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Insurance Company
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Kotak Mahindra Old Mutual Life Insurance Ltd
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Plan Name
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Kotak Complete Cover Grouplan
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Plan Nature
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TRADITIONAL
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Plan Category
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Term Plan
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UIN No.
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107N018V02
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About Plan
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The Plan provides life cover to a group of borrowers of the credit institution (banks, retail finance providers etc.) with the Life Assured being the borrower and the Credit Institution being the beneficiary. It is a non-participating single-premium plan and can be customized to cover all types of loans and repayment terms.The plan can be compulsory (all members join) or voluntary (subject to certain conditions). In the unfortunate event of death of the borrower during the term of the policy, the outstanding loan amount would be repaid by Kotak Life Insurance, relieving the borrower's family of the loan liability and eliminating risk of loss due to death of the borrower to the Credit Institution.
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Minimum Entry Age
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18 years
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Maximum Entry Age
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59years
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Maximum Maturity Age
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60 years
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Benefits
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| Particulars | Description |
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Maturity Benefits
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Nil
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Death Benefits
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In the unfortunate event of death of the borrower during the term of the policy, the oustanding loan amount would be repaid by insurer, relieving the borrower's family of the loan liability and eliminating risk of loss due to death of the borrower to the credit institution.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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Critical Illness Benefit (Rider) [107C009V01]
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Eliminates the risk of default in the event of death of the borrower. Facilitates competitive pricing for credit products and ensures a differentiating edge over your competitors.
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Extremely cost-effective because of group pricing dynamics Hassle-free administrative procedures
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The pooling of risk (group cover) allows the cover to be provided at a low cost. Hassle-free and convenient documentation process.
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21-Jan-09
11:52
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Kotak Life ties up with DHFL Vysya
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15-Jan-09
14:10
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Kotak Life registered a growth of 63%
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24-Dec-08
14:50
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Kotak Life launches interactive Web site
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22-Oct-08
12:10
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Kotak Life launches Kotak long life
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16-Oct-08
11:59
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Insurance cover for student loans
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15-Oct-08
09:35
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Allahabad Bank signs MoU with Kotak Life Insurance
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01-Sep-08
09:35
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Other Insurers to follow Kotak's strategy on cut insurance cost
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28-Aug-08
20:41
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Kotak Life insurance brings down term plan rates up to 40%
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