Benefits for both lender and borrower
In the event of a borrower's death, Kotak Life Insurance will pay the remaining loan amount on the borrower's behalf.
Financial security to the borrower's family
The borrower's family is relieved of the financial burden of paying the outstanding loan amount..
One-time single premium payment for lender With a one-time single premium payment, we'll help manage the borrowers' accounts so that both the borrowers and the credit institution don't feel the hassle of paying multiple times.
Cost-effectiveness of the premiums The pooling of risk (group cover) allows the cover to be provided at a low cost - thus making it hassle-free and convenient. The plan comes with easy documentation process and relaxed medical examination norms (subject to applicable conditions) making it an extremely convenient plan to buy.
One fine body...
2.As per existing tax laws, any premium paid by a customer in his/her capacity as an individual may be eligible for tax deduction under section 80C of the Income Tax Act, 1961.
3. Benefits received by the customer's nominee are tax free under section 10(10 D) of the Income Tax Act, 1961 Tax benefits are subject to change in tax laws. You are advised to consult your tax advisor for details.
Insurance is the subject matter of solicitation.
This is a Non-Participating, protection oriented Term Group Plan. For sub-standard lives, extra premium may be charged based on the insurer's underwriting policy.
This document is not a contract of insurance and must be read in conjunction with the Policy Document.
Hard copy of the information will be provided on request.
Please refer to the policy documents for specific details on all terms and conditions.
Insurance is the subject matter of the solicitation.
This is a Non-Participating, protection oriented Term Group Plan. .
