Kotak Mahindra Life Insurance
Kotak Mahindra Life Insurance
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Kotak Mahindra Life Insurance

Kotak Mahindra Life Insurance Ltd is a private life insurance company established in January 2001. It is a subsidiary of Kotak Mahindra Bank Limited and provides a host of life insurance plans that gives all-round protection to more than 20 million customers. Its product suite provides the combined benefits of life protection and savings, which ensures that the buyer gets value for each dime spent.

Kotak Life Insurance Plans:

Term Insurance Plans

  • Kotak Term Plan
  • Kotak e-term Plan

Savings and Investment Plans

  • Kotak Single Invest Plus
  • Kotal Assured Income Accelerator
  • Kotak Premier Endowment Plan
  • Kotak Sampoorn Micro-Insurance Plan
  • Kotak Single Invest Advantage
  • Kotak Assured Savings Plan
  • Kotak Guaranteed Savings Plan
  • Kotak Invest Maxima
  • Kotak SmartLife Plan
  • Kotak Premier Money back Plan
  • Kotak Classic Endowment Plan
  • Kotak Premier Income Plan
  • Kotak Ace Investment
  • Kotak Platinum Plan
  • Kotak POS Bachat Bima
  • Kotak Premier Life Plan

Retirement Plans

  • Kotak Lifetime Income Plan
  • Kotak Premier Pension Plan

**Last Updated on 23-09-2020

1. Kotak Mahindra Term Insurance Plans

i) Kotak Term Plan

Kotak Term Plan is a pure life cover plan that covers the life of the policyholder to protect their family in case of their unfortunate deaths. It is a nominal cost insurance plan that provides flexible premium payment options. The plan also allows the policyholder to convert this into any other plan offered by Kotak Life Insurance (except for another term plan).

Eligibility Criteria:

Entry Age

18 years – 65 years

Maximum Maturity Age

70 years

Policy term

5 years to 30 years

Premium Payment Frequency

Single, Yearly, Half-yearly, Quarterly, Monthly

Basic Sum Assured

Minimum: Rs. 3,00,000

Maximum: Rs. 24,99,999

**Last Updated on 23-09-2020

Features:

  • The plan offers economic benefits due to its low premiums, and reduced premiums for women. The annual premium starts at a minimum of Rs. 2,000 per year.
  • The plan also offers the option to get benefits under the following three riders:
    • Kotak Accidental Death Benefit Rider
    • Kotak Permanent Disability Benefit Rider
    • Kotak Critical Illness Plus Benefit Rider

ii) Kotak e-term Plan

The Kotak e-term plan is a specially designed pure risk cover plan that protects the insured's family against his/her unfortunate death. The plan offers the option to boost the coverage against Accidental death, total, and permanent disability.

Eligibility Criteria:

Entry Age

18 years – 65 years

Maturity Age

23 years – 75 years

Policy term

5 years – 40 years or 75 years – Age at Entry

Basic Sum Assured

Minimum: 25 Lac

**Last Updated on 23-09-2020

Features:

There are 3 plan options to choose:

  • Life Option: 100% of the sum assured is provided to the beneficiary upon the death of the policyholder.
  • Life Plus Option: An additional accidental death benefit will be provided (maximum of Rs. 1 crore).
  • Life Secure Option: All the future premiums for the insured person will be waived if (s)he gets totally and permanently disabled. The death benefit will continue for the entire policy term chosen.

The plan has three payout options:

  • Immediate payout, where 100% of the amount will be paid as a lump sum.
  • Level recurring payout, where 10% will be paid on death, and 6% of the sum assured will be paid every year for the next 15 years.
  • Increasing recurring payout, where 10% of the Sum Assured will be paid on death claim settlement, along with 6% of the Sum Assured that will be paid at the end of the first year. After this, there will be a 10% increase in the payout. These payouts will be paid at the end of every year for the next 15 years.

2. Kotak Life Insurance Saving and Investment Plans

i) Kotak Single Invest Plus

Kotak Single Invest Plus is a single premium unit-linked joint life insurance plan that is designed to provide the benefits of a joint life cover and investment gains. This plan offers a wide variety of benefits to ensure that the investment realizes its full value.

