Kotak Term Plan

Kotak Mahindra Life Insurance Company Ltd. is one of the fastest growing insurance companies in India, covering over 34.8 million lives nationwide (as on 31st December 2021). Kotak Life Insurance Company was founded in 2001 and has 232 branches in around 167 cities and towns in India.

The company has dished out several insurance plans. Under the umbrella, Kotak Life offers various protection plans, savings and investment plans, child plans and retirement plans.

Kotak Life Insurance Term 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.

The Kotak Term Plans are quite affordable and ensure the financial independence of your loved one in case something unfortunate happens to you. Continue reading to explore more about Kotak Term Plans:

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

Buying Kotak 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. It helps you analyse the company's ability to settle claims. As of FY 2020-21, Kotak Life claim settlement ratio is 98.50%.

Take a look at the graph below showcasing Kotak Life Claim settlement ratio over the last 3 years.

Kotak Life Claim Settlement Ratio FY 2018-2021

Term Insurance Plans offered by Kotak Life

Below-mentioned is the list of all the Kotak Term Insurance Plans that the company offers. Take a look and choose the one as per your and your family's requirements.

**Last Updated on April, 2022

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

Kotak Life Term Insurance 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 April, 2022

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 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 April, 2022

3. Kotak e-Term Plan

   Kotak e-Term plan is a Individual Non-Linked Non-Par Pure Protection Life Insurance plan, pure risk cover term insurance plan that provides special premium rates for non-tobacco users and women. Kotak e-Term Plan also offers the option to enhance your coverage against accidental death, total and permanent disability. You can also choose additional cover through Kotak Permanent Disability Benefit Rider and Kotak Critical Illness Plus Benefit Rider on payment of additional premiums, therefore ensuring a complete cover against the unfortunate eventualities. 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 April, 2022

Procedure to Purchase Kotak Term Insurance Plan

One can buy Kotak Term Insurance Plans via two mediums- either through the official website or through PolicyX.com. Follow the below-mentioned steps that will help you to explore both ways:

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