• Kotak Group Assure Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    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.

    1. Easy group assure
    2. Group assure
    3. Group assure plus disability benefit
    4. Group assure plus critical illness benefit

    Eligibility Criteria for Kotak Group Assure

    Eligibility

    • Easy group assure
    • Group assure
    • Group assure plus disability benefit
    • Group assure plus critical illness benefit

    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

    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

    Minimum entry age

    15 years

    18 years

    Maximum entry age

    73 years for single premium

    70 years for regular premium

    63 years for single premium

    60 years for regular premium

    Maximum cover cease

    Maximum 75 years

    Maximum 65 years

    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

    Maximum sum assured

    No limit for both the options

    No limit for both the options

    Key Features of Kotak Group Assure

    Type

    Group credit insurance policy

    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:

    • Disability
    • Critical illness
    • Terminal illness

    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.

    Premium payment term

    Single premium or regular term

    Free look period

    A free look period of 15 days is offered on the plan

    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

    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.

    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.

    Protection against loan benefit

    Protection is offered against loan liability.

    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.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Kotak Group Assure Plan Reviews

  • Page 1 of 12 1 2 3 4 5
    • Kotak Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Kotak, it also offers accidental benefits , I pay a premium of 42000 per year. After certain interval they will be applying a bonus amount which is good. Overall I never had any issues with their services so far and I make premium payments online. .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance with Kotak Life from last 2 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in 3 months and i am convenient with the payment options. The maturity period for this policy is 10 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I am having the Life insurance policy with the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE company. I got this policy around 14years ago. This policy has the tenure of 20years. I pay the premium amount of Rs,2500 every year once. The plan benefits and the coverage is good with this policy and i am satisfied using it .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • Kotak Life Life Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've been using the life insurance policy from Kotak Mahindra . I pay a premium of 70000 per annum. The main objective of this policy is to save on taxes. I never had any issues with their services. Overall it has been a good experience.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 07, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Life Insurance service is good. I have one policy with Kotak Mahindra for the tenure period is for 15 years. The online portal is good with Kotak Mahindra Life Insurance service. The payments will be deducted through Ecs. It was a good experience with Kotak Mahindra Life Insurance service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Life Insurance service is good. I have one policy with Kotak Mahindra for the tenure period is for 15 years. The online portal is good with Kotak Mahindra Life Insurance service. The payments will be deducted through Ecs. It was a good experience with Kotak Mahindra Life Insurance service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a term insurance with Kotak Life since 2011, it is a long term policy with the tenure period of 25 years. I pay a premium of Rs 12000 every year through net banking and i am convenient with the payment options. I have a health coverage of Rs 35 lakhs and accidental coverage of Rs 50 lakhs in this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 18, 2018
    • Kotak Life Life Insurance
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I have a Life insurance policy taken from Kotak Life, I got very good plan benefits on this policy, the policy is for 16 years, and I have to pay only for 8 years and I receive the money after 8 years. I pay the premium on yearly basis, over all I am happy with the policy and satisfied with it.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 12, 2018
    • Kotak Life Life Insurance
      "Better policy to use"
      0.5 4.0/5 "Great!"
      I have got the Life insurance policy from the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE company around 3years. This policy has the tenure of 12years . I pay the premium amount of Rs,1,00,000 per annum. I pay the premium annually, I pay it through online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 05, 2018
    • Kotak Life Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I am using Kotak Mahindra for past 7 years. I have taken a endowment policy. I used to pay Rs.30,000 per annum as a premium. I got the insurance papers on time. The total tenure period is 7 years. After the maturity period I will get the sum assured value.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 13, 2018
    • Kotak Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life insurance with LIC.The premium amount is 18,000.The policy is taken eight years back.The sum assured is 1.05 lakhs.The policy is for 15 years.I don't have claim experience with them.The plan name are benefits.I make online payments.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 10, 2018
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.5/5 "Pretty good"
      Kotak Mahindra Life insurance service is good. The payments procedure was been online and also through cheques. The new schemes and offers are good. I have one policy with Kotak Mahindra. It is a average service from Kotak Mahindra Life insurance service.
      Was this review helpful? 0
      , namakkal
      Reviewed on Mar 05, 2018
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I got the LIFE INSURANCE policy from KOTAK LIFE around 2 years ago. The customer support service is good with the KOTAK LIFE, I pay the premium through ECS mode which is a easiest way to do pay the premium . I pay the premium of Rs,35000 annually. This policy has the tenure of 15years .
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 27, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the Kotak mahindra life insurance company. Customer service is good one for me with them and the coverage value is not aware by my end. Services are fine one with the Kotak mahindra insurance company.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 09, 2018
    • Kotak Life Life Insurance
      "Okay"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Kotak mahindra old mutual life insurance company. I would like to say that the customer service is okay one for me and the coverage value is not yet aware. Premium amount is nominal one for me with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Feb 02, 2018
    • Kotak Life Life Insurance
      "Good Life Insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a Child plan from them. I have been paying a premium of Rs.44000 annually for this scheme. When my child reaches the age of 8 and upto 15th year I will be getting Rs.44000 yearly as a return and also a good sum assured. This is a good investment I have made.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 23, 2018
    • Kotak Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had taken a life insurance from Kotak Mahindra life Insurance .I pay a minimum premium amount its debited from my salaried account once in year.I get a good policy policy coverage amount.The executives do respond on time without much delay.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • Kotak Life Life Insurance
      "Dis satisfactory"
      0.5 3.5/5 "Pretty good"
      Earlier I had taken a life insurance with Kotak. It was taken for a limited period of 3 years since I had a financial problem and have been forced to close this insurance. After completing the 3 years, I had submitted back and the total amount was not satisfactory.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 30, 2017
    • Kotak Life Life Insurance
      "Wonderful"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Kotak mahindra old mutual life insurance company. Coverage value is good one with the Kotak mahindra old mutual life insurance company. Everything is fine one with the Kotak mahindra old mutual life insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 30, 2017
    • Kotak Life Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with Kotak Mahindra Life.The premium amount is paid online or by an ECS.I get a policy coverage of 8-9 lakhs.I don't have a claim experience with them so far.I pay a premium amount of 62,000 per annum.The website is easy to understand and navigate.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 21, 2017
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