Kotak Mahindra 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

   

   **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)

   

   **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

   

   **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

   

   **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:

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'.