Eligibility Criteria:

Entry Age

Primary Person:

  • Minimum: 18 years
  • Maximum: 55 years for 10 years term, and 52 years for 15 years

Secondary Person:

  • Minimum: 3 years
  • Maximum: 55 years for 10 yrs term, and 52 years for 15 years term

Maturity Age

Primary Person:

  • Minimum: 28 years
  • Maximum: 65 years for 10 years Term, and 67 years for 15 years Term

Secondary Person:

  • Minimum: 18 years
  • Maximum: 65 years for 10 years Term, and 67 years for 15 years Term

Policy Term

10 years and 15 years

Premium Payment Mode

Single (One-time)

**Last Updated on 23-09-2020

Features:

  • Only one premium has to be paid, and two lives are covered under one policy.
  • The policyholder can withdraw the funds from the sixth year of the policy.
  • If one of the two insured individuals survives the policy term, (s)he would receive the total fund value, along with the loyalty additions.

ii) Kotak Assured Income Accelerator

Kotak Assured Income Accelerator is a non-participating guaranteed income anticipated endowment insurance plan that provides a risk-free guaranteed return every year, along with a life cover.

Eligibility Criteria:

Entry Age

Minimum: 0 years

Maximum:

  • 7 PPT – 60 years
  • 10 PPT – 60 years
  • 15 PPT – 55 years

Maturity Age

18 years – 85 years

Guaranteed Income Option

Monthly and Yearly

Basic Sum Assured

10 times of annual premium

Premium Payment Mode

Yearly, Half-yearly, Quarterly, Monthly

**Last Updated on 23-09-2020

Features:

  • The plan features an income booster that not only guarantees an income every year but also increases it every year by 5-7%, depending upon the annual premium.
  • In case of the unfortunate death of the policyholder, the beneficiary receives the sum assured irrespective of the guaranteed income already paid. 

iii) Kotak Premier Endowment Plan

Kotak Premier Endowment Plan is a non-participating endowment plan that provides guaranteed additions in the first five years, along with continued bonuses from the 6th policy year.

Eligibility Criteria:

Entry Age

18 years – 60 years

Maturity Age

Maximum 70 years

Policy term

  • Regular Pay: 10-30 years
  • Limited Pay: 5 Pay: 10 to 30 years
  • 7 Pay & 10 Pay: 15 to 30 years
  • 15 Pay: 20 to 30 years

Premium payment mode

Yearly, Half-yearly, Quarterly, Monthly

**Last Updated on 23-09-2020

Features:

  • Guaranteed additions of 5% p.a. will accrue each year for the first five years, which will be paid on maturity or death of the policyholder. 
  • The policyholder has the option to pay regular premiums or limited premium payment for 5, 7, 10, or 15 years.
  • The sum assured is based on the policy premium chosen. For a regular payment option, the premium is Rs. 8,000 and for the limited pay option, it is Rs. 15,000. 

iv) Kotak Sampoorn Bima Micro-Insurance Plan

Kotak Sampoorn Bima Micro-Insurance Plan is a non-linked and non-participating endowment assurance plan that has a fixed term of 5 years for helping low-income households. Just pay a small premium once and the plan will offer a fixed maturity benefit depending on the Life Insured's age at entry.

Eligibility Criteria:

Age Criteria

18 years – 55 years

Maximum Maturity Age

60 years

Policy term

5 years

Premium

Rs. 200 (fixed)

**Last Updated on 23-09-2020

Features:

  • The plan helps small budget families to pay a single premium with a fixed maturity benefit, depending upon the insured individual's age at entry.
  • No medical tests are necessary for taking this policy.

v) Kotak Single Invest Advantage

Kotak Single Invest Advantage is a single premium unit-linked life insurance, where you invest once and reap the benefits throughout the policy term. Combined with easy liquidity and investment strategies, this plan ensures that your investment objectives are fulfilled with ease.

