Kotak Credit Term Group Plan

Kotak Credit Term Group Plan

A Non-Linked, Non-Participating, One Year Renewable Group Term Insurance Plan

Kotak Credit Term 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). The Kotak Credit Term Group Plan, is the right solution for your needs, protecting both your customers interest as well as institutions need. Not only is it cost effective and easy to administer, but it also gives a differentiating edge over competitors. This plan provides life insurance to a group of borrowers of the credit institution (banks, retail finance providers etc.) with the Life Assured being the borrower.

Key features

Provides Financial Protection
The borrower's family is relieved of the financial burden of paying the loan amount in the unfortunate event of death of the life assured.

Option to provide cover to Co-borrowers
The plan covers maximum of one additional co-borrower along with the primary borrower, only where there is an insurable interest between the lives. Both the primary borrower and co-borrower shall be covered individually for equal cover amount not higher than the original loan amount.

Other advantages
Simple and easy administrative processes, worldwide insurance coverage, Comprehensive coverage with simplified underwriting,

Eligibility

Group Size:
Min: 50 | Max: No Limit


Age criteria
Entry Age (Last Birthday)
Min: 18 years
Max: 74 years
Maximum Maturity Age (Last Birthday): 75 years

Sum Assured
Minimum: Rs. 5,000
Maximum: No Limit, subject to Board Approved Underwriting limit

Cover Term
1 year

Premium Payment Mode
Annual / Half-yearly / Quarterly / Monthly

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