Sehwag PX
Kotak Term Insurance
  • Claim Settlement Ratio 97.40%
  • Life Cover Upto Age of 75 Years
  • 37 Critical Illness Cover
  • Higher Rang of Sum Assured
  • Tax Benefit Under 80C & 10D

#Virukipolicy | T&C*

Free Quotes From Top Companies

1

2

Phone No.
Name
D.O.B

1

2

Income
City

By proceeding you are accepting our T&C and privacy policy

Kotak Term Insurance

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.

Kotak 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 PlansEntry AgeMaturity AgePolicy TermSum Assured OptionsPremium Payment TermPremium Payment Mode
MinimumMaximumMinimumMaximum
Kotak Saral Suraksha Plan18 years55 years23 Years65 Years5 Years & 10 YearsRs.5,000
Rs.10,000
Rs.15,000
Rs.25,000
Rs.50,000
Rs.75,000
Rs.1,00,000
5 Years or, single paymentSingle, yearly, and half-yearly.
Kotak Term Plan18 Years65 YearsNot Mentioned70 Years5 Years to 30 YearsRs.3 Lakhs to Rs.24,99,999Not mentionedYearly, half-yearly, quarterly, monthly
Kotak Income Protection Plan18 years60 YearsNot Mentioned70 YearsFor regular pay: 10-30 Years
For 12 Pay: 17-30 Years
For 15 Pay: 20-30 Years
Not MentionedRegular Limited Pay - 12 & 15 YearYearly, half-yearly, quarterly, monthly
Kotak e-Term Plan18 Years65 Years23 Years75 Years5 Years to (75 Years - Age at entry)Rs.25,00,000 onwardsRegular 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.

Kotak Term Insurance Plans in Detail

All the term insurance plans served by Kotak Life Insurance company have been discussed below for an easy understanding.

  • Kotak Saral Suraksha Plan
  • Kotak Term Plan
  • Kotak Income Protection Plan
  • Kotak E-Term Plan

Kotak Saral Suraksha Plan

Kotak Saral Suraksha Plan

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:

Benefits:

  • Low-Cost Insurance: The plan provides significant life cover at a very low premium. The policyholder needs to choose a sum assured at the time of inception of the policy.
  • Choice Of Policy Term: The plan provides several policy term options. The policy buyer can choose a policy term of 5 years or 10 years depending on his/her requirement.
  • Convenient Premium Payment Options: The premiums under Kotak Saral Suraksha Plan can be paid as a single premium or over a 5-year premium payment term.
  • Pre-Insurance Medical Screening: Policy buyers do not need to undergo pre-insurance medical screening. Generally, a medical test is a mandate before buying an insurance policy, but, this plan gives you an add-on benefit.
  • Death Benefit: The beneficiary of the policy gets death benefit in case of death of the policyholder subject to terms and conditions.
  • Policy Revival: A lapsed paid-up policy can be revived within 2 years from the date of the first unpaid premium. This can be done after paying all the due premium under the policy.

Kotak Term Plan

Kotak Term Plan

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.

Benefits:

  • Plan Conversion Option: The Kotak Term Plan gives its policyholder an option to convert their plan into any other available Kotak Life insurance plans. For the conversion, one thing is necessary that there should be at least 5 years remaining before the cover ceases.
  • Premium Payment Options: The plan has both the option of single and regular pay under the premium payment options.
  • Rider Facility: For an add-on cover, the policyholder can opt for riders available under the plan, like:
    • Kotak Accidental Death Benefit Rider.
    • Kotak Permanent Disability Benefit Rider.
    • Kotak Critical Illness Benefit Rider.
  • Economical-Cost Insurance: The Kotak Term Plan provides its insured higher cover at economical cost. The policy buyers can purchase the policy at affordable premiums without any burden on their budget.
  • Policy Surrender: The policyholder is free to surrender the policy in case of an emergency if the s/he has chosen a single premium payment mode. In case of single premium payment option:

    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: The death benefit provided under the plan is a great help to the family left behind. It helps them tackle daily life financial obligations. The death benefit is provided to the beneficiary post-death of the policyholder.

