Kotak Life Insurance

Life insurance provides vital protection coverage to loved ones and dependents of the insured in the event of untimely death. The future is unpredictable and hence it is crucial that people invest in a premium life insurance policy to secure the financial future of their loved ones. There are many life insurance products available in India. People can easily compare plans and invest in the one that perfectly suits their requirements.

Kotak Life Insurance plans are some of the most popular life coverage products available. Kotak Mahindra Life Insurance policies can efficiently secure the future of the insured, and makes sure that all their investments are able to provide them with profitable returns. People can easily find details about Kotak Mahindra life insurance policy renewal, premiums, and other such information on the website of the insurer.

Types of Kotak Life Insurance Plans:

Following are the plans provided by Kotak Life Insurance:

Term Plans:

1. Kotak Saral Suraksha:

   This Kotak life insurance term plan provides considerable coverage at a cost- effective premium rate. People can compare plan premium rates of several term insurance products, and see exactly how affordable the premiums are. Premium for this plan can be either paid over a period of 5 years, or even annually or biannually. Policyholders may even opt to make a single lump sum premium payment for this Kotak Life protection plan. There are no medical tests required for this policy, and there is absolute minimal paperwork necessary when investing in this plan.

   Some of the features of the plan are:

   • Policy Term: 5 years and 10 years
   • Sum Assured: Fixed sum of Rs. 5,000, Rs. 10,000, Rs. 15,000, Rs. 25,000, Rs. 50,000, Rs. 75,000, and Rs. 1,00,000
   • Entry Age: 18 - 55 years
   • Age of Maturity: 23 - 65 years

2. Kotak e-Term Plan:

   This is a Kotak Life insurance pure risk cover term plan that offers the policyholder with a commendable protection at a nominal cost. The insured can easily choose the payout option of choice for this plan, and even increase or decrease the cover as per their distinct requirements

   Some of the features of the plan are:

   • Entry Age: 18 - 65 years
   • Age of Maturity: 23– 75 years
   • Policy Term: Minimum of 5 years to a maximum of up to 40 years
   • Basic Sum Assured: Minimum of Rs. 25 lakh and the maximum amount is subjected to underwriting

3. Kotak Term Plan:

   This Kotak Mahindra Life insurance term plan is popular for providing the insured a good level of protection at an affordable pricing. When investing in this policy, people can easily enjoy the flexibility of making premium payments on a yearly, half-yearly, quarterly, or even monthly basis. The fact that policyholders can convert their Kotak Term Plan to other types of life coverage policies provided by Kotak Mahindra is a unique advantage provided by this Kotak life protection plan.

   Some of the features of the plan are:

   • Entry age: 18 - 65 year
   • Age of Maturity: Maximum of 70 years
   • Policy term: 5 years to 30 years
   • Basic Sum Assured: Rs. 3,00,000 - Rs. 24,99,999

4. Kotak Preferred e-Term Plan:

   People just have to bear a reasonable cost of Rs.6, 975 when investing in the Kotak Preferred e-Term Plan. People can pay for this Kotak life instance term plan either through immediate or recurring payout. In case the policyholder gets permanently disabled, a waiver for all basic premiums will be provided in case of this plan.
   Some of the features of the plan are:

   • Entry Age: 18– 65 years
   • Age of Maturity: 28 years – 75 years
   • Policy Tenure: 10 years – 40 years

ULIP Plans:

1. Kotak Ace Investment Plan:

   This plan provides the policyholder with the option to choose from a wide range of investment strategies. People can easily compare plans online, and decide the coverage that would perfectly suit their requirements. This plan can be further enhanced by adding riders to it.

   Some of the features of the plan are:

   • Entry Age: 0 to 65 years (60 years for limited pay)
   • Maturity Age: 18 year – 75 years
   • Policy Term: 10, 15, 20, 25 and 30 years

2. Kotak Platinum Plan:

   This Kotak Mahindra life insurance plan offers the policyholder with the chance to capitalize on their investments and build a commendable corpus through available investment strategies. Both death and maturity benefits are offered in this policy.

   Some of the features of the plan are:

   • Entry Age: 18– 75 years
   • Age of Maturity : 60 years – 65 years for regular pay, and 60 years for limited pay
   • Policy Tenure: 10 years – 30 years

3. Kotak Single Invest Advantage Plan:

   In this Kotak Life Insurance Plan, the policyholder would have to make a single premium payment throughout the term of the policy. The policyholder can enjoy the option of choosing from three distinct investment strategies.

   Some of the features of the plan are:

   • Single Premium Amount: Minimum Rs. 3 lakh – No upper limit
   • Basic Sum Assured: 10 times of Single Premium
   • Policy Tenure: 10 years and 15 years (fixed)

4. Kotak Invest Maxima Plan:

   This policy provides people with the freedom to select the funds they desire to invest in, and also offers them superior flexibility when it comes to making premium payments.

