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| Home> For
Groups > Kotak Term Grouplan |
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Group Term Insurance
Plan |
| Overview
of group term insurance |
| To keep your employees
satisfied and secure, there is a growing need to
provide them with improved benefits. Group insurance
plans offer invaluable long-term benefits for employees. |
| A good way of showing
your employees you care is to offer them group
term insurance, like the Kotak Term Grouplan. It
provides life cover for your employees, and takes
care of their family’s needs and protects
them against life’s uncertainties. |
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 What
does the Kotak Term Grouplan offer? |
| This group term insurance
provides life cover for employees, by paying a
lump sum benefit to the beneficiary on the death
of an employee. The plan is offered on a yearly
renewable basis and is non-participating. This
group term insurance is secured via a single policy
on the lives of all the employees of the group. |
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| How
does the Kotak Term Grouplan benefit me as an employer? |
| Here are the benefits
of this group term insurance for the employer: |
- Provide welfare benefits to the employees
and their families
- Simple administration
procedures
- High degree of customization and
flexibility
- Option to choose from flat or
graded cover, multiple of salary or banded
to length of service.
- Provision for additional
benefit riders at nominal costs.
- The premium
paid by the employer is deductible as business
expense under Section 37 of the Income Tax
Act, 1961
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| How
does the Kotak Term Grouplan benefit my employees? |
| Here are the benefits
of this group term insurance for employees |
- Insurance protection at a relatively low
cost
- Hassle-free and convenient process
- Cover is available 24 hours a day, 7 days a
week, anywhere in the world.
- Conversion option – option
to convert to an individual policy from Kotak
Life Insurance by paying an additional nominal
premium
- All claim payments may be considered
as non-taxable receipts and could consequently
be considered as tax exempt under Section 10(10D)
of the Income Tax Act, 1961.
- If the employee
pays part or whole of the premium, he/she may
be able to claim a deduction under Section
80 (C) of the Income Tax Act, 1961.
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| Tax benefits are subject
to change in tax laws. Please consult your tax
advisor for details |
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| What
are the eligibility requirements to participate
in the Kotak Term Grouplan? |
| This group insurance
plan offers cover on a compulsory basis to all
active, permanent employees of the participating
group, subject to the following age limits: |
- Minimum age at entry will be 18 years.
- No employee will be covered above age
65 or normal retirement date, whichever
is earlier.
- The minimum number of eligible
employees in a group is 50. There is no
maximum limit.
- Minimum sum assured to
be Rs. 20,000 per member.
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| What
is the frequency of premium payment? |
| Premiums to this group
term insurance are paid annually in advance. However,
we also offer the opportunity to the employer to
make the payment monthly/ quarterly/ half yearly
in advance. |
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| When
will the cover terminate? |
| The cover of this group
term insurance will cease on the earliest of: |
- Date of withdrawal from employer’s
service
- Normal retirement date or an
earlier age specified for the group by
the employer
- Date of discontinuance of
the policy
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| What
value-adds/ riders can you opt for in Kotak Term
Grouplan? |
| You can avail any of
these value-adds for a nominal additional premium |
 Accidental
Death Benefit (UIN 107C005V01)
In the event of death of an employee as a result
of an accident during the term of this benefit,
the beneficiary would receive an additional lump
sum benefit, which is over and above the basic
sum assured. The maximum benefit that can be
availed of, in this group term insurance is equal
to the basic sum assured. |
 Accidental
Disability Benefit (UIN 107C008V01)
If during the term of this group term insurance
benefit, an employee is totally and permanently
disabled as a result of an accident, the employee
would be entitled to the lump sum payment benefit
above the basic sum assured. The maximum benefit
allowed will be the lower of three times the annual
salary or the basic sum assured or Rs. 10,00,000 |
 Accidental
Dismemberment Benefit (UIN107C006V01)
Accidental dismemberment compensates the employee
for injury that results in the complete or partial
loss of a limb, or loss of use of eyesight or hearing
due to accidental causes. The benefit is paid out
as a lump sum. The maximum benefit allowed under
this group term insurance will be the lower of
three times the annual salary or the basic sum
assured or Rs. 10,00,000 |
 Accidental
Death, Disability and Dismemberment Benefit (UIN
107C007V01)
We also offer the three accident value-adds as
a single package, wherein the maximum benefit payable
under the whole package will be lower of three
times the annual salary or the basic sum assured
or Rs. 10,00,000. |
 Critical
Illness Benefit (UIN 107C009V01)
If the employee suffers from one of the twelve
critical illnesses covered and this is proved to
the satisfaction of Kotak Life Insurance, the critical
illness benefit will become payable as a lump sum.
