Group Accident Care terms & condition

I hereby give my consent to enroll under the Kotak Group Accident Care Policy No. KGAC-M002 issued to Kotak Mahindra Bank Limited by Kotak Mahindra General Insurance Company Limited. The cover, terms and conditions of the same are given below:

a. Product details

  • Cover
Section Bill Gates Sum Insured (Rs.)
Section A Accidental Death 5,00,000
Permanent Total Disablement 10,00,000
Permanent Partial Disablement 5,00,000
Extension Under Section A Modification Allowance 25,000
Section B Loss of Job Due to Accident 20,000 per month For a maximum of 3 months
  • Policy Tenure – 1 Year
  • Premium Details
Premium (Rs.) 14% Service Tax (Rs.) 0.5 % Swachh Bharat Cess (Rs.) 0.5% Krishi Kalyan Cess (Rs.) 0.5 % Swachh Bharat Cess (Rs.)
869.57 121.74 4.35 4.35 1,000.00

b. Consent of Customer:

  • I authorize Kotak Mahindra Bank Limited to debit my account towards the annual premium for this policy. I am aware that I have to give specific instruction to Kotak Mahindra Bank Limited to debit my account if I choose to renew this policy next year.
  • I hereby understand that all details including but not limited to nominee details will remain same as provided by me to Kotak Mahindra Bank Limited for opening this Account.
  • I hereby understand that the Certificate of Insurance and Terms and conditions will be sent electronically on the Email ID provided by me to Kotak Mahindra Bank Limited for opening this Account.

c. Terms and Conditions

  • The insurance is underwritten by Kotak Mahindra General Insurance Company Limited.
  • This insurance coverage is subject to the terms, conditions and exclusions of Kotak Group Accident Care Policy No. KGAC-M002 issued to Kotak Mahindra Bank Limited for covering their Corporate Salary Savings Accountholders and based on this Application and payment of premium.
  • The detailed Policy Wordings are available with the Kotak Mahindra Bank Limited.
  • It is essential that you provide all the information in this proposal FULLY, AND ACCURATELY AND CORRECTLY. You may provide us with any and all additional information relevant to risk to be insured or our decision as to acceptance of the risk or the terms upon which it should be accepted.
  • In case of any claim made under the Policy, no premium shall be refunded on cancellation of Insurance
  • The insurance coverage shall commence from the date of receipt of premium.
  • I agree that the policy shall become voidable at the option of Insurer, in event of any untrue or incorrect statement, misrepresentation, non-description or non-disclosure in any material particular in the Application form, declaration and connected documents, or any material information has been withheld by me or anyone acting on my/our behalf to obtain benefit under the Insurance.

d. Declaration

  • I/We hereby declare, on my behalf and on behalf of all persons proposed to be insured, that the above statements, answers and/ or particulars given by me are true and complete in all respects to the best of my knowledge and that I/We am/are authorized to propose on behalf of these other persons.
  • I understand that the information provided by me will form the basis of the insurance policy, is subject to the Board approval underwriting policy of the insurance company and that the policy will come into force only after full receipt of the premium chargeable
  • I/We further declare that I/We will notify in writing any change occurring in the occupation or general health of the life to be insured/proposer after the proposal has been submitted but before communication of the risk acceptance by the company.
  • I/We declare and consent to the company seeking medical information from any doctor or from a hospital who at any time has attended on the life to be insured/proposer or from any past or present employer concerning anything which affects the physical or mental health of the life to be assured/proposer and seeking information from any insurance company to which an application for insurance on the life to be assured/proposer has been made for the purpose of underwriting the proposal and/or claim settlement.
  • I/We authorize the company to share information pertaining to my proposal including the medical records for the sole purpose of proposal underwriting and/or claims settlement and with any Government and/or Regulatory authority.

e. Vernacular Declaration

    I hereby declare that, I have fully explained the contents of the proposal form and terms and conditions of the Policy to the Insured in the language understood to him/her and that the Insured has affixed the thumb impression / signature above after fully understanding the contents thereof.

PROHIBITION OF REBATES (Under Section 41 of Insurance Act 1938)

  • No person shall allow or offer to allow, either directly or indirectly as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property, in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the Policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospect uses or tables of the Insurer.
  • Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to Ten Lakh rupees.

Kotak Mahindra General Insurance Company Ltd. (Formerly Kotak Mahindra General Insurance Ltd.)

CIN: U66000MH2014PLC260291.

Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051. Maharashtra, India.

Office: 8th Floor, Zone IV, Kotak Infiniti, Bldg. 21, Infinity IT Park, Off WEH, Gen. AK Vaidya Marg, Dindoshi, Malad (E), Mumbai – 400097. India Toll Free: 1800 266 4545

Email: care@kotak.com

Website: www.kotakgeneralinsurance.com

Kotak Group Accident Care UIN: IRDAI/HLT/KMGI/P-P/V.I/15/16-17 IRDAI Reg. No. 152.

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