Kotak Life Term Insurance
  • Flexible premium paying options
  • Protection against 37 critical illness
  • Discounts for online customers
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Understanding the Term Insurance Plans By Kotak

Kotak Life Insurance started its business in India in 2001, and till June, 2023 they have insured 50 million people in the country. The company has 232 branches in around 67 cities and towns in india. The company offers protection, savings and investment, retirement, and health plans along with additional riders.

Kotak term plans are pure protection plans that offer life cover and death benefit on the demise of the policyholder. These plans also come with additional coverage through riders against critical illnesses, terminal illnesses, accidental death, and disability. Kotak term plans are considered one of the most economical plans, with higher insurance coverage at a low premiums.

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Kotak Life Term Insurance

Kotak Life Term Insurance

What Are The Features of Kotak Term Plans

Here are some of the key features that Kotak term plan have:

  • Record Annual Premiums: As per the IRDAI report of 2021-2022, Kotak term plans reported annual premiums of Rs 13015 cr, which is considerably higher than many other term insurance companies.
  • Good Claim Settlement Ratio: Claim Settlement Ratio refers to the number of claims settled by the company in one financial year. Kotak Term Insurance reported a claim settlement ratio of 98.82% in the financial year 2021-22, which is considered good in the insurance industry.
  • Special Premium Rates: Kotak term plans offer special premium rates for women and smokers.
  • Good solvency Ratio: The solvency ratio is the matrix used to determine the performance of insurance companies in tough times like a pandemic and recession. In a recent report released by IRDAI, Kotak Life Insurance Company has a solvency ratio of 2.64, which is also considered good in the insurance industry.
kotak Term Insurance Key Features

All You Need To Know About Kotak Term Insurance? Find complete details in one go!

Kotak Term plan Types Who Should Buy Kotak Term Plan? Riders in kotak Term Plan How To Buy Kotak Term Plans? How to File Kotak Term Insurance Claims?

Types of Kotak Term Insurance Plans

Kotak term life insurance offers four types of term plans that fulfill all the needs and requirements of all kinds of customers in india.

  1. Kotak Protect India

    Kotak Protect India is a pure-term insurance plan offered by Kotak life insurance. This plan offers financial security to the young generation for a short period at a very low cost. Additionally, you will get unlimited access to primary care physicians without any other cost and choose for a Hospi benefit.

    Eligibility criteria

    Terms Limits
    Entry Age 18-60 years
    Maturity Age Up to 70 yrs
    Policy term 1 to 5 years
    Premium paying term single pay, regular pay
    Premium paying mode Single pay, yearly pay, monthly pay

  2. Kotak e-Term Plan

    Kotak e-Term Plan is an online term plan which comes at affordable premiums, offers discounts to non-smokers and females and can be paired with riders.

    Eligibility criteria

    Terms Limits
    Entry Age 18-65 years
    Maturity Age Up to 85 years
    Policy term 85 years less age at entry
    Premium paying term regular Pay, limited pay, single pay
    Premium paying mode single, yearly, half yearly, quarterly and monthly

  3. Kotak Term Plan

    Kotak term plan is popular among the customers due to the low premiums and higher sum assured. The plan comes in 3 variants, offers three payout options, and 2 riders.

    Eligibility criteria

    Terms Limits
    Entry Age 18-65 years
    Maturity Age Up to 85 years
    Policy Term 85 Minus Age at Entry
    Premium paying term Regular pay, limited pay, Single pay
    Premium paying mode Single, Yearly, Half yearly, Quarterly, Monthly

  4. Kotak Saral Jeevan Bima

    Kotak saral Jeevan bima is a simple pure term insurance plan offered by Kotak life insurance. The basic purpose of this plan is to provide term insurance to low-income families and provide financial support to the dependents.

    Eligibility criteria

    Terms Limits
    Entry Age 18-65 yrs
    Maturity Age 23-70 Years
    Policy Term 5-40 yrs
    Premium payment option limited pay, single pay, regular pay
    Premium paying mode Single, Yearly, half yearly, monthly.

Riders available in kotak Term Plan

Kotak term plans offer multiple riders to fulfill every need and requirement of the customers of all stages. Here is the list of the riders that customers can opt for.

  • Kotak Accident Death Benefit Rider

    This rider offers an additional payout to the nominee apart from the death benefit only if the policyholder dies during the policy term due to an accident.

  • Kotak critical illness plus benefit rider

    This rider offers coverage against 37 critical illnesses which include cancer, open chest CABG, loss of speech, major organ failure, etc.

  • Kotak permanent disability rider

    This rider offers policyholder lump sum benefits in case the policyholder is disabled due to an accident and is not able to work anymore. On total and permanent disability due to an accident 120% of the rider sum assured is paid out for 5 years and the base plan continues.

