About Kotak Mahindra Life Insurance

Kotak Life Insurance Company Limited (earlier known as Kotak Mahindra Old Mutual Life Insurance Limited) is a private insurance company that was intercepted in 2001. The company caters to over 19 million customers across the country with approximately 232 branches in more than 167 cities & towns.

Under its umbrella, the Kotak Life Insurance offers different types of protection policies, savings & investment policies, retirement policies and child policies. The company helps to understand the various benefits of life insurance protection, wealth creation, retirement & savings.

Why Choose Kotak Mahindra Life Insurance?

  • The company offers customer-friendly services with claim-settlement ratio of 91.24% in the year 2016-2017
  • It claims 97.37% grievances settled in the year 2016-2017
  • The company offers a range of plans to choose from with a multiple premium paying option

Types of Plans Offered by Kotak Mahindra Life Insurance

Kotak Mahindra Term Plans

The broad range of Kotak Mahindra Term Plans is uniquely designed to financially secure an individual’s family at every stage of life and ensure a smile on their faces always.

Plans Entry Age Policy Term Sum Assured Tax Benefit
Kotak Saral Suraksha Minimum– 18 years

 

Maximum- 55 years

Minimum– 5 years

 

Maximum- 10 years

Rs 5,000,

Rs 10,000,

Rs 15,000,

Rs 25,000,

Rs 50,000,

Rs 75,000,

Rs 100,000

 

Tax Benefit Under Section 80C and Section 10(10D) of the Income Tax Act
Kotak Income Protection plan

 

Minimum– 18 years

 

Maximum- 60 years

For Regular Pay:

Min/Max – 10/30 years

 

For 12 Pay:

Min/Max – 17/30 years

 

For 15 Pay:

Min/Max – 20/30 years

 

12 times of the Increased Monthly Income in the particular Policy Year the death of the policyholder occurs Tax Benefit Under Section 80C and Section 10(10D) of the Income Tax Act
Kotak Term Plan

 

Minimum- 18 years

 

Maximum– 65 years

Minimum: 5 years

 

Maximum: 30 years

 

Minimum:

Rs. 3,00,000

 

Maximum:

Rs. 24,99,999

 

Tax Benefit Under Section 80C and Section 10(10D) of the Income Tax Act
Kotak e-Term Plan

 

Minimum- 18 years

 

Maximum– 65 years

Minimum – 5 years

 

Maximum – Up to 40 years or “75 years – Age at Entry”​

Minimum– Rs 25, 00,000

 

Maximum– Subject to Underwriting

Tax benefits Under Section 80C and 10(10D) of the Income-Tax Act

Kotak Mahindra Investments Plans

Kotak Life Insurance offers a wide range of Savings & Investment Plans that make sure the invested money does all the hard work so that they get the opportunity to celebrate and live life to the fullest.

Plans Entry Age Policy Term Sum Assured Tax Benefit
Kotak Gramin Bima Yojana

 

Minimum– 18 years

 

Maximum- 45 years

15 years (fixed) i) On Death: 

Min/Max :

Rs. 7,500/Rs. 1,00,000

 

ii) On Maturity :

Min/Max :

Rs. 3,000/Rs. 40,000

 

Tax Benefit Under Section 80C and Section 10(10D) of the Income Tax Act
Kotak Sampoorn Bima Micro-Insurance Plan

 

Minimum– 18 years

 

Maximum- 55 years

5 years (fixed) i) On Death: 

Rs 5000 and

A minimum of 1.25 times the Single Premium Paid, i.e. Rs 250 under all circumstances

 

ii) On Maturity :

For  group of 18-25 years: Rs 310

 

For  group of 26-40 years: Rs 300

 

For age group of 41-55 years: Rs 275

 

Tax Benefit Under Section 80C and Section 10(10D) of the Income Tax Act
Kotak Classic Endowment Plan

 

i) Regular pay: 

Min/ Max: 0/55 years

 

ii) Limited pay: 

Min/ Max: 0/60 years (except for PT/PPT combination of 15/7 years)

 

Minimum: 15 years

 

Maximum: 30 years

 

Determined based on different factors including minimum premium amount, entry age, policy term and PPT

 

Tax Benefit Under Section 80C and Section 10(10D) of the Income Tax Act
Kotak Premier Endowment Plan

 

Minimum- 18 years

 

Maximum– 60 years

i) Regular Pay :

Min/Max – 10/30 years

 

ii) Limited Pay: 5 Pay:

Min/Max – 10/30 years

 

iii) 7 Pay & 10 Pay: Min/Max – 15/30 years

 

iv) 15 Pay:

Min/Max – 20/30 years

Sum Assured depends on the minimum premium chosen, age or policy term

 

 

 

Tax benefits Under Section 80C and 10(10D) of the Income-Tax Act

Kotak Mahindra Life Insurance Retirement Plans

Retirement plans are the life insurance products that are specifically designed to provide the policyholders with financial security once their regular flow of working income stops. These plans help to invest one’s earnings over the years and create a fund which s/he can withdraw as a lump sum amount or in small parts during her/his retirement years. Furthermore, thanks to the dual benefits of protection with an investment feature of these plans, they are ideal for covering an individual’s financial needs in her/his sunset years.

Plans Entry Age Policy Term Sum Assured/Annuity Tax Benefit
Kotak Premier Pension Plan

 

Minimum: 30 years

 

Maximum:

i) For Regular & Limited Pay: 55 years

 

ii) For Single Pay: 60 years

Regular Pay:

Min/Max – 10/30 years

 

Limited Pay:

i) 10 Pay:

Min/Max – 15/30 years

 

ii) 12 Pay:

Min/Max –  17/30 years

 

Single Pay:

Min/Max – 10/15 years

Minimum