    Death benefit = Sum assured - balance premium (if any), payable in the year of death.

Kotak Income Protection Plan

Kotak Income Protection Plan

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:

Benefits:

  • Monthly Income Availability: The plan provides a monthly income which increases at 6% p.a. rate, compounding till the end of the policy term along with a lump-sum assured benefit.
  • The monthly income is provided for at least 5 years, in case the balance term is less than 5 years.
  • Options For Females and Non-Smokers: There are preferred premium rates for female policy buyers and non-smokers.
  • Maturity Benefit: There is no maturity benefit as it is a pure protection plan.
  • Monthly Income Options: The policy buyer can choose a monthly income amount, which can be less than or equal to the present monthly income.
  • Tax Benefits: The plan provides tax benefits under section 80C and 10D of Income Tax Act, 1961.
  • Rider Facility: Kotak Accidental Disability Guardian Benefit Rider is available under the plan. As a benefit of choosing this plan, all the future due premium is waived off in case of total or permanent disability due to an accident of the insured. The policy continues as it is with its base benefits.

Kotak E-Term Plan

Kotak E-Term Plan

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:

Benefits:

  • Affordable Premium: The plan is very cheap to buy. The policy buyer can enjoy the benefits of the plan at affordable premiums. Small premiums can safeguard the future of loved ones.
  • Special Premium For Selective Policy Buyers: Premiums have been specially designed for female and non-smoking policy buyers.
  • Death Benefit: The nominee gets death benefit post-death of the policyholder. The sum insured shall be the highest of the following:
    • Sum assured, or
    • 11 times annualized premium, or
    • 105% of all premiums paid till the date of the death of the insured.
  • Riders Availability: As the plan provides pure life cover so, the insured can buy riders for extra coverage and facility. There is a Kotak accidental death benefit rider, Kotak critical illness benefit rider, and Kotak permanent disability benefit rider.
  • Premium Payment Term and Mode: The plan provides a variety of premium payment terms and modes. The policy buyer can opt for a premium payment mode as per his comfort and budget.
  • Tax Benefits: The insured under the plan gets tax benefits under section 80D and 10C of the income tax act, 1961.
  • Accidental Death Benefit: There is an accidental death benefit provided under the plan. Under the “Life Plus” option, 100% of the basic sum assured, subject to a maximum of Rs.1 Crore shall be payable in addition to the death benefit. For more details of applied terms and conditions, refer to the brochure of the plan.
  • Waiver Of Premium Benefit: In case the insured person becomes partially or completely disabled under the life secure cover of the plan, the future premiums of the policy are waived off. The policy remains to be in force until the end of the policy term.
  • Policy Revival: Under the policy revival, a lapsed policy can be reinstated with or without riders. If the plan is renewed within 5 years from the date of the first unpaid premium, then the insured gets full benefits under the plan.

Kotak Life Insurance Riders

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.

  • Kotak Accidental Death Benefit Rider: This rider provides coverage in case of death due to an accident.
  • Kotak Critical Illness Benefit Rider: Tough times come in life when one is engrossed with a life-threatening disease. This rider is helpful in such hard times.
  • Kotak Permanent Disability Benefit Rider: An accident often results in loss of limb or severe fracture or injury. So, Kotak Life insurance policy provides coverage in case of partial or complete disability under this rider.

Exclusion Of Kotak Term Insurance Plans

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.

Kotak Term Insurance Claim Process

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:

  • Accidental Death
  • Suicidal Death
  • Natural Death
  • PDB Rider
  • CIB Rider
  • LGB Rider
  • ADGB Rider
  • III Death

Documents Required During Claim Process

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.

  • Filled claim form.
  • Original copy of the policy bond received at the time of inception of the policy.
  • Nominee ID/ KYC and bank account details for the transfer of assured sum.
  • Original and authentic death certificate (issued by Municipality/equivalent authority) along with the medical certificate mentioning the reason of death.
  • Settlement option form.

Kotak Term Insurance Review

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 Term Insurance: FAQs

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.

- / 5 ( Total Rating)

Last updated on 27-01-2020