life insurance company
Kotak Life Insurance Company

Kotak Life Insurance

Kotak Life Insurance is one of India’s fastest growing insurance companies and a subsidiary of the prestigious Kotak Mahindra Bank Limited. Over 32.8 million Indians trust Kotak Life Insurance thanks to its exceptional customer-focused service. Kotak Life offers an extensive range of life insurance products that cater to individuals from all backgrounds.

Kotak Life At A Glance

CHARACTERISTICSSPECIFICATIONS
Company NameKotak Mahindra Life Insurance Company Limited
HeadquartersMumbai
Year of Establishment2001
Company TypePublic
Parent CompanyKotak Mahindra Bank Limited
CEOUday Kotak
Number of Branches1600+
Claims Paid (FY 2020-21)4336
Amount Paid (in Rs Cr)299.92
Claim settlement ratio (the financial Year 2020-21)98.50%
First Year Premium (Up to 31st March 2021)5256.51
No. of Policies (Up to 31st March 2021)341292
No. of lives covered (Up to 31st March 2021)15720213
Sum assured ((Up to 31st March 2021)218584.59 crores

Kotak Life Insurance Plans

1. Kotak Life Insurance Term Plans

With Kotak Life Insurance Term Plan, you can get ample protection for a minimal amount ensuring you and your family are safeguarded for the future.

At economical prices, you get a pure risk cover, which gives you sufficient financial protection. During the unfortunate death of the life insured, the beneficiary gets the payout.

Key Features: 

  • Flexible premium payment options – Depending on your needs and situation, you can either choose to pay premiums regularly or at one go.
  • Plan conversion option – From a term plan, you can convert your plan to any other Kotak plan before the last five years of the policy.
  • Additional protection – Opt for a variety of riders to enhance your protection and ensure you’re well protected.
Age CriteriaEntry age – Minimum: 18 years and max: 65 years
Maturity ageMax: 70 years
Policy term 5 years to 30 years
Sum assured 

Minimum: Rs. 3,00,000

Maximum: Rs. 24,99,999

Premium

Annual Premium – Min: Rs. 2,000 and max: Based on Sum Assured

Single Premium – Min: Rs. 12,000 and max: Based on Sum Assured

Premium Paying ModeSingle, Yearly, Half- yearly, Quarterly, Monthly
Premium Payment OptionSingle pay and regular
Premium Payment Term (PPT)

Regular Pay: Equal to Policy Term

Single Pay: Single payment

ii. Kotak Life Insurance Preferred Term Plan

Avail financial protection for your family via this pure risk cover plan at a low cost. Beneficiaries will be provided with the Death Benefit, in case of the insured’s death.

Key Features: 

  • Optional Riders: Enhance protection via add-on riders including Accidental Death Benefit rider, Critical Illness Benefit Rider, and Permanent Disability Rider.
  • Choice Between Two Payout Options: One can select from Immediate Payout or Recurring Payout options.
  • Option to increase coverage: If desired, you can increase your insurance coverage with each new phase of life (up to age 45), as well as on the 1st, 3rd, and 5th policy anniversaries.
  • Low premium – With low premiums, you can get high cover and special rates are applicable to non-smokers as well.
Age CriteriaEntry age minimum is 18 years and the maximum is 65 years
Maturity ageThe minimum maturity age is 23 years and the maximum age is 75 years
Policy term 5 years to 40 years
Sum assured 

Minimum: Rs. 25,00,000

Maximum: No limit

Premium (Min. Annual)

Premium

Payment

Mode

Policy Term

Recurring

Payout Option

Immediate

Payout Option

Regular pay5 yearsRs. 3,700Rs. 4,075
Single pay5 yearsRs. 10,375Rs. 11,700

5 year

Limited Pay

10 yearsRs. 4,925Rs. 5,550

7 year

Limited Pay

12 yearsRs. 4,225Rs. 4,750

10 year

Limited Pay

15 yearsRs. 3,775Rs. 4,225

*Minimum Premium based on Rs. 25 Lakhs Basic Sum Assured

Maximum PremiumNo limit, but will depend on the Maximum Basic Sum Assured, which is subject to underwriting
Premium Paying ModeSingle, Yearly, Half- yearly, Quarterly, Monthly
Premium Payment OptionRegular, Limited, and Single pay
Premium Payment Term (PPT)

Regular Pay: Equal to Policy Term

Limited Pay:

• 5 pay for Policy Term 10 to 40 years

• 7 pay for Policy Term 12 to 40 years

• 10 pay for Policy Term 15 to 40 years

Single Pay: Single payment

iii. Kotak Life Insurance Preferred E-Term Plan

Whether it’s a time of need or for the future, you can avail financial protection for your family via this pure risk cover plan at a low cost.

