IB Home Suraksha – Group Insurance Scheme for Home Loan & Mortgage Borrowers (Launch in association with Kotak Life)
IB Home Suraksha – Group Insurance Scheme for Home Loan & Mortgage Borrowers (Launch in association with Kotak Life)
| Who is eligible? | All new and existing Home Loan and Mortgage based Loan Borrowers. |
| Age Group | 18- 65 (Maximum @ exit 75 Yrs) |
| Coverage | Min Rs. 1.00 lakh & Max Rs.10.00 crores |
| Waiting Period | First 45 days (except accident) |
| Claim Amount | Loan amount outstanding for the month (in which death occurred) according to the cover schedule provided by Kotak Life. |
| By arrangement with | Kotak Mahindra |
| Period of cover | Minimum – 3years, Maximum – 30years |
| Medical Check Up | Only DOGH for 1. Loan upto Rs. 100 lacs for age 18-40 years 2. Loan upto Rs. 60 lacs for age > 40 years & upto 45 years 3. Loan upto Rs. 50 lacs for age > 45 years & upto 50 years 4. Loan upto Rs. 30 lacs for age > 50 years & upto 55 years. 5.Loan upto Rs. 15 lacs for age > 55 years & upto 60 years. For all others, Medical Check Up is required. Cost of Medical Check-up / Fees will be borne by Kotak Life. |
| Tax Benefit | Income Tax rebate u/s 80 C for the premium paid |
| Foreclosure | Loan amount outstanding for the month (in which death occurred) according to the cover schedule provided by Kotak Life. |
| Commencement of risk cover | Cover starts from the date of credit of premium in the current account of M/s. Kotak Life. For borrowers under the medical category, premium has to be recovered ONLY AFTER the approval is communicated by Kotak Life and after consent letter to debit Premium from his/her account is obtained from the borrower. |
| Coverage | Both the borrowers can be covered in case of joint loan accounts provided both are earning members. 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 case of death of one of the borrowers the death benefit as per their respective share of the loan will be settled and survivor will continue to be covered for remaining term. |
| NRI Borrowers | NRI Home Loans borrowers are also eligible except NRIs residing in listed by Kotak Life as restricted countries. NRIs have to undergo Medical Checkup in INDIA ONLY |
| Insurance Premium | One time single premium |
( Last modified on Oct 28, 2022 at 05:10:23 PM )
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