Kotak Life Insurance Plan

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About Kotak Life Insurance

Kotak Life Insurance, a subsidiary of Kotak Mahindra Bank Limited, was established in 2001 and provides life insurance and investment policies. Over the years, the company has served of over 30 million customers through financial instruments of protection and savings.

Kotak Life Insurance offers term insurance plans, wealth creation plans, protection plans, retirement, and savings plans.

Key Features of Kotak Life Insurance

Life Insurance has become an integral addition to our lives, considering the pandemic. Life insurance policies help us deal with such uncertainties by providing us with life-long financial support to mitigate risks. But making the right choice of buying the life insurance plan which matches your needs & requirements is critical. Therefore, one should always read about the company & analyse if it meets the requirements. To help you with this, we at PolicyX.Com have enlisted the the key features of Kotak Life to help you come to a decision.

Get a clear picture of Kotak Life Insurance Company's key features. Here we go.

  1. Claim Settlement Ratio

    The claim settlement ratio of an insurance company highlights the number of claims settled out by it. Hence, it helps potential buyers determine a company's claim settlement capacity.

    The company's claim settlement ratio for 2019-20 stands at 96.38%. Take a look at the below graph to get an insight into the CSR of Kotak Life from 2016-2020.

    Claim Settlement Ratio of Kotak Life from 2016-2020

    Claim Settlement Ratio of Kotak Life from 2016-2020

    **Data from IRDAI Annual Reports

    We have created a graph which shows a pictorial representation of top 10 Life Insurers (based on Claim Settlement Ratio)

    CSR of Kotak Mahindra Life Insurance Company & other top insurers (based on Claim Settlement Ratio)

    CSR of Kotak Mahindra Life Insurance Company & other top insurers (based on Claim Settlement Ratio)

    **Data from IRDAI Annual Reports

  2. Market Share

    The company witnessed a growth in their annual premium from Rs. 2849.74 crores in FY 2016-2017 to Rs. 5105.77 crores in FY 2019-2020. Refer to the graph below to delve into the market share of the company from 2016-2020.

    Market Share of Kotak Life Insurance form 2016-2020

    Market Share of Kotak Life Insurance form 2016-2020

    **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 From 2016- 2020

    Solvency Ratio of Kotak Life from 2016-2020

    **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.

Have a look at the below table to explore all the plans offered by the company under different categories:

Product Categories Names of Plans
Term Insurance PlansKotak Term Plan
Kotak e-term Plan
Kotak Saral Jeevan Bima
Savings and Investment PlansKotak Single Invest Plus
Kotak 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
Kotak Wealth Optima Plan
Kotak e-Invest
Retirement PlansKotak Lifetime Income Plan
Kotak Premier Pension Plan

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'.

Frequently Asked Questions (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.

Find Out What the Customers Are Saying

(Showing latest 5 reviews only)

- 4.7/5 (29 Total Rating)

1 days ago

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

September 21, 2021

Sahiba Baug

Mumbai

truly satisfied with the help from policyx team...they went on in detail about minor terms and conditions and made sure I have the full picture

September 20, 2021

Jatin Bora

Delhi

Bought the Saral jivan bima at the suggestion of policyx.com...I was worried kyuki premiums kaafi high hota hai usually but thankfull kaafi long term plan mila aur premiums budget mein hi tha

September 17, 2021

Jignesh Sahu

Ludhiana

very very gooood features are there with the kotak term insurance plan...my talk intially with policyx was super helpful too

Last updated on August, 2021

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