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Kotak Complete Cover Group Plan

A non-linked non-participating Group Credit Life Insurance Plan

Kotak Complete Cover Group Plan is protection oriented plan that provides comprehensive cover to a group of borrowers of the credit / lending institution (e.g., banks, retail finance providers). It can be customized to cover all types of loans and repayment terms while providing cover for Death, diagnosis of Terminal Illness, Critical Illness or Accidental Disability.

It also provides the option to the members to choose cover for more than actual Loan outstanding by choosing the Benefit Multiplier option. A single plan that offers the flexibility to customise insured benefit and amount and as per client’s needs.

How it works

Key Features

  • Flexibility to choose from 6 plan options - to cover against death / terminal illness / critical illness / accidental disability

    Flexibility to choose from 6 plan options - to cover against death / terminal illness / critical illness / accidental disability

    The plan offers a reducing cover with 6 options to choose to meet the needs of the customer

  • Flexibility to choose the level of cover with Benefit Multiplier option

    Flexibility to choose the level of cover with Benefit Multiplier option

    The plan comes with this unique feature of “Benefit Multiplier” that allows the member to decide on the level of cover to be taken against the outstanding loan amount. Benefit Multiplier can be either 100% or 110% or 120% of outstanding loan amount, to be chosen at the inception.

  • Flexibility to choose premium payment option

    Flexibility to choose premium payment option

    The plan offers Single Pay, Limited Pay and Regular Pay.

  • Flexibility to cover Single or Joint Life

    Flexibility to cover Single or Joint Life

    The plan offers to cover either a Single Life or Joint Life where the loan is in the name of two members

Eligibility

  • Eligibility

    Minimum Group Size

    • 50 members
  • Eligibility

    Age at Entry (last birthday)

    Life Cover Option

    • Minimum: (For all Premium Payment Terms)
    • For Education loan: 15 Years
    • For other types of loans: 18 Years
    • Maximum: Single Pay: 73 Years
    • Limited and Regular Pay: 70 Years

    Other Plan Options

    • Minimum: 18 Years
    • Maximum: 70 Years

  • Eligibility

    Maximum Maturity Age (last birthday)

    • 75 Years
  • Eligibility

    Premium Payment Term

    • Single Pay
    • Limited Pay - 5 years
    • Regular Pay - 5 years (Same as the cover term)
  • Eligibility

    Cover Term

    • Single Pay : 2 Years to 40 Years
    • Limited Pay (5 pay) : 6 Years to 40 Years
    • Regular Pay : 5 years
  • Eligibility

    Premium Payment Mode

    Single, Yearly, Half-yearly, Quarterly and Monthly

  • Eligibility

    Premium Modal Factor

    Half Yearly – 51%, Quarterly – 26%, Monthly – 8.5% on annual premiums

  • Eligibility

    Sum Assured

    • Minimum : Rs. 5,000
    • Maximum : No Limit, subject to Board Approved Underwriting limits. Sum Assured is defined as Outstanding loan amount at inception

Additional Protection with Optional Riders

Downloads

Download the brochure to know more about the plan and how it can benefit you.

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Read about Tax benefits & Plan Disclaimer

Tax Benefits & Disclaimers

Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. Customer is advised to take an independent view from tax consultant

Kotak Complete Cover Group Plan; UIN: 107N018V08, Form No: N018, Ref. No. KLI/23-24/E-WEB/1192

Kotak Mahindra Life Insurance Company Ltd. Regn. No.: 107, CIN: U66030MH2000PLC128503, Regd. Office: 8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai - 400 051. Website: www.kotaklife.com Email: kli.groupoperations@kotak.com. Toll Free No. – 1800 120 7856

This is a non-linked non-participating reducing cover term group plan. For sub-standard lives, extra premium may be charged based on the KLI’s underwriting policy. This website content only gives the salient features of the plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Ltd. under license.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

 IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint

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