Key Features: 

  • Online Availability: Quick and hassle-free purchase option
  • Payout Options: Choose between Recurring or Immediate Payout based on your needs and convenience
  • Enhanced Coverage: Option to avail optional Kotak e-Accidental Death Benefit Rider
  • Waiver – Waiver of basic premiums on Total and Permanent Disability, available at low cost
  • Rate – Non-smokers and women get better, preferential rates.
Age CriteriaEntry age Miin: 18 years | Max: 65 years
Maturity ageMin: 28 years | Max: 75 years
Policy term 10 years to 40 years (in multiples of 1 year)
Sum assured 

Minimum: Rs. 25,00,000

Maximum: No limit

Premium (Min. Annual)Depends on Basic Sum Assured, Plan chosen (recurring or immediate payout), Age, Gender, Policy Term, Smoking status and chosen Premium Payment Option
Maximum premium amount No limit, subject to underwriting
Premium Paying ModeYearly and monthly
Premium Payment OptionRegular, Limited and Single pay
Premium Payment Term (PPT)

Regular Pay: Equal to Policy Term

Limited Pay: 5 pay-10 to 40 years | 10 pay- 15 to 40 years

Single Pay: Single payment

iv. Kotak Life Insurance Saral Jeevan Bima

Non-linked, non-participating individual pure risk premium life insurance plan that safeguards your family’s future in any unforeseen situation.

Key Features: 

  • Hassle-free cover: In case of the insured’s death, beneficiaries will be paid a lump sum amount.
  • Long-term Coverage: Avail coverage up to age 70
  • Choice of Premium Payment Term: Select from regular/limited/single pay options for premium payment as per your needs and convenience
  • Women – Female lives get preferential rates
Age Criteria (as on last birthday)The minimum entry age is 18 years and the maximum is 65 years
Maturity age (as on last birthday)The minimum maturity age is 23 years and the maximum is 70 years
Policy term 

Regular pay: 5 years to 40 years

Single pay: 5 years to 40 years

5 year Limited Pay: 6 years to 40 years

10 year Limited Pay: 11 years to 40 years

Sum assured The minimum is Rs. 5,00,000 and maximum is Rs. 25,00,000 Basic Sum Assured would be allowed only in the multiple of Rs. 50,000)
Minimum Premium (Annual)

For sum assured of Rs. 5,00,000:

  • Regular Pay: Rs. 2,225
  • Single Pay: Rs. 6,835
  • 5 year Limited Pay: Rs.2,515
  • 10 year Limited Pay: Rs. 2,153

For sum assured of Rs. 25,00,000:

  • Regular Pay: Rs. 96,550
  • Single Pay: Rs. 1,38,300
  • 5 year Limited Pay: Rs.75,000
  • 10 year Limited Pay: Rs. 4,89,100
Maximum premium amount 
  • Regular Pay: Rs. 2,225
  • Single Pay: Rs. 6,835
  • 5 year Limited Pay: Rs.2,515
  • 10 year Limited Pay: Rs. 2,153
Premium payment term
  • Regular pay: 5 years to 40 years
  • Single Pay: 1 year to 1 year
  • 5 Year Limited Pay: 5 years to 5 years
  • 10 Year Limited Pay: 10 years to 10 years
Premium Paying ModeSingle, Yearly, Half-Yearly, and Monthly
Premium Payment OptionRegular, limited pay, and single pay
Premium Payment Term (PPT)
  • Regular pay: 5 years to 40 years
  • Single Pay: 5 years to 40 years
  • 5 Year Limited Pay: 6 years to 40 years
  • 10 Year Limited Pay: 11 years to 40 years

2. Kotak Life Savings and Investment Plans

Kotak Life Insurance gives you the opportunity to save and invest, which ensures your money grows and you have savings to fall back on.

i. Kotak Life Insurance Premier Life Plan

Secure your family’s financial future with this non-linked participating whole life cover, with protection up to age 99.