   People can either invest in systematic switching or self-managed strategy when it comes to the Kotak Invest Maxima Plan.
   Some of the features of the plan are:

   • Entry Age: 0– 65 years
   • Age of Maturity: 10– 75 years
   • Policy Tenure:
   • Regular Premium: 10, 15, 20, 25, 30 years
   • Limited Premium: 10, 15, 20, 25 and 30 years
   • Single Premium: 10 years

5. Kotak Wealth Insurance Plan:

   This Kotak Mahindra Life Insurance policy provides the policyholder with an opportunity to accumulate wealth with the help of returns from investments. The dependents of the policyholders receive 100% of the sum assured in the event of their death, in case of the Kotak Wealth Insurance Plan.
   People can either invest in systematic switching or self-managed strategy when it comes to the Kotak Invest Maxima Plan.
   Some of the features of the plan are:

   • Entry Age: Min: 0 years (Life Insured) and 18 years (Policyholder), Max: 65 years (for both)
   • Age of Maturity: 75 years
   • Policy tenure: 10, 15, 20, 25 and 30 years

Investment Plans:

1. Kotak Sampoorna Bima Micro Insurance Plan:

   This Kotak Life plan requires the insured to make a single premium payment of Rs.200, while ensuring a payout on maturity. The Kotak Sampoorna Bima Micro Insurance Plan has been designed especially for the low-income or backward sections of the society, and provides them with good insurance solutions at affordable rates.

   Some of the features of the plan are:

   • Entry Age: 18– 55 years
   • Age of Maturity: 60 years
   • Policy tenure: 5 years (fixed)

2. Kotak Assured Income Accelerator Plan:

   This Kotak Life Insurance policy offers the policyholder with an annually payable guaranteed income. The insured is given death benefit, despite the sum of guaranteed income paid during the policy tenure.

   Some of the features of the plan are:

   • Basic Sum Assured: 10 times of Annual Premium.
   • Premium Payment term: 10 years
   • Insurance Benefit: Provides an assured annual income for a period of 15 years, whose payout shall start from the end of 15th policy year.

3. Kotak Premier Money Back Plan:

   A particular percentage of the assured sum is paid to the policyholder in cash backs at intervals, in this policy. Moreover, in the Kotak Premier Money Back Plan, apart from the basic death benefit, an additional sum assured is provided in case death takes place due to an accident.

   Some of the features of the plan are:

   • Insurance Benefit: Regular cash backs at equal intervals as Basic Sum Assured percentage.
   • Premium payment mode: Monthly,  Half-yearly, Quarterly, and Yearly
   • Policy Benefit Period: Fixed 16 / 20 / 24 years period

4. Kotak Classic Endowment Plan:

   This policy offers the policyholders with the benefit of acquiring a bonus that accrues from the 6th year of the term of the plan. The policyholders opting for high sum assured in the Kotak Classic Endowment Plan receive a certain discount.

   Some of the features of the plan are:

   • Maturity Age: 18– 75 years
   • Policy Term: 15 to 30 years
   • Premium Payment Option: Regular and Limited Pay

Pension Plans:

1. Kotak Premier Pension Plan:

   This Kotak Mahindra Life Insurance plan enables the policyholders to accumulate money for retirement.

   Some of the features of the plan are:

   • Entry Age: Minimum: 30 years, and maximum 55 years for regular and limited Pay, and 60 years for single pay
   • Vesting Age: Minimum: 45 year, and maximum 70 years
   • Basic Sum Assured: Minimum of Rs. 2 lakh – No upper limit

2. Kotak Lifetime Income Plan:

   Offering flexible frequencies of payouts, this is an annuity plan which secures the financial future of the policyholder post-retirement.

   Some of the features of the plan are:

   • Minimum Annuity: Rs.12,000 p.a
   • Annuity Modes: Yearly, Half-yearly, Quarterly and Monthly
   • Vesting Age: Minimum is 45 years and Maximum is 70 years

Money Back Plans:

1. Kotak Assured Income Plan:

   In addition to the maturity benefit, a lump sum amount is paid out at the end of the policy term of this plan. The protection of the Kotak Assured Income Plan is extended to a fixed term of 30 years.

   Some of the features of the plan are:

   • Entry Age: Minimum: 0 - 60 years
   • Age of Maturity: 90 years
   • Policy Term: 30 years

Whole Life Plan:

1. Kotak Premier Life Plan:

   This Kotak Life plan provides protection till the age of 99 years, and offers an option to receive bonus payouts after the expiry of premium payment term.

