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.
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
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 21-12-2020)
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
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 21-12-2020)
**Premium rates for Half-Yearly, Quarterly and Monthly modes are 51%, 26% and 8.5% of Annual Premium rates respectively.
Purchase With Kotak:
**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:
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:
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:
Here is the list of documents that the policyholder/nominee needs to carry before consulting the company:
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?
5. What are the 3 plan options available under Kotak e-term plan?
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 21-12-2020