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| Home> For
Groups > Kotak Group Assure |
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| Overview |
| You have helped your
customers realize their dreams; be it in supporting
them to build their home, providing for their children’s
education, creating assets or providing other attractive
credit and savings options. The easy financing
terms, simplified documentation and flexible options
that you offer them, bring along the responsibility
of repaying the scheduled installments. As a distinguished
and esteemed financial institution, you can show
your concern for your customers’ needs by
supporting their responsibilities. |
| Kotak Group Assure is
a comprehensive solution that helps protect your
customer’s assets and savings in the unfortunate
event of death, illness or disability. To your
institution, it reduces the risk of default and
provides financial security thereby enabling you
to enjoy a competitive advantage. |
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| This is a reducing
cover term plan that offers the following advantages: |
 Advantages
to you |
- Ensuring against non-repayment
of loans due to death, illness and disability
- Various plan options ensure that
you can satisfy all customers
- High non-medical underwriting limits
- Ease in getting Group Insurance
- Financial
security to customer’s family creates loyalty
towards you
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| Advantages
to your customer |
- Peace of mind since loans / targeted
savings are covered
- Comprehensive
coverage with additional benefits
- Easy
and hassle-free signing-up
- High
non-medical underwriting limits – Advantage
of getting benefits of a Group insurance structure
- Convenient
Premium Payment Options
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| Benefits
of Kotak Group Assure |
 Protection
against a loan liability
Kotak Group Assure provides a cover that
is equal to the outstanding balance of the
loan amount. This Sum Assured will be paid
to you on the death of the customer to the
extent of the outstanding loan amount and
the balance, if any, will be paid to the
nominee. It not only gives peace of mind
by relieving the customer’s family
of the loan liability, but also, eliminates
the risk of non repayment due to death. |
 Protection
of a targeted savings amount
This plan may be used by depositors as well.
In this case the Sum Assured, which is the
difference between the targeted savings amount
of the deposits and the accumulated value
of the deposit, will be paid to the nominee,
in case the insured customer befalls an unfortunate
event. |
| The plan may also
be used by investors of Fixed Deposit (FDs)
or Recurring Deposits (RD) and Systematic
Investment Plan (SIP) where the outstanding
installments of RDs / SIPs are reimbursed
in a lump sum in case the insured customer
befalls an unfortunate event. |
 Comprehensive
solution
Kotak Group Assure provides protection not
only in case of death of the customer but
also in case of other unfortunate events
like: |
- Disability – temporary and
permanent
- Inability to perform daily
tasks
- Critical Illness
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| Plan
options available with Kotak Group Assure |
There are six options
available with Kotak Group Assure. These options
provide different benefits to suit various customer
needs.
Easy
Group Assure
This is a simple group reducing cover term
plan in which the Sum Assured will be paid
in the unfortunate event of death of the
insured customer |
Group
Assure
This is a group reducing cover term plan
that also provides terminal illness cover
(a). The benefits of this plan are as follows: |
- The Sum Assured will be paid
in the unfortunate event of death of
the insured customer
- In case
the insured customer is diagnosed with
a terminal illness, the Sum Assured as
on that date is paid to the customer.
Terminal Illness is a non-correctable/non-curable
medical condition or a non-response to
specific disease therapy.
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Group
Assure plus Disability Benefit
This is a group reducing cover term plan
that also provides terminal illness cover
(a) plus a permanent accidental disability
benefit (b). This benefit is payable on either
of the two conditions: |
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| The benefits of
this plan are as follows: |
- The Sum Assured will be paid
in the unfortunate event of death of
the insured customer
- In case
the insured customer is diagnosed with
a terminal illness, the Sum Assured as
on that date, is paid to the customer
- In
case the insured is permanently unable
to carry out a reasonable occupation
or is physically impaired due to an accident,
the Sum Assured will be paid.
