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

Kotak Mahindra Life Insurance Ltd (formerly known as Kotak Mahindra Old Mutual 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 Insurance Plans

Protection Plans
  • Kotak Term Plan
  • Kotak e-term Plan
Child Plans
  • Kotak Headstart Child Assure
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

Kotak Mahindra Protection Plans

i) Kotak Term Plan

Kotak Term Plan is a pure life cover plan that covers the life of the insured to protect his family in case of his unfortunate death. It is a nominal cost insurance plan that provides flexible premium payment options and also allows converting the plan to any other plan offered by Kotak.

Eligibility Criteria and Highlights

Entry Age

18 years – 65 years

Maturity Age

Maximum 70 years

Policy term

5 years – 30 years

Premium Payment Frequency

Single, Yearly, Half-yearly, Quarterly, Monthly

Basic Sum Assured

3 Lacs – 25 Lacs

**Last Updated on 26-06-2020

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 of 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 provides protection to the insured’s family in the unfortunate death of the insured person. The plan offers the option to enhance the coverage to include Accidental death, total, and permanent disability.

Eligibility Criteria and Highlights

Entry Age

18 years – 65 years

Maturity Age

23 years – 75 years

Policy term

5 years – 40 years

Premium Payment Frequency

Monthly, Yearly, One-time

Basic Sum Assured

Minimum: 25 Lac

**Last Updated on 26-06-2020

Features

There are 3 plan options to choose:

  • Life Option: 100% of sum assured is provided to the beneficiary upon the death of the policyholder.
  • Life Plus Option: Along with the Life Option benefits, an additional accidental death benefit will be provided (maximum of Rs. 1 crore)
  • Life Secure Option: Along with the benefits Life Plus option, all the future premiums for the insured person will be waived if 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% will be paid on death claim settlement, 6% will be paid in the first year, and then 10% will be paid every year for the next 15 years.

Kotak Mahindra Child Plans

i) Kotak Headstart Child Assure

Kotak Headstart Child Assure is a unit-linked life insurance plan that is designed to take care of all the financial needs of a child’s future such as higher education abroad, or an entrepreneurial start-up. The plan invests your money in a wide variety of funds to ensure that your funds are financially secure and the invested wealth maximizes during the time it is invested.

Eligibility Criteria and Highlights

Entry Age

18 years – 60 years

Maturity Age

28 years – 70 years

Policy Term

10 years, 15 – 25 years

Premium Payment Mode

Yearly and Half-yearly

**Last Updated on 26-06-2020

Features

In the unfortunate death of the policyholder, the beneficiary will get the following three benefits:

  • Immediate payout of the basic sum assured.
  • The premium for all future years of the policy period will be waived off.
  • The policy will continue and the fund value will be paid on maturity.
  • The policyholder has the option to invest in any of the following funds: Classic opportunities, Frontline equity, Balanced, Dynamic bond, Dynamic floating rate, Dynamic gilt, Money market.
  • After the completion of the first five years of the policy, the insured person can access his investments by taking partial withdrawals of a minimum Rs. 10,000, after keeping a balance equal to one annualized premium amount.
  • Kotak 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 and Highlights

    Entry Age

    Insured Person: 18 years – 55 years

    Joint Person: 3 years - 55 years

    Maturity Age

    Insured Person: 28 years – 67 years

    Joint Person: 18 years – 67 years

    Policy Term

    10 years and 15 years

    Premium Payment Mode

    Single (One-time)

    **Last Updated on 26-06-2020

    Features

    • Only one premium has to be paid, and two lives are covered under one policy.
    • The policyholder can withdraw his funds from the sixth year of his policy as partial withdrawals.
    • If one of the two insured individuals survives the policy term, he would receive the total fund value along with the loyalty additions, which are added at the 10th or the 15th year of the policy term, whichever is chosen.

    ii) Kotal 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 and Highlights

    Entry Age

    0 years – 60 years

    Maturity Age

    18 years – 85 years

    Guaranteed Income Option

    Monthly, Yearly

    Basic Sum Assured

    10 times of annual premium

    Premium Payment Mode

    Yearly, Half-yearly, Quarterly, Monthly

    **Last Updated on 26-06-2020

    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.
    • The insured person can increase the sum assured by adding the optional riders to the base plan.

    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 and Highlights

    Entry Age

    18 years – 60 years

    Maturity Age

    Maximum 70 years

    Policy term

    5 years – 30 years

    Premium payment mode

    Yearly, Half-yearly, Quarterly, Monthly

    **Last Updated on 26-06-2020

    Features

    •  Guaranteed additions of 5% p.a. will accrue each year for the first five years, which will be paid on maturity or death.
    • 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. Small budget families have to pay the premium just once, and a guaranteed payout will be made at the end of the policy term.

