Get covered at unbelievably low premiums for high sums. It can't get any better.

Kotak Life Insurance

Kotak life insurance is an insurance plan that secures your future and makes sure that all your investments keep giving you profitable returns. With high customer empathy and understanding with a lifetime of service, this is the best way to stay protected.

Trusted by 4 million customers across globe

With reasonable prices of premiums and plans, Kotak Life Insurance Company provides a wide range of affordable Life Insurance Policies. It is a one step solution towards a safe future for you and your loved ones.

Benefits of Buying Kotak Life Insurance

  • Empathetic towards Customers: The company has high customer empathy and understanding thereby adding outstanding delivery value to the customers. Kotak Life Insurance Company has a highly committed sales force, with customer satisfaction as the key driving force.

  • Transparency in Services: With an everyday declaration of fund performances, well regulated asset management, regular performance benchmarking and a monthly newsletter on market updates, the company truly has a transparent service process.

  • Quick Claim Settlement: The claim assistance process for Kotak life insurance is very easy. It carries an outstanding claim settlement ratio of 92.59% (as stated by IRDA for 2016-17). You can directly file the claim at the portal of this organization.

  • Variety of plans: Kotak life insurance offers a wide range of plans to choose from. Each Life Insurance plan is designed to cater a certain section of society and provide maximum protection plus benefits.

Types of Kotak Life Insurance Plans

KOTAK ASSURED INCOME PLAN

An additional second income guaranteed every year, for a fixed period of 15 years. The policy helps you enjoy life cover for the entire policy period and thereby protects your family from any kind of financial uncertainty.

  • Insurance Benefit: Assured annual income for a period of 15 years. Payout will start from the end of 15th policy year.
  • Basic Sum Assured: 10 times of Annual Premium.
  • Maturity Benefit: At the end of the policy term, this plan will provide you with a lump sum benefit ranging from 104% to 110% of the Basic Sum Assured; depending on your age at entry.
  • Premium Payment term: The policy has a premium payment term (PPT) of 10 years.
  • Premium payment mode: A policyholder can make payments on Yearly, Half yearly, quarterly and Monthly basis.
  • Policy Benefit Period: The policyholder will be protected for a fixed 30 year period.
  • Entry Age: the age of the Life Insured at the commencement of the Policy. It should be between 0 and 60 years of age.
  • Free Look Period: In case the policyholder does not agree with the terms and conditions of the plan, he is offered 15 days free look period wherein he may choose to return the policy. On all the policies sold through any medium, the free look period is 15 days. Only exception is direct marketing, which allows 30 days free look period.
  • Surrender Value: After payment of full premiums for three consecutive years, the policy acquires a Guaranteed Surrender Value. The amount will be a percentage of Total Premiums paid (excluding Service Tax & Cess, as applicable, Rider premium and Extra Premium, if any) minus the Assured Annual Income already paid.

Riders available:

  • Kotak Accidental Death Benefit Rider : On account of an accidental death, the nominee is paid a Lump Sum Benefit.
  • Kotak Permanent Disability Benefit Rider : on being permanently disabled, the Instalments are payable.
  • Kotak Life Guardian Benefit Rider : Kotak life insurance will pay all the future premiums in case of death.
  • Kotak Accidental Disability Guardian Benefit Rider: In case of disability, Premiums will be waived off and all future premiums will be paid by Kotak Life Insurance.

Kotak Premier Life Plan

A lifelong plan to offer protection till the age of 99 years. After the expiry of premium payment term, the plan provides an option to receive bonus payouts.

  • Lifelong Protection: coverage under the Policy continues until you reach an age of 99. In case of Death of the Life insured, the nominee will be paid out the Sum Assured on Maturity or 11 times the Annualized Premium or 105% of premiums paid till the date of death (whichever is higher)
  • Guaranteed Maturity Benefit : On survival till the end of the policy term, the Maturity Benefit payable will be Sum Assured on maturity Plus Cash Bonus (if any) plus accrued Paid-Up Additions (if any) plus Terminal Bonus (if any).
  • Premium Payment term : The policy has a fixed premium payment term (PPT) of 8, 12, 15 and 20 years
  • Premium payment mode: Modes available are Yearly, Half yearly, quarterly and Monthly.
  • Policy Benefit Period : The policyholder will be protected till the age of 99 years.
  • Entry Age: the age of the Life Insured at the commencement of the Policy. Min - 3 years, Max ranges from 45- 55 years depending upon the PPT.
  • Free Look Period: In case the policyholder does not agree with the terms and conditions o the plan, he is offered 15 days free look period wherein he may choose to return the policy. The period is applicable on policies sold through all channels (except direct marketing- 30 days).
  • Tax Benefits: Under Section 80C and Section 10(10D) of the Income Tax Act, you can avail the tax benefits on the premiums paid.

