Kotak Complete Cover Group Plan

Kotak Complete Cover Group Plan

A non-linked non-participating Group Credit Life Insurance Plan

Kotak Complete Cover Group Plan is protection oriented plan that provides comprehensive cover to a group of borrowers of the credit / lending institution (e.g., banks, retail finance providers). It can be customized to cover all types of loans and repayment terms while providing cover for Death, diagnosis of Terminal Illness, Critical Illness or Accidental Disability.
It also provides the option to the members to choose cover for more than actual Loan outstanding by choosing the Benefit Multiplier option. A single plan that offers the flexibility to customise insured benefit and amount and as per clients needs

Key features

Flexibility to choose from 6 plan options - to cover against death / terminal illness / critical illness / accidental disability
The plan offers a reducing cover with 6 options to choose to meet the needs of the customer

Flexibility to choose the level of cover with Benefit Multiplier option
The plan comes with this unique feature of Benefit Multiplier that allows the member to decide on the level of cover to be taken against the outstanding loan amount. Benefit Multiplier can be either 100% or 110% or 120% of outstanding loan amount, to be chosen at the inception.

Flexibility to choose premium payment option
The plan offers Single Pay, Limited Pay and Regular Pay.

Flexibility to cover Single or Joint Life
The plan offers to cover either a Single Life or Joint Life where the loan is in the name of two members

Eligibility

Minimum Group Size
50 members

Age at Entry (last birthday)
Life Cover Option

Minimum: (For all Premium Payment Terms)
For Education loan: 15 Years
For other types of loans: 18 Years
Maximum: Single Pay: 73 Years
Limited and Regular Pay: 70 Years

Other Plan Options

Minimum: 18 Years
Maximum: 70 Years

Maximum Maturity Age (last birthday)
75 Years

Premium Payment Term
Single Pay
Limited Pay - 5 years
Regular Pay - 5 years (Same as the cover term)

Cover Term
Single Pay : 2 Years to 40 Years
Limited Pay (5 pay) : 6 Years to 40 Years
Regular Pay : 5 years

Premium Payment Mode
Single, Yearly, Half-yearly, Quarterly and Monthly

Premium Modal Factor
Half Yearly 51%, Quarterly 26%, Monthly 8.5% on annual premiums

Sum Assured
Minimum : Rs. 5,000
Maximum : No Limit, subject to Board Approved Underwriting limits. Sum Assured is defined as Outstanding loan amount at inception