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Kotak Credit Term Grouplan

Kotak Credit Term Group Plan

A Life Insurance Plan

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.

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Eliminates risk of loan default in the event of death

In the event of a member's death, Kotak Life Insurance will take on all loan amounts and pay the credit institution.

Financial relief to the family

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

Facilitate competitive pricing for lender

With greater financial security, a credit organisation now has an edge over competitors and can afford to price credit products at more competitive rates to attract customers. The customers also benefit with better rates on loans.

Cost-effective plan

Since it works on group buying principle, the Kotak Credit Term Group Plan is extremely cost-effective.

Convenient administrative and medical procedures

The documentation process is hassle-free, and the medical examination norms are relaxed (subject to applicable conditions). However non-medical limit will vary by loan type, borrower's age and tenure of the loan.


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