    Eligibility Criteria and Highlights

    Age Criteria

    18 years – 55 years

    Policy term

    5 years

    Premium

    Rs. 200 (fixed)

    Premium Payment Mode

    Single (one-time)

    Sum Assured

    Rs. 5,000

    **Last Updated on 26-06-2020

    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.
    • A small maturity benefit will be paid if the policyholder survives the policy term. 

    v) Kotak Single Invest Advantage

    Kotak Single Invest Advantage is a single premium unit-linked life insurance plan which is designed to provide continued returns, along with loyalty additions throughout the policy term.

    Eligibility Criteria and Highlights

    Entry Age

    3 years – 45 years

    Maturity Age

    18 years – 58 years

    Policy Term

    10 years, 15 years

    Basic Sum Assured

    10 times of the premium paid

    Minimum premium amount

    Rs. 3 Lacs

    **Last Updated on 26-06-2020

    Features

    • The plan offers 3 investment strategies to choose from:
      • Self-managed strategy: The policyholder has the option to manage the funds as per his planned strategies, and he can switch funds.
      • 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 pre-defined amount in any of its funds. 

    vi) Kotak Assured Savings Plan

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

    Eligibility Criteria and Highlights

    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 26-06-2020

    Features

    • The plan offers guaranteed additions every year which is paid on maturity and a guaranteed loyalty addition at the end of the policy term.
    • Higher premium options lead to higher benefits and a higher sum assured cover for life.

    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. The financial future of the family is secured through the benefits provided under the policy.

    Eligibility Criteria and Highlights

    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 26-06-2020

    Features

    • The plan offers the benefit of paying premiums only for a few 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 his life cover by adding optional riders to his 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.

    Eligibility Criteria and Highlights

    Entry Age

    0 years – 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 26-06-2020

    Features

    • The plan helps in maximizing the investment by providing a systematic switching strategy that allows the policyholder to enter the equity market in a systematic manner over a period of time.
    • The plan also 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 is taking care of all the interim financial needs or creating an accumulated fund to meet future goals.

    Entry Age

    Min: 3 years, Max: 55 years

    Maturity Age

    75 years

    Policy Term

    Up to 75 years

    Basic Sum Assured

    Min: 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 26-06-2020

    Features

    • The plan offers the option to get cash payouts every year (on a monthly or yearly basis) or a paid-up addition at the end of the policy term.
    • On payment of higher premiums, the insured gets the option to select from specific Insurance 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 along with a complete life insurance coverage.

    Eligibility Criteria and Highlights

    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 26-06-2020

    Features

    • The plan offers an enhanced death cover with additional payouts during the unfortunate death of the policyholder
    • Apart from regular payouts at specific intervals, the plan also provides a lump sum addition at maturity and 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 allows the policyholder to save money while getting a risk-free life insurance cover, all at affordable premiums.

    Eligibility Criteria and Highlights

    Entry Age

    0-70 Years

    Maturity Age

    18 - 73 years

    Policy Term

    15 to 30 years

    Premium Payment Mode

    Yearly, Half-yearly, Quarterly, Monthly

    **Last Updated on 26-06-2020

    Features

    • The plan offers affordable premiums with the benefit of getting a yearly bonus from the first policy year itself.
    • The policyholder also gets to choose from a wide variety of policy terms and sum assured options. With a higher sum assured, the plan offers higher discounts and insurance riders as well.

    xii) Kotak Premier Income Plan

    Kotak Premier Income Plan is a limited pay participating life insurance plan that provides the benefit of getting guaranteed income along with a life insurance cover.

    Eligibility Criteria and Highlights

    Entry Age

    3 years – 55 years

    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 26-06-2020

    Features

    • The plan provides guaranteed income immediately after the first premium payment and accrued bonuses at the end of the policy term.
    • It also provides higher sum assured rates for female policyholders, and to those who opt for higher premium rates. 

    xiii) Kotak Ace Investment

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

    Eligibility Criteria and Highlights

    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 26-06-2020

    Features

    • The plan offers multiple investment strategies to choose from with convenient premium payment rates that act as a double benefit for the investor-cum-policyholder.
    • Partial withdrawals are also allowed to fulfil any interim financial need.

    xiv) Kotak Platinum

    Kotak Platinum is an individual, unit-linked and non-participating life insurance plan that allows the individual to customize his investment strategies as per his financial needs, and provides a life cover too.

    Eligibility Criteria and Highlights

    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 26-06-2020

    Features

    • Under the plan, an individual can choose a plan with low charges and enhance his long term savings through survival units.
    • Partial withdrawal options 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 and Highlights

    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 26-06-2020

    Features

    • The plan offers bonus amounts from the first policy year up to the end of the premium payment term and a cash bonus at the expiry of the term.
    • The individual also has the option to get a bonus every year, or accumulate them to 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.

