Kotak Life Term Insurance
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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

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 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

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.

S. No.Kotak Life Term PlansWho should buy it?
1Kotak Saral Jeevan BimaIndividuals looking for long term coverage
Individuals with dependents such as parents, spouse, and/or children. A hassle free pure risk insurance cover with a long term coverage and choice of premium payment term.
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, this plan is also available with optional riders for added benefits.
3Kotak e-Term PlanIndividuals who want additional protection from diseases and disability.
Individuals who are the sole earning members of their families

**Last Updated on April, 2022

Tailor-made term insurance to fulfil your financial needs
Tailor-made term insurance to fulfil your financial needs

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 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 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 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 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 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 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:

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.

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.

Find Out What the Customers Are Saying

(Showing latest 5 reviews only)

- 4.8/5 (34 Total Rating)

November 17, 2021

Ramakant dubey

Hyderabad

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.

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 !

Last updated on April, 2022

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