After payment, this benefit will cease and fall
away. The maximum benefit allowed in this group
term insurance will be lower of two times the annual
salary or the basic sum assured or Rs. 10,00,000 |
| The 12 critical illnesses
covered under this plan are: Heart Attack, Cancer,
Stroke, Coronary Artery By-pass Graft Surgery,
Kidney Failure, Major Organ Transplant, Paralysis,
Loss of Limbs, Aorta Surgery, Major Burns, Heart
Valve Surgery and Blindness. |
 Family
Benefit (UIN 107C010V01)
Under the Family Benefit value add, life cover
is provided not only for the insured employee but
also for the spouse and the three eldest children
between the ages of 1 and 21 years or of any age
who is unable to maintain themselves by reason
of a disability as defined in “The Persons
with Disabilities (Equal Opportunity, Protection
of Rights and Full Participation) Act, 1995”.
The maximum benefit that can be availed of is Rs.
50,000 as a lump sum. |
 Terminal
Illness Benefit Rider (UIN 107B014V01)
This optional benefit provides for acceleration
of the basic sum assured (the cover under the main
policy will terminate) as a result of the diagnosis
of terminal illness. Terminal illness is a non-correctable
/ non-curable medical condition or non-response
to specific disease therapy. It should be established
and confirmed in writing and with reasonable certainty
in the opinion of both the life insured’s
attending physician (based on consultation with
relevant medical specialists) as well as Kotak
Life’s Chief Medical Officer. |
| Furthermore, as a result
of the life insured’s terminal illness, the
employer is required to certify that the life insured
has not been able to fulfill the daily requirements
of his/ her job continuously during the last two
months immediately prior to the date of intimation
of terminal illness to Kotak Life. |
| The maximum benefit
can be equal to the basic sum Assured. |
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| Kotak
Grouplan in lieu of EDLI |
| The Kotak Term Grouplan
can also be offered in lieu of Employee’s
Deposit Linked Insurance (EDLI). Since the benefits
from this group insurance plan have been demonstrated
to be superior to those offered under the EDLI
Scheme of the Employees’ Provident Fund Organization
(EPFO), this plan has been approved by the EPFO. |
| In case the employer
opts for Kotak Term Grouplan in lieu of EDLI, he
will be entitled for grant of relaxation/ exemption
from the provisions of the EDLI Scheme, 1976. Kotak
Term Grouplan in lieu of EDLI confers better benefits
in the form of enhanced cover for the employees
regardless of the balances in their Provident Fund
Account. It also offers a higher sum assured, with
no additional obligation on the employer in terms
of the contribution required toward securing this
plan for the employees. |
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| What
are the salient features of this group insurance
plan? |
- Minimum eligible cover amount is Rs 62,000
- It is a pure term plan and the benefits
are payable to the nominee(s) of the member
in the event of his unfortunate death.
- This
will be applicable to employer-employee groups
only
- The maximum age at entry is 79 years.
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| KOTAK TERM Grouplan
WITH EXPERIENCE SHARING |
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| What
does the Kotak Term Grouplan with Experience Sharing
offer? |
| The Kotak Term Grouplan,
a one of its kind group term insurance plan, provides
life cover for a group of employees, by paying
a lump sum benefit to the beneficiary on the death
of an employee. |
| This group term insurance
plan is offered on a yearly renewable basis. It
is secured via a single policy on the lives of
all the employees of the group. At the end of the
term, experience refund is offered based on the
actual claims incurred by that particular group.
This means that the employer will reap the benefit
of good experience. For further details, please
contact our dedicated Relationship Managers. |
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| Free
Look Period |
| This group term insurance
plan offers a policyholder a 15-day 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 return
it. 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 of 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 Term
Grouplan UIN 107N007V02, Kotak Term Grouplan with
Experience Sharing UIN 107N017V02 Ref No: KLI/09-10/E-WEB/096 |
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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 |
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| Insurance is
the subject matter of the solicitation. This is a
non-participating term plan. This product brochure
gives only the salient features of the plan. For
detailed terms and condition, we advise you to refer
to the specific policy document. Hard copy of the
information will be provided on request. |
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