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.
- The premium paid by the credit institution could be considered as part of business expenses and may be tax deductible*
- Any premium paid by a member in his/her capacity as an individual will be eligible for tax deduction* under Section 80(C) of the Income Tax Act, 1961.
- Benefits received by the members's nominee are tax free under Section 10 (10 D) of the Income Tax Act, 1961.
*Tax benefits under the policy will be as per the prevailing income tax laws and are subject to change in the tax laws. You are advised to consult your tax adviser for details
Terms and conditions
Suicide claim during the first year of the policy will not be covered for all members.
This is a non participating term cover for groups
Kotak Credit Term Group Plan UIN 107N006V03 Form No. N006 Ref No: KLI/13-14/E-WEB/098
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 For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale .Hard copy of the information will be provided on request.
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