Kotak Group Assure plan is a life insurance policy offered by Kotak Bank. The plan offers cover for the family of the insured in case of the demise of the insured individual. It also offers cover against illness and disability along with protects credit institutions from non payment of loans due to death. It acts as a group credit insurance policy.The plan has different options that cater to different needs of the customers. Listed below are the four options offered by the bank.
- Easy group assure
- Group assure
- Group assure plus disability benefit
- Group assure plus critical illness benefit
Eligibility Criteria for Kotak Group Assure
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Eligibility |
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Minimum cover term |
2 years for single premium and 5 years for regular premium |
2 years for single premium and 5 years for regular premium |
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Maximum cover term |
5 years for single premium and 30 years for regular premium |
5 years for single premium and 30 years for regular premium |
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Minimum entry age |
15 years |
18 years |
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Maximum entry age |
73 years for single premium 70 years for regular premium |
63 years for single premium 60 years for regular premium |
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Maximum cover cease |
Maximum 75 years |
Maximum 65 years |
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Minimum sum assured |
Rs.25,000 for Easy Group Assure Rs.25,000 for Group Assure |
Rs.25,000 for Group assure plus disability benefit Rs.1,00,000 for group assure plus critical illness benefit |
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Maximum sum assured |
No limit for both the options |
No limit for both the options |
Key Features of Kotak Group Assure
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Type |
Group credit insurance policy |
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Coverage |
The plan offers comprehensive coverage which not only offers cover in case of death of the insured but also offers cover in other unfortunate incidents such as:
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Other covers |
The plan offers protection against loan liability. The plan provides cover of sum that is equal to the outstanding balance of the loan amount. The amount is paid to the nominee of the insured. |
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Premium payment term |
Single premium or regular term |
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Free look period |
A free look period of 15 days is offered on the plan |
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Surrender benefit |
Surrender value should be paid in case the loan is cancelled from inception or when the insured voluntarily transfers the insurance cover. |
Benefits/Advantages of Kotak Group Assure
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Death benefit |
The plan offers death benefit in case of the death of the insured. The death benefit will be paid to the nominee or heir nominated by the insured at the time of the inception of the policy. |
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Surrender benefit |
Surrender value should be paid in two cases. Firstly, when the loan is cancelled from inception and when the insured voluntarily transfers the insurance cover. |
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Protection against loan benefit |
Protection is offered against loan liability. |
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Tax benefits |
The premium paid by the customer is eligible for tax deductions under section 80C of the Income Tax Act. |
Advantages
- There are different plan options to choose from
- Simple procedure
- Minimal documentation
- Comprehensive coverage with additional benefits
- Financial security to the insured’s family
- Hassle free signing up process
How does the Kotak Group Assure Plan Work?
The applicant who applies for the Kotak Group Assure plan will have four options to choose from. They can choose an option that caters to their needs better. The insured should nominate a nominee at the time of inception of the policy. The insured can choose to make a single payment premium or make regular premiums depending on their financial capability.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
