Kotak Life Term Insurance

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About Kotak Life Term Insurance

Kotak Life Insurance Company, founded in 2001, serves over 30 million customers nationwide. Operating with a distribution network of 200+ branches across 160+ cities and towns PAN India, the company has dished out several insurance plans.

Term insurance plans offered by Kotak Life are pure risk life covers that 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. Tax Benefit

    It 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

Reduced Price For Female Policyholders

Additional Protection With Riders

High Coverage

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. It helps you analyse the company’s ability to settle claims. As of FY 2019-20, Kotak Life claim settlement ratio is 96.38%.

Take a look at the below graph that showcases the 10 top term insurance companies with the highest CSR for the year of 2019-20:

Top Term Insurance Companies for 2019-20 (based on Claim Settlement Ratio)

Top Term Insurance Companies for 2019-20 (based on Claim Settlement Ratio)

Term Insurance Plans offered by Kotak Life

S. No. Kotak Life Term Plans Who should buy it?
1Kotak Saral Jeevan BimaIndividuals looking for long term coverage
Individuals with dependents such as parents, spouse, and/or children
2Kotak Term PlanIdeal 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
3Kotak e-Term PlanIndividuals who want additional protection from diseases and disability.
Individuals who are the sole earning members of their families
4Kotak Credit Term Group PlanBanks 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
5Kotak Term Group PlanOrganizations looking to financially secure families of employees
Employees who wish to extend additional cover to their spouses
Employers who wish to secure group loyalty
6Kotak Group Secure OneOrganizations that want to ensure a savings component along with life cover should consider this plan.
Those looking for affordable premiums for their employees
7Kotak Raksha Group Micro Insurance PlanThose looking for flexible options to cover the economically weaker members should definitely check out the plan.

**Last Updated on August, 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 EntryMinimum: 18 years
    Maximum: 65 years
    Age at MaturityMinimum: 23 years
    Maximum: 70 years
    Maximum Policy Term40 years
    Premium Payment OptionsSingle premium, Regular premium, 5 Year Limited premium, 10 Year Limited premium
    Basic Sum AssuredMinimum: Rs. 5,00,000
    Maximum: Rs. 25,00,000

    **Last Updated on August, 2021

  2. Kotak Term Plan

    Kotak Term plan is a 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 coverage at low premium rates 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 EntryMinimum: 18 years
    Maximum: 65 years
    Maximum Age at Maturity70 years
    Policy TermMinimum: 5 years
    Maximum: 30 years
    Premium Payment OptionsSingle premium, Regular premium (payable monthly, quarterly, half-yearly, yearly)
    Basic Sum AssuredMinimum: Rs. 3,00,000
    Maximum: Rs. 24,99,999

    **Last Updated on August, 2021

  3. Kotak e-Term Plan

    Kotak e-Term is a pure risk cover term insurance plan that 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 EntryMinimum: 18 years
    Maximum: 65 years
    Maximum Age at MaturityMinimum: 23 years
    Maximum: 75 years
    Maximum Policy Term40 years
    Premium Payment OptionsSingle, Regular, Limited (5 Pay, 7 Pay, 10 Pay, 15 Pay, Pay till 60)
    Basic Sum AssuredMinimum: Rs. 25,00,000
    Maximum: No limit

    **Last Updated on August, 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 EntryMinimum: 18 years
    Maximum: 74 years
    Maximum Age at Maturity75 years
    Minimum Group Size50 members
    Cover Term1 year (renewable annually)
    Mode of Premium PaymentAnnual, Half-Yearly, Quarterly, and Monthly
    Basic Sum AssuredMinimum: Rs. 5,000 per member
    Maximum: No limit

    **Last Updated on August, 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 EntryAs per the Company's Employment Policy
    Group SizeMinimum: 50 employees
    Maximum: No limit
    Policy Term1 year (renewable annually)
    Mode of Premium PaymentAnnual, Half-Yearly, Quarterly, and Monthly
    Basic Sum AssuredMinimum: Rs. 5,000 per employee
    Maximum: No limit

    **Last Updated on August, 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 Size50 members
    Age at EntryMinimum: 18 years
    Maximum: 79 years
    Maximum Maturity Age80 years
    Policy Term1 year (renewable annually)
    Mode of Premium PaymentAnnual, Half-Yearly, Quarterly, and Monthly
    Minimum Sum AssuredRs. 5,000 per employee

    **Last Updated on August, 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 SizeMinimum: 5 members
    Maximum: No limit
    Age at EntryMinimum: 18 years
    Maximum: 75 years
    Maximum Maturity Age77 years
    Policy Term*1 month-10 years
    Mode of Premium PaymentAnnual, Half-Yearly, Quarterly, and Monthly
    Basic Sum AssuredMinimum: Rs. 5,000 per employee
    Maximum: Rs. 2,00,000 per employee

    **Last Updated on August, 2021

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

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 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.

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

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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)

- 4.8/5 (32 Total Rating)

October 8, 2021

Manish sharma

Delhi

they have amazing plans to choose from...the features are pretty good and the plans are very less expensive

September 28, 2021

Samiksha

Mumbai

policyx.com se help liya tha plan khareedte time...features kaafi sahi mil gaye and im happy to have chosen them for support

September 28, 2021

Sarbananda

Gandhinagar

Kotak came to help swiftly at a time when needed most. They settled my claims in a short time and I ll always be grateful for it! Thanks!

September 27, 2021

Firdos Khan

Indore

bought my Kotak policy from policyx.com and these guys were so swift with the whole thing! like they gave me a proper list of plans to go thru and i did my own research after which the buying was damn quick !

September 22, 2021

Agreem Chauhan

Indore

I have been covered by Kotak under their pension plan. Just bought a life inusrance plan too with the help of policyx.com...they are unbiased and completely true to their words

Last updated on August, 2021

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