IB Home Security – Group Insurance Scheme for Mortgage Borrowers (Launch in association with Kotak Mahindra Old Mutual Life Insurance Limited)
|Who is eligible?||1.All new Home Loan Borrowers
2. Existing borrowers as on 30/09/2009, not covered so far are also eligible- Within a period of 6 months .
|Age Group||18- 65 (Maximum @ exit 75 Yrs)|
|Coverage||Min Rs. 1.00 lakh & Max Rs.200 lakhs|
|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 Old Mutual Life Insurance Ltd|
|Period of cover||Minimum – 3years, Maximum – 20years|
|Medical Check Up||Only DGH for
1. Loan upto Rs. 40 lacs for age 18-35 years
2. Loan upto Rs. 30 lacs for age > 35 years & upto 45 years
3. Loan upto Rs. 20 lacs for age > 45 years & upto 55 years
4. Loan upto Rs. 10 lacs for 55 years & upto 59 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 80C 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 account is obtained from the borrower.|
|Joint Borrower||Both the borrowers can be covered in case of joint loan accounts provided both are earning members. Each borrower has to apply for 100 % cover 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 loan outstanding will be settled; and the premium paid for the surviving borrower will be refunded at applicable rates.|
|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|
|More Details (Download)||Pamphlet|