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 Group
Assure plus Critical Illness Benefit*
This is a group reducing cover term plan
that also provides terminal illness cover(a)
plus a critical illness benefit (c) that
covers 12 critical illnesses. Diseases covered
under this plan are |
- Major Heart Attack (MI)
- Cancer
- Stroke
- Coronary Artery By-Pass Graft
Surgery (CABG)
- Kidney failure
- Major organ transplant
- Paralysis
- Loss of limbs
- Aorta surgery
- Major burns
- Heart valve surgery
- Blindness
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| The benefits of
this plan are as follows: |
- The Sum Assured will be paid
in the unfortunate event of death of
the insured customer
- In case
the insured customer is diagnosed with
a terminal illness, the Sum Assured as
on that date, is paid to the customer.
- In
case the insured customer is diagnosed
with any of the specified 12 major diseases
mentioned above, the sum assured will
be paid.
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 Group
Assure plus Daily Task Benefit
This is a group reducing cover term plan
that also provides terminal illness cover(a)
plus a daily task benefit (d) that provides
cover if the insured customer is unable to
perform certain daily tasks. |
| Daily Task Benefit
will be applicable in the following conditions: |
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| This plan offers
the following benefits |
- The Sum Assured will be paid
in the unfortunate event of death of
the insured customer
- In case
the insured customer is diagnosed with
a terminal illness, the Sum Assured as
on that date is paid to the customer.
- If
the insured customer becomes permanently
functionally impaired and is unable to
perform his/her daily activities like
standing, walking, lifting etc., the
sum assured will be paid. If the disability
is diagnosed to be temporary in nature,
up to 10 installments for the loan/ savings
instrument will be paid.
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 Group
Assure plus Complete Disability Benefit
This is a group reducing cover term plan
that also provides terminal illness cover(a)
plus a temporary and permanent disability
benefit (e). This plan offers the following
benefits |
- The Sum Assured will be paid
in the unfortunate even of death of the
insured customer
- In case the
insured customer is diagnosed with a
terminal illness, the Sum Assured as
on that date is paid to the customer.
- In
case the insured is permanently unable
to carry out a reasonable occupation
or is physically impaired due to an accident
this benefit becomes payable. If the
disability is diagnosed to be temporary
in nature, up to 10 installments for
the loan/ of savings instrument will
be paid.
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| * Available only
with Home, Mortgage and Property Loan Covers |
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| Surrender
Benefit |
| In case of foreclosure
of the loan / savings instrument or transfer
of loan to another Company / Financial Institution,
the surrender value will be paid for Single Premium
policies. Surrender value will be calculated
as follows: |
| Surrender Value = 75%
x Premium Paid x (1- [1 / Cover Term ] ) x (Outstanding
Cover Term/Cover Term) x (Outstanding Cover Amount/Total
Amount) # |
| Surrender Value for
the surrenders during the 1st year of coverage
will be calculated assuming that surrender has
taken place at the end of 1st policy year. |
| #Outstanding and Total
Amounts mentioned above are as per the original
schedule of the loan or savings instrument at the
time of surrender or repayment, and not the actual
loan amounts. |
| No surrender value is paid
for regular premium payment option |
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| Tax
Benefit |
| As per existing tax laws,
premium paid by the financial institution could be
considered as part of business expenses and may be
tax deductible. |
| As per existing tax laws,
any premium paid by a customer in his/her capacity
as an individual will be eligible for tax deduction
under section 80C of the Income Tax Act, 1961. 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. |
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| Eligibility
criteria |
| Individual borrowers
and investors / co-borrowers / co-investors of
your institution can be covered under this plan. |
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Eligibility |
Easy Group Assure
Group Assure |
Group Assure plus Disability Benefit
Group Assure plus Critical Illness Benefit
Group Assure plus Daily Task Benefit
Group Assure plus Complete Disability Benefit |
Entry Age
(last birthday) |
Minimum : 15 years
Maximum : 72 years |
Minimum : 18 years
Maximum : 62 years |
Cover Cease Age
(last birthday) |
Maximum : 75 years |
Maximum : 65 years |
| Cover Term |
Minimum : 3 years
Maximum : 30 years |
Minimum : 3 years
Maximum : 30 years |
| Premium Payment Term |
Regular: Full policy Term
Single Premium |
Regular: Full policy Term
Single Premium |
| Sum Assured |
Minimum : Rs 10,000
Maximum : No limit |
For Group Assure plus Disability Benefit
Minimum: Rs. 10,000
Maximum: No limit
For other options:
Minimum : Rs 100,000
Maximum: No limit |
| Group Size |
Minimum: 50 |
Minimum: 50 |
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| Terms
and Conditions of the Benefits provided |
| (a)
Terminal Illness Benefit |
| Conditions |
- The medical illness has been
exhaustively investigated, diagnosed and
treated by specialists in that faculty,
and at the end of the treatment, the attending
medical experts have opined that the disease
is incurable, and only supportive / empirical
therapy can be offered. A certificate from
the treating specialist confirming this
condition is required.
