Kotak Term Insurance
Kotak Term Insurance plans are provided by Kotak Life Insurance, one 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 offers an extensive range of term insurance products that cater to individuals from all backgrounds.
Quick Look At Kotak Term Insurance
| CHARACTERISTICS | SPECIFICATIONS |
| Company Name | Kotak Mahindra Life Insurance Company Limited |
| Headquarters | Mumbai |
| Year of Establishment | 2001 |
| Company Type | Public |
| Parent Company | Kotak Mahindra Bank Limited |
| CEO | Uday Kotak |
| Number of Branches | 1600+ |
| 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 |
Different Kotak Term Life Insurance Policies
Below, you’ll find the range of Kotak Term Plans so you can select the one best suited to you.
1. Kotak Life E-Term Plan
Kotak e-Term is a cost-effective solution for securing a substantial amount of protection as it is a pure risk cover term plan. It presents preferential premium rates for females and non-smokers. Moreover, one can opt for additional coverage with the available riders, which guarantees complete protection against any unforeseen circumstances.
- Low cost Insurance
- Multiple plan options
- Three payout options
- Step up/down options
- Customize protection with riders
- Option to exit at Age 60 years
- Inbuilt wellness benefits without any additional premium
| Minimum Entry Age | 18 years | ||||||||||||||||||||||||||||||
| Maximum Entry Age | ● 65 years (Except for Limited Pay – “Pay till 60 Years”) ● 50 Years (For Limited Pay – “Pay till 60 Years”) | ||||||||||||||||||||||||||||||
| Minimum Maturity Age | 22 years | ||||||||||||||||||||||||||||||
| Maximum Maturity Age | ● 85 years (for Life & Life Secure Option) ● 75 years (for Life Plus Option) | ||||||||||||||||||||||||||||||
| Minimum Basic Sum Assured | Rs. 25, 00,000 (for Regular Pay, Single Pay & Pay till 60) Rs. 1 Cr (for 5 Pay, 7 Pay, 10 Pay, 15 Pay) | ||||||||||||||||||||||||||||||
| Maximum Basic Sum Assured | No limit, subject to Underwriting Policy | ||||||||||||||||||||||||||||||
| Minimum Premium | Will be determined based on the Age, Gender & Lifestyle (Tobacco / Non-Tobacco user) of the Life Insured along with Plan Option, Payout Option, Policy Term, Premium Payment Term and the Basic Sum Assured opted for the policy | ||||||||||||||||||||||||||||||
| Maximum Premium | No limit but subject to underwriting consideration; Note: Preferred rates will be applicable for females and non-smokers | ||||||||||||||||||||||||||||||
| Premium Payment Option | Regular, Limited and Single Pay | ||||||||||||||||||||||||||||||
| Premium Payment Term /Policy Term |
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| Premium Payment Mode | Single|Yearly|Half-yearly@ | Quarterly@ | Monthly (@Half Yearly and Quarterly mode shall not be available for Online Channel) | ||||||||||||||||||||||||||||||
| Modal Factor (% of annual premium) | The following modal loading will be used to calculate the installment Premium:Yearly – 100% of Annual Premium | Half yearly – 51% of Annual Premium | Quarterly – 26% of Annual Premium | Monthly – 8.8% of Annual Premium | ||||||||||||||||||||||||||||||
| Maturity Age | Minimum: 23 years, Maximum: 75 years |
2. Kotak Saral Jeevan Bima Plan
This is a simple, straightforward, and hassle-free plan for individuals from any income level to avail financial protection and security for their loved ones.
Key Features:
- Affordable for all: This plan provides very low-cost premiums so as to provide wide access to individuals from all walks of life, making it especially affordable for low-income earners.
- Long Life Coverage: Under this plan, individuals can avail life cover up to 70 years of age (exception of CPSC/POSPs channel in which coverage extends up to 65 years only)
- Higher Death Benefit: Upon the death of the policyholder, the nominee is paid more than the sum assured (1.25x single premium, or 10x annual premiums)
- Waiting Period: This plan has a waiting period of 45 days from the date of acceptance of risk.
