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
- 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 may 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.
Terms and conditions
Kotak Complete Cover Group Plan UIN 107N018V04 Form No. N018 Ref No: KLI/13-14/E-WEB/109
Kotak Mahindra Old Mutual Life Insurance Ltd.
Reg No. 107
CIN : U66030MH2000PLC128503
2nd Floor, Plot # C- 12, G- Block, BKC,
Bandra (E), Mumbai - 400051
Toll Free: 1800 209 8800 (8 am to 10 pm)
SMS KLIFE to 5676788 Toll Free No. - 1800 209 8800
Insurance is the subject matter of solicitation. This is a non-participating, protection oriented term group plan . For sub-standard lives, extra premium may be charged based on the insurer's underwriting policy. 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. Please refer to the policy documents for specific details on all terms and conditions.
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