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IB Home Suraksha-Group Insurance Scheme for mortgage Borrowers (launched in Association with Kotak Mahindra Old Mutual Life Insurance Ltd)
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 Group18- 65 (Maximum @ exit 75 Yrs)
CoverageMin Rs. 1.00 lakh & Max Rs.200 lakhs
Waiting PeriodFirst 45 days (except accident)
Claim AmountLoan amount outstanding for the month (in which death occurred) according to the cover schedule provided by Kotak Life.
By arrangement withKotak Mahindra Old Mutual Life Insurance Ltd
Period of coverMinimum - 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 BenefitIncome Tax rebate u/s 80C for the premium paid
ForeclosureLoan amount outstanding for the month (in which death occurred) according to the cover schedule provided by Kotak Life.
Commencement of risk coverCover 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 BorrowersNRI 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 PremiumOne time single premium
More Details (Download) Pamphlet >>

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