- Where the life insured is an
employee of a company, the employer (company)
is required to certify that the life insured
(employee) has not been able to fulfill the
daily requirements of his/her job continuously
during the last two months in view of his
terminal illness (which is likely to culminate
in death within a year – to be certified
by the treating specialist), immediately
prior to the date of intimation of Terminal
Illness to Kotak Life. Where the life insured
is self-employed, he/she should provide suitable
supporting evidence of inability to work
as defined above to Kotak Life. Where the
life insured is self employed, he/she should
provide suitable supporting evidence of inability
to work as defined above to Kotak Life Insurance.
- On payment of this benefit, the
other benefits of the plan will stand terminated.
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| Exclusions |
- Terminal Illness diagnosis
in the presence of HIV infection is excluded
- Self inflicted injuries or attempted
suicide within the one year from the commencement
of member cover/ date of revival of member
cover.
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| (b)
Disability Benefit |
| Conditions |
- There will be a waiting period
of 180 days applicable from the date of
accident and the disability should be continuous
during the waiting period.
- On payment of this benefit, the
other benefits of the plan will stand terminated.
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Exclusions
No benefits will be payable under this Policy
if a claim or event suffered by the Life Insured
is directly or indirectly caused or exacerbated
as a result of any of the following: |
- Activities like Extreme climbing
(soloing), Ice climbing, Extreme altitude
climbing – above 6 000 m, Cave diving,
Internal exploration of wrecks, Diving
at depths greater than 30 m, Motorized
racing (speed contests) , Boxing (including
kick boxing), Base jumping, Sky surfing,
Aerobatic flying, Parasailing , Employment
as a mine-blaster
- Undisclosed recurrent participation
in the following risky activities like Piloting
any aircraft, Ballooning, Parachuting without
a static line, Hang gliding, Paragliding
and Rock climbing
- War or hostilities (whether war
be declared or not), civil war, rebellion,
revolution, civil unrest or riot, participation
in any armed force or peace keeping activities,
an act of any person acting on their own
or on behalf of or in connection with any
group or organization to influence by force
any group, corporation or government by terrorism,
kidnapping or attempted kidnapping, attack,
assault, or any other violent means.
- Self inflicted injuries, suicide,
insanity, and immorality, and deliberate
participation of the life insured in an illegal
or criminal act.
- Nuclear fusion, nuclear fission,
nuclear waste or any radioactive or ionizing
radiation.
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| (c) Critical
Illness Benefit |
Conditions
No benefits will be payable in the following
conditions: |
- If the condition is diagnosed
within 120 days (lien period) after the
risk commencement date or the date of any
reinstatement.
- For any pre-existing diseases
unless specifically mentioned in the Proposal
Form and accepted by the Company and endorsed
thereon.
- On payment of this benefit, the
other benefits of the plan will stand terminated.
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Exclusions
No benefits will be payable for any event which
is a direct or indirect result of a condition
which was not disclosed in the life insured’s
application for insurance, and for which,
prior to the Risk Commencement Date: |
- Medical advice or treatment
was recommended or given by a health professional;
or
- Evidence of the event existed
which would cause a reasonable person to
seek diagnosis, care or treatment from
a health professional.
- Unreasonable
failure to seek or follow medical advice.
- Living
abroad (living outside India for more than
13 consecutive weeks in any 12 months).
