Kotak SmartLife Insurance
  • Explore All about Kotak SmartLife Insurance
  • Understand the Key Features & Benefits
  • Check Eligibility Criteria
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Kotak SmartLife Insurance

Kotak SmartLife is a non-linked, participating life insurance plan. It provides an option to get cash bonus payouts from the end of the 1st policy year to look after immediate financial needs. Policyholders can use such bonuses to take care of their families in their absence.

Kotak SmartLife Plan is an endowment plan which enables the policyholder to achieve their life's financial goals while simultaneously ensuring the family's financial security in your absence. Let's take a look at some of the policy's characteristics.

Key Features of Kotak SmartLife Insurance

Below-mentioned are the features of Kotak SmartLife Plan that will help you to get an insight of the plan and will let you understand the plan in a better way:

  1. Comprehensive Protection

    The plan offers insurance coverage up to the age of 75 years.

  2. Flexibility

    The plan offers the flexibility to customize your bonus options. The two options available are: cash payout and paid-up addition.

  3. Availability of Riders

    The plan allows the policyholder to avail of extra protection by adding several riders by paying extra premiums.

  4. Grace period

    In case you are unable to make the premium payment on time, then the policy provides a grace period of 15 days (for monthly mode) and 30 days (for other payment modes).

What are the benefits available under Kotak SmartLife Insurance?

Kotak Mahindra Smart Life plan ensures that all your long-term goals are fulfilled and helps you to plan for a stress-free life. The plan comes with a wide range of benefits. Take a look at some of the Kotak SmartLife plan benefits:

  1. Death Benefit

    In case of the unfortunate death of the policyholder, the death benefit will be paid provided all the due premiums have been paid. The Death Benefit paid will be:

    • Under the Cash Bonus Payment Option: Sum assured on death + Interim Bonus (if any) + Terminal Bonus (if any) + Present Value of Outstanding Cash Bonus Payout for the remaining months of the year of death of the policyholder.
    • Under Paid-up Addition Option: Sum assured on death + Accrued Paid-up additions (if any) + Interim Bonus (if any) + Terminal Bonus (if any).
  2. Survival Benefit

    The company will pay the survival benefits on the basis of the bonus option chosen by the policyholder at the beginning of the policy.

    • Cash Payout Option: Declared cash bonus is paid till the end of the policy term or surrender/death, whichever is earlier. This is applicable at the end of each policy period, beginning from the end of the 1st policy year.

      One can also choose Cash Payout on a monthly basis, which will be calculated as:

      (102.25% * Yearly Cash Bonus Payout) / 12

    • Paid-up additions: Declared cash bonus is utilized to buy paid-up additions (additional sum assured). This is applicable at the end of each policy period, beginning from the end of the 1st policy year.
  3. Maturity benefit

    Under this plan, if the policyholder survived till the end of the policy term, then the maturity benefit is provided as follows:

    • Cash payout: Basic Sum Assured + Cash Bonus + Terminal Bonus (if any).
    • Paid-up additions: Basic Sum Assured + Cash Bonus + Accrued Paid-up Addition (if any) + Terminal Bonus (if any).
  4. Surrender

    Once the policy has acquired a guaranteed surrender value after full payment of premiums for two continuous years, an insured can surrender the policy.

  5. Tax benefit

    You can avail tax benefits for the premium paid against this policy under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Additional Riders

To provide additional coverage to the individual, Kotak Smart Life comes with 6 riders. These riders are designed to allow the policyholder to customize their plan as per their needs & requirements. Take a look at the riders available under Kotak Mahindra Smart Life plan :

  1. Kotak Permanent Disability Benefit Rider

    If the life insured is permanently disabled due to an accident, the benefit is paid in instalments.

  2. Kotak Life Guardian Benefit Rider

    In case of the death of the policyholder, the premiums will be waived off and the plan will continue without any effect.

  3. Kotak Critical Illness Plus Benefit Rider

    If the policyholder is the victim of any of the 37 critical illnesses (subject to terms and conditions), the rider sum assured will be paid.

  4. Kotak Accidental Death Benefit Rider

    On the death of the insured, lump-sum benefit is paid along with death benefit under the base plan.

  5. Kotak Accidental Disability Guardian Benefit

    If the insured is disabled due to an accident, all future premiums will be waived off and the base plan will continue the same way.

  6. Kotak Term Rider

    In the case of the unfortunate death of the policyholder, this rider gives an additional death cover along with the basic death benefit of the base policy.