Riders available:

  • Kotak Accidental Death Benefit Rider :On account of an accidental death, the nominee is paid a Lump Sum Benefit.
  • Kotak Permanent Disability Benefit Rider : on being permanently disabled, the Instalments are payable.
  • Kotak Life Guardian Benefit Rider: Kotak life insurance will pay all the future premiums in case of death.
  • Kotak Accidental Disability Guardian Benefit Rider: In case of disability, Premiums will be waived off and all future premiums will be paid by Kotak Life Insurance.

Kotak Gramin Bima Yojana

The single premium plan caters the rural and social sector customers. This single pay policy not only provides benefits on maturity but also protects your family from all uncertainties.

  • Insurance Benefit: Convenience of one time payment- Single premium.
  • Sum Assured: Upon reaching Maturity, policyholder can expect 200% of Single Premium and in case of Death, 500% of Single Premium is given to policyholder under this plan.
  • Premium payment mode: Onetime payment.
  • Policy Benefit Period : The policyholder will be protected for a fixed 15 year period.
  • Entry Age : the age of the Life Insured at the commencement of the Policy. It should be between 18 and 45 years of age.
  • Free Look Period: In case the policyholder does not agree with the terms and conditions o the plan, he is offered 15 days free look period wherein he may choose to return the policy. The period is applicable on policies sold through all channels (except direct marketing- 30 days).
  • Surrender Value : In case of an emergency, when you need your money before the maturity date of the policy, the plan offers you an option to surrender the policy. On surrendering of the Policy, you will be paid out a Guaranteed Surrender Value (GSV) which will be a percentage of the Single Premium paid. The GSV will vary depending on the year of surrender.
  • Tax Benefits : Under Section 80C and Section 10(10D) of the Income Tax Act, you can avail the tax benefits on the premiums paid.

Kotak Saral Suraksha

The low cost term policy offers security to your family in unfortunate and unpredictable case of your absence.

  • Benefit in case of death: For single premium policy benefit is 1.25 times of Single Premium or Sum Assured chosen at inception ( whichever is higher) . For 5 year policy sum assured is higher of - 10 times of Annual Premium or Sum Assured chosen at inception or 105% of the total premium paid till the date of death.
  • Premium Payment term: The policy has a premium payment term (PPT) of 5 years or a onetime payment option.
  • Premium payment mode: Modes available are single, yearly and half yearly.
  • Policy Benefit Period : The policyholder will be protected for a fixed 5 or 10 year period.
  • Entry Age: the age of the Life Insured at the commencement of the Policy. It should be between 18 and 55 years of age.
  • Free Look Period: Free look period allows the policyholder to return the policy in case he doesn't agree with the terms and conditions of the plan. For all the policies sold the period is 15 days. The only exception is direct marketing, which allows a free look period of 30 days.
  • Grace Period: There is a grace period of 30 days from the due date for payment of premium.
  • Tax Benefits : Under Section 80C and Section

Kotak Premier Moneyback Plan

This saving cum protection plan provides lump sum payouts at regular intervals to meet your interim financial requirements and provide the best to your family.

