Kotak Life Insurance 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.
Under the umbrella, Kotak Life offers various protection, savings, investment, child, 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.
Kotak Life Term Plans are economical and ensure the financial independence of your family under any unforeseen circumstances.
Key Features of Kotak Life Insurance Company
Kotak Life Insurance company has a vision of bringing assurance to people's lives. Kotak Life offers economical, flexible, and reliable term plans to their customers. The pure protection best term insurance plan is an excellent term policy for you and your entire family.
Annual Premium: As per the IRDAI report 2021-22, Kotak Life Term Insurance recorded an annual premium of Rs. 13,015.11 Crores.
Solvency Ratio: The solvency ratio of the company helps an individual ascertain the company's ability to meet its long-term financial obligations. The Solvency Ratio of Kotak Life Term Insurance company for 2021-22 is 2.64 (As per the IRDAI, it is mandatory for every life insurer to maintain a solvency ratio of 1.5).
Claim Settlement Ratio: The company holds a good and reliable claim settling process with a CSR of 98.82%. (CSR as per IRDAI report of the year 2021-22). Kotak Life Term Insurance holds one of the highest
claims settlement ratios amongst all the insurance companies.
All You Need To Know About Kotak Term Insurance? Find complete details in one go!
Kotak Life Insurance was started with an aim to add value to people's lives through financial measures of savings and protection plans. When we talk about term insurance, Kotak
Life Insurance has a lot of benefits that are praiseworthy and comprise from offering a range of plans to providing top-notch services.
Cost-effective and economical plans: Kotak Life term insurance plans are affordable. They offer pocket-friendly rates for all term insurance plans making them one of the most preferred term insurance companies
in India.
Impressive claim settlement ratio: CSR refers to the number of claims settled by an insurer against the total number of claims received by them in a financial year. Kotak Life Insurance has an impressive claim
settlement ratio of 98.82% in the financial year (2021-22).
Flexibility: Kotak Term Insurance plans are flexible in terms of coverage, premium payouts, and policy tenure.
Online plan availability: Kotak Life Insurance offers online term plans which saves you the hassle of going to advisors, branches, or any third-party administration to buy a good term insurance plan.
Tax Benefits: Tax benefits as specified under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Who Should Buy a Kotak Term Insurance Plan
Kotak offers plans that provide financial security to your loved ones in the event of your untimely death. Here are some people who should consider buying a Kotak insurance policy:
Breadwinners of the Family: If you are the sole or primary breadwinner of your family, it is crucial to ensure that your family is financially secure in your absence. A Kotak insurance policy provides a lump sum payout to your family, which can help them maintain their lifestyle and meet their financial obligations.
Newlyweds: If you are recently married or planning to get married soon, it is advisable to purchase a Kotak insurance policy to secure the financial future of your spouse. This 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: If you have children or other dependents, it is essential to purchase a Kotak life-term insurance policy 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 you are gone.
High Net-Worth Individuals: If you are a high-net-worth individual, it is important to purchase 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.
Why should you buy Kotak Term Plans
It is important to consider your financial goals, obligations, and dependents while purchasing a term insurance policy to ensure that you have adequate coverage. Here are some reasons why you should consider buying a Kotak insurance policy:
Financial Security: The foremost reason to buy a term insurance plan is to meet the financial needs of your family in your absence and Kotak Life term plans do exactly the same.. The policies by Kotak can provide a lump sum payout to your family, which can help them maintain their lifestyle and meet their financial obligations.
Affordable Premiums: The premiums are affordable and offer a wide range of coverage options to suit your needs and budget making it an ideal choice for individuals who want to secure their family's financial future without breaking the bank.
Flexible Options: Kotak's life term plans offer flexible options, such as choosing the policy term, coverage amount, and payment frequency, which can help you customize the policy to meet your specific needs and requirements.
Tax Benefits: Kotak life term plans offer tax benefits under Section 80C of the Income Tax Act, 1961. The premiums paid towards the policy are eligible for a deduction of up to Rs. 1.5 lakh from your taxable income.
Easy to Buy: Kotak life term insurance plans are easy to buy, and you can purchase them online from the comfort of your home. The process is simple and straightforward, and you can compare different policies, features, and premiums to make an informed decision.
Kotak Life Best Term Insurance Plans
To secure your family's needs, Kotak Life Insurance offers three-term insurance plans, uniquely designed to secure your family's future at every stage of life.
Kotak Term Plan
Kotak e-Term Plan
Kotak Saral Jeevan Bima
Kotak Term Plan
The Kotak Term Plan is a pure risk cover plan at affordable prices. . It comes with a plan conversion feature along with flexible premium payment options.
Kotak e-Term Plan is a Pure Protection Plan. It offers special premium rates to non-tobacco users and women and has multiple plan options with additional riders.
Unique Features
Multiple plan options available
Three payout options available
Increase or decrease life cover
Kotak Saral Jeevan Bima
A Pure Risk Plan that offers financial security to your family and offers long-term coverage for 70 years with special premium rates for women.
Unique Features
Hassle-free life insurance cover
Coverage up to 70 years
Special rates for female lives
Kotak Life Term Plan Riders
Kotak Accidental Death Benefit Rider
Offers an added death benefit for accidental death. Kotak's standard insurance policy provides comprehensive protection for the death of the insured. However, with an accidental death benefit rider, the nominee of the policy
becomes entitled to receive an additional amount, over and above the sum assured, if the insured dies due to an accident during the rider term.
Kotak Critical Illness Plus Benefit Rider
Kotak Critical Illness Plus Rider offers coverage against 37 critical illnesses. Some of the most popular ones include cancer, open chest CABG, loss of limbs, deafness, loss of speech, major organ or bone marrow transplant,
brain surgery, and others. In the event of diagnosis of any of the listed critical illnesses, the rider ensures a lump sum payout.
Kotak Permanent Disability Rider
By opting for Kotak Permanent Disability Benefit Rider (hereafter referred to as Rider) to the base plan, you can enhance the existing protection available under the base plan at affordable rates. On Total and Permanent Disability
due to an accident: 120% of Rider Sum Assured is paid out over a period of 5 years.
Calculate Kotak Term Insurance Premium
Policy Term
20
25
30
Monthly Premium Payable(in Rs.)
27,138
37,497
49,911
* Premiums calculated for a 30-year-old, non-smoker male. Chosen plan option with a single premium payment term for 15 lakh sum assured for 20,25,30 years of the policy term.
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.
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)
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?
Read what our customers have to say about Kotak term insurance company
Karan Veer
Mumbai
June 6, 2022
Kotak Mahindra company has fast customer service and sells good life insurance policies. I suggest all my friends and family also buy a life cover policy from Kotak Mahindra company.
Urvashi R
Delhi
May 31, 2022
Hey everyone, just wanted to say that Kotak Mahindra Life Insurance is one of the best life insurance companies. You can even you should go for this company if you want to secure your family s ...
Ramakant dubey
Hyderabad
November 17, 2021
Bahut achi company hai, mai bht khush hu iske plan leke. premium bhi kafi kam hai. customer care team bhi kafi achi hai aur bht ache se plan ko samjhati hai.
Manish sharma
Delhi
October 8, 2021
they have amazing plans to choose from...the features are pretty good and the plans are very less expensive
Samiksha
Mumbai
September 28, 2021
policyx.com se help liya tha plan khareedte time...features kaafi sahi mil gaye and im happy to have chosen them for support
Sarbananda
Gandhinagar
September 28, 2021
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!
Firdos Khan
Indore
September 27, 2021
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 w...
Agreem Chauhan
Indore
September 22, 2021
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
