Kotak Term Insurance
Kotak Term Insurance
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Kotak Term Insurance

Kotak Life Insurance Company was founded in 2001. The company has proved to be one of the fastest-growing insurance companies in India. At present, it serves 20 million customers nationwide along with 232 branches in around 167 cities and towns in India with the help of 99,275 agents. The company's mission is to protect people's lives and it has been successful in doing so with its very cheap and affordable insurance plans.

Kotak Term Insurance Plans offers financial coverage to the life assured's family in case of unfortunate events like during critical illness, permanent disability or death of the policyholder. With the necessary financial support, your family can look after their future needs such as marriage, education, etc.

Types of Kotak Term Insurance Plans

1. Kotak e-Term Plan

Kotak e-Term Plan Plus is a pure risk cover term insurance plan that offers a high level of financial security at affordable costs. It provides special premium rates for non-tobacco users and women. It offers various types of riders to cover critical illness and permanent disability and provide enhanced safety against uncertainties.

Features & Benefits

  • The plan comes with 3 different plan options and 3 payout options to choose as per your needs.
  • It provides a step-up/down option to increase or decrease sum assured amount at different stages of life.
  • It offers flexibility to choose the policy term, premium payment term and the basic sum assured as per your requirements.
  • The 'Waiver of Premium' feature is also applicable under the Life Secure option of the plan that waives off all the future premiums in case of total permanent disability.

Eligibility Criteria

Minimum Age of Entry

18 years

Maximum Age of Entry

65 years

Age of Maturity

Minimum: 23 years

Maximum: 75 years

Term of the Policy

5 years to 40 years/(75years - Age at entry)

Minimum Sum Assured

Rs. 25 lakhs

Maximum Sum Assured

No limit, subject to Underwriting Policy

Premium Paying Term

i) Regular Pay: Equal to Policy Term

ii) Limited Pay:

i)5 pay (minimum Policy term shall be 10 years)

ii) 7 pay (minimum Policy term shall be 12 years)

iii) 10 pay (minimum Policy term shall be 15 years)

iv) 15 pay (minimum Policy term shall be 20 years)

iii) Single Pay: One Time payment

**7 and 15 Pay shall not be applicable for Online Channel

Premium Paying Frequency

Single/Yearly/Half Yearly/Monthly/Quarterly

**(Half Yearly and Quarterly mode shall not be applicable for Online Channel)

** These values may change as per different plan options if the plan has multiple options (Last Updated on 24 June 2020)

2. Kotak Term Plan

Kotak Term Plan is a non-linked and non-participating term plan with no maturity benefits. It covers policyholder's life and thereby protects the financial requirements of the family in the event of adversities. It also helps in repayment of liabilities or debts in the absence of the life assured.

Features & Benefits

  • This policy offers a plan conversion option through which you can convert the current term plan to any other plan offered by Kotak life insurance except another term plan prior to the last 5 years of the policy tenure.
  • Various rider options are available for enhanced safety.
  • It offers flexibility to choose the premium payment term as per your convenience.
  • One can enjoy income tax benefits under section 80C and section 10(10D) of the Income Tax Act, 1961.

Eligibility Criteria

Minimum Age of Entry

18 years

Maximum Age of Entry

65 years

Maximum Age of Maturity

70 years

Term of the Policy

5 to 30 years

Minimum Sum Assured

Rs. 3 lakhs

Maximum Sum Assured

Rs. 24,99,999

Annual Premium

Min: Rs. 2000

Max: Based on the Sum Assured

Single Premium

Min: Rs. 12,000

Max: Based on the Sum Assured

Premium Paying Term

Regular Pay: Equal to Policy Term

Single Pay: Single payment

Premium Paying Frequency

Single/Yearly/Half Yearly/Monthly/Quarterly

*These values may change as per different plan options if the plan has multiple options (Last Updated on 24 June 2020)

**Premium rates for Half-Yearly, Quarterly and Monthly modes are 51%, 26% and 8.5% of Annual Premium rates respectively.

Kotak Term Plan Riders

  • Kotak Accidental Death Benefit Rider: This rider provides coverage in the form of Accidental death benefit sum assured in case of death due to an accident. This benefit is applicable for 120 days from the date of the accident.
  • Kotak Critical Illness Plus Benefit Rider: This rider can protect against 37 listed critical illnesses (mentioned in the policy documents). Under this, 100% rider sum assured (for more than 5 lakhs) is paid if the policyholder is diagnosed with any one of the listed critical illnesses except angioplasty.
    In the case of angioplasty, the payable rider sum assured is up to a maximum of Rs. 5 lakhs. The rider benefit shall cease if the Rider Sum Assured is less than or equal to Rs. 5 lakhs.
  • Kotak Permanent Disability Benefit Rider: This rider is liable to pay 120% of the rider sum assured over a period of 5 years in case of total permanent disability of the life assured due to an accident.

