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Kotak Complete Cover Group Plan

Kotak Complete Cover Group Plan

A Life Insurance Plan

Kotak Complete Cover Group Plan provides life cover to a group of borrowers of the credit /lending institution (banks, retail finance providers etc.). It is a non-participating single-premium plan and can be customized to cover all types of loans and repayment terms.

 

The plan can be mandatory (all members join) or voluntary (subject to certain conditions). In the unfortunate event of death of the borrower during the term of the policy, the outstanding loan amount (as per the cover schedule) will get extinguished relieving the borrower's family of the loan liability and will also eliminate the risk of loss due to death of the borrower to the Credit Institution

 

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Benefits for both lender and borrower

In the event of a borrower's death, Kotak Life Insurance will pay the remaining loan amount on the borrower's behalf.


Financial security to the borrower’s family

The borrower's family is relieved of the financial burden of paying the outstanding loan amount.


One-time single premium payment for lender

With a one-time single premium payment, we'll help manage the borrowers' accounts so that both the borrowers and the credit institution don't feel the hassle of paying multiple times.


Cost-effectiveness of the premiums

The pooling of risk (group cover) allows the cover to be provided at a low cost – thus making it hassle-free and convenient.

The plan comes with easy documentation process and relaxed medical examination norms (subject to applicable conditions) making it an extremely convenient plan to buy.



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