   Some of the features of the plan are:

   • Premium Payment Term: It has fixed premium payment term (PPT) of 8, 12, 15 and 20 years
   • Premium Payment Mode: Monthly, Half yearly, Quarterly, and Yearly.
   • Entry Age: The minimum age is 3 years and maximum is 45 - 55 years, depending upon the PPT

Benefits of Kotak Life Insurance Plans

• Empathetic towards Customers

  Kotak Mahindra Life Insurance Company is known to be extremely understanding and emphatic towards the concerns of their clients, and tend to provide them an incredible delivery value. This insurance company is known to have a highly committed sales force, with customer contentment and satisfaction being their key driving force. Life insurance plan renewal process of this company is also extremely easily, for the benefit of the customers.

• Transparency in Services

  Kotak Mahindra insurance firm is known to provide everyday declaration of fund performances, a monthly newsletter on market updates, has a well regulated asset management, as well as regular performance benchmarking. All these features highlight the transparency of the service process of this company.

• Quick Settlement Claim

  The Kotak life insurance company is renowned for providing efficient claim assistance. As per the IRDA records for 2017 to 18, this firm maintains a great claim settlement ratio of 93.72%. Claims can be filed directly at the website of this company.

• Variety of plans offered

  Kotak Mahindra life insurance provides people with an expansive range of policies to choose. People can easily compare plans offered by this company online, as invest in the perfect one for them. Each of the life insurance plans offered by this company is designed to cater to a particular section of the society, while offering maximum protection plus benefits.

Documents Required to Apply for a Kotak Mahindra Life Insurance Plan

• Proof of Age (PoA): This includes the PAN Card, Voter ID, Aadhaar Card, Certificate of Birth, School or College Certificate, as well as Driving License

• Proof of Identity (PoI): This includes the Passport, Driving License, Voter ID or Aadhaar Card. A letter from a recognized public servant or public authority with photograph can also be used to verify the residence and identity of the policy buyer.

• Proof of Address: This includes the telephone or electricity bill, statement of bank, ration card, as well as Voter Id, Passport or Aadhar card. A letter from a recognized public authority can be used as well.

• Proof of Income: This includes salary slip, ITR/ Assessment Order, employer’s certificate or Form 16

• Medical Reports (only in certain cases).

• Passport size photograph

Kotak Mahindra Life Insurance Exclusions

Kotak Life insurance has a suicide exclusion clause. If the policyholder commits suicide within a year of the date of the issue of the insurance plan, 80% of single premium would be payable to the nominee.

Claim Process of Kotak Life Insurance

For the purpose of claiming the benefits of the Kotak Mahindra Life Insurance Plans, people firstly need to inform the insurer. They can do so through a number of ways, such as:

• Visiting the nearest Kotak Mahindra Life Insurance branch

• Giving a call to their toll-free number – 1800-1800- 209-8800

• Sending an email at email at kli.claimsmitra[at]kotak.com

• Registering online for their claim.

The insurance nominees have to fill out a Kotak Life claim information form, and get a reference number. Without investigation cases, accident/death claims typically gets cleared within 30 days. The nominees are generally kept up-to-date about the status of their claim.
The nominee would have to provide certain compulsory documents while filing a Kotak Mahindra Life Insurance claim, they are:

• Death claim intimation form (Duly-filled)

• Policy documents (Original)

• Death certificate issued by municipality or an equivalent authority (Original)

• Address proof, photograph and photo ID proof of the claimant

In addition to the above-mentioned compulsory documents, certain other documents might also be needed when filing a Kotak Life claim. They are:

• A statement with bank account details

• A copy of bank passbook of the claimant

• Medical questionnaire

• Medical records like investigation reports, death / discharge summary, consultation notes, hospital indoor papers, treatment records and so on.

• Medical certificate that states the cause of death

• Settlement option form

• Copy of certified chemical analysis or post-mortem report

• Copy of certified first information report / panchnama / inquest

• Copy of driving license if the insured individual was driving at the time of accident

All the documents submitted to the insurer must be originals or photocopies attested by a SEM, magistrate, gazetted officer, or some individual with local standing, such as the Tahsildar, Sarpanch, Police Sub-Inspector or Talathi

Renewal Process of the Kotak Mahindra Life Insurance

For plan renewal of Kotak Mahindra Life Insurance, people can either visit the official website or visit any branch for their policy renewal.

How to Check the Kotak Mahindra Life Insurance Policy Status?

Some ways through which people can check their Kotak Mahindra Life Insurance policy are:

• The policyholder can call the insurer on their toll-free number 1800 209 8800. NRI policyholders can opt to contact the insurer at +912267775000.

• A letter can be written to the client service desk of Kotak Mahindra

• The policyholder can sign up on the official website of Kotak Mahindra life insurance, create a new user ID with their email, and then login and then check their policy status.

• The policyholder can visit their nearest Kotak Mahindra Insurance branch and meet a representative who would be able to provide them with details about their policy status

• The policyholder can also contact their Life Advisor for help

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