Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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Depending on where you work, you may be offered health or life insurance by your employer. Generally, you can avail of this cover for a minimal cost, and you may share the cost of premiums with your company. These type of policies, are known as group insurance policies.
As the name suggests, group insurance covers a whole group of individuals, instead of just a single person. Generally, companies purchase group insurance for their employees. Typically, group members can avail of such cover for a discounted cost, as the insurer’s actual risk is spread across all the individuals covered by the policy. Since the group insurance definition refers to any group, members of a society or professional association can also opt for group cover.
Undeniably, the biggest benefit of group insurance is that it offers cover to all members of the group, irrespective of their gender, age, profession and socio-economic background. Here’s what group insurance offers to the individuals:
– More specifically, group insurance will offer term insurance life cover to individual members of the group. During the tenure of the plan, which is typically the time that an employee working with the company offering insurance, if something were to happen to an insured individual, their nominee or family members will receive the sum assured as a payout.
– Several employers offer retirement or pension plans to all the employees. Such a group insurance policy is generally referred to as a superannuation scheme. These plans offer some financial security to the individuals once they retire.
– Generally, once an individual completes 5 years at an organisation, they become eligible to collect gratuity. Group insurance providers can offer companies that provide gratuity with investment opportunities. Through these investments, the company is able to build up a corpus for gratuity.
– Group insurance policies can also help in mobilising the savings of an insured individual. Participating members can use this insurance to help meet their long-term goals such as paying for their child’s education.
– Most importantly, these plans can be used to cover an insured individual’s liability. If an accident were to render an individual disabled or worse, the insurance policy can help clear their outstanding loan payments and other dues.
While most people get hung up on the group insurance meaning or definition, they often forget that these plans can offer so much more than basic life or health cover. Remember, healthy and safe employees are happy employees.
- A Consumer Education Initiative series by Kotak Life
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