About Kotak Life Term Insurance

Kotak Life Insurance Company, founded in 2001, serves over 30 million customers nationwide. Operating with a distribution network of 200+ branches across 160+ cities and towns PAN India, the company has dished out several insurance plans.

Term insurance 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.

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

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 2019-20, Kotak Life claim settlement ratio is 96.38%.

Take a look at the below graph that showcases the 10 top term insurance companies with the highest CSR for the year of 2019-20:

Top Term Insurance Companies for 2019-20 (based on Claim Settlement Ratio)

Term Insurance Plans offered by Kotak Life

**Last Updated on August, 2021

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

Kotak Life Term 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 August, 2021

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 August, 2021

3. Kotak e-Term Plan

   Kotak e-Term is a pure risk cover term insurance plan that provides special premium rates for non-tobacco users and women. 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 August, 2021

4. Kotak Credit Term Group Plan

   Kotak Credit Term Group Plan is an annually renewable, non-participating, non-linked group term insurance plan. The plan provides life insurance to certain borrowers (the Life Assured) of a credit/lending institution such as banks and retail finance providers, among others.

   Key Features of Kotak Credit Term Group Plan:

   • In the unfortunate demise of Life Assured, their beneficiaries are relieved of outstanding loans.
   • The plan involves the pooling of risk from a group, which results in lower premiums.
   • The plan also has the option to add one co-borrower to the cover.
   • For financial institutions, Kotak Credit Term Group Plan eliminates the possibility of loan default in the event of the borrower's death.

   Eligibility Criteria

   Age at Entry	Minimum: 18 years Maximum: 74 years
   Maximum Age at Maturity	75 years
   Minimum Group Size	50 members
   Cover Term	1 year (renewable annually)
   Mode of Premium Payment	Annual, Half-Yearly, Quarterly, and Monthly
   Basic Sum Assured	Minimum: Rs. 5,000 per member Maximum: No limit

   **Last Updated on August, 2021

5. Kotak Term Group Plan

   It is a non-participating term group insurance plan for organizations looking to secure the financial future of their employees. Under this plan, a lump sum benefit is paid to the beneficiaries (assigned by the employees) to help them through adversities in the event that an employee succumbs to death.

   Key Features

   • The plan allows employees to extend cover to their spouses at a nominal fee.
   • Policyholders have the option to choose from annual, half-yearly, quarterly, and monthly premium payments.
   • The plan offers comprehensive coverage through riders against disability/dismemberment, 17 critical illnesses, terminal illnesses, and functional impairment.
   • The premiums payable by the employer are deductible as business expenses according to Income Tax Act, 1961.
   • Kotak Term Group Plan is applicable across the globe.

   Eligibility Criteria

   Age at Entry	As per the Company's Employment Policy
   Group Size	Minimum: 50 employees Maximum: No limit
   Policy Term	1 year (renewable annually)
   Mode of Premium Payment	Annual, Half-Yearly, Quarterly, and Monthly
   Basic Sum Assured	Minimum: Rs. 5,000 per employee Maximum: No limit

   **Last Updated on August, 2021

6. Kotak Group Secure One

   It's a comprehensive life insurance policy designed for employees that they can avail of at reduced rates. Employers can introduce this plan to their organizations to create loyalty among their team members.

   Key Features

   • It offers protection against death and terminal illnesses.
   • Sum Assured is payable to the assigned nominee in a lump sum amount in case of unfortunate demise of the insured member.
   • It offers additional protection against a targeted savings amount (sum assured) insured by depositors.
   • The plan comes with two variants of benefits, viz Easy Secure and Secure Plus.

   Eligibility Criteria

   Minimum Group Size	50 members
   Age at Entry	Minimum: 18 years Maximum: 79 years
   Maximum Maturity Age	80 years
   Policy Term	1 year (renewable annually)
   Mode of Premium Payment	Annual, Half-Yearly, Quarterly, and Monthly
   Minimum Sum Assured	Rs. 5,000 per employee

   **Last Updated on August, 2021

7. Kotak Raksha Group Micro Insurance Plan

   It is a non-participating, non-linked group micro insurance plan. This plan has been created to specifically protect the socially/economically marginalized sections of society.

   Key Features

   • It offers life cover to the members and security to their families.
   • The plan comes with multiple choices in cover options such as Level Cover and Reducing Cover.
   • It offers the option for joint life cover.
   • Members have the flexibility to choose from Single, Regular, or One-year Renewable Term (OYRT) premium payment options.

   Eligibility Criteria

   Group Size	Minimum: 5 members Maximum: No limit
   Age at Entry	Minimum: 18 years Maximum: 75 years
   Maximum Maturity Age	77 years
   Policy Term*	1 month-10 years
   Mode of Premium Payment	Annual, Half-Yearly, Quarterly, and Monthly
   Basic Sum Assured	Minimum: Rs. 5,000 per employee Maximum: Rs. 2,00,000 per employee

   **Last Updated on August, 2021

   * Policy Term varies with the plan option and the premium payment option chosen

Procedure to Purchase Kotak Term Insurance Plan

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