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Groups > Kotak Term Grouplan |
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Kotak Term Group Plan |
| Overview
of group term insurance |
| In this age of competition where technology and systems are available to every organization, it’s the people that differentiate the good from the great. |
| Your organization has people that are of immense value to you. One of their prime concerns is the security and safety of their families. Being an organization of repute you would like to share this responsibility by providing them with a solution that meets their need. |
| Kotak Term Group Plan provides life cover to a group of employees, by paying a lump sum benefit to the beneficiary on the death of an employee. There is also a range of riders available to cover other risks like disability, dismemberment, illness and functional impairment. It is an ideal solution that provides security to the families of your group members in case of an adversity. As a distinguished organization you are rewarded with loyal employees and the ability to attract superior talent. |
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 Advantages
to you |
- Securing the group member creates loyalty towards you
- Provide for optional additional coverage for employees at nominal extra cost
- High degree of customization and flexibility
- Simple and easy administrative processes
- Premium paid by employer is deductible as business expense as per Income Tax Act, 1961*
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| Advantages
to your customer |
- Protection to the family in case of adversity, disability or illness
- Insurance cover at lower cost - Advantage of getting benefits of a Group insurance structure
- Insurance available 24 hours a day, anywhere in the world
- Get high insurance cover with simplified underwriting
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| Benefits |
 Option of Experience Sharing
At the end of the term, on the basis of actual claims incurred, you may be offered a discount on the renewal premium. This means that you can reap the benefit of good mortality experience. |
 Flexibility
You have the option to select the premium payment mode. You may choose to pay a single premium or regular premiums. You may also choose to pay your premiums monthly, quarterly or half-yearly or annually. Premium modal factors will apply as follows Monthly - 8.75% of annual premium, Quarterly - 26% of annual premium, Half-yearly – 51% of annual premium. |
 Voluntary Cover
The group members have the option to enhance their insurance cover and also provide insurance to their spouse for a nominal additional premium. |
 Comprehensive coverage
This plan covers your employees for a range of risks including disability and illness. It also allows you to extend cover to the family members of your employees. |
 Conversion Option
You may pay a small additional premium upfront to secure for the members the option to convert their basic life cover to an individual life policy if they leave the company. This option is for employer-employee group only and will be for basic life insurance cover and not rider cover. The member may choose any individual policy with cover equal to life cover under the group plan without any medical evidence except proof of being HIV negative. The member will pay a premium equal to the standard pricing at the time that the option is exercised, along with any loadings that applied to his/her group cover. |
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| Rider Options |
| You may avail any of the following riders for a nominal additional premium: |
Accidental Death Benefit (ADE UIN 107C005V02)
In the event of death of the member as a result of an accident during the term of the policy, the beneficiary would receive an additional lumpsum benefit, which is over and above the basic sum assured. |
Accidental Disability Benefit (ADB UIN 107C008V02):
If the member is totally and permanently disabled as a result of an accident, the member would receive a lump sum benefit above the basic sum assured. |
Accidental Dismemberment Benefit (ADM UIN 107C006V02)
Accidental dismemberment compensates the member for injury that results in complete or partial loss of a limb, or loss of eyesight or hearing due to accidental causes. The benefit is paid out as a lumpsum. |
Accidental Death, Disability and Dismemberment Benefit (ADDD UIN 107C007V02)
In this benefit, we can offer the three accident riders as a single package. This guards the member against all the three eventualities. |
Critical Illness Benefit (CI UIN 107C009V02)
If the member suffers from one of the twelve critical illnesses covered and this is proved to the satisfaction of Kotak Life Insurance, the critical illness benefit is paid out as an accelerated amount. After payment this benefit will cease and the death benefit for the member will reduce to the extent of the payout. |
Kotak Critical Illness Plus Benefit (CIP UIN 107B015V01):
This rider pays out an additional benefit if the member suffers from one of the twelve critical illnesses covered and this is proved to the satisfaction of Kotak Life Insurance. After payment this benefit will cease, but death benefit for the individual will remain in full. |
 Family Benefit (FB UIN 107C010V02)
Under the family benefit rider, life cover is provided for the member’s spouse and three children aged between 1 and 18 years. |
 Terminal Illness Benefit (TI UIN 107B014V02)
If the member is diagnosed with a terminal illness, then the Terminal Illness Benefit would be paid out. The death benefit for the member will reduce to the extent of the payout. |
 Daily Task Benefit (DT UIN 107B016V01)
If the member is unable to perform certain basic activities like hearing, speaking walking, kneeling or bending, standing up etc. the daily task benefit is paid out. After payment the member’s benefit will cease and the death benefit for the member will reduce to the extent of the payout under this benefit. |
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| Eligibility criteria |
| Particulars |
Minimum |
Maximum |
| Group Size |
50 |
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| Entry Age of member |
18 |
74 |
| Basic Sum Assured per member |
1,000 |
- |
| Policy Term |
1 year |
3 years, renewable indefinitely |
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| Lapse and Revival |
| If payment is not made on or before the premium due date, this policy shall lapse. No benefit shall be payable by Kotak Life Insurance on any claim arising during lapse mode. |
- Revival within 6 months: The Policy may be revived within 6 months, from the due date of the first unpaid premium without proof of good health.