  • Insurance Benefit: Depending on the policy term chosen, the plan provides regular cash backs at equal intervals as percentage of the Basic Sum Assured.
  • Sum Assured: In unfortunate event of death, nominee will receive Higher of 11 times of Annual Premium or Basic Sum Assured (if policy holder was of less than 45 years of age), else 7 times of Annual Premium or Basic Sum Assured.
  • Maturity Benefit : At the end of the policy term, sum of the following will be paid out:
  • 40% of Sum Assured plus Maturity Addition plus Accrued Reversionary bonus plus Terminal bonus.
  • Premium payment mode: Modes available are Yearly, Half yearly, quarterly and Monthly.
  • Policy Benefit Period : The policyholder will be protected for a fixed 16 years / 20 years / 24years.
  • Entry Age: the age of the Life Insured at the commencement of the Policy. It should be min 2 and max 51-59 years of age, depending upon the policy term.
  • Free Look Period: Free look period allows the policyholder to return the policy in case he doesn't agree with the terms and conditions of the plan. For all the policies sold the period is 15 days. The only exception is direct marketing, which allows a free look period of 30 days.

Exclusions of Kotak Life Insurance

Suicide Exclusion- In case the policyholder commits suicide within one year of the date of issue policy, only 80% of single premium is payable to nominee.

Claim Process of Kotak Life Insurance

In order to claim your benefits, you need to inform Kotak Life insurance. You can do this in different ways – Visit the Kotak life insurance Branch nearest to you, call the toll-free number – 1800-1800- 209-8800, send an email at kli.claimsmitra@kotak.com, , or register online for your claim.

The nominee has to fill a claim information form and get a reference number. You can be rest assured of receiving updates with regards to the progress of your claim. The accident/death claim usually gets cleared within 30 days without investigation cases.

For any further assistance or information on claims do contact at: Claims Department Kotak Mahindra Old Mutual Life Insurance Company Limited Kotak Infiniti, Building no. 21, 7th Floor - Zone 2, Infinity Park, Off Western Express Highway, General A K Vaidya Marg, Malad (E), Mumbai 400097.

Review of Kotak Life Insurance

Kotak Life Insurance Company offers excellent on time claim settlement process with the claim ratio of 92.59% (as stated by IRDA for 2016-17). The prices of their premiums and plans are also really good.

The company claims that one can get 1 Cr Life cover at just ₹ 13.97/day. Wide range of Life insurance policies are specifically designed to cater all the sections of the society and provide maximum protection and benefits.

The staff members are exceptionally cooperative. The company is always there to help customers through the 24 hours helpline and customer care centre to help them get the maximum benefit. The best point is that any customer, who is investing the money, gets not only the sum assured given by the customer but also gets bonus as well as more and more benefits.

FAQs on Kotak Life Insurance

What is the process of the company to settle claims?

The nominee needs to inform the company by either calling their toll free number 1800-209-8800 or can also visit the branch personally with the accident/death certificate and the policy document. The nominee has to fill a claim information form and then the company will give him a reference number. The accident/death claim usually gets cleared within 30 days without investigation cases.

What is the cost of Life Insurance?

A Life Insurance policy can be bought by paying the premium to the life insurance company. The amount to be paid depends on the kind of plan you have selected. Different types of policies have different term of policy contract, maturity sum assured, eligibility age etc. The premiums can be paid monthly/half-yearly/annually/ or as one type premium, depending upon the type of policy selected.

What are riders?

The additional benefits of increasing the risk cover that can be attached to basic life insurance policy are called riders. These riders cover you in certain events happening. Example- If a person takes an Accident Death Benefit rider and he dies due to an accident, then the nominee can get up to twice the basic sum assured if the claim gets accepted. Several similar riders are available for events such as permanent disability, Critical illness etc. There are Riders which can waive off the future premium in cases such as permanent disability or death.

What will happen to my policy in case I miss the due date for premium payment?

A grace period of 30 days is provided by Kotak Life Insurance company in case you miss the premium payment due date. If the grace period is also missed, then the policy will lapse. A lapsed policy can be revived by playing the outstanding premium and also the late payment charges. This revival facility is available only for six month from the date of policy lapsing. However, you can still revive policy as per respective plans. But the process shall require submission of proof of good health.

What tax benefits are you eligible for if you make a lump sum injection / Top-Up?

The regular premium paid by the policyholder is eligible for tax deduction under Section 80C (subject to conditions specified) of the Income Tax Act, 1961. Also, benefits paid under the life insurance policy are exempt from tax under Section 10 (10) (D) of the Income Tax Act, 1961, subject to the conditions specified in section 10 (10) (D).

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