Who Should Buy a Kotak Term Plan?

Kotak term insurance plans provide financial security to your loved ones in the event of your passing. You can consider to buy Kotak term plans if you are:

  • Sole earner of the family:
    If you are your family's sole or primary earner, it is crucial to ensure that your family is financially secure in your absence. Kotak term insurance policies provide a lump sum payout to your family, which can help them maintain their lifestyle and meet their financial goals.
  • Newlyweds:
    If you are recently married or planning to get married soon, purchasing a Kotak insurance policy is advisable to secure your spouse's financial future. Kotak's term plan can help your spouse deal with the financial impact of your untimely death and ensure that they are not burdened with debt or financial obligations.
  • Parents with Dependents:
    Suppose you have children or other dependents such as parents, etc. In that case, purchasing a Kotak life-term insurance policy is very important to ensure that they are financially secure in your absence. The policy can provide for their education, healthcare, and other expenses, which can help them lead comfortable lives even after they are gone.
  • High Net-Worth Individuals:
    If you are self-employed it is a must to buy a Kotak life term plan to ensure that your family's financial needs are met even after your demise. The policy can help preserve your wealth and provide for your family's financial needs in your absence.

How To Buy Kotak Term Insurance Plans?

Kotak Life allows you to buy a term insurance plan via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of the buying process.

Steps to buy from Kotak Life Insurance company

  • 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.

**Once the payment is made, you will get a payment confirmation at your registered email address.

Steps to buy from PolicyX.com

  • Fill out the form given at the top of this page with the necessary details.
  • Select your income and city. Click on 'Proceed'.
  • Update your education and occupation details.
  • Choose your preferred plan and click on 'Buy this plan'.
  • Select policy term, premium period, and riders (if required) and then proceed to do the payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

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Live your Dream after retirement

How to File Kotak Term Insurance Claims?

Filing a claim for Kotak Term Plan is a simple and hassle-free task. You can easily fill and submit their claims online or offline. To file a claim for Kotak Term Plan, you need to follow the below-mentioned steps.

1. Claim Intimation

Visit the official website of Kotak Life Insurance and fulfill the following details that have to be provided during the intimation of your claim:

  • Claim Type
  • Policy Number
  • Name of the policyholder
  • Policy number
  • Date of death/event of the life assured
  • Nominee name
  • Cause of death
  • Contact details

A claim reference number/intimation number will be provided to you upon successful registration of the claim.

2. Document Submission

Submit the necessary documents requested by the company to process the claim. In the case of natural death-

  • Death claim form.
  • Death certificate.
  • Original policy documents.
  • Claimant's identity & residence proof.
  • Medical records at the time of death & past illnesses.
  • Account details of the nominee.

In the case of unnatural death (Accidental death/Murder/Suicide)-

  • Death claim form.
  • Death certificate.
  • Account details of the nominee.
  • Original policy documents.
  • Claimant's identity & residence proof.
  • FIR, police inquest report.
  • Post mortem report.

3. Claim Settlement

After receiving all the documents and claim forms, the company will verify the details as per their norms. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over call or email.

How to Contact Kotak Life Insurance Company?

Send a "Hi" to 93210 03007, from your registered mobile number.

Toll-Free Number: 1800 209 8800
(Available from 8:00 am to 10:00 pm IST)

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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.

8. I am a smoker. Will that affect the premiums of my Kotak e-term Plan?

Yes, if you are a smoker then you might have to pay higher premiums as smoking increaes the risk of death and other life-threatening diseases. Therefore, keeping the risk factor in mind you will be paying more for your Kotak e-term plan than the non-smoker.

9. Can an NRI buy Kotak Life Insurance Term Plans?

Yes, NRIs with legal citizenship in India can easily purchase Kotak Term plans.

10. Does Kotak Life Insurance Term Plans offer any rebates to non-smokers?

Yes, all term plans from Kotak Life offer special premium rates for non-smokers and females.

11. Are there any Tax Benefits available under Kotak Term Plans?

Yes, the policyholder can claim a tax benefit of up to INR 1.5 lakh under Section 80C of the Income Tax Act, 1961.

12. What are the additional riders I can choose with my Kotak Term Plans?

You can choose from the following rider options:

  • Kotak Accidental Death Benefit Rider
  • Kotak Permanent Disability Rider
  • Kotal Critical Illness Plus Benefit Rider

13. What are the minimum and maximum sum assured in Kotak Term Plan?

The minimum and maximum sum assured for the Kotak Term plan is Rs. 3,00,000 and Rs. 24,99,999.

14. What are the age criteria for Kotak Life Term Plan?

  • Entry age- Minimum:18 Years| Maximum: 65 Years
  • Maturity age- Max: 70 Years

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Varun Saxena

Written By: Varun Saxena

Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.

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