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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 Group Assure
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Plan Nature
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TRADITIONAL
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Plan Category
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Protection Plan
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UIN No.
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107N051V01
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About Plan
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Kotak Group Assure is a comprehensive solution that helps protect your customer's assets and savings in the unfortunate event of death, illness or disability. To your institution, it reduces the risk of default and provides financial security thereby enabling you to enjoy a competitive advantage.
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Minimum Entry Age
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15Years
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Maximum Entry Age
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72Years
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Minimum Sum Assured
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Rs.10,000
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Minimum Policy Term
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3Years
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Maximum Policy Term
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30Years
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Benefits
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| Particulars | Description |
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Terminal Illness Benefit
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The medical illness has been exhaustively investigated, diagnosed and treated by specialists in that faculty, and at the end of the treatment, the attending medical experts have opined that the disease is incurable, and only supportive / empirical therapy can be offered. A certificate from the treating specialist confirming this condition is required. Where the life insured is an employee of a company, the employer (company) is required to certify that the life insured (employee) has not been able to fulfill the daily requirements of his/her job continuously during the last two months in view of his terminal illness (which is likely to culminate in death within a year - to be certified by the treating specialist), immediately prior to the date of intimation of Terminal Illness to Kotak Life. Where the life insured is self-employed, he/she should provide suitable supporting evidence of inability to work as defined above to Kotak Life. Where the life insured is self employed, he/she should provide suitable supporting evidence of inability to work as defined above to Kotak Life Insurance.
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Surrender Benefit
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In case of foreclosure of the loan / savings instrument or transfer of loan to another Company / Financial Institution, the surrender value will be paid for Single Premium policies. Surrender value will be calculated as follows: Surrender Value = 75% x Premium Paid x (1- [1 / Cover Term ] ) x (Outstanding Cover Term/Cover Term) x (Outstanding Cover Amount/Total Amount) # Surrender Value for the surrenders during the 1st year of coverage will be calculated assuming that surrender has taken place at the end of 1st policy year. #Outstanding and Total Amounts mentioned above are as per the original schedule of the loan or savings instrument at the time of surrender or repayment, and not the actual loan amounts.
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Tax Benefits
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| Section | Description |
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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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Accidental Disability Benefit (Rider) [107C008V01]
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Critical Illness Benefit (Rider) [107C009V01]
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Ensuring against non-repayment of loans due to death, illness and disability. Various plan options ensure that you can satisfy all customers.
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High non-medical underwriting limits Ease in getting Group Insurance Financial security to customer's family creates loyalty towards you.
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Financial security to customer's family creates loyalty towards you.Comprehensive coverage with additional benefits. Easy and hassle-free signing-up.
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High non-medical underwriting limits - Advantage of getting benefits of a Group insurance structure. Convenient Premium Payment Options.
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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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