- Free Look Period – In case the policyholder is not satisfied with the policy after receiving the policy documents, you can cancel the policy and get a refund
| Age Criteria | Entry age – Minimum: 18 years and max: 65 years (For Point of Sale Channel (POSC), Maximum Entry Age is 65 Years) |
| Maturity age | Max: 75 years |
| Policy term | 5 years to 57 years |
| Sum assured | Minimum: Rs. 5,00,000 Maximum: Rs. 25,00,000 |
| Premium | Min: Determined on basis of Monthly Income Chosen, Premium Payment Option chosen, Policy Term, Age, Gender, Smoking Status Max: No Limit Note: Preferred rates will be given for Female lives and Non-smokers |
| Premium Paying Mode | Single, Yearly, Half- yearly, Quarterly, Monthly |
| Premium Payment Option | Single, Regular and Limited Pay |
| Premium Payment Term (PPT) | Single Pay: One time payment Regular Pay: 5 to 40 Years Limited Pay:
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3. Kotak Life Term Plan
No need to worry about what will happen to your family members, should you not be around to financially support them in the future. Ensure they are secured financially with this term plan.
Key Features:
- Low-cost Insurance: Avail this plan and enjoy affordable premiums, with special rates for female lives.
- Conversion option: Flexible option to convert your Kotak term plan to any other type of Kotak life insurance plan, if 5 years are remaining before policy expiration (can only be allowed once).
- Add-on Riders: Increase protection coverage with optional Rider add-ons including Accidental Death Benefit Rider, Permanent Disability Benefit Rider, and Critical Illness Benefit Rider.
- Premium Payment options: Insurance holders have the premium payment options of single and regular pay.
| Age Criteria | Entry age – Minimum: 18 years and max: 65 years |
| Maturity age | Max: 70 years |
| Policy term | 5 years to 30 years |
| Sum assured | Minimum: Rs. 3,00,000 Maximum: Rs. 25,00,000 |
| Premium (Annual) | Min: Rs. 12,000 Max: Based on Sum Assured |
| Premium Paying Mode | Single, Yearly, Half- yearly, Quarterly, Monthly |
| Premium Payment Option | Single, Regular and Limited Pay |
| Premium Payment Term (PPT) | Single Pay: One time payment
Regular Pay: Same as policy term (Min: 5 Years | Max: 40 Years or 70 Minus Age at Entry)
Limited Pay:
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Key Features of Kotak Life Term Insurance Plans
At Kotak Life, our term insurance plans are tailored to the individual needs of a person. You’ll enjoy a plethora of benefits by availing of the Kotak Term Insurance as follows:
- Affordable Premium Payments: Everyone has different budgets for life insurance. Keeping this in mind, Kotak Life Term Insurance has been designed to cater to individuals from all walks of life. You’re sure to find the best Kotak term plan suited for your income level and requirements.
- Diverse Range of Plans: As mentioned, Kotak Term Insurance was created based on the various individual requirements of each person. There is a plan for everyone to get the best benefits offered by Kotak insurance.
- The Flexibility of Premiums: Premiums can be paid either monthly, quarterly, semi-annually, or annually. These options make it convenient for individuals to select the payment mode cycle they are comfortable with.
- Family Benefits: Having the security of Kotak life term insurance will alleviate the financial burden of an already-grieving family, in case of one’s death.
- Tax Benefits: As per Section 80C of the Income Tax Act of 1961, you can get excellent tax benefits as a life insurance policyholder. In case of any unfortunate scenarios, Section 10 (10D) ensures additional tax benefits for your family on the life insurance received.
- Rider’s Benefits: Another great benefit to your Kotak Insurance Policy is the availability of adding riders to your plan. This is an optional add-on feature that can cover multiple individuals along with your basic policy. With Kotak Term Insurance plans, you’re able to select optional riders on your plan to further protect you and your family.
- Non-Smoker Benefits and Female-Insured: Kotak’s Life Term Plan provides extra benefits to female insurers as well as non-smokers, such as offers, discounts, and affordable rates on premiums.
- Online Availability: You and your loved ones can safely and securely access all information about Kotak term insurance, and even purchase the same via our website. Here, you’ll find a range of detailed information including articles, premium calculators, online brochures, and much more.
Why Choose Kotak Life Insurance?
From its inception in 1985 to the present day, Kotak Mahindra has emerged as one of the most premier and reputable enterprises in the country. Here are some of the company’s highlights:
- Presence of over 1600+ branches across the nation
- Helmed under the esteemed leadership of MD & CEO Uday Kotak, and Joint MD Dipak Gupta, having a combined experience of 60+ years in the financial services industry
- 3,23762+ (₹ in crore) Assets Under Management in FY 2022
- One of the first Indian banks to launch innovative digital services such as Jifi and KayPay in the mid-2010s
- Overseas subsidiaries in London, New York, Dubai, Singapore, San Francisco, and Mauritius
- High claim settlement ratio of 98.50% for the year 2020 to 2021.
