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Kotak Group Term Life Insurance is a non-participating term group plan. It is ideal for organizations. An organization consists of people. Without the dedication of people and their hard work, an organization can't succeed. The reason they work so hard is so that they can take care of themselves and their families. To provide for the security of a family, an organization may decide to reward them with security for their families. Taking this responsibility and providing employees with a solution to address their families’ needs will also burnish the company’s reputation and contribute to additional loyalty.
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Kotak Group Term Life Insurance provides life coverage to each member within the plan. The plan pays a lump sum benefit to the beneficiary when an unfortunate event occurs and this plan also gives the option to add voluntary coverage for life for self and spouse. A range of riders is also available, which cover a gamut of risks such as disability, dismemberment, illness and any functional impairment. All-in-all, it is a model solution for providing families of the plan members with safety and security in the face of potential hardships that may arise.
Note: Know more about what is term insurance first before reading this article.
Term Plans
To be eligible for the Kotak Group Term Life Insurance, a group must at least contain 50 members. There is no maximum limit to the number of members in a group. As it pertains to the organizations, individual borrowers, investors, co-borrowers, co-investors of the institutions are eligible for coverage under this plan. The age limit is not predefined; instead, the minimum and the maximum age policy of the organization with regards to retirement define it.
The Kotak Group Term Life Insurance has multiple salient features. A list of some of them follows so that a reader or a potential investor might glean some idea about how the plan works:
The Kotak Group Term Life Insurance has many advantages. Some of them make the list below:
“Tax benefit is subject to changes in tax laws”
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The process to purchase Kotak Group Term Life Insurance is best done online. It can also be purchased from an insurance agent. However, the online process is easier, quicker and gives the customer full control over the process. The steps are generally as follows:
Step 1: Visit the official website and locate the button to register. Once inside after clicking that button, provide the personal details.
Step 2: Once the registration is complete, the user can log in to the website and begin the process of buying the Kotak Group Term Life Insurance.
Step 3: The first detail that the website requires will be the sum assured. That is a personal choice of the user and they will have to fill it in accordingly.
Step 4: Then it will ask to select the appropriate policy and, in this case, it will be Kotak Group Term Life Insurance.
Step 5: Next up select the premium payable. At the same time, the website will ask the number of premiums payable, which will determine the regularity of premium payments.
Step 6: The next step is to add a payment method. There are generally three payment options available, which are credit card, debit card and online banking.
Step 7: Once the payment goes through successfully, the payer will receive an acknowledgement slip.
Step 8: If the provider approves the policy for the payer, they will send a soft copy of the policy document by email first. Thereafter, a company representative will also visit with the hard copy of the policy or send it by post.
When putting in the personal details, if the user is not linked to an old plan, the KYC documents need to be submitted again. The KYC documents include identity proofs, address proofs and age proofs. PAN Card and AADHAR card are the most common identity proofs, while utility bulls and driving licenses are acceptable as address proof. A passport copy is ideal for age-proof. If proof of income is required, income tax returns can serve that function. Many a time, passport size photographs may also be required during the process.
The Kotak Group Term Life Insurance allows the addition of many different riders onto the main policy. The list below includes some of the riders in little detail:
The Kotak Group Term Life Insurance imposes some basic terms and conditions. They include the following:
These are a very generic overview of some terms and conditions in this policy. There are other terms and conditions as well, which one needs to study in detail prior to purchasing a policy.
For the Kotak Group Term Life Insurance, there are exclusions that everyone must be mindful of. They are given below:
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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