- Revival after 6 months: The Policy may be revived after 6 months, from the due date of the first unpaid premium by furnishing satisfactory evidence of health (if required).
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| Surrender Value |
| The policy may be surrendered by giving written intimation to Kotak Life Insurance. A surrender value will be paid as per the following conditions |
| Surrender Value for realignment of dates = Total Premium x (Unexpired Term / Total Term) |
| Foreclosure for purposes other than realignment of dates: |
- Compulsory cover surrender value = Unexpired Risk Premium # – Max (Claims* – Expired Risk Premium, 0) + Brokerage Recovered
- Voluntary cover surrender value = Unexpired Risk Premium #
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| * Claims incurred but not reported will not be settled after the foreclosure date. i.e. all claims not reported for inclusion in this calculation will not be paid by the Company. |
| # Risk Premium for the purpose of these calculations is defined as Total Premium less all expense charges |
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| Exclusion |
| Suicide claim will not be covered for one year from the date of commencement of cover or from the date of revival / reinstatement. |
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| Free Look Period |
| The Policyholder is offered a 15 days free look period, from the date of receipt of this policy. During this period the Policyholder may choose to reconsider his/her decision to hold this policy, or may choose to return the same within the said 15 days. Should the Policyholder choose to return the Policy, he/she shall then be entitled to a refund of the premium paid after adjustments for expenses for medical examination, stamp duty and proportionate risk premium for the period of cover. |
| Service Tax and education cess shall be levied on all applicable charges as per the prevailing tax laws and/or any other laws. In case of any statutory levies, cess, duties etc., as may be levied by the Government of India from time to time, the Company reserves its right to recover such statutory charges from the policyholder(s) either by increasing the premium and / or by reducing the benefits payable under the plan. |
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| Section 41 of the Insurance Act, 1938 states |
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer:
Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer. |
| (2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees. |
| Section 45 of the Insurance Act, 1938 states: |
No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry calf two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policy holder and that the policy holder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal |
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| About Us |
| Kotak Mahindra Old Mutual Life Insurance Ltd. |
| http://insurance.kotak.com |
| Kotak Mahindra Old Mutual Life Insurance Ltd is a 74:26 joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc. A Company that combines its international strengths and local advantages to offer its customers a wide range of innovative life insurance products, helping them take important financial decisions at every stage in life and stay financially independent. |
| The Kotak Mahindra Group |
| www.kotak.com |
| Kotak Mahindra is one of India's leading banking and financial services organizations, offering a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the diverse financial needs of individuals and corporate sector. The group has a net worth of over Rs.79 billion and has a distribution network of branches, franchisees, representative offices and satellite offices across cities and towns in India, and offices in New York, London, San Francisco, Dubai, Mauritius and Singapore servicing around 7 million customer accounts. |
| Old Mutual plc |
| www.oldmutual.com |
| Old Mutual plc is an international long-term savings, protection and investment Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others. |
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| Numbers as on 14th June 2010 |
| Kotak Term Group Plan – UIN 107N007V03, Form No. N007, Ref. No. KLI/10-11/P-PB/159 ADE - 107C005V02, Form No. C005, ADB - 107C008V02, Form No. C008, ADM - 107C006V02, Form No. C006, ADDD - 107C007V02, Form No. C007, CI - 107C009V02, Form No. C009, FB - 107C010V02, Form No. C010, TI - 107B014V02, Form No. B014, DT - 107B016V01, Form No. B016, CIP-107B015V01, Form No. B015 |
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Regn. No.: 107,
Regd. Office:
Kotak Mahindra Old Mutual Life Insurance Ltd.
4th Floor, Vinay Bhavya Complex,
159 A, C.S.T. Road, Kalina,
Santacruz (East),
Mumbai - 400 098
Website: http://insurance.kotak.com
Email: lifeexpert@kotak.com.
SMS KLIFE to 5676788 Toll Free No. – 1800 209 8800 |
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| * Tax Benefits are subject to change in tax laws. You are advised to consult your tax advisor for details. Insurance is the subject matter of the solicitation. This is a non-participating Term Group Plan. This document is not a contract of insurance and must be read in conjunction with the Policy Document. For details on riders, please refer to the Rider Brochure. |
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