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  • Kotak Term Group Plan

    Kotak Life Insurance

    Overview

    Success, more often than not is a result of teamwork, with organizations striving to build better teams that can overcome hurdles together. Kotak Term Group Plan is an insurance cover designed to protect the whole team, which includes not just employees of a particular organisation but also their families. The feeling of knowing that one is looked after is a huge boost to the confidence and workmanship of an individual employee, helping him/her strive harder to achieve greater heights, and this is what Kotak Term Group Plan aims to achieve.

    Eligibility Criteria of Kotak Term Group Plan

    Entry Age of member

    Minimum – 18 years

    Maximum – 74 years

    Group Size (No of members)

    Minimum – 50

    Maximum – No upper limit

    Basic Sum Assured (per member)

    Minimum – Rs 1,000

    Maximum – No upper limit

    Key Features of Kotak Term Group Plan

    Type

    Pure Term Group Insurance Plan

    Coverage

    Death benefit – Beneficiaries get a lump sum benefit in the event of any untoward incident.

    Spouse Cover – An employee's spouse can also be covered for an additional premium payment.

    Basis

    Group Plan

    Premium paying term

    1 year

    Premium paying modes

    Monthly, quarterly, half-yearly or annual

    Premium modal factor

    Premium Mode

    Premium Modal Factor

    Annual

    100.00%

    Half yearly

    51.00%

    Quarterly

    26.00%

    Monthly

    8.75%

    Revival

    Lapsed policies can be revived within 6 months of due date without any proof of good health.

    A medical check up might be required for lapsed policies after 6 months.

    Free Look Period

    A 15 day period is provided as free look period wherein a policyholder can return the policy if he/she does not agree with any terms and conditions of the plan.

    Surrender

    One can surrender the policy by giving a written intimation to Kotak Life Insurance stating the same.

    Advantages of Kotak Term Group Plan

    Tax Benefits

    The premium amount paid by an organization gets tax benefits under the Income Tax Act of 1961.

    Simple

    The entire process has been simplified to reduce hassles and fast track applications.

    Global Coverage

    This plan offers worldwide insurance coverage.

    Flexibility

    An organization can choose from flexible payment modes, depending on their financial standing.

    Customization

    Policyholders can choose to customise their policies with additional riders.

    How The Plan Works

    Kotak Term Group Plan is designed for organizations looking to protect their employees and their families from untoward incidences. Administrators of said organization can cover all their employees (minimum 50) for a period of 1 year by paying the premium amount. Additional riders can be availed to enhance the protection, albeit at an extra premium.

    Premium Payment

    This plan of Kotak Life is for a period of one year and one can opt for a monthly, quarterly, half-yearly or annual mode of payment.

    Riders

    Kotak Term Group Plan comes with a host of additional riders which one can opt for by paying an additional premium. These riders are mentioned below.

    • Additional Death Benefit – In the event of accidental death of a member, his/her beneficiary will receive an additional lump sum benefit.
    • Accidental Disability Benefit – In the event of accidental disability, a member will receive a lump sum in addition to the basic sum assured.
    • Accidental Dismemberment Benefit – This rider offers a compensation in case of any injury which results in either a loss of limb, hearing or eyesight.
    • Accidental Death, Disability and Dismemberment Benefit – This rider offers protection against any of the three eventualities, that is death, disability and dismemberment.
    • Critical Illness Benefit – This covers 12 critical illnesses and will cease post payment for any of the mentioned illness.
    • Family Benefit – This offers protection to the spouse and children of a member.
    • Terminal Illness Benefit – This offers protection against a terminal illness.
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