Eligibility Criteria:

Entry Age

10 years policy term:

  • Min: 8 years
  • Max: 45 years

15 years policy term:

  • Min: 3 years
  • Max: 43 years

Maturity Age

10 years policy term:

  • Min: 18 years
  • Max: 55 years

15 years policy term:

  • Min: 18 years
  • Max: 58 years

Policy Term

10 years and 15 years

Basic Sum Assured

10 times of Single Premium

Minimum premium amount

Rs. 3 Lacs

**Last Updated on 23-09-2020

Feature:

  • The plan offers 3 investment strategies to choose from:
    • Self-managed strategy: The policyholder has the option to manage the funds as per his/her planned strategies.
    • Age-based strategy: The exposure to equity will keep changing based on the age of the policyholder.
    • Systematic switching strategy: The policyholder has the option to switch the strategies by participating in equity markets, and transfer a predefined amount in any of his/her funds. 

vi) Kotak Assured Savings Plan

Kotak Assured Savings Plan is a non-participating endowment assurance plan that not only offers you affordable life coverage but also generates wealth for future financial needs.

Eligibility Criteria:

Entry Age

Min: 3 years

Max: 60 years

Maturity Age

Min: 18 years

Max: 75 years

Premium Payment Mode

Yearly, Half-yearly, Quarterly, Monthly

**Last Updated on 23-09-2020

Features:

  • The plan offers guaranteed maturity benefit payable at maturity- 
  • Basic Sum Assured, PLUS 
  • Accrued Guaranteed Yearly Additions, PLUS 
  • Guaranteed Loyalty Addition
  • Grab more value for money through high premium benefits resulting in higher basic sum assured.
  • Option to enhance protection through a wide range of riders.

vii) Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan is a non-linked and non-participating life insurance plan that offers double benefit – life cover and savings.

Eligibility Criteria:

Entry Age

Min: 3 years

Max: 60 years

Maximum Maturity Age

Min: 18 years

Max: 75 years

Policy Term (Fixed)

14 years / 15 years / 16 years / 20 years

Premium Payment Mode

Yearly, Half-yearly, Quarterly, Monthly

Basic Sum Assured

Will be derived basis Premium, Age, PPT & Policy Term

**Last Updated on 23-09-2020

Features:

  • The plan offers the benefit of paying premiums for limited years and provides guaranteed additions for the remaining years of the policy period.
  • At the end of the policy term, guaranteed loyalty additions will be paid as a lump sum.
  • Insured has the option to enhance the life cover by adding optional riders to his/her policy. 

viii) Kotak Invest Maxima

Kotak Invest Maxima is a unit-linked life assurance plan, which is designed as an investment product that gives maximum returns from the volatile equity market. The plan is a Systematic Switching Strategy that allows you to enter the equity market systematically.

Eligibility Criteria:

Entry Age

Regular Pay: 

  • Min: 0 years
  • Max: 65 years 

Limited Pay:

• For Policy Term of 10/15 years:

Min: 0 years;

Max: 64 years

• For Policy Term of 20/25/30 years:

Min: 0 years;

Max: 55 years


Single Pay:

  • Option 1: 

Min: 0 years;

Max: 43 years


  • Option 2: 

Min: 0 years;

Max: 65 years

Maturity Age

Min: 10 years, Max: 75 years

Policy Terms (fixed)

10, 15, 20, 25 & 30 yrs

Premium Payment Mode

Annual & Single

**Last Updated on 23-09-2020

Features:

  • The plan helps to maximize the investment by providing a systematic switching strategy that allows the policyholder to enter the equity market systematically (over a period of time).
  • The plan provides the option to choose from two portfolio strategies – Self Managed and Systematic Switching strategy. 

ix) Kotak SmartLife Plan

Kotak SmartLife Plan is a limited pay non-linked participating life insurance plan that provides the option to get cash bonus payouts every year from the first policy year. This benefit helps to take care of all the interim financial needs or create an accumulated fund to meet your future goals.

Entry Age

Min: 3 years, Max: 55 years

Maturity Age

75 years

Policy Term

75 years less Entry Age of Life Insured

Basic Sum Assured

Min: Rs. 2,50,000

Max: No limits

Premium Payment Term

6, 8, 10, 12, and 15 years

Premium Payment Mode

Yearly, Half-yearly, Quarterly, Monthly

**Last Updated on 23-09-2020

Features:

  • The plan offers the convenience to choose bonus options: Cash Payout or Paid-Up Addition, and one can avail bonus option from the end of one policy year onwards, on a monthly and yearly basis.
  • On payment of additional premiums, the insured gets the option to select from optional riders. 

x) Kotak Premier Money back Plan

Kotak Premier Money back Plan is a savings cum insurance plan that provides lump sum payouts at regular intervals to meet your financial requirements.

