term insurance
Kotak Term Insurance Plans

Kotak Term Insurance

Life is highly unpredictable and has become more so in current times. It’s important to ensure our family’s financial security in any case of any unfortunate event, especially if you’re the sole breadwinner. 

Protect the financial future of your dependents by availing of a life insurance policy. Kotak’s term insurance plan provides life insurance at very affordable premium rates, with policy features that will safeguard you and your family’s futures.

About Kotak Life Company

From its launch in 1985 to the present day, Kotak Mahindra Bank has emerged as one of the most premier and reputable financial institutions in the country. KMFL was India’s first non-banking finance company to be converted into a commercial bank and since then went on to achieve phenomenal success in the Banking and Insurance industry. Over the 36-year history, here are some of our company 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.

Key Features of Kotak Life Term Insurance Plans

At Kotak life, term insurance plans are tailored to the individual needs of a person. They include:

  • Affordable, economical plans – Each of the various term plans have premiums at a low cost, depending on your income.
  • The flexibility of premiums – Premiums can be paid either monthly, quarterly, semi-annual, or annually. This payment mode flexibility makes it convenient for individuals to select the payment cycle they are comfortable with. 
  • Optional and full coverage riders – With Kotak term Insurance plans, you’re able to select optional riders on your plan to further protect you and your family. 
  • Affordable Premium Payments: Everyone has different requirements and 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.
  • 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.
  • 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. 
  • 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.
  • 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.

Types Of Kotak Term Life Policies

Below, you’ll find the range of Kotak term plans and select the one best suited to you.

PLANELIGIBILITYAVAILABILITYPOLICY TERMSUM ASSURED
Kotak Income Protection

Entry age:18-60 years

Age of maturity: Maximum 70 years

Monthly income of at least Rs. 20,000/-

Online10-30 yearsRs. 25,00,000 onwards (no limit)
Kotak Preferred E-Term Plan

Entry age: 18-65 years

Age of Maturity: 75 years

Online5-40 yearsRs.1 crore
Kotak Saral Suraksha

Entry age: 18-55 years

Age of Maturity: 65 years

Offline5-10 yearsRs. 5,000-1,00,000
Kotak Preferred Term Plan

Entry age: 18-65 years

Age of Maturity: 75 years

Online5-40 yearsRs. 25,00,000 onwards (no limit)
Kotak Term Plan

Entry age: 18-65 years

Age of Maturity: 70 years

Offline5-30 yearsRs. 3,00,000-25,00,000

Kotak Term Insurance Plan Benefits

Discover the best features provided by each Kotak Term Plan below:

1. Kotak Income Protection

  • Provides protection cover in either lump sum or monthly income after insured’s death.
  • Offers increase at 6% in monthly income, automatically compounding on each anniversary.
  • Provides monthly income for a minimum of 5 years, if the remaining term plan is less than 5 years.

2. Kotak Preferred E-Term Plan

  • Affordable premium with as low as Rs. 9/- per day
  • Option to pay in a lump sum or throughout the term plan
  • Offers recurring payout option with 10% of sum assured paid to the nominee upon the death of insured; balance amount paid annually at 6% for 15 years. Flexible conversion option from annual payout to a monthly amount cm,a/a
  • Option for immediate payout with the entire sum assured paid to the nominee upon insured’s death; the plan is then terminated.

3. Kotak Saral Suraksha Plan

  • Very low-cost premiums
  • No medical tests are required for purchasing this plan
  • Flexibility with premium payments, either paid upfront as a lump sum or pay over a fixed duration of 5 years
  • Upon the death of the policyholder, the nominee is paid more than the sum assured (1.25x single premium, or 10x annual premiums).

4. Kotak Preferred Term Plan

  • Options to pay the premium on regular fixed duration, or lump sum via single pay premium
  • With the recurring payout option, after the insured’s death, the nominee is immediately paid 10% of the sum assured; the balance amount is paid annually at 6% for 15 years. 
  • Immediate payout option provides the entire sum assured to the nominee upon the death of the insured; plan is terminated thereafter.
  • The step-up option is available to increase insurance cover during important life stages, in a low-cost and easy manner. For example, after marriage or purchase of the first house, an increase of up to 50% of the original basic sum assured is permitted. With the events of childbirth or legal adoption, as well as 1st, 3rd, or 5th policy anniversary, a maximum increase of 25% of the original sum assured is permitted.

5. Kotak Term Plan

  • Offers payment either in a lump sum or regular payment over the plan’s term.
  • 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).

Riders Add-On Benefits With Kotak Term Insurance

Below are the types of benefits that your riders will receive on your term policy:

  • Kotak Critical Illness Rider: If the rider is diagnosed with a critical illness, the insured person 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. The below are some exclusions which the plan does 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 Life Term Plans?

Purchasing Kotak Life Insurance can easily be done online:

  1. Visit the Kotak Online term Insurance website
  2. Click the “New Customers” section
  3. On the top left header section, click “Buy Online”
  4. Select the plan you wish to purchase
  5. Enter the details of the policyholder
  6. 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 Policy?

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 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 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

1. How is my insurance policy account managed?

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.

2. Can I change my plan after I purchase a Term Plan?

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.

3. What happens if I decide to cancel my Term Plan after the Free-Look period??

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.

4. What is the ideal life cover amount to avail in my Kotak Term Plan?

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.

5. I am an NRI, can I still purchase a Kotak Preferred Term Plan?

Yes, Kotak Term Plans are available for NRIs and are excellent for individuals who live abroad and want to protect their families in India. Purchasing the Kotak Plan would also be cost-effective for NRIs.

6. If my Kotak Saral Suraksha expires, then can I renew it online?

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.