Key Features: 

  • Hassle-free cover: In case of the insured’s death, beneficiaries will be paid a lump sum amount.
  • Long-term Coverage: Avail long-term coverage up to the age of 99 years
  • Bonus Payouts: Receive regular bonus payouts or accumulate them under the policy
  • Riders – Opt for a variety of riders to enhance your protection
Age Criteria

The minimum entry age is 3 years and the maximum is 8 years

For PPT – 55 years

For 12 years PPT – 53 years

For 15 years PPT – 50 years

For 20 years PPT – 45 years

Maturity ageMax: 99 years
Policy term 99 years less age of entry
Sum assured Minimum Sum Assured on maturity is Rs. 2,00,000/-
Premium (Min. Annual)Depends on Basic Sum Assured, Plan chosen (recurring or immediate payout), Age, Gender, Policy Term, Smoking status, and chosen Premium Payment Option
Premium Paying ModeYearly, Half yearly, Quarterly and Monthly
Premium Payment Option

Minimum Premium – Determined on the basis of Sum Assured on maturity, entry age, gender and premium payment term

Maximum Premium – No limit, subject to underwriting

Premium Payment Term (PPT)Fixed PPT of 8, 12, 15 and 20 years

ii. Kotak Life Insurance Endowment Policy

Through regular and long term savings you and your family can easily fulfill your dreams with this plan that builds a corpus through continued bonuses.

Key Features: 

  • Guaranteed Additions: Receive Guaranteed Additions within the first 5 years of the policy term, at a rate of 5% p.a. of Basic Sum Assured, which is payable on death or maturity, whichever is earlier
  • Bonus from 6th Policy Year: Bonuses accrue from the 6th policy year onwards
  • Option of Multiple Riders: Increase your coverage with the option of 7 riders
Age CriteriaThe minimum entry age is 18 years and the maximum is 60 years
Maturity ageThe maximum is 70 years
Policy term 

Regular pay: 10 to 30 years

Limited Pay:

5 Pay: 10 to 30 years

7 Pay and 10 Pay: 15 to 30 years

15 Pay: 20 to 30 years

Sum assured Depends on the minimum premium chosen
Premium (Min. Annual)
  • Regular pay: Rs. 8,000
  • Limited pay: Rs. 15,000
Premium Paying ModeYearly, Half yearly, Quarterly, Monthly
Premium Payment Term (PPT)

Regular Pay: Equal to Policy Term

Limited Pay: 5,7,10, and 15 years

iii. Kotak Life Insurance Money Back Plan

This savings-cum-investment plan combines savings with financial protection. As a limited pay plan, it provides lump sum payouts at regular intervals to meet financial requirements.

Key Features: 

  • Regular Payouts: Receive regular cashback via a percentage of the Basic Sum Assured at specific intervals
  • Lump Sum Maturity Addition: Lump Sum benefit payable at end of policy term (along with final payout)
  • Enhanced Death Cover: Receive additional payout on accidental death, in addition to the death benefit
  • Bonus from 1st Policy Year: Bonuses accrue from the 1st policy year onwards
Age Criteria

The minimum is: 2 years

The maximum is:

57 years for a 16-year term

55 years of a 20-year term

51 years for a 24-year term

Maturity ageThe maximum is 75 years
Policy term 16/20/24 years
Sum assured 

The minimum is Rs. 1,50,000

Maximum: No Limit, subject to underwriting acceptance

Premium amount 

Minimum: Depends on Minimum Sum Assured

Maximum: Depends on Sum Assured levels

Premium (Min. Annual)Depends on Sum Assured
Premium Paying ModeYearly, Half yearly, Quarterly, Monthly
Premium Payment Option

Limited pay: 8 years for a 16-year term,

10 years for a 20-year term; 12 years for a 24-year term.

Premium Payment Term (PPT)

8 years for 16 years term

10 years for 20 years term

12 years for 24 years term

iv. Kotak Life Insurance Invest Maxima Plan

Maximize your benefits with this plan, entirely as per your risk investment appetite.

