The Kotak Term Grouplan of Kotak Life Insurance is specially designed for the satisfaction and security of the employees of the corporate sectors. This is a complete plan and thus there is no need to provide them with improved benefits. It is a long term benefit plan for the employees.
This plan covers the employees by paying a lump sum benefit to the beneficiary of the death. This plan is offered on yearly renewable basis. It is a non participating plan.
The eligibility criteria for Kotak Term Grouplan of Kotak Life Insurance are as follows:
- The minimum age for the entry of the policy is 18 years.
- The maximum age of entry for the policy is 65 years.
- No employee will be given the coverage at normal retirement age, whichever is earlier.
- The minimum number of eligible employee in the group is 50. There is no maximum limit.
- The minimum sum assured for the policy is Rs 20,000 per member.
- The premium paying frequency of the policy is annual. The options of paying monthly, quarterly and half yearly are also available under this policy.
- The cover of this insurance will terminate on the date of withdrawal from employer’s service or normal retirement date or an earlier age specified for the group by the employer or date of discontinuance of the policy.
The benefits of Kotak Term Grouplan of Kotak Life Insurance are as follows:
- This plan provides welfare benefits to the employees and also the families.
- The procedures are simple and easy.
- High flexibility and customization.
- Options to make a choice from flat or graded cover, multiple of salary or banded to length of service.
- Additional benefit riders at nominal costs are available.
- Insurance protection at low cost.
- Easy and convenient process.
- Cover available anywhere any time.
- All claims can be considered as tax exempt under Section 10(10D) of the Income Tax Act, 1961.