Kotak Life Insurance

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About Kotak Mahindra Insurance

Mahindra Kotak Life Insurance, a 100% subsidiary of Kotak Mahindra Bank Limited, was established in 2001. Kotak Mahindra Life Insurance is one of India's most reputable insurance firms and one of the fastest-growing insurance companies in India, covering over 34.8 million lives nationwide as of December 2021.

The company has designed a number of unique products and services to meet the ever-changing financial needs of a diverse customer base. Whether you are looking for protection plans, savings, and investment instruments, retirement plans, or child plans, Kotak Mahindra's portfolio is certain to make it relatively easy in finding the best product for you. The company offers solutions for group entities as well as individuals, ensuring that no matter what your investment requirements are, there is something that will help you meet your long-term goals. An array of additional riders are also available to customize the insurance plans for your convenience.

Kotak Life offers various categories of insurance plans to secure the financial future of your loved ones and yourself. Term insurance plans, Wealth creation plans, Protection plans, Retirement plans, and Savings plans. The wide range of products available under Kotak Mahindra Life Insurance Company ensures that all your and your family's dreams are fulfilled.

Continue reading to explore more about Kotak Life Insurance.

Key Features of Kotak Life Insurance

Below-mentioned are some of the key features of Kotak Mahindra Life Insurance company that let you get an insight into the company's performance, and will help you to make a better decision:

  • Solvency Ratio
    The solvency ratio is one of the important factors that should be considered while selecting an insurance company. It helps policyholders to assess the ability of a company to meet its financial obligations.IRDAI has mandated the companies to maintain a solvency ratio of 1.5. At present, the Solvency Ratio of Kotak Life stands at 2.6.
  • Claim Settlement Ratio
    The claim settlement ratio of an insurance company highlights the number of claims settled by it. Hence, it helps potential buyers determine a company's claim settlement capacity. The company's claim settlement ratio for 2021-22 stands at 98.82%.
  • Annual Premium
    Kotak Life Insurance showcased a strong holding in terms of market share in the financial year 2021-22 with Rs. 13,015.11 crores annual premium.
Kotak Life Insurance Key Features

Plans Offered by Kotak Mahindra Life Insurance Company

Kotak Life Insurance offers over 20 insurance plans which provide financial security to the families of the policyholders after their demise. Take a look at the below section to explore all the Kotak Life Insurance Plans offered by the company under different categories:

  1. Kotak Term Insurance Protection Plans

    Term Insurance plans are designed to safeguard your family if something unfortunate happens to you. IN such situations, the nominee will receive the death benefit along with other benefits as per the insurance plan.

    Plan Name Entry Age Maturity Age Sum Assured
    Kotak e-Term Plan 18-65 years 75 years Minimum: Rs 25, 00,000
    Maximum: No Limit
    Kotak Term Plan 18-65 years 70 years Minimum: Rs. 3,00,000
    Maximum: Rs. 24,99,999
    Kotak Saral Jeevan Bima 18-65 years 70 years Minimum: Rs. 5,00,000
    Maximum: Rs. 25,00,000
    Kotak Protect India Eighteen years 35 years Minimum: `1,00,000 Maximum: `25,00,000

    Know More About: Kotak Life Investment Plans

  2. Buy Now Life Insurance

    Buy Now Life Insurance

  3. Kotak Life Savings & Investment Plans

    Savings and investment plans offered by Kotak LIfe ensures that you are able to fulfill the future milestones without worrying about finances:

    Plan Name Entry Age Maturity Age Sum Assured
    Kotak Assured Savings Plan 3-65 years 75 years Rs. 1,57,806 to Rs. 25,00,000
    Kotak Premier Endowment Plan 18-60 years 70 years Depends on minimum premium chosen
    Kotak Invest Maxima 0-64 years 75 years NA
    Kotak Premier Moneyback Plan 2-57 years 75 years Minimum: 1.5 lacs
    Maximum: No Limit, subject to underwriting acceptance
    Kotak Classic Endowment Plan 0-60 years 70 years Determined on the basis of minimum premium amount, entry age, policy term, and PPT
    Kotak SmartLife Plan 3-55 years 75 years Minimum: Rs. 2,50,000
    Maximum: No limits, but it will be subject to Underwriting
    Kotak Premier Income Plan 3-55 years 78 years Will be derived basis Premium, Age, Gender, PPT & Policy Term
    Kotak Sampoorn Bima Micro-Insurance Plan 18-55 years 60 years NA
    Kotak Single Invest Plus 18-55 years 67 years Sum Assured on 1st Death: 1.25 times of the Single Premium
    Sum Assured on 2nd Death: 10 times of the Single Premium
    Kotak Single Invest Advantage 8-45 years 58 years 10 times of Single Premium
    Kotak Platinum 0 to 65 years 75 years Minimum: 7 times AP Maximum: 25 times AP
    Kotak POS Bachat Bima 12-45 years 65 years Will be derived based on Premium, Age, Policy Term and Plan Option chosen.
    Kotak Guaranteed Savings Plan 3-60 years 75 years Will be derived basis Premium, Age, PPT & Policy Term
    Kotak Ace Investment 0 to 65 years 75 years NA
    Kotak e-Invest 3-60 years 75 years 10 times Annualized premium
    Kotak Wealth Optima Plan 3-65 years 99 years Minimum: Rs. 2,00,000/-
    Kotak Assured Income Accelerator 0-60 years 85 years 10 times of annual premium
    Guaranteed Fortune Builder 3 Years 60 Years 50,000
    Fortune Maximiser 18 Years 65 Years 1,00,000
    Single Invest Plan 8 Years 45 Years 10,00,000
  4. Kotak Life Retirement Plans

    With Kotak Retirement Plans. you can continue to live a carefree life even after your retirement with pension plans to back up your living expenses. This will not just help you maintain your living standards but will also allow you to fulfil all your desires by investing wisely and monitoring the investments on a timely basis.

    Plan Name Entry Age Policy Term Minimum Annuity
    Kotak Premier Pension Plan 30-60 years NA Monthly: Rs.1000 per month
    Quarterly: Rs.3000 per quarter
    Half-Yearly: Rs.6000 per half year
    Yearly: Rs.12000 per annum
    Kotak Saral Pension Plan 40-80 years NA Monthly: Rs.1000 per month
    Quarterly: Rs.3000 per quarter
    Half-Yearly: Rs.6000 per half year
    Yearly: Rs.12000 per annum
    Kotak Assured Pension 45 Years NA 10,00,000
    Kotak Lifetime Income Plan 45 Years 99 Years Min: ` 50,000/- Max: No Limit
  5. Kotak Life Health Plans

    Kotak Health Plans ensures that you look after your healthcare needs and avail the best services without wiping off your savings.

    Plan Name Entry Age Maturity Sum Assured
    Kotak Health Shield Plan 18-65years 75 years Min: Rs. 10,00,000 per Life Assured
    Max: Rs. 50,00,000 per Life Assured

    Know More About: Kotak Life Health Plans

Benefits of Kotak Mahindra Life Insurance

  • Comprehensive Coverage: Kotak Life insurance plans list is long and all plans provide an overall coverage to meet various needs and suit various requirements.
  • Financial Security: The death benefit might be used to settle debts, make up for lost income, or fund schooling. Therefore, even after his passing, the policyholder's family will have financial security
  • Flexibility and Customization: Kotak life insurance plans are very flexible in nature, as the customer can easily make modifications to the plans according to his needs. The policyholder can add riders, addon benefits or even can customize policy sum and tenure.
  • Professional Guidance: By providing policyholders with access to 24-hour customer care, the company helps them. The expert teams help the customers to buy plans, settle claims and help them with their queries.