Key Features: 

  • Choice of 3 Investment Strategies: Select from self-managed, age-based, and systematic switching with 12 free switch options every year
  • Enhance Coverage: Option to enhance Sum Assured and Fund Value
  • Liquidity option: Partial withdrawals after 5 years completed in the policy term
Age Criteria

Regular Pay : Min: 0 Years and max: 65 years

Limited Pay:

For Policy Term of 10 /15 years : Min: 0 years and max: 64 years

For Policy Term of 20 /25 /30 years : Min: 0 years and max: 55 years

Single Pay:

Option 1:

For Policy Term 10 years : Min: 0 years and Max: 45 years For Policy Term 15 years : Min: 0 years and Max: 42 years

Option 2:

For Policy Term 10 years : Min: 0 years and Max: 65 years For Policy Term 15 years : Min: 0 years and Max: 60 years

Maturity ageMinimum: 10 years and Maximum: 75 years
Policy term 

Regular Premium: 10, 15, 20, 25, and 30 years

Limited Premium: 10, 15, 20, 25, and 30 years

Single Premium: 10 and 15 years

Sum assured (minimum)

Regular pay:

Upto 60 years – 10 X AP

61 to 65 years – 7 X AP

Limited pay:

Upto 53 years – 10 X AP

54 to 64 years – 7 X AP

Sum assured (maximum)

Regular pay:

0 to 45 years – 25 X AP

46 to 54 years – 15 X AP

55 to 60 years – 10 X AP

61 to 65 years – 7 X AP

Limited Pay(10/5 & 15/5):

0 to 34 years – 25 X AP

35 to 45 years – 15 X AP

46 to 54 years – 10 X AP

55 to 64 – 7 X AP

Limited Pay (20/5, 25/5 & 30/5):

0 to 34 years – 25 X AP

35 to 45 years – 12 X AP

46 to 53 years – 10 X AP

54 to 55 – 7 X AP

Single Premium:

Option 1: 5 times SP

Option 2 : 1.25 times SP

Premium amount

Regular – Rs. 50,000 – Rs. 1,00,000

Limited – Rs. 75,000 – Rs. 1,00,000

Single – Rs. 2,50,000 – No Limit, subject to BAUP

Premium Paying ModeAnnual and single
Premium Payment Option10/15/20/25/30 years
Premium Payment Term (PPT)
  • Regular: Equal to the policy term
  • Limited: 5 years with 10-year policy term
Top-Up Premium

Minimum: Rs. 20,000

Maximum: Total Top-Up premium paid shall not exceed

the sum of all the Annualised Premiums / Single Premium paid at that point in time

v. Kotak Life Assured Pension – Online Retirement Insurance Plan

This individual, non-par, unit-linked endowment life insurance plan is customized to your needs and requirements with numerous options to diversify your wealth. This way when you retire, you have a plan to support you financially.

Key Features: 

  • Rider options: Avail optional rider benefits to increase your coverage with Kotak Accidental Death benefit rider (linked) and Kotak Permanent Disability Benefit Rider (linked) options for increased coverage
  • Choice of 3 investment strategies: Select from either self-managed, age-based, and systematic switching based on your needs to build a sizeable corpus for your retirement
  • Payment Option: Choose from either limited tenure payment or over the entire duration
  • Maximize earnings – By investing nearly 95% to 98.5% of your payment you can count on maximizing your returns
  • Survival units – At the end of the 10th policy year and every 5 years after that, you can get survival units that add to your wealth.
Age CriteriaMin: 0 years and Max: 65 years
Maturity ageThe minimum age if 18 years and the maximum is 75 years
Policy term 
  • Regular Pay – 10 to 30 years
  • Limited 5 Pay – 10 years
  • Limited 7 Pay – 10 years and 15 to 30 years
  • Limited 10 Pay – 15 to 30 years
Sum assured 

Regular Pay:

  • Less than equal to 45 years – the minimum is 7 times AP and the maximum is 25 times AP
  • 46 years to 55 years – the minimum is 7 times AP and the maximum is 15 times AP
  • 56 years to 65 years – the minimum is 7 times AP and the maximum is 10 times AP

Limited pay:

  • Less than equal to 45 years – the minimum is 7 times AP and the maximum is 15 times AP
  • 46 years to 50 years – the minimum is 7 times AP and the maximum is 10 times AP (for 5 pay) and 15 times AP (for 7 and 10 pay)
  • 56 years to 65 years – the minimum is 7 times AP and the maximum is 10 times AP
Premium amount 

Minimum:

Yearly – Rs. 99,000

Half Yearly – Rs. 49,500

Quarterly – Rs. 24,750

Monthly – Rs.8,250

Maximum has no limit.

