Kotak Smart Life Insurance
kotak Life Investment Plans
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Kotak Smart Life Insurance

Kotak Smart Life 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 or use such bonuses to create a decent corpus to take care of bigger future goals.

Eligibility

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

Annual, semi-annual, quarterly, and monthly

**Last Updated on 18-12-2020

What are the key features of the Kotak Smart Life Insurance?

  • Protection- The plan protects for up to 75 years.
  • Facility to select bonus options- Have the flexibility to choose between bonus options- cash payout or paid-up addition.
  • Bonus option- The policyholder can avail of the selected bonus option from the end of the 1st policy year.
  • Extra protection- Have an option to avail of riders to grab additional protection on payment of extra premium.
  • Grace period- If you miss the deadline to make a premium payment, 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 Smart Life Insurance?

1. Death benefit

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

It is based on the bonus option chosen by the policyholder at the beginning of the policy.

Cash payment- 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.

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, 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. Tax benefit

Thanks to Section 80C and Section 10(10D) of the Income Tax Act, 1961, you can grab tax benefits for the premium paid against this policy.

5. 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.

Which riders come under the shadow of Kotak Smart Life Insurance?

There are 6 riders available under this plan. Let's take a look at them.

  • Kotak Permanent Disability Benefit Rider- If the life insured is permanently disabled due to an accident, the benefit is paid in installments.
  • 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.
  • 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.
  • Kotak Accidental Death Benefit Rider- On the death of the insured, lump sum benefit is paid along with death benefit under the base plan.
  • Kotak Accidental Disability Guardian Benefit- If the insured is disabled due to an accident, all future premiums will be waived off and the plan will continue as nothing happened.
  • Kotak Term Rider- Gives additional death cover (over & above the death benefit of the base policy) to the life insured.

Why trust the Kotak Smart Life Insurance Plan?

There are two key reasons to buy this plan. Let's have a look.

Full Protection: Kotak Smart Life offers comprehensive protection to the customers. It is designed to generate returns on the money invested by the policyholder. It grants retirement benefits and joint covers to protect the family's future financial needs.

Wealth Creation- Kotak Smart Life provides full support in investment and financial planning. It not only keeps the money safe but also helps earn a guaranteed income.

How to buy Kotak Smart Life Plan?

Individuals who wish to buy this plan must visit the nearest branch of the company. For more details of this plan, please get in touch with the customer care team of Kotak Life.

What is the claim process of the Kotak Smart Life Plan?

There are two ways to file a claim for this plan. Let's take a look at them.

Online

  • Visit the official website of Kotak Life. Go to 'How do I?' and click on 'File a claim'.
  • Click on 'File Claim' and enter the required information.
  • After entering the OTP, submit the necessary documents to the company.
  • Kotak Life will verify the details, and within 7-15 days, the claim (if approved) will be settled.

Offline

  • To file a claim, the claimant has to submit the claim form, along with the required documents at the nearest branch of the company. The claim form can be downloaded online or obtained from the branch.
  • After all the internal verification, the company will process the claim within 7-15 days (if approved).

The documents need to be submitted at the below-mentioned 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 (E), Mumbai – 400 097

FAQ’S

His or her nominee will get 80% of the total premiums paid till the death date.

Your policy will lapse (at the end of the grace period) and no benefits will be paid.

Yes, the policy can be canceled within 15 days (for all channels except for the distance marketing channel) from its purchase date.

Last updated on 18-12-2020