover Group Plan offers protection against any loan liability that your family might have to shoulder in case of your sudden demise.

How Does The Kotak Complete Cover Group Plan

is a group insurance scheme that functions on the principle of pooling risks and shouldering responsibilities in a group. The plan aims to safeguard the interest of loan borrowers as well as those of loan lenders by making then part of a group insurance scheme. In the unfortunate event of death of any loan borrower, the sum assured is paid in order to protect the borrower's family from any sort of loan liability after the borrower's demise. The plan also safeguards the interest of the lending entities like banks, NBFCs etc. by mitigating the loss incurred by them if any of their loan borrower defaults due to sudden death.

Riders/Add-on covers Available for Kotak Complete Cover Group Plan:

Following are the riders that are available with the Kotak Complete Cover Group Plan in order to enhance protection and maximize returns.

Kotak Critical Illness Benefit:

Portion of Sum Assured on maturity (maximum 50% of Sum Assured on maturity) payable on admission of a claim for critical illness, subject to terms and conditions, definitions and specific exclusions.

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