Kotak Life Term Insurance

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About Kotak Life Term Insurance

Kotak Life Insurance Company, founded in 2001, has proven to be one of the fastest-growing life insurance companies in India. At present, it serves over 30 million customers nationwide. Kotak Life's core insurance products are driven by innovation, performance improvement, and financial prudence, and are designed to add greater value to the people of India. Operating with a distribution network of 200+ branches across 160+ cities and towns PAN India, the company has successfully dished out affordable insurance plans.

Specifically, the term insurance plans offered by Kotak Life are pure risk life covers that charge reasonable premiums from policyholders. In addition to being fairly economical, these term plans come with additional coverage through riders against critical illnesses, permanent disability, and of course, death of the life assured.

Features of Kotak Life Term Insurance

  1. Flexibility

    Term Insurance Plans offered by Kotak Life allow the policyholders to customize their term plan as per their convenience and needs.

  2. Hassle-free Claims Settlement

    The company offers an easy to understand claim settlement process and ensures that the nominee does not have to face any hassles.

  3. Tax Benefit

    Buying a term insurance plan from Kotak Life makes you liable to get tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961.

Benefits of Kotak Life Term Insurance

Buying a term insurance not only ensures your family's financial independence but also offers several other benefits such as:

  • High Coverage With Affordable Premiums
  • Additional Protection with Riders
  • Nominal Price for female policyholders

Claim Settlement Ratio of Kotak Life Insurance

The claim Settlement Ratio of the company helps an individual to get an idea of how many claims are paid by that company. Add this point to your checklist before buying a term insurance plan. A higher ratio indicates that the company understands the need of settling claims on time and can be trusted, and vice versa. As of FY 2019-20, Kotak Life claim settlement ratio is 96.38%.

Take a look at the below graph that showcases the CSR of 5 top term insurance companies for the year of 2019-20:

CSR of Top Term Insurance Companies for 2019-20

CSR of Top Term Insurance Companies for 2019-20

Term Insurance Plans offered by Kotak Life

S. No. Kotak Life Term Plans Who should buy it?
1 Kotak Saral Jeevan Bima Individuals looking for long term coverage
Individuals with dependents such as parents, spouse, and/or children
2 Kotak Term Plan Ideal for those with outstanding debts or worried about their family coping with financial liabilities in their absence
Ideal for people looking for lower premium rates or those on a budget
3 Kotak e-Term Plan People in search of comprehensive financial cover at reasonable premium rates.
Individuals who want additional protection from diseases and disability.
Individuals who are the sole earning members of their families
4 Kotak Credit Term Group Plan Banks looking to protect customers' interests.
Credit institutions who are in need of cost-effective instruments to develop a competitive edge over other players in the market
5 Kotak Term Group Plan Ideal for organizations looking to financially secure families of employees
Employees who wish to extend additional cover to their spouses
Employers who wish to secure group loyalty
Those who want easily administrable processes with the flexibility to customize plans
6 Kotak Group Secure One Organizations that want to ensure a savings component along with life cover should consider this plan.
Those looking for affordable premiums for their employees
7 Kotak Raksha Group Micro Insurance Plan Those looking for flexible options to cover the economically weaker members should definitely check out the plan.

**Last Updated on July, 2021

In the following sections below, we are going to briefly describe each of the plans mentioned above.

Kotak Life Term Plans - An Overview

  1. Kotak Saral Jeevan Bima

    Kotak Saral Jeevan Bima is a non-participating, non-linked pure risk premium insurance plan that offers life cover and financial protection to the policyholder's family.

    Key Features of Kotak Saral Jeevan Bima:

    • Policyholders can avail of life cover till 70 years of age.
    • Premium payment is flexible with options to choose from Regular, Limited, or Single pay.
    • Females looking to invest are offered lower premiums.
    • Death benefit is paid by Kotak Life Insurance Company in a lump sum, eliminating any future hassles.
    • A grace period of 30 days is applicable in case of yearly and half-yearly premium payments; in case of monthly payment mode, the grace period is 15 days.

    Eligibility Criteria

    Age at Entry Minimum: 18 years
    Maximum: 65 years
    Age at Maturity Minimum: 23 years
    Maximum: 70 years
    Maximum Policy Term 40 years
    Premium Payment Options Single premium, Regular premium, 5 Year Limited premium, 10 Year Limited premium
    Basic Sum Assured Minimum: Rs. 5,00,000
    Maximum: Rs. 25,00,000

    **Last Updated on July, 2021

  2. Kotak Term Plan

    Kotak Term plan is a very affordable life insurance plan, designed for those who wish to secure funds for their families in the event of policyholders' death. It is a non-participating, pure risk life cover plan wherein the death benefit is paid in a lump sum to the beneficiary assigned by the policyholder.

