The Kotak Credit Term Group Plan provides life cover to a group of borrowers of credit institutions (banks, retail finance providers etc.) with the life assured being the borrower and the credit institution being the beneficiary (only to the extent of the outstanding loan; the rest of the amount is paid to the nominee of the life assured). It is a non-participating yearly renewable plan. In the unfortunate event of death of the member during the term of the policy, the outstanding loan amount would be repaid by Kotak Life Insurance, relieving the member's family of the loan liability and eliminating risk of loss due to death of the borrower to the credit institution.
|Entry Age of Member||Minimum
|Maximum Maturity Age||64 Years or an earlier age chosen by the Credit Institution for compulsory groups|
|Policy Term||1 Years, Renewable annually|
|Policy payment mode||Annual or monthly payments|
|Premium Modal Factor||Annual - 100%,
Monthly - 8.5%
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