Eligibility Criteria:

Entry Age

2 years – 57 years

Maximum Maturity Age

75 years

Policy Term (Fixed)

16 years / 20 years / 24 years

Premium Payment Mode

Yearly, Half-yearly, Quarterly, Monthly

**Last Updated on 23-09-2020

Features:

  • The plan offers an enhanced death cover with additional payouts in case of the unfortunate death of the policyholder in an accident.
  • Apart from regular payouts at specific intervals, the plan gives an option to earn bonuses from the first policy year itself. 

xi) Kotak Classic Endowment Plan

Kotak Classic Endowment Plan is an individual, non-linked, and participating savings life insurance plan that offers long term protection cum savings with protection benefit while earning bonuses during the policy term.

Eligibility Criteria:

Entry Age

0-70 Years

Maturity Age

18 - 75 years

Policy Term

15 to 30 years

Premium Payment Mode

Yearly, Half-yearly, Quarterly, Monthly

**Last Updated on 23-09-2020

The values may change as per the chosen plan option

Features:

  • The policy allows the policyholder to earn a yearly bonus from the 1st policy year.
  • The plan allows you to pay the premium according to your convenience. It also allows you to choose from a wide range of term options. 

xii) Kotak Premier Income Plan

Kotak Premier Income Plan is a limited pay participating life insurance plan that provides the benefit of getting Guaranteed Annual Income on an immediate basis after the premium payment term.

Eligibility Criteria:

Entry Age

Min: 3 years

Max:

  • 50 years – 8 pay 
  • 55 years – 10 & 12 pay

Maximum Maturity Age

18 years – 78 years

Policy Term (Fixed)

15 years / 19 years / 23 years

Premium Payment Mode

Yearly, Half-yearly, Quarterly, Monthly

Sum Assured

Will be derived basis Premium, Age, Gender, PPT & Policy Term

**Last Updated on 23-09-2020

Features:

  • It also provides enhanced Sum Assured rates for female lives.
  • The plan offers additional protection through optional riders 

xiii) Kotak Ace Investment

Kotak Ace Investment is an individual unit-linked life insurance plan that provides life cover and unit-linked investment strategies to generate more income during the policy term.

Eligibility Criteria:

Entry Age

0-65 years

Maturity Age

18-75 years

Policy Term

10 / 15 / 20 / 25 / 30 years

Mode

Annual, Half-yearly, Quarterly and Monthly

**Last Updated on 23-09-2020

Features:

  • The plan offers multiple investment strategies to choose from, along with convenient premium payment rates that act as a double benefit for the investor-cum-policyholder.
  • Partial withdrawals are allowed (after 5th policy year) to fulfil any interim financial need.

xiv) Kotak Platinum Plan

Kotak Platinum is an individual, unit-linked, and non-participating life insurance plan that allows individuals to customize the investment strategies as per their financial needs.

Eligibility Criteria:

Entry Age

0-65 years

Maturity Age

18-75 years

Policy Term

10 to 30 years

Mode

Yearly, Half-yearly, Quarterly, and Monthly

**Last Updated on 23-09-2020

Features:

  • Under the plan, individuals can choose from multiple investment strategies and can enhance their long term savings through survival units.
  • Partial withdrawal, along with convenient policy and premium payment terms ensure that the insured person enjoys liquidity.

xv) Kotak Premier Life Plan

Kotak Premier Life Plan is a non-linked participating whole life plan that offers life cover till 99 years of age and bonus payments to ensure that all financial needs are taken care of.

Eligibility Criteria:

Entry Age

3 years – 55 years

Maturity Age

99 years

Policy Term

99 years less entry age

Premium Payment Mode

Yearly, Half-yearly, Quarterly, Monthly

**Last Updated on 23-09-2020

The values may change as per the chosen plan option

Features:

  • The plan offers bonus amounts from the first policy year up to the end of the premium payment term and a cash bonus after the expiry of the premium paying term.
  • The individual has the option to get bonus payouts or accumulate them to make a corpus that can be paid on maturity.

xvi) Kotak POS Bachat Bima

Kotak POS Bachat Bima is a non-linked and non-participating life insurance plan, which offers a simple savings plan with a life cover, along with guaranteed benefits to suit your needs.