    Eligibility Criteria and Highlights

    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

    Basic Sum Assured

    Maximum Basic Sum Assured: 10 Lacs

    **Last Updated on 26-06-2020

    Features

    • The plan offers two options to choose from- Life and Life Plus. While Life option is the basic life cover, under Life plus option, the individual gets an additional protection cover on accidental death too.
    • An additional amount is added every year of the policy term and a loyalty bonus is paid on maturity.

    Kotak Retirement Plans

    i) Kotak Premier Pension Plan

    Kotak Premier Pension Plan is a traditional participating pension plan that offers guaranteed pension on retirement along with a risk-free life cover.

    Eligibility Criteria and Highlights

    Age criteria

    30– 60 years

    Basic Sum Assured

    Minimum 2 Lacs

    Policy Term

    26-30 years

    Premium Payment Mode

    Yearly, Half-yearly, Quarterly, Monthly

    **Last Updated on 26-06-2020

    Features

    •  In the first 5 years, guaranteed additions will be provided which will be provided on maturity or unfortunate death, whichever is earlier.
    • From the 6th policy year, bonuses will be paid and on death, an assured benefit of up to 105% of the premiums paid will be provided to the beneficiary.

    ii) Kotak Lifetime Income Plan

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

    Eligibility Criteria & Highlights

    Age criteria

    45 – 99 years

    Annuity Payment Mode

    Yearly, Half-yearly, Quarterly, Monthly

    **Last Updated on 26-06-2020

    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 selected and continues until the policyholder is surviving.

    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 plan for the following reasons:

    Complete Protection: Life insurance plans offered by Kotak are designed not only to provide a life cover to the policyholder but also to take care of his invested money by generating returns on it. Apart from these, it also provides retirement benefits, and joint covers to protect the life of the family as well.

    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:

    1. Go to www.policyx.com and at the bottom of the webpage, click on ‘Buy Now’ under the ‘Instant Buy’ section
    2. Click the Kotak Mahindra Insurance Plan that you wish to buy and click on the ‘Direct URL’ which will take you to the page with all the details of the plan.
    3. On the page, fill the requested details and click on ‘Get Quote’, which will generate the premium.
    4. On the payment page, make the payment and the Kotak Mahindra Life Insurance policy will be emailed to you.

    Offline:

    Visit the nearest Kotak Mahindra Life Insurance office and speak with a representative there. Explain your needs to him and select the plan which he suggests. Submit the documents requested by the company and make the payment. 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 policyholder or the beneficiary (in case of the unfortunate death of the insured) will have to fill the online form named 'Book a New Claim' available on the website.
    • He/she will have to fill all the basic details like the policy details, policyholder’s details, and the claimant’s details and generate an OTP to move to the next page.
    • He/she will have to then fill the claim intimation details and submit all the documents on the online portal.
    • Kotak Mahindra will verify the claim and will settle it within 7-15 days, and will notify the individual via email.

    Offline Filing:

    • To initiate a claim, the policyholder needs to send the necessary documents along with the claim intimation form to the nearest Kotak Mahindra Branch office. The form can be downloaded online, can be acquired from the Life advisor, or the nearest branch office.
    • He needs to submit the duly filled form along with his KYC documents to the branch.
    • After all the internal verifications, the claim will be processed in 7 to 15 days by the Kotak Life Insurance Claims Department, and the pay-out will be settled.

    Frequently Asked Questions (FAQ’s)

    You can use this link (https://care.kotaklifeinsurance[dot]com/prelogin#) to pay your premiums instantly (online)

    Under this rider, when the policyholder passes away, all his future premiums are paid by Kotak Mahindra.

    Yes. Under this rider, the policyholder has the option to pay his premiums either a single, limited or regular basis.

    In such cases, before filing the claim, it is necessary for the proposer to change the nominee by submitting the nomination change form.

    No. In Kotak Platinum policy, the funds are locked for the first 5 years and can be withdrawn only after the 5th year.

    Depending upon your plan, Kotak Mahindra will provide the following riders:

    • Kotak Accidental Death Benefit Rider
    • Kotak Term Benefit Rider
    • Kotak Life Guardian Benefit Rider
    • Kotak Accidental Disability Guardian Benefit Rider
    • Kotak Permanent Disability Benefit Rider
    • Kotak Permanent Disability Benefit Rider (Linked)
    • Kotak Accidental Death Benefit Rider (Linked)
    • Kotak Accidental Death Benefit Rider (Linked)

    Yes. Death due to the following reasons are excluded from the policy:

    • Self-inflicted injury, and suicide
    • Illegal drug consumption or participating in illegal activity
    • Engaging in Hazardous sports
    • War, or any military operation

    Yes. You can avail loans up to 80% of the surrender value of your policy. The minimum amount to be availed is Rs. 10,000.

    Last updated on 26-06-2020