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: The Kotak
Superannuation Grouplan (KSGP) is a uniquely flexible
product that addresses the needs of both the employers and
the employees. Under this group life insurance plan, individual
employee accounts are invested in one of the many
investment portfolios on a unitized basis as per each
employee¶s choice. Parameters such as eligibility criteria for
fund membership, vesting guidelines, contribution rates,
transfer rules and voluntary contributions are all designed as
per each employer¶s unique needs.
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v This plan provides
life cover to a group of borrowers of the credit
institution (banks, retail finance providers etc.) with
the Life Assured being the borrower and the Credit
Institution being the beneficiary. It is a non-
participating yearly renewable plan .The plan can be
compulsory (for all borrowers) or voluntary (subject
to certain conditions).
In the unfortunate event of death of the borrower
during the term of the policy, the outstanding loan
amount would be repaid by Kotak Life Insurance,
relieving the borrower¶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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