Eliminates risk of Loan default in the event of death
In the event of a member's death, Kotak Life Insurance will take on all loan amounts and pay the credit institution.
Financial relief to the family
The borrower's family is relieved of the financial and emotional burden of paying the outstanding loan amount.
Facilitate competitive pricing for lender
With greater financial security, a credit organisation now has an edge over competitors and can afford to price credit products at more competitive rates to attract customers.
The customers also benefit with better rates on loans.
Cost-effective plan
Since it works on group buying principle, the Kotak Credit Term Group Plan is extremely cost-effective.
Convenient administrative and medical procedures
The documentation process is hassle-free, and the medical examination norms are relaxed (subject to applicable conditions).
However non-medical limit will vary by loan type, borrower's age and tenure of the loan.
| Entry Age of Member | Minimum:18 years Maximum: 64 years |
|---|---|
| Maximum Maturity Age | 64 Years or an earlier age chosen by the Credit Institution for compulsory groups |
| Policy Term | 1 year (renewable indefinitely) |
| Policy Payment Mode | Annual or monthly payments |
| Premium Modal Factor | Premium Mode : Premium Modal factor Annual 100% Monthly 8.5% |
The premium paid by the credit institution could be considered as part of business expenses and may be tax deductible*
Any premium paid by a member in his/her capacity as an individual will be eligible for tax deduction* under Section 80(C) of the Income Tax Act, 1961.
Benefits received by the members' nominee are tax free under Section 10 (10 D) of the Income Tax Act, 1961.
*Tax benefits under the policy will be as per the prevailing income
tax laws and are subject to change in the tax laws. You are advised
to consult your tax adviser for details
.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDA clarifies to public that
IRDA or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.
IRDA does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Insurance is the subject matter of the solicitation.
This website content is not a brochure and 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. For more details on rider benefits, please refer to the rider brochure.
Regn. No: 107,
Regd. Office: 4th Floor, Vinay Bhavya Complex,
159 A, CST Road, Kalina, Santacruz East, Mumbai: 400 098
Toll Free: 1800 209 8800 (8 am to 10 pm)
Website:http://insurance.kotak.com
Email: clientservicedesk@kotak.com
Terms and conditions
Kotak Credit Term Group Plan UIN 107N006V03 Form No. N006 Ref No: KLI/13-14/E-WEB/098
Exclusion:
Suicide claim during the first year of the policy will not be covered for all members.
This is a non participating term cover for groups