Premium Paying ModeYearly / half-yearly / quarterly / monthly
Premium Payment OptionRegular and Limited pay
Premium Payment Term (PPT)

Regular Pay: Equal to the policy term.

Limited:

5 and 7 year payment with a policy term of 10 years

7 and 10 year payment with a policy term of 15 to 30 year

vi. Kotak Life Single Invest Advantage Plan

Under this hassle-free linked plan, your one-time investment reaps benefits throughout the policy term, with easy liquidity and the option of investment strategies to meet your goals.

Key Benefits:

  • One-Time Payment: The convenience of the one-time payment feature leaves you free from future financial payment obligations
  • Higher Death Benefit Sum: The payable death benefit is higher than the basic sum assured or 105% of all premiums paid till death
  • Payout Option: Choose from a lump sum or settlement option on maturity
  • Investment strategies – Pick and choose from three investment strategies based on your needs and risk-taking capacity.
Age Criteria (ages will be as at the last birthday)

10 years policy term: Min: 8 years and Max: 45 years

15 years policy term: Min: 3 years and Max: 43 years

Maturity age

10 years policy term: Min: 18 years and Max: 55 years

15 years policy term: Min: 18 years and Max: 58 years

Policy term 10 years and 15 years
Sum assured 10 times of single premium
Single premium amount 

Minimum: Rs. 200,000

Maximum: No limit

Premium Payment OptionSingle only

vii. Kotak Life Single Invest Plus Plan

A plan coupled with joint life protection cover ensures that you invest an amount once and reap the benefits.

Key Benefits:

  • Death Benefit: Receive higher death benefit over Sum Assured, 105% of premiums until all paid till death
  • Liquidity Feature: Allowance of partial withdrawals after completion of 5 policy years
  • Loyalty Additions: Provision of loyalty additions accrued to fund value at end of 10th and 15th year of the policy
  • Joint life cover – You can get protection for a primary life along with a single family member who will receive the death benefit
  • Fund options – You can choose from over four different funds as per your risk appetite and needs.
Age Criteria
  • Primary life: min 18 years and Max: 55 years for 10 years and 52 max for 15-year term
  • Secondary life: Min 3. Maximum 55 years for 10-year term; 52 years max for 15-year term
Maturity age
  • In Primary Life, the minimum is 28 years and 65 years for the 10-year plan and 67 years for the 15-year plan
  • In Secondary Life, the minimum is 18 years and 65 years for the 10-year plan and 67 years for the 15-year plan
Policy term 10 years and 15 years
Sum assured 

Sum Assured on 1st Death: 1.25 times of the Single Premium

Sum Assured on 2nd Death: 10 times of the Single Premium

Premium payment amount

Min: Rs 3,00,000/-

Max: No limit

Premium Paying ModeSingle pay only
Premium Payment OptionSingle pay only
Premium Payment Term (PPT)Single pay only

viii. Kotak Life Ace Investment Plan

This unit-linked life insurance plan provides numerous investment strategies with easy, convenient payment options to help you achieve your financial objectives.

Key Benefits:

  • Liquidity: Liquidity allowance via partial withdrawal after the fifth policy year to receive a lump sum payment or regular income
  • Fun options – You can pick from three different options based on your risk appetite and convenience to grow your corpus
  • The convenience of selection: Option to choose from multiple investment strategies and premium payment options
  • Top-up – Use top-ups to add to your fund
Age CriteriaMin: 0 years | Max: 65 years (60 for limited pay)
Maturity ageThe minimum is 18 years and the maximum is 75 years
Policy term 10/15/20/25/30 years
Sum assured 

Regular Pay:

Less than 45 years – the minimum is higher of 10 times AP or 0.5* Policy Term * AP and the maximum is 25 times AP

45 years – the minimum is Higher of 7 times AP or 0.25* Policy Term * AP and the maximum is 25 times AP

46 years to 54 years – the minimum is Higher of 7 times AP or 0.25* Policy Term * AP and the maximum is 15 times AP

