Kotak Mahindra bank offers group insurance plans that offers protection for individuals belonging to a particular group such as employees of an organisation. There are a variety of plans under Kotak Life Group Plans tailor made to suit different needs.
Types of Kotak Life Group Plans
- Kotak Term Group Plan
- Kotak Credit Term Group Plan
- Kotak Complete Cover Group Plan
- Kotak Group Assure Plan
- Kotak Group Shield Plan
Kotak Term Group Plan
Kotak Term Group Plan provides life cover for a group of employees. A lump sum amount is paid as death benefit in case of the unfortunate death of the employee.Benefits:
- The plan has a group of riders which covers other risks like disability, dismemberment and functional impairment.
- It also allows the insured to choose the premium payment mode.
- Extend protection to spouse.
Kotak Credit Term Group Plan
Kotak Credit Term Group Plan provides life cover to a group of borrowers of a credit institution such as banks and retail financial providers.Benefits:
- In the event of the borrower’s death, the bank will take on the loan amount and pay the credit institution.
- A cost effective plan.
Kotak Complete Cover Group Plan
Kotak Complete Cover Group Plan is a non-participating, single-premium plan that offers life cover to a group of borrowers of a credit institution.Benefits:
- Both the lender and the borrower avail benefits under this plan.
- The borrower’s family is financially secured.
- In the event of borrower’s death, the bank will pay the lender the remaining loan amount.
Kotak Group Assure Plan
Kotak Group Assure Plan offers is a group insurance plan that protects credit institutions from the risk of loan non-payments and also protects the family of the insured from the burden of repaying the loan in case of the insured’s death.Benefits:
- This plan offers comprehensive coverage. This plan not only covers the death of the insured but also offers cover for disability, critical and terminal illness.
- It protects both the credit institution and the borrower’s family.
- The plan takes up the responsibility of repaying the loan in case of the borrower’s death.
Kotak Group Shield Plan
Kotak Group Shield Plan helps the financial institutions in safeguarding their financial assets. It offers protection to the customers of the financial institution and provides a cover that is equal to the initial loan amount.Benefits:
- Provides various plan options for different need
- Easy Group Shield
- Group Shield
- Group Shield Plus Disability Benefit
- Group Shield Plus Critical Illness Benefit
- Joint Life Option
Why Kotak Life Group Plan?
Kotak Life Group Plan offers a variety of group plans that offer life cover and also cover against loan and repayment in case of the death of insured. There is a different plan for every need of different groups. With a variety of plan options, it’s impossible to go wrong with the Kotak Life Group Plan.
From the employers and employees of financial institutions to the Central Government, everyone can avail benefits from the different plan options of Kotak Life Group plans. Another advantage of the plan is that it not only offers life cover but it also offers cover for loans and repayment. Several of these plans even cover critical illness and disability.
Kotak Life Group Plan allows the employer or a credit institution to give provide quality life cover and protection against outstanding loan repayment for its employees and borrowers.
If you are looking for a plan that offers more than life cover and if you are an employer who wants to provide the employees with Life cover and Loan cover, Kotak Life Group Plan is your best bet.
Consider two people A and B, who lose their lives in an accident. A had Kotak Life Group Plan while B had XYZ Life Group Plan. The pending loan amount taken from A was repaid by the bank since A was covered under the Kotak Life Group Plan which offers cover for loan repayment along with life cover while the family of B couldn’t avail that benefit as the plan opted by B only offered life cover.