How Does Kotak Life Insurance Work

  • Life insurance: It is an agreement between the insurer and the policyholder, where the company agrees to pay a specific amount of money as a death benefit to the nominee, on his/her demise.
  • Decision on the premium: In return for the death benefit the policyholder will pay a regular premium at an interval of time such as monthly, bi-annually, or yearly. The insurance company decides the premium amount based on many factors such as age, health, and occupation.
  • The claimant receives the benefit: In the case of an unforeseen event, the recipient whom you have nominated, will initiate the insurance comany. For this, he/she will file a claim form.
  • If Claims Are Rejected: If the claims are rejected by the insurer, you will again have to file new claims, with correct information and documents.
  • In the case of ULIP Plans: There is no certain amount guaranteed. Your premium is invested in the capital market by the insurance. Depending on your tolerance for risk, you can choose the funds in which your money will invest; the final yields are determined by market performance. Therefore, the potential for significant earnings is there in such life insurance programmes. In the event of an unexpected loss, your nominee also gets paid.

Kotak Life Insurance Plans Riders

Kotak Mahindra Life Insurance Company has orchestrated a list of riders, for a wholesome coverage for the policyholders.

Rider Name Benefits
Kotak Accidental Death Benefit Rider Flexibility to pay premiums as per convenience (Single, Limited, and Regular Pay options).
Comprehensive protection till the end of the policy term of the base plan.
Rider sum assured payable in case of accidental death.
Option to select the rider at inception or any policy anniversary.
Kotak Term Benefit Rider Flexibility to pay premiums as per convenience (Single, Limited, and Regular Pay options).
Comprehensive protection till the end of the policy term of the base plan.
Rider sum assured payable in case of death.
Option to select the rider at inception or any policy anniversary.
Income tax benefit on premiums paid.
Kotak Permanent Disability Benefit Rider Flexibility to pay premiums as per convenience (Single, Limited, and Regular Pay options)
Comprehensive protection till the end of the policy term of the base plan.
120% of the Rider Sum Assured paid over a period of 5 years.
Option to select the rider at inception or any policy anniversary.
Kotak Life Guardian Benefit Rider Provides additional coverage for life.
Kotak Accidental Disability Guardian Benefit Rider Offers financial assistance in the event of total or permanent disability caused by an accident.
Kotak Accidental Death Benefit Rider (Linked) On Death: Rider Sum Assured becomes payable in addition to the basic death benefit under the base policy in case of the Life Insured's death due to an accident during the Rider benefit term.
Kotak Critical Illness Plus Benefit Rider At Maturity: No maturity benefit payable under this rider.
Protection against 37 Critical Illnesses.
Lump sum payout if diagnosed with any Critical Illness.
Flexibility to pay premiums as per convenience.
Option to select the rider at inception or on the policy anniversary.
Kotak Permanent Disability Benefit Rider (Linked) On Permanent Disability: Lump sum payout of Rider Sum Assured in case of total and permanent disability caused by an accident during the rider benefit term.
At Maturity: No maturity benefit payable under this rider.

Documents Required to Buy Kotak Mahindra Life Insurance

Proof of age

  • Driving License
  • Birth certificate
  • School leaving certificate
  • Passport
  • PAN card
  • Driving license
  • Aadhaar Card

Photo ID Proof

  • Passport
  • PAN card
  • Driving license
  • Election Photo Identity Card (EPIC)(if acquiring)
  • Aadhaar Card

Proof of the Residence

  • Passport
  • Driving License
  • Aadhaar Card
  • Voter ID
  • Latest Updated bank account statement/ passbook
  • Latest Utility bills for electricity, gas, or telephone
  • Ration card
  • Rental agreement(if you are a tenant)

Income details of the Buyer

  • Latest salary slips
  • Income Tax Returns(Previous 3 years)
  • Audited profit/loss statements
  • Employer's certificate(if any)
  • Bank statement(Last 6 months)

Passport-sized photographs are mandatory, which are not more than 6 months old.

Medical records

  • If any medical issue is mentioned by the insurer, the reports must be submitted.

How To File a Claim For Kotak Life Insurance Policies?