    Key Features of Kotak Term Plan:

    • The plan offers exhaustive coverage at low premium rates, even lower for females.
    • If in case policyholders change their mind about this plan, they have the option to switch to any plan offered by Kotak Life Insurance, with the exception of changing it to another term plan.
    • Life assured are given the choice to pick from Single premium pay or Regular premium pay.
    • The Kotak Term Plan comes with several riders such as Kotak Accidental Death Benefit Rider, Kotak Permanent Disability Benefit Rider, and Kotak Critical Illness Plus Benefit Rider.
    • Policyholders can benefit from tax deductions subject to Section 10(10D) and Section 80C of the Income-tax Act, 1961.

    Eligibility Criteria

    Age at Entry Minimum: 18 years
    Maximum: 65 years
    Maximum Age at Maturity 70 years
    Policy Term Minimum: 5 years
    Maximum: 30 years
    Premium Payment Options Single premium, Regular premium (payable monthly, quarterly, half-yearly, yearly)
    Basic Sum Assured Minimum: Rs. 3,00,000
    Maximum: Rs. 24,99,999

    **Last Updated on July, 2021

  3. Kotak e-Term Plan

    Kotak e-Term 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. This plan can be purchased online for those looking to buy from the comfort of their homes.

    Key Features of Kotak e-Term Plan:

    • Policyholders are assured high cover at a reasonable premium.
    • Policyholders have the option to choose from multiple plan options such as [A] Life (100% of sum assured as death benefit), [B] Life Plus (100% of sum assured + Accident benefit), and [C] Life Secure (100% of sum assured + future premiums waived off in case of disability).
    • The plan allows for flexibility in death benefit payout viz. Immediate Payout, Level Recurring Payout, and Increasing Recurring Payout.
    • Life cover can be increased or decreased based on the life stages of a policyholder.

    Eligibility Criteria

    Age at Entry Minimum: 18 years
    Maximum: 65 years
    Maximum Age at Maturity Minimum: 23 years
    Maximum: 75 years
    Maximum Policy Term 40 years
    Premium Payment Options Single, Regular, Limited (5 Pay, 7 Pay, 10 Pay, 15 Pay, Pay till 60)
    Basic Sum Assured Minimum: Rs. 25,00,000
    Maximum: No limit

    **Last Updated on July, 2021

  4. Kotak Credit Term Group Plan

    Kotak Credit Term Group Plan is an annually renewable, non-participating, non-linked group term insurance plan. The plan provides life insurance to certain borrowers (the Life Assured) of a credit/lending institution such as banks and retail finance providers, among others.

    Key Features of Kotak Credit Term Group Plan:

    • In the unfortunate demise of Life Assured, their beneficiaries are relieved of outstanding loans.
    • The plan involves the pooling of risk from a group, which results in lower premiums.
    • The plan also has the option to add one co-borrower to the cover.
    • For financial institutions, Kotak Credit Term Group Plan eliminates the possibility of loan default in the event of the borrower's death.

    Eligibility Criteria

    Age at Entry Minimum: 18 years
    Maximum: 74 years
    Maximum Age at Maturity 75 years
    Minimum Group Size 50 members
    Cover Term 1 year (renewable annually)
    Mode of Premium Payment Annual, Half-Yearly, Quarterly, and Monthly
    Basic Sum Assured Minimum: Rs. 5,000 per member
    Maximum: No limit

    **Last Updated on July, 2021

  5. Kotak Term Group Plan

    It is a non-participating term group insurance plan for organizations looking to secure the financial future of their employees. Under this plan, a lump sum benefit is paid to the beneficiaries (assigned by the employees) to help them through adversities in the event that an employee succumbs to death.

    Key Features

    • The plan allows employees to extend cover to their spouses at a nominal fee.
    • Policyholders have the option to choose from annual, half-yearly, quarterly, and monthly premium payments.
    • The plan offers comprehensive coverage through riders against disability/dismemberment, 17 critical illnesses, terminal illnesses, and functional impairment.
    • The premiums payable by the employer are deductible as business expenses according to Income Tax Act, 1961.
    • Kotak Term Group Plan is applicable across the globe.

    Eligibility Criteria

    Age at Entry As per the Company's Employment Policy
    Group Size Minimum: 50 employees
    Maximum: No limit
    Policy Term 1 year (renewable annually)
    Mode of Premium Payment Annual, Half-Yearly, Quarterly, and Monthly
    Basic Sum Assured Minimum: Rs. 5,000 per employee
    Maximum: No limit

    **Last Updated on July, 2021

  6. Kotak Group Secure One

    It's a comprehensive life insurance policy designed for employees that they can avail of at reduced rates. Employers can introduce this plan to their organizations to create loyalty among their team members.

