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.

Key Features of Kotak SmartLife Insurance

  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?

  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

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

  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 Age3 years
Maximum Entry Age50 years (6 & 15 pay)
55 years (8 & 10 pay)
54 years (12 pay)
Maturity age75 years
Policy term75 years less entry age of life insured
Basic sum assuredMinimum- Rs. 2,50,000
Maximum- No limit
Premium levelMinimum-
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 term6, 8, 10, 12, and 15 years
Premium payment modeYearly, 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 Term45
Premium Payment FrequencyYearly
Option for BonusCash Payout
Sum Assured10 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

Buying Process Of Kotak Life Plans
Buying Process Of PolicyX website

Note : A confirmation email with the soft copy of the policy will be sent to your registered email id on successful completion of the process.

Kotak Investment plan


Find Out What the Customers Are Saying

(Showing latest 5 reviews only)

- 4.8/5 (32 Total Rating)

October 8, 2021

Manish sharma

Delhi

they have amazing plans to choose from...the features are pretty good and the plans are very less expensive

September 28, 2021

Samiksha

Mumbai

policyx.com se help liya tha plan khareedte time...features kaafi sahi mil gaye and im happy to have chosen them for support

September 28, 2021

Sarbananda

Gandhinagar

Kotak came to help swiftly at a time when needed most. They settled my claims in a short time and I ll always be grateful for it! Thanks!

September 27, 2021

Firdos Khan

Indore

bought my Kotak policy from policyx.com and these guys were so swift with the whole thing! like they gave me a proper list of plans to go thru and i did my own research after which the buying was damn quick !

September 22, 2021

Agreem Chauhan

Indore

I have been covered by Kotak under their pension plan. Just bought a life inusrance plan too with the help of policyx.com...they are unbiased and completely true to their words

Last updated on August, 2021

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