Credit Life Insurance Coverages in Association with M/s. Kotak Life
Credit Life Insurance Coverages in Association with M/s. Kotak Life
| What is credit life scheme from M/s.Kotak Life? | Credit Life insurance is a type of Life Insurance policy availed by Borrowers/Co-Borrower to protect the attached loan in case of any untoward situation. | ||||||||||||||||||
| Insurance Coverage Provider | M/s. Kotak Life Insurance | ||||||||||||||||||
| Which are the loans will be covered? | Home Loan, Loan Against Property /Top up on Home Loans/ Mortgage Loans and Education Loans. | ||||||||||||||||||
| Who is eligible? | All individuals, who have availed aforementioned loans from our Bank Branches. | ||||||||||||||||||
| When the service can be availed? | Coverage will be provided only within 90 days from first disbursement date. | ||||||||||||||||||
| Age Group (Min Entry-Max Entry) |
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| Coverage amount |
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| Period of cover |
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| Sum assured coverage options | 1.Sum Assured under the schemes i.e. Home Loan and Loan Against Property (Mortgage Loans) are on reducing balance based on the amortization of term debt / repayment schedule considered at 12% P.A. 2.Education Loan is having options of level balance basis as well as reducing balance are as appended below.
Reducing balance based on the amortization of term debt / repayment schedule considered at 14% P.A. For Flat tenure – amortization / repayment schedule is not applicable. i.e. credit life coverage will be equal to applied policy amount as per policy applicable period. |
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| Claim Amount | Loan amount outstanding for the month (in which death occurred) according to the cover schedule provided by M/s. Kotak Life Insurance Co. Ltd. | ||||||||||||||||||
| Non-Medical Underwriting Sum Assured Grid | For Home Loan the following grid is applicable subject to fulfilment of M/s. Kotak Life underwriter decision.
For Loan Against Property the following grid is applicable subject to fulfilment of M/s. Kotak Life underwriter decision.
For Education Loan the following grid is applicable subject to fulfilment of M/s. Kotak Life underwriter decision. 1. Loan upto Rs. 25 lacs for age 16-32 years |
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| Medical Check Up Grid | Over and above the Sum Assured limit, Medical Check Up is required. Cost of Medical Check-up / Fees will be borne by M/s. Kotak Life Insurance. | ||||||||||||||||||
| Tax Benefit | Income Tax rebate u/s 80 C for the premium paid | ||||||||||||||||||
| Foreclosure Details | Customer can choose to surrender the cover due to foreclosure or prepayment of loan or for any other reason provided no claim is made under the policy. Loan amount outstanding for the month (in which loan closed) according to the cover schedule provided by M/s. Kotak Life Insurance Co. Ltd as per the surrender policy terms & conditions stipulated in the policy. | ||||||||||||||||||
| Commencement of risk cover | Cover starts from the date of credit of premium remitted to M/s. Kotak Life and subject to approval of M/s. Kotak Life. | ||||||||||||||||||
| Coverage Details | Borrower and Co-Borrowers can be covered in case of joint loan accounts provided their income has been considered for sanctioning the Loan. The sum of total share of borrower & co-borrower together cannot be more than 100 % of the loan amount and both of them have to undergo the Underwriting process individually and pay premium as applicable.
In the event of first death of either of assured lives during the Base Cover term, Sum Assured share of the loan will be paid and the surviving members will continue to be covered for the remaining term. |
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| Insurance Premium Collection Type | One-time single premium |
THE ABOVE IS INDICATIVE ONLY. THE ACTUAL PRODUCT FETURES AND CONDITIONS ARE REGULATED BY M/s. KOTAK LIFE INSURANCE CO.LTD. CUSTOMERS ARE ADVISED TO READ THE PROPOSAL FORM COMPLETELY FOR A FULL DESCRIPTION OF THE TERMS AND CONDITIONS OF COVERAGE AND THE EXCLUSIONS RELATING THERETO.
( Last modified on Nov 13, 2024 at 04:11:23 PM )