Eligibility Criteria:

Entry Age

Min: 12 years, Max: 45 years

Maturity Age

Min: 28 years, Max: 65 years

Policy Term (Fixed)

16 years / 20 years

Premium Payment Mode

Yearly, Half-yearly, Quarterly, Monthly

Maximum Basic Sum Assured

10 Lacs

**Last Updated on 23-09-2020

Features:

  • The plan offers two options to choose from- Life and Life Plus. While the Life option is the basic life cover, the Life plus option offers additional protection cover to policyholders on accidental death.
  • Additional amounts are added every year to the policy term and a guaranteed loyalty bonus is paid on maturity.

3. Kotak Life Insurance Retirement Plans

i) Kotak Premier Pension Plan

Kotak Premier Pension Plan is a traditional participating pension plan that offers assured benefits on death and vesting. The plan also provides guaranteed additions in the first five policy years.

Eligibility Criteria:

Age criteria

Minimum: 30 years

Maximum:

  • For Regular & Limited Pay: 55 years 
  • For Single Pay: 60 years

Basic Sum Assured

Minimum 2 Lacs

Policy Term

  • Regular Pay: 10 - 30 years
  • Limited Pay: 10 Pay: 15 - 30 years
  • 12 Pay: 17 - 30 years
  • Single Pay: 10 yrs & 15 years

Premium Payment Mode

Yearly, Half-yearly, Quarterly, Monthly

**Last Updated on 23-09-2020

Features:

  • The plan also offers the option to get benefits of the following two riders:
    • Kotak Accidental Death Benefit Rider
    • Kotak Permanent Disability Benefit Rider
  • Policyholders may avail tax benefits on premium paid under Section 80CCC of the Income Tax Act, 1961.
  • Bonuses accumulate from the 6th year onwards that helps to build a corpus for a secure future.

ii) Kotak Lifetime Income Plan

Kotak Lifetime Income Plan is an immediate annuity non-linked and non-participating plan that provides regular payouts after retirement and serves as a secured alternate source of income.

Eligibility Criteria:

Age criteria

45 – 99 years

Annuity Payment Mode

Yearly, Half-yearly, Quarterly, Monthly

**Last Updated on 23-09-2020

The values may change as per the chosen plan option.

Features:

  • The plan offers six annuity options to ensure that all types of financial needs of the individual are covered.
  • The annuity payment starts immediately (as per the plan) and continues until the policyholder lives. 

Why Should You Buy Kotak Mahindra Life Insurance?

Kotak Mahindra Life insurance provides a host of professional services for the benefit of its customers. You should buy a Kotak Mahindra life insurance plan because of the following reasons:

  • Complete Protection: Life insurance plans offered by Kotak are designed to provide a life cover to the policyholder and take care of his/her invested money by generating returns on it. Apart from this, it also provides retirement benefits and joint covers to protect the future financial needs of the family.
  • Wealth Creation: Kotak Mahindra helps its customers in investment and financial planning. The company understands that a disciplined approach is necessary to create wealth, and all its investment plans are designed to keep the customer's money safe and ensure that it generates guaranteed income.

How To Buy a Kotak Mahindra Life Insurance Policy?

There are two ways of buying Kotak Mahindra Life Insurance Plans – Online and Offline.

Online (From PolicyX.com):

  1. Look for 'Get Kotak Life Insurance Quotes Online' at the top-right corner of this page. 
  2. Fill the necessary details and click on 'Continue'.
  3. Out of all the plans, choose 'Kotak e-term'. 
  4. Make the payment and the soft copy of the policy will reach your inbox soon. 

Note- Other Kotak Mahindra plans aren't available online.

Offline:

Visit the nearest Kotak Mahindra Life Insurance office and speak with a representative. Choose the desired 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.

How To File a Claim For Policies Offered by Kotak Mahindra Life Insurance?

Online Filing:

  • The claimant has to fill the online form named 'Book a New Claim' available on Kotak Mahindra's website.
  • The claimant has to fill 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). 

Offline Filing:

  • 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.

Kotak Mahindra Life Insurance: Contact Details

Customer Support:

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

WhatsApp us: Get details of your policy on our WhatsApp servicing. Say "Hi" to 93210 03007

Get in touch with us through our Live Chat Option- “KAYA”

Frequently Asked Questions (FAQ's)

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

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

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.

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

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.

Last updated on 23-09-2020