How To Purchase Kotak Term Insurance Plan?

Purchase With Kotak:

  • Visit the official website of Kotak Life Insurance.
  • Tap on 'Buy Online' and fill the details such as gender, date of birth, tobacco/non-tobacco user etc. and click the 'View Quote' button.
  • Choose the desired plan (from the list of plans provided on your screen) according to your insurance requirements, add multiple riders to enhance protection and click on 'Buy Now'.
  • Make the payment and a premium receipt will be sent along with the policy documents on your registered email address.

**Only Kotak e-Term Plan is available for online purchase. You need to visit the nearest Kotak life insurance branch to buy a Kotak term insurance plan.

Purchase With PolicyX.com:

  • Go to the top of this page and fill the form 'Get Kotak Term Insurance Quotes Online' with the required details and click on 'Continue'.
  • Select your income and city. Click on the 'Proceed' option.
  • Choose your education and occupation type.
  • Select 'Kotak Term Insurance Plan' from the list of insurance providers and click on 'Buy this plan'.
  • Make the payment.
  • A confirmation email with the soft copy of the policy will be sent to your registered email id on successful completion of the process.

How To Settle A Claim For Kotak Term Insurance Plan?

The policyholder/nominee needs to intimate the claim to the insurance company as early as possible. Information within 7 days of death is most encouraged by the insurance companies.

In case a policyholder/nominee wants to claim through the offline process, s/he should contact the insurance company via calling at the toll-free number 1800 209 8800 or visiting the company branch. Perform the necessary steps (under the guidance of a customer care representative) and get the claim processed.

Whereas, for online application of claim, the policyholder/nominee can follow the below-mentioned steps and get the claim processed:

  • Step 1: Visit the official site of Kotak Life Insurance company. Go to the tab "How Do I?" mentioned on the top right side of the page and click on "File a Claim".
  • Step 2: Select "Individual Claim" from the given options.
  • Step 3: The new page will show 3 options: "File Claim, Update Claim & Track claim". Click on 'File Claim'
  • Step 4: Fill the required details and proceed.
  • Step 5: Submit the required documents and continue. Your claim will be registered and the insurer will contact and inform you about the claim decision after successful verification.

On acceptance of the claim, the money will be sent to the policyholder's/nominee's bank account.

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
  • Death due to illness

Documents Required During Claim Process

Here is the list of documents that the policyholder/nominee needs to carry before consulting the company:

  • Claim form.
  • Original copy of the policy bond received at the time of inception of the policy.
  • Policyholder ID/Nominee ID/KYC details and bank account details for the transfer of sum assured.
  • 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: FAQs

1. Does the Kotak e-term insurance plan offer any maturity benefit?

No, the Kotak e-term plan does not offer any maturity benefit.

2. Is there a mobile application available for Kotak term insurance?

Yes, an app called 'Kotak General Insurance' is available for Kotak term insurance.

3. How much time is taken by the company to settle a term insurance claim?

Kotak life insurance takes around 7 to 15 days from the date of registration of claim and submission of documents.

4. What are the 3 payout options available under Kotak e-term plan?

  • Immediate payout
  • Level recurring payout
  • Increasing recurring payout

5. What are the 3 plan options available under Kotak e-term plan?

  • Life option
  • Life plus option
  • Life secure option

6. Can I surrender the policy in case I have chosen a single premium payment option in Kotak term plan?

Yes, you can surrender under a single premium payment option. This is not applicable for regular premium policies.

7. Will the company pay if the policyholder dies outside the country?

Yes, Kotak life insurance company will pay even if the death of the life assured happens outside India.

Last updated on 24-06-2020