    Key Features

    • It offers protection against death and terminal illnesses.
    • Sum Assured is payable to the assigned nominee in a lump sum amount in case of unfortunate demise of the insured member.
    • It offers additional protection against a targeted savings amount (sum assured) insured by depositors.
    • The plan comes with two variants of benefits, viz Easy Secure and Secure Plus.

    Eligibility Criteria

    Minimum Group Size 50 members
    Age at Entry Minimum: 18 years
    Maximum: 79 years
    Maximum Maturity Age 80 years
    Policy Term 1 year (renewable annually)
    Mode of Premium Payment Annual, Half-Yearly, Quarterly, and Monthly
    Minimum Sum Assured Rs. 5,000 per employee

    **Last Updated on July, 2021

  7. Kotak Raksha Group Micro Insurance Plan

    It is a non-participating, non-linked group micro insurance plan. This plan has been created to specifically protect the socially/economically marginalized sections of society.

    Key Features

    • It offers life cover to the members and security to their families.
    • The plan comes with multiple choices in cover options such as Level Cover and Reducing Cover.
    • It offers the option for joint life cover.
    • Members have the flexibility to choose from Single, Regular, or One-year Renewable Term (OYRT) premium payment options.

    Eligibility Criteria

    Group Size Minimum: 5 members
    Maximum: No limit
    Age at Entry Minimum: 18 years
    Maximum: 75 years
    Maximum Maturity Age 77 years
    Policy Term* 1 month-10 years
    Mode of Premium Payment Annual, Half-Yearly, Quarterly, and Monthly
    Basic Sum Assured Minimum: Rs. 5,000 per employee
    Maximum: Rs. 2,00,000 per employee

    **Last Updated on July, 2021

    * Policy Term varies with the plan option and the premium payment option chosen

Sample Premium Illustration

The table below represents the annual premiums payable by a sample non-smoking male, aged 35, who has assured a sum of Rs. 1 Crore for a policy term of 30 years. The plans mentioned in the table are offered by leading life insurers such as Kotak Life, Max Life, and SBI Life.

Name of Plan Sum Assured Premium Payment Annual Premium
Kotak e-Term Plan* Rs. 1 Crore Regular Rs. 12,400
Max Life Smart Secure Plus Plan Rs. 1 Crore Regular Rs. 13,849
SBI Life eShield** Rs. 1 Crore Regular Rs. 16,690

*Immediate Payout

**Level Cover plan option chosen

**Last Updated on July, 2021

Graph Illustrating Sample Premiums for key Term Insurance Plans

Graph Illustrating Sample Premiums for key Term Insurance Plans

Claim Settlement Process of Kotak Term Plan

For filing the online claims, the beneficiary needs to follow the below-mentioned steps:

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 in the required details and proceed.

Step 5: Submit the required documents and continue. Your claim will be registered and the insurer will contact you to inform you about the claim decision after successful verification.

For any further assistance call the customer service at: 022-66057280 (10 am to 6 pm - Mon to Fri)

One can also send an email at: kli.claimsmitra@kotak.com

Procedure to Purchase Kotak Term Insurance Plan

Purchase With Kotak

  • Visit the official website of Kotak Life Insurance.
  • Tap on 'Buy Online' and fill in 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 to your registered email address.

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 thelist of insurance providersand 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.

Kotak Term Insurance: FAQs

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

No, the plan does not offer any maturity benefit.

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

Yes, an app called 'Kotak General Insurance' is available from where users can purchase term insurance plans.

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

Kotak Life Insurance takes 7-15 days on an average from the date of registration of claim and document submission.

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

  • Immediate payout
  • Level recurring payout
  • Increasing recurring payout

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

  • Life
  • Life Plus
  • Life Secure

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 pays plan benefits even if the death of the life assured occurs outside India.

Find Out What the Customers Are Saying

(Showing latest 5 reviews only)

- 4.3/5 (10 Total Rating)

July 8, 2021

Nishant Boro

Goa

Invested in a term plan from this company. The good part was that I could do a whole lot of customizations. I believe I have made the right choice and I want to thank the team for being so thorough and patient

July 8, 2021

Neer Goswami

Agra

Kudos to the team at Kotak Life for being so helpful with the claims process. The entire process was hassle free and super convenient

December 28, 2020

Bishal chhetri

Kolkata

I would like to appreciate Nikita harijan for helping me, she is the best agent I spoke to, she resolved my query, Your company should be proud to have agent like Nikita she is asset to your company, God Bless her,

December 19, 2020

Dheeraj k l

Jaipur

Good staff good communication good service good suggestions very helpful very polite thank you policyx team..

July 8, 2021

Kenny Kapoor

Dehradun

It was my first time investing in an insurance policy. I wasn t aware much. But grateful for the guidance I received. Thanks, Kotak!

Last updated on July, 2021

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