For Online process

  • On the official website of Kotak Life, click on the 'How Do I?' section from the top menu.
  • From there click on the File Claim option.
  • The claimant has to fill out the online form named 'Book a New Claim'.
  • Fill in all the basic details and generate an OTP to move to the next page.
  • After that is done, the claimant has to submit all the required documents to the company.
  • Kotak Mahindra will verify the claim and settle it within 7-15 days (if approved).

For offline process

  • To initiate a claim, the claimant needs to submit the necessary documents, along with the claim intimation form at the nearest Kotak Mahindra Branch office. The form can be downloaded online or can be acquired from the branch.
  • After all the internal verifications, the claim will be processed within 7-15 days (if approved) by the Kotak Life Insurance Claims Department and the payout will be settled.

How Can I Contact Kotak Life Insurance?

Call on toll-free number 1800 209 8800 (8:00 am to 10:00 pm), and their representative will help you buy the most suitable plan.

93210 03007

Kotak Mahindra Life Insurance: FAQ's

1. Can I avail loan under my Kotak Assured Income Accelerator plan?

You can avail of loans up to 80% of Surrender Value subject to a minimum loan amount of Rs. 10,000.

2. Can the claim amount received as a death benefit be repatriated outside India?

For all policies including those under the Non-Resident Indian Insurance Scheme, the claim amount cannot be repatriated out of India.

3. Can I surrender my Kotak Mahindra life insurance policy before maturity?

Yes, you can surrender your policy before maturity. However, once the surrender value is paid, your policy will get terminated. The surrender value of your policy will solely depend upon the plan and benefits chosen by the policyholder.

4. What are the various riders offered by Kotak Life Insurance?

The riders available by Kotak Life Insurance are:

  • Accidental Death Benefit Rider
  • Permanent Disability Benefit Rider
  • Critical Illness Benefit Rider
  • Term Benefit Benefit
  • Kotak Preferred Term Benefit Rider
  • Kotak Life Guardian Benefit Rider
  • kotak accidental disability guardian benefit

5. What is a free look period? And is it available on all policies?

A policyholder has the option to return the original policy within 15 days from the date of receipt of the policy. And yes, a free look period is available on all policies.

6. Can I download the statements of my Kotak Life Insurance Plans?

Yes, the Kotak Mahindra Life Insurance policy allows you to download and check the statements of your policy. All you have to do is visit the official website, click on the "How to Do I" tab, and then select "Download Statements". Then on the next page, fill in the details such as Policy Number & Date Of Birth of Policyholder (dd/mm/yyyy), and proceed.

7. How can I check the status of my Kotak Life Insurance policy?

  • To check the status of your Kotak Mahindra Life Insurance policy, you need to visit the official website of Kotak Life Insurance Company and click ok "How Do I" tab.
  • Then click on'Manage My Policy,' and log in using your registered cellphone number.

8. What are the available premium payment modes of Kotak Life Insurance Plans?

Net Banking, Debit/Credit cards, E-wallets, and Bill Desk are all options for paying premiums online with Kotak Life Insurance.

9. Is it possible to cancel my Kotak Life Insurance before it matures?

Yes, you have the option of surrendering your policy before it matures. The policy is terminated whenever the Surrender Value is paid out.

10. Can we use the telephone bill as address proof for Kotak life insurance plans?

Telephone bills can be used as proof of residence, the policyholder can submit the latest telephone bill, but only for the last 6 months.

11. Do I need any medical reports to buy Kotak Mahindra life insurance?

Yes, in some cases if the policyholder has to submit medical reports. Only in special cases such as, if he/she is buying a critical illness plan.

12. What is the minimum and maximum age of Kotak Protect India?

The Minimum age is 18 years and the maximum age is 35 years for Kotak Protect India.

13. What is Kotak life insurance plans list for retirement?

The Retirement Plans are as follows:

  • Kotak Saral Pension
  • Kotak Assured Pension
  • Lifetime Income Plan

14. What is the minimum and maximum Sum assured for Kotak Protect India?

The Minimum Sum required is rs 1,00,000 and the Maximum is rs 25,00,000.

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