Riders Add-On Benefits With Kotak Term Insurance
Below are the types of benefits that Riders will provide on your term policy:
- Kotak Critical Illness Rider: If the policyholder is diagnosed with a critical illness, they will receive an advance of the basic sum assured to provide sufficient financial assistance for the rider’s treatment.
- Kotak Permanent Disability Benefit Rider: If the insured member suffers an accident and as a result is handicapped, they will be paid the rider benefits via installments.
- Kotak Accidental Death Benefit Rider: In case the insured member dies an accidental death, their family will receive an additional rider sum assured.
Exclusions Of Kotak Life Term Insurance
As with any type of insurance, there are certain limitations regarding specific circumstances. Below are some exclusions which the plans do not cover:
- Alcoholism or Drug Abuse: This is a common exclusion that many insurers do not cover in term plans. Death caused by consumption of alcohol or drugs is not covered under a life term plan, and the insurance company would not be liable to compensate the dependents in such an event.
- Suicide: Another common exclusion from term plans, dependents would not receive any compensation if the insured person commits suicide in the first year of availing of the policy.
- Hazardous Activities: Death caused by dangerous scenarios such as scuba diving, mountain climbing, race car driving, etc. cannot be covered by a term plan. If you engage in these or similar activities, your beneficiaries would not receive any compensation in unforeseen circumstances.
- Natural Disasters/Act of War: A death occurred due to natural disasters such as hurricanes, floods, earthquakes, etc. are not covered under term plans, nor are deaths caused due to acts of war.
How To Buy Kotak Term Life Insurance Plans?
Purchasing Kotak Life Insurance can easily be done online:
- Visit the Kotak Online term Insurance website
- Click the “New Customers” section
- On the top left header section, click “Buy Online”
- Select the plan you wish to purchase
- Enter the details of the policyholder
- You will be led to the payment page where you can pay via NEFT, debit/credit cards, UPI, or Net – Banking.
How To Claim Under Kotak Term Insurance Policies?
If you need to file a claim for a Kotak life term plan, don’t fret about lengthy and tedious procedures. The process for filing a term Insurance claim is simplified for our customer’s ease of experience:
1. Raise a Claim
File a claim report by visiting the Kotak insurance website or any of their office branches. Do remember to keep the required documents attached along with the claim form. These are:
- Terminal illness claim form
- Accidental disability form
- Critical illness form
- Natural death form
- Accidental death form
The company will register and acknowledge the claim. They will also send the nominee additional claim documents to fill and will process the term insurance claim.
2. Submit 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
Below is the Kotak life insurance claims 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.
3. Assessment and Final Decision on The Claim
The insurance company will contact the claimant for any other required details. The team then scrutinizes the claim’s authenticity and accordingly approves the same.
4. Settlement Payment
Upon verification and approval of documents, the funds are transferred to the nominee via NEFT usually within 30 days.
Documents You Need to File Your Insurance Claim
You will require the following documents to file your Insurance claim:
- Terminal illness claim form
- Accidental disability form
- Critical illness form
- Natural death form
- Accidental death form
Frequently Asked Questions
When you purchase a life insurance policy, you will be provided with a policy number. You can easily manage your policy by visiting the Kotak insurance website and logging in with your registered mobile number and policy details.
Minor changes can also be made to the policy online, such as changing your name/address/contact details, changing payment frequency, switching funds, and changing nominees.
Yes, you can change your Kotak Life Term Plan within the free-look period. This is a 15 day grace period from the date of receiving policy documents in which the policyholder can decide to change or cancel their plan. One can change specifications such as sum insured or policy tenure if desired.
If you decide to cancel your plan during the free-look period, your premium will be returned after deducting a nominal fee. Therefore, remember to use this free-look period to carefully assess your term policy to ensure you have made the right investment for yourself.
If you decide to cancel or surrender your Life Insurance plan, you will need to submit a surrender form along with relevant documents to a Kotak life insurance branch. After processing, Kotak will directly credit the funds to your account and your policy will be canceled immediately. The funds are settled within seven working days from the date of form submission.
Kotak Insurance recommends availing a minimum life cover amount of 10x-15x your annual income. You can also take a cover of as much as 20x your annual income if so desired.
Yes, after your Kotak plan matures/expires, you can easily renew it online to extend your coverage protection. Simply log into your account and you will be guided on the easy steps for renewing your Kotak Plan.
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FAQs
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