#Virukipolicy | T&C*
Kotak Life insurance has proved to be one of the fastest-growing insurance companies in India. At present, it covers 20 million lives nationwide. The company's mission has been to bring assurance to people’s lives and it has been successful in doing so with its four very cheap and affordable term insurance plans.
Let’s discuss the term insurance plans offered by Kotak Life Insurance Company. All the details are as per the 2019-2020.
|Kotak Term Insurance Plans||Entry Age||Maturity Age||Policy Term||Sum Assured Options||Premium Payment Term||Premium Payment Mode|
|Kotak Saral Suraksha Plan||18 years||55 years||23 Years||65 Years||5 Years & 10 Years||Rs.5,000|
|5 Years or, single payment||Single, yearly, and half-yearly.|
|Kotak Term Plan||18 Years||65 Years||Not Mentioned||70 Years||5 Years to 30 Years||Rs.3 Lakhs to Rs.24,99,999||Not mentioned||Yearly, half-yearly, quarterly, monthly|
|Kotak Income Protection Plan||18 years||60 Years||Not Mentioned||70 Years||For regular pay: 10-30 Years|
For 12 Pay: 17-30 Years
For 15 Pay: 20-30 Years
|Not Mentioned||Regular Limited Pay - 12 & 15 Year||Yearly, half-yearly, quarterly, monthly|
|Kotak e-Term Plan||18 Years||65 Years||23 Years||75 Years||5 Years to (75 Years - Age at entry)||Rs.25,00,000 onwards||Regular Pay: Equal to the policy term|
Limited Pay: 5 pay (minimum policy term shall be 10 years)
7 pay (minimum policy term shall be 12 years)
10 pay (minimum policy term shall be 15 years)
15 pay (minimum policy term shall be 20 years)
|Single, yearly, and half-yearly.|
All the term insurance plans served by Kotak Life Insurance company have been discussed below for an easy understanding.
Kotak Saral Suraksha Plan is a term insurance plan. It provides death benefits to the insured’s family left behind, after his/her demise. The policyholder can avail of tax benefits on buying the plan. All the premiums paid under the plan are exempted from tax under section 80C, whereas, all the death benefit gained after the death of the policyholder are exempted from tax under section 10(10D) of the Income Tax Act, 1961. Few more benefits of the plan have been listed below:
Kotak Term Plan provides the insured with pure risk cover. It provides the family of the insured with a high level of financial protection after his/her death. The beneficiary receives a lump-sum amount post-death of the insured within the policy tenure.
Surrender value = 75% x premium paid x (1- 1/ policy term) x (Outstanding policy term/ policy term).
Note: Surrender value is not applicable on regular premium payment mode.
Death benefit = Sum assured - balance premium (if any), payable in the year of death.
It is a pure protection life insurance plan. Through this plan, the breadwinner of the family can leave a monthly income behind even though s/he is not around. The plan also provides a lump-sum assured benefit to take care of immediate requirements. Here are a few more benefits mentioned in detail:
The plan is the best way to ensure a better future for the family. Kotak e-Term Plan is a pure protection life insurance plan that provides excellent death benefits to the family in case of the demise of the insured. A few benefits have been mentioned below:
Since term insurance policy provides pure life cover, Kotak Life Insurance Company has been serving optional riders to its policy buyers. Riders provide extra cover to the insured in case of critical situations arising in life. The policy buyers can opt for any of the riders mentioned below with a base life insurance plan.
Suicidal cases have a special set of terms and conditions mentioned in the brochure of the plan. The policy buyer, as well as the beneficiary, should be aware of it as they might face problems at the time of filing a claim against the policy.
The claim process is an essential part of an insurance policy. Kotak Life Insurance Company has successfully maintained its reputation and position with the claim settlement ratio of 97.40%. The Kotak Life insurance company provides its policyholders with the hassle-free claim process. All that the nominee needs to do is, intimate the Life insurance company of the insured’s death as early as possible. Information within 7 days of death is most encouraged by the insurance companies.
In case the nominee wants to claim through the offline process, s/he should contact the insurance company. Thereafter, the nominee needs to fill in the claim form under the guidance of a customer care representative and get his/her claim processed.
Whereas, for online application of claim, the nominee can follow the below-mentioned steps and get the claim processed easily:
Step 1: Visit the Kotak life insurance company’s official site. Go to the tab “How Do I?” mentioned on the top right side of the page and click on "File a Claim".
Step 2: After getting redirected to the new page, select among "Individual Claim" and "Group Claim" and click.
Step 3: The new page will show three options: "File Claim, Update Claim, Track claim". In case a claim is to be filed, click on the tab accordingly.
Step 4: After clicking on the "File a claim" the nominee will be redirected to a new page, here s/he has to fill the details like: "Policy details, policy holder’s details, claimant details" and proceed.
Following these four steps are all that the nominee has to do to file a claim. Always remember that the “claim type” has to be chosen from the mentioned options under the tab like:
The nominee needs to generate a list of documents in front of the life insurance company at the time of making the claim. Here are all that the nominee needs to carry before consulting the life insurance company.
The term insurance plans offered by Kotak Life Insurance Company have been highly liked and appreciated by the policyholders. The varieties of plans and a wide range of coverage provided under it have won the hearts of the insureds. The claim settlement ratio 97.40% as per the IRDA report 2018-2019 says it all.
So, life insurance plans can act as a shield to your family in hard times. As explained above, Kotak’s term insurance plans can provide your family with excellent coverage and facilities. So, buy a Kotak Life Insurance policy today without any delay.
Kotak Saral Suraksha Plan and Kotak Term Plan offers single premium payment mode.
The claim process is very easy. Either you can apply for claim online by filling details like name and policy details or you can contact the customer service representative and they will guide you step by step.
Yes, the premium to be paid under the plan increases after you choose riders along with the base life insurance plan.
Kotak’s term insurance plans provide coverage both in case of partial or complete disability. But, in your case, it depends on the medical examination and seriousness of the injury you have. All you need to do is contact the Kotak Life insurance company and get guided accordingly.
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Last updated on 27-01-2020