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.

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. An array of additional riders are also available to customize the insurance plans for your convenience.

Continue reading to explore more about Kotak Life Insurance.

Benefits of Kotak Life Insurance Plans

Kotak Mahindra Life Insurance Limited is one of the leading insurers in India. It has been touted as one of the quickest growing insurance organizations in the country, with millions of policyholders across India. 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. Kotak Mahindra also holds the distinction of having among the best claim settlement ratios in the industry, thereby giving us a glimpse of its quality business practices.

1. 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 2020-21 stands at 98.50%. Take a look at the below graph to get an insight into the CSR of Kotak Life

   Claim Settlement Ratio of Kotak Life

   

   **Data from IRDAI Annual Reports

2. Market Share

   Kotak Life Insurance showcased a strong holding in terms of market share in the financial year 2020-21 with Rs. 11100.22 crores annual premium.

   Market Share of Kotak Life Insurance

   

   **Data from IRDAI Annual Reports

3. 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 3.

   Solvency Ratio of Kotak Life

   

   **Data from IRDAI Annual Reports

What Are The Different Types of Kotak Life Insurance Plans?

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 table to explore all the Kotak Life Insurance Plans list offered by the company under different categories:

How To Calculate Kotak Life Insurance Premium?

Kotak Mahindra Life Insurance Company allows its customers to calculate their premiums online with the help of the Kotak Life Insurance Premium Calculator. This calculator helps the potential policyholder to get an idea of how much he needs to pay annually.

Kotak Life Insurance Premium Calculator calculates the annual premium on the below-mentioned factors:

• Age of Potential buyer
• Chosen sum Insured
• Type of plan
• Policy Tenure

To get access to this calculator, one needs to visit the official website of Kotak Life Insurance Company and fill in the required details to check your premium.

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 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?

Customer Support:

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.

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

You can also get in touch with the company through their Live Chat Option- 'KAYA'.