This exclusion does not apply if the Life
Insured is medically examined and/or has
undergone tests in India after the occurrence
of the event, and is available for medical
examination or other reasonable tests in
India to confirm the occurrence of an insured
event. Kotak Life may waive this condition
on a case-by-case basis only.
- War
or hostilities (whether war be declared
or not), civil war, rebellion, revolution,
civil unrest or riot, participation in
any armed force or peace keeping activities,
an act of any person acting on their own
or on behalf of or in connection with any
group or organization to influence by force
any group, corporation or government by
terrorism, kidnapping or attempted kidnapping,
attack, assault, or any other violent means.
- Self
inflicted injuries, suicide, insanity,
and immorality, and deliberate participation
of the life insured in an illegal or criminal
act.
- Drug-taking other than under
the direction of a qualified medical practitioner,
abuse of alcohol or the taking of poison
- Should
any of the covered conditions ever be deemed
to be generally curable on the basis of
genetic manipulation, substitution, deletion,
vaccination or any other treatment medical
or otherwise, such condition will no longer
be valid.
- Infection with Human
Immunodeficiency Virus (HIV) or conditions
due to any Acquired Immune Deficiency Syndrome
(AIDS).
- Nuclear fusion, nuclear
fission, nuclear waste or any radioactive
or ionizing radiation.
- Injuries
or diseases arising from professional sports,
racing of any kind, scuba-diving, aerial
flights (including bungee-jumping, hang-gliding,
ballooning, parachuting and skydiving)
other than as a crew member or as a fare-paying
passenger on a licensed carrying commercial
aircraft operating in a regular scheduled
route or any hazardous activities or sports
unless agreed by special endorsement.
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| (d) Daily
Tasks Benefit |
Conditions
No benefits will be payable in the following
conditions: |
- At the end of a 60 day waiting
period, if the impairment is not established
as permanent in nature, then a temporary
benefit is paid. The temporary benefit
will stop if the life insured recovers
from the impairment or if the impairment
is not deemed to be permanent in nature
at the end of 12 months from the date of
occurrence of the event. But the life insured
is eligible for permanent functional impairment
benefit in case of another functional impairment
subject to waiting period of 180 days from
date of occurrence of that impairment.
- If
the functional impairment is established
to be permanent in nature within 12 months
from the date of occurrence of the event,
the temporary benefit will cease and the
Sum Assured under would be paid immediately.
- On
payment of this benefit, the other benefits
of the plan will stand terminated.
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Exclusions
No benefits will be payable under this Policy
if a claim or event suffered by the Life
Insured is directly or indirectly caused
or exacerbated as a result of any of the
following: |
- Activities like Extreme climbing
(soloing), Ice climbing, Extreme altitude
climbing – above 6 000 m, Cave diving,
Internal exploration of wrecks, Diving
at depths greater than 30 m, Motorized
racing (speed contests) , Boxing (including
kick boxing), Base jumping, Sky surfing,
Aerobatic flying, Parasailing , Employment
as a mine-blaster
- Undisclosed
recurrent participation in the following
risky activities like Piloting any aircraft,
Ballooning, Parachuting without a static
line, Hang gliding, Paragliding and Rock
climbing
- War or hostilities (whether
war be declared or not), civil war, rebellion,
revolution, civil unrest or riot, participation
in any armed force or peace keeping activities,
an act of any person acting on their own
or on behalf of or in connection with any
group or organization to influence by force
any group, corporation or government by
terrorism, kidnapping or attempted kidnapping,
attack, assault, or any other violent means.
- Self
inflicted injuries, suicide, insanity,
and immorality, and deliberate participation
of the life insured in an illegal or criminal
act.
- Nuclear fusion, nuclear fission,
nuclear waste or any radioactive or ionizing
radiation.
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| (e) Complete
Disability Benefit |
Conditions
No benefits will be payable in the following
conditions: |
- At the end of a 60 day waiting
period, if the disability is not established
as permanent in nature, then a temporary
benefit is paid. The temporary benefit
will stop if the life insured recovers
from the disability or if the disability
is not deemed to be permanent in nature
at the end of 12 months from the date of
occurrence of the event and will be eligible
only for the permanent disability benefit
in case of an another accident. The waiting
period in this case will be 180 days from
the date of the accident.
