Kotak Credit Term Group Plan
Non-Par, Non-Linked, Group Pure Risk Product
Kotak Credit Term Group Plan is a one year renewable protection oriented plan that provides comprehensive cover to a group of borrowers of the credit / lending institution (e.g., banks, retail finance providers). The Kotak Credit Term Group Plan, is the right solution for your needs, protecting both your customer’s interest as well as institution’s need. Not only is it cost effective and easy to administer, but it also gives a differentiating edge over competitors. This plan provides life insurance to a group of borrowers of the credit institution (banks, retail finance providers etc.) with the Life Assured being the borrower.
Key Features
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Provides Financial Protection
The borrower's family is relieved of the financial burden of paying the loan amount in the unfortunate event of death of the life assured.
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Option to provide cover to Co-borrowers
The plan covers maximum of one additional co-borrower along with the primary borrower, only where there is an insurable interest between the lives. Both the primary borrower and co-borrower shall be covered individually for equal cover amount not higher than the original loan amount.
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Other advantages
Simple and easy administrative processes, worldwide insurance coverage, Comprehensive coverage with simplified underwriting,
Eligibility
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Group Size: Min: 50 | Max: No Limit
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Age criteria
Entry Age (Last Birthday)
Min: 18 years
Max: 74 years
Maximum Maturity Age (Last Birthday): 75 years
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Sum Assured
Minimum: Rs. 10,000
Maximum: No Limit, subject to Board Approved Underwriting limit
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Cover Term
1 year
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Premium Payment Mode
Annual / Half-yearly / Quarterly / Monthly
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Premium Modal Factor
Half-Yearly 51%, Quarterly 26%, Monthly 8.5% on annual premiums
Downloads
Download the brochure to know more about the plan and how it can benefit you.
Need help buying a plan?
Request a Relationship Manager
Mail us on corporate.solutions@kotak.com
Mail your queries to us and we will answer them at the earliest.
Read about Tax benefits & Plan Disclaimer
Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. You are advised to take an independent view from tax consultant.
Terms and conditions
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDAI or its officials do not 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.
Kotak Credit Term Group Plan - UIN 107N006V05.
This is a non-par, non-linked, Group Pure Risk Product. For sub-standard lives, extra premium may be charged based on the KLI’s underwriting policy. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
Regd. Office:
Kotak Mahindra Life Insurance Company Ltd.
Reg No. 107
CIN: U66030MH2000PLC128503
8th Floor, Plot # C-12, G-Block, BKC,
Bandra (E), Mumbai - 400051
Toll Free: 18001207856
Website: www.kotaklife.com
Email: kli.groupoperations@kotak.com
Ref. No.: KLI/24-25/E-WEB/1072
Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Ltd. under license.
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