Eligibility Criteria Of Kotak SmartLife Insurance

Minimum Entry Age 3 years
Maximum Entry Age 50 years (6 & 15 pay)
55 years (8 & 10 pay)
54 years (12 pay)
Maturity age 75 years
Policy term 75 years less entry age of life insured
Basic sum assured Minimum- Rs. 2,50,000
Maximum- No limit
Premium level Minimum-
6 Pay- Rs. 40,120
8 pay- Rs. 30,955
10 Pay-Rs. 26,175
12 Pay- Rs. 22,778
15 Pay- Rs. 19,505
Maximum- No limits
Premium payment term 6, 8, 10, 12, and 15 years
Premium payment mode Yearly, Half-yearly, Quarterly, Monthly

**Last Updated on August, 2021

Sample Premium Illustration

For a better understanding of how much premium one needs to pay under Kotak SmartLife Insurance, take a look at the below example:

Mr Puneet, a 30 years old individual decided to invest in Kotak SmartLife Plan for the next 45 years. He chooses the Cash Payout bonus option with a sum assured of Rs. 10 Lakhs. Take a look at the annual premium payable by Mr Puneet under different premium payment term:

Policy Term 45
Premium Payment Frequency Yearly
Option for Bonus Cash Payout
Sum Assured 10 Lakhs

**Last Updated on August, 2021

Graphical Premium Illustration of Kotak SmartLife Insurance Plan

Graphical Premium Illustration of Kotak SmartLife Insurance Plan

Exclusions Of Kotak SmartLife Insurance

Suicide Exclusion

If in case the policyholder dies by suicide within 12 months, starting from the date of policy inception, His/her nominee will be entitled to 80% of all premiums paid.

If in case the policyholder dies by suicide after 12 months from the commencement of risk, the following standards are applicable:

  • Suicide exclusion shall stand void if in case the policyholder dies by suicide within 1 year from the date of policy revival, if policy revival has been done within 6 months from the date of the first unpaid premium. The death benefit in such situations is liable to be paid by the insurance provider.
  • However, in case policy revival has been done after 6 months from the date of the first unpaid premium, the benefit payable by the insurance provider is higher of 80% of total Premiums Paid till the date of death or Surrender Value (if any) as on the date of death.

Procedure to Purchase Kotak SmartLife Plans

Kotak SmartLIfe Plan is available offline. To buy this plan, one needs to follow the below mentioned steps:

  • Visit the nearest Kotak Mahindra Life Insurance office
  • Speak with a representative and do not hesitate to ask him any policy related query.
  • Choose the plan and submit the documents requested by the company.
  • After the payment is done, the soft copy of the policy document will be sent within 48 hours, and the hard copy within 15 days.

Kotak Smart Life Plan: FAQs

1. How Does the Plan Work?

The policyholder needs to decide the Basic Sum Assured, premium payment term and frequency of premium payment. Based on these details and your age and gender, the premium payable is determined.

The Basic Sum Assured, premium payment term, and premium payment frequency are all determined by the policyholder. The premium payable is calculated using these details, as well as your age and gender.

Along with the above-said details, one need to choose the Bonus options i.e. Cash Payout or Paid-Up Addition.

  • If Cash Payout is chosen: The Cash Bonus (if declared) is paid every year or month from the end of the first policy year until the end of the policy term or death or surrender, whichever comes first.
  • If the Paid-Up Addition option is chosen: If the Paid-Up Addition option is selected, The Cash Bonus (if any) is used to purchase Paid-Up Additions, which will continue to accrue during the policy term. It will also provide you the option of en-cashing the cash value of your Paid-Up Addition, subject to Policy conditions.

At the end of the Policy Term, Basic Sum Assured plus accrued Paid-Up Addition (if any) plus Cash Bonus (if any) plus Terminal Bonus (if any) will be paid out depending on the Bonus Option chosen by you

2. How can I check the status of my policy?

If you are a registered user, you may check the status of your policy by logging into the e-Portal using your policy information.

3. How can I renew my Kotak SmartLife Policies?

Renewing the Smart Life Plan Kotak Mahindra is a simple process. Just follow the below steps and renew your Kotal SmartLife Plan now:

  • Log in into the e-Portal with your policy details to check the policy status.
  • Select the policy and payment option- Net Banking. Debit/Credit Card Step
  • Pay via the secure gateway and print/save the receipt of payment.

4. What is the Premium Modal Factor of Kotak SmartLife Plan?

The Premium Modal Factor of SmartLife plan is:

Yearly - 100% , Half yearly - 51% , Quarterly - 26% , Monthly - 8.8%

5. Can I avail Tax Benefits under Smart Life Plan Kotak Mahindra?

You may avail of tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961

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Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.