- If the disability is established
to be permanent in nature within 12 months
from the date of occurrence of the event,
the Sum Assured would be paid immediately.
- On payment of this benefit, the
other benefits of the plan will stand terminated.
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Exclusions
The Exclusions are the same as that of the
Accidental Permanent Disability Benefit stated
above |
| (f) General
Conditions |
- Suicide claim will not be
covered for one year from the date of commencement
of cover for individual insured customer
or one year from the date of revival/ reinstatement.
- All
references made to the loan/ savings instruments
are implied to be as per the original schedule.
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| Free
Look Period |
| The Policyholder is offered
a 15 days free look period, from the date of receipt
of this policy. During this period the Policyholder
may choose to reconsider his/her decision to hold
this policy, or may choose to return the same within
the said 15 days. Should the Policyholder choose
to return the Policy, he/she shall then be entitled
to a refund of the premium paid after adjustments
for expenses for medical examination, stamp duty
and proportionate risk premium for the period of
cover. |
| Service Tax and education
cess shall be levied on all applicable charges as
per the prevailing tax laws and/or any other laws.
In case of any statutory levies, cess, duties etc.,
as may be levied by the Government of India from
time to time, the Company reserves its right to recover
such statutory charges from the policyholder(s) either
by increasing the premium and / or by reducing the
benefits payable under the plan. |
| Section
41 of the Insurance Act, 1938 states: |
(1) No person shall allow
or offer to allow, either directly or indirectly,
as an inducement to any person to take or renew or
continue an insurance in respect of any kind of risk
relating to lives or property in India, any rebate
of the whole or part of the commission payable or
any rebate of the premium shown on the policy, nor
shall any person taking out or renewing or continuing
a policy accept any rebate, except such rebate as
may be allowed in accordance with the published prospectuses
or tables of the insurer:
Provided that acceptance by an insurance agent of
commission in connection with a policy of life insurance
taken out by himself on his own life shall not be
deemed to be acceptance of a rebate of premium within
the meaning of this sub section if at the time of
such acceptance the insurance agent satisfies the
prescribed conditions establishing that he is a bona
fide insurance agent employed by the insurer.
(2) Any person making default in complying with the
provisions of this section shall be punishable with
fine which may extend to five hundred rupees |
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| Section
45 of the Insurance Act, 1938 states: |
No policy of life insurance
effected before the commencement of this Act shall
after the expiry of two years from the date of commencement
of this Act and no policy of life insurance effected
after the coming into force of this Act shall, after
the expiry calf two years from the date on which
it was effected be called in question by an insurer
on the ground that statement made in the proposal
or in any report of a medical officer, or referee,
or friend of the insured, or in any other document
leading to the issue of the policy, was inaccurate
or false, unless the insurer shows that such statement
was on a material matter or suppressed facts which
it was material to disclose and that it was fraudulently
made by the policy holder and that the policy holder
knew at the time of making it that the statement
was false or that it suppressed facts which it was
material to disclose:
Provided that nothing in this section shall prevent
the insurer from calling for proof of age at any
time if he is entitled to do so, and no policy shall
be deemed to be called in question merely because
the terms of the policy are adjusted on subsequent
proof that the age of the life insured was incorrectly
stated in the proposal. |
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| Kotak Group
Assure – UIN : 107N051V01 Ref No: KLI/08-09/E-PB/169 |
Kotak Mahindra
Old Mutual Life Insurance Ltd. Regn. No.:107, Regd.
Office: 9th floor, Godrej Coliseum, Behind Everard
Nagar, Sion (East), Mumbai – 400 022.
Website:
www.kotaklifeinsurance.com
Email: lifeexpert@kotak.com
SMS KLIFE to 5676788.
Toll Free No: 1800 209 8800 |
| Insurance
is the subject matter of the solicitation. This
is a non-participating term group plan. 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. |
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