55 years to 60 years – the minimum is Higher of 7 times AP or 0.25* Policy Term * AP and the maximum is 10 times AP

61 years and above – 7 times AP

Limited Pay:

Less than 45 years – the minimum is Higher of 10 times AP or 0.5* Policy Term * AP and the maximum is 15 times AP

45 years – the minimum is Higher of 7 times AP or 0.25* Policy Term * AP and the maximum is 15 times AP

46 years to 54 years – the minimum is Higher of 7 times AP or 0.25* Policy Term * AP and the maximum is 15 times AP except for 5 PPT which is 7 times AP

55 years to 60 years – the minimum is Higher of 7 times AP or 0.25* Policy Term * AP and the maximum is 10 times AP except for 5 PPT which is 7 times AP

Premium (Min. Annual)

Regular Pay: Minimum: 

Yearly: Rs. 30,000

Half-Yearly: Rs. 18,000

Quarterly: Rs. 9,000

Monthly: Rs. 3,000.

Maximum: No limit

Limited Pay: Minimum: 

Yearly: Rs. 50,000

Half-Yearly: Rs. 30,000

Quarterly: Rs. 15,000

Monthly: Rs. 5,000

Maximum: No limit

Premium Paying ModeMonthly, quarterly, half-yearly, and yearly
Premium Payment OptionRegular and Limited
Premium Payment Term (PPT)

Regular: Equal to the policy term.

Limited:

5-year payment with policy term of 10 years

10-year payment with policy term of 15 / 20 / 25 / 30 years

3. Kotak Life Retirement Plans

Kotak Life Insurance retirement plans are ideal to plan for your future so it’s secure and safe. You can choose from different policies to suit your varying needs.

i. Kotak Life Premier Pension Plan

Under this plan, you’ll accumulate a sizable retirement corpus and get assured benefits on vesting and death.

Key Benefits:

  • Guaranteed Additions: A percentage of the basic sum assured will be paid as Guaranteed Additions in the first 5 policy years, payable on vesting or death.
  • Bonuses: Receive bonuses that accrue from the 6th policy year.
  • Death benefit: Enjoy an assured benefit of 105% of the total premiums paid on death or vesting.
Age Criteria

Min.: 30 years

Max.: Regular and Limited Pay: 55 years

Max. Single Pay: 60 years

Maturity age (Vesting Age)

Min: 45 years

Max: 70 years

Policy term 

Regular Pay: 10 – 30 years

Limited Pay:

10 Pay: 15 – 30 years

12 Pay: 17 – 30 years

Single Pay: 10 yrs & 15 years

Sum assured 

Min.: Rs. 2 lakhs

Max.: No limit

Premium Payment ModeYearly, Half-yearly, Quarterly, Monthly
Premium levelWill depend on Sum Assured levels, age, PPT, and Term
Premium Paying ModeSingle, Regular and Limited pay
Premium Payment Term (PPT)
  • Regular Pay: Same as Policy Term
  • Limited Pay: 10 and 12 years
  • Single Pay: Single pay

ii. Kotak Life Assured Pension Plan

Enjoy your retirement with this plan that pays a steady income stream for life, on an immediate or deferred basis.

Key Benefits:

  • Top-up: Option to receive additional annuity payout via top-up
  • Attractive rates: Receive higher Annuity rates on the higher purchase price
  • Fixed annuity rate: Annuity rates issued are guaranteed for a lifetime
Age Criteria

Immediate & Deferred Annuity:

  • New / Existing Individual Customers & New Group Customers Min.: 45 years
  • Policy purchased as QROPS: Min.: 55 years – Deferment Period (in years)
  • Existing Individual KLI Pension Plan Policyholders / Existing Group Customers: Min.18 years

Maximum:

Annuity Options: Maximum Age at Entry

All Immediate Annuity Options except Option 6b: 85 years

Immediate Annuity Option 6b: 80 years

Deferred Annuity Options (Option 7 and 10): 70 years

Initial Purchase Price

Min: Any amount that ensures a minimum monthly annuity of ₹1000 for the chosen annuity option to an annuitant /member of the superannuation scheme

Max: No Limit.

Minimum Annuity

Monthly: Rs. 1,000

Quarterly: Rs. 3,000

Half-Yearly: Rs. 6,000

Yearly: Rs. 12,000

Annuity Modes​Yearly, Half-yearly, Quarterly, Monthly
Annuity frequency 

Yearly: 100% of Yearly Annuity

Half-yearly: 97% of Yearly Annuity x 1/2

Quarterly: 96% of Yearly Annuity x 1/4

Monthly: 95% of Yearly Annuity x 1/12

iii. Kotak Life Insurance Saral Pension Plan

Receive a regular income during your retirement years under this plan that guarantees you have a safe and secure future.

Key Benefits:

  • Surrender option: Upon diagnosis of critical illness, policyholders have the option to surrender the policy
  • Fixed annuity rate: Annuity rates issued are guaranteed for a lifetime
  • Return of purchase price: Get Life Annuity along with return 100% of purchase price
Age Criteria
  • Annuitant: Min: 40 years | Max: 80 years
  • Spouse: Min: 40 years | Max: 80 years
Minimum Annuity

Monthly: Rs.1000 per month

Quarterly: Rs.3000 per quarter

Half-Yearly: Rs.6000 per half-year

Yearly: Rs.12000 per annum

Single premium

Minimum – Any amount that ensures a minimum monthly annuity of Rs.1000

Maximum – No Limit

Annuity ModesYearly, Half-yearly, Quarterly, Monthly
Annuity installment (per frequency)

Yearly: 100% of the yearly annuity

Half-yearly: 97% of yearly annuity x 1/2

Quarterly: 96% of yearly annuity x 1/4

Monthly: 95% of yearly annuity x 1/12

Why Choose Kotak Life Insurance?

Here’s why you should opt for Kotak Life Insurance: 

  • The Fastest Growing Company: Kotak Life Insurance is one of the fastest growing companies in India. As of August 2021, the company has covered 32.8 million people.
  • Highest Professional Standards: Kotak Life Insurance has been recognized as having the highest professional standards.
  • Nation-wide reach: The insurance company has 232 branches in 167 cities and has 99,275 agents.
  • Claim Settlement Ratio: The company’s claim settlement ratio is 98.50% for the FY 2020-2021. 
  • Real Value To Customers – One of the values of the organization is to offer real value to customers by offering quality products and services to customers, and making sure their needs are met.
  • Professional Approach – The staff come equipped with all the skills, knowledge and professional standards to assist customers in every way possible.

Exclusions to Kotak Life Insurance Plans

It’s important to note that there are several exclusions under Kotak Life Insurance Plans. These are circumstances under which the company is not liable to pay the settlement claim to the insured’s dependents. These are deaths caused by:

  • Suicide: If the insured commits suicide during the first year of the term plan, their dependents will not receive insurance claim settlement.
  • Natural Calamities/War/Terrorism: Deaths caused by natural disasters such as earthquakes, floods, hurricanes, etc. are not covered under Kotak Life Term plans.
  • Alcohol/ Drug Use: If the insured dies due to alcohol or drug intoxication/die in a car crash caused by either of these substances, the company is not liable to compensate the dependent.
  • Dangerous Activities: A death caused by activities such as hiking, mountain climbing, scuba diving, race car driving, etc. are excluded from Kotak Life plans and thus cannot be compensated for.

Kotak Life Insurance Plan Riders

The Rider options for Kotak Life Insurance plans are a special add-on feature that can provide enhanced coverage to the insured at a nominal cost:

  • Kotak Critical Illness Rider: This rider protects the policyholder in case they are diagnosed with a critical illness. In such a scenario, they will be paid an advance amount of the basic sum assured so there is enough financial assistance for the insured’s treatment.
  • Kotak Permanent Disability Benefit Rider: In case the insured person encounters an accident and becomes handicapped as a result, this rider pays benefits in installments.
  • Kotak Accidental Death Benefit Rider: Should the insured member suffer an accidental death, their dependents will be paid an additional sum assured rider.

How To Purchase Kotak Life Insurance Online?

Kotak Life Term Insurance is easily available to purchase online. Simply follow these easy steps below:

  1. Log onto the Kotak Life Insurance website
  2. Under the header, click “Buy Online” 
  3. Select the plan you wish to purchase
  4. Enter your details and submit
  5. Make your payment on the checkout page using a credit/debit card, NEFT, NetBanking, or UPI.

How To Renew Kotak Life Insurance Plans

If your Kotak Life Insurance Term Plan is about to expire and you can easily renew it online:

  1. Log onto the Kotak Life Insurance website as an existing customer with your policy number and date of birth. You can also access your account by entering your mobile number or email id
  2. On the payment page, you will have the option to renew your policy. 
  3. Select the term for which you would like to renew and payment mode frequency
  4. Make your payment using a credit/debit card, NEFT, NetBanking, or UPI

Documents Required To File Kotak Life Insurance Claim

To file your insurance claim, visit the Kotak Life Insurance head office or branch with the following documents:

  • Insurance claim intimation form
  • Claim intimation letter
  • Original death certificate of the insured 
  • The medical certificate with cause of death mentioned
  • KYC documents of the nominee (photo id and address proof such as Aadhar card, Driver’s License, Utility Bill, etc)
  • Bank details or nominee
  • Original term insurance policy
  • Settlement option form

You can visit the Kotak Life Insurance Head Office Address: Kotak Mahindra Life Insurance Company Limited, Kotak Infiniti, Building no. 21, 7th Floor, Zone 2, Infinity Park (off Western Express Highway) General A K Vaidya Marg, Malad East, Mumbai- 400 097.

Claims Process For Kotak Life Insurance Policies

Kotak Life Term Insurance ensures their life insurance claim process is a simple and hassle-free process. The nominee of the insured can follow these easy steps 

  1. File a Claim Report: You can log onto the Kotak website to file your claim here. Enter all the details and submit your report via their digital form. If you wish to send a physical claim report, visit any Kotak Life branch to obtain the same.
  1. Submit the documents: You can either visit the Kotak life insurance head office or any branches to submit the necessary documents as follows: 
  • Completed term insurance claim intimation form
  • Intimation letter 
  • Original death certificate as issued by Municipality or equivalent authority
  • Nominee’s KYC information (id and address proofs such as driver’s license, utility bill, passport, Aadhar card, etc).
  • Nominee’s bank details
  • The medical certificate with the insured’s cause of death mentioned
  • Medical records of the insured person
  • Original policy bond
  • Settlement option form

Additionally, you will need to have the relevant forms below as well:

  • Terminal illness claim form
  • Accidental disability form
  • Critical illness form
  • Natural death form
  • Accidental death form
  1. Claim Scrutiny and Approval: Once the application and documents have been received, the claims team will assess and approve the report. 
  2. Payout Settlement: After the verification and approval of the claimant’s report, the payout funds are transferred to the nominee’s bank account within 30 days from claim intimation.

Frequently Asked Questions

1. How to manage my Kotak Life Insurance Policy after purchasing it?

Policyholders are provided with a unique policy number that can be easily managed online. You can log onto the Kotak Life Insurance website, enter your policy number and date of birth to make payments, update address/contact details, change nominees, and do other activities.

2. Is it possible to change my Kotak Wealth Insurance plan after I purchase it?

Yes, Kotak Life Insurance provides a free-look period when you purchase their Term Policy. Free-Look period is a 15-day duration over which the policyholder can easily decide to change or cancel their Term Plan. Should you cancel your plan during this period, your premium amount will be returned to you, less processing fee deduction. It’s important to wisely utilize the free-look period in case you decide you want to change your plan.

3. With my Kotak Life Insurance Term Policies, can I cancel the policy during the free lock-in period?

The free lock-in period is basically a time when you can analyze and study your Kotak Term plan to ensure it offers you everything you need and you don’t make the wrong investment choice. During this period you can check specifications such as the tenure of the policy or the sum insured to meet your needs. It also comes with the option to cancel in case you want to discontinue with the plan. If you cancel at this time, apart from charging a minimum fee, the premium is returned to you.

4. How much life cover should I avail for myself with my Kotak Life Policy?

The ideal life coverage for your Kotak Policy plan is a minimum of 10-12 times your annual income or more. If desired, individuals can even avail themselves a coverage of 20 times their annual income.

5. Is it possible for NRIs to buy a Kotak Term Plan?

Yes, NRIs are also eligible to purchase a Kotak Life Insurance Policy Plan. It is a smart option for individuals who reside abroad and wish to financially secure their family members back in India. Additionally, purchasing Kotak Term Plans are far more economical for NRI individuals. You can click here for more information.

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