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| Home> For
Groups > Kotak Group Shield |
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| Overview |
| You have helped your
customers realize their dreams; be it in supporting
them to create wealth / assets and provide various
financial solutions to best fulfill their needs.
Your solutions have helped them build their home,
provide for their children’s education or
provide them other attractive 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 Shield 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 level 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 Shield |
 Protection
against a loan liability
Kotak Group Shield provides a cover that
is equal to the loan amount. This Sum Assured
will be paid to you on the death of the customer
to the extent of the loan amount and the
balance, if any, will be paid to the nominee.
It not only gives the customer peace of mind
by relieving the customer’s family
of the loan liability, but also, eliminates
your 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
targeted savings amount of the deposits,
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 total of
the installments of RDs / SIPs are reimbursed
in a lump sum in case the insured customer
befalls an unfortunate event |
 Comprehensive
solution
Kotak Group Shield provides protection not
only in case of death of the customer but
also in case of other unfortunate events
like: |
- Disability
- Critical Illness
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| Plan
options available with Kotak Group Shield |
There are four options
available with Kotak Group Shield. These options
provide different benefits to suit various customer
needs.
Easy
Group Shield
This is a simple group level cover term plan
in which the Sum Assured will be paid in the
unfortunate event of death of the insured customer |
Group
Shield
This is a group level 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
Shield plus Disability Benefit
This is a group level 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
Shield plus Critical Illness Benefit*
This is a group level cover term plan that
also provides terminal illness cover(a) plus
a critical illness benefit that covers 12 critical
illnesses (c). 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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| 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) |
| 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. |
| 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 Shield
Group Shield |
Group
Shield plus Disability Benefit
Group Shield
plus Critical Illness Benefit |
Entry Age
(last birthday) |
Minimum :
15 years
Maximum : 74 years |
Minimum :
18 years
Maximum : 64 years |
Cover Cease
Age
(last birthday) |
Maximum :
75 years |
Maximum :
65 years |
| Cover Term |
For Easy
Group Shield
Minimum: 1 year
Maximum: 30 years
For Group Shield
Minimum : 1 years
Maximum
: 30 years |
Minimum :
1 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
Shield plus Disability Benefit
Minimum: Rs.
10,000
Maximum: No limit
For Group Shield plus
Critical Ilness Benefit
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.
- 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) 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
Shield – UIN 107N050V01 Ref No: KLI/08-09/E-PB/170 |
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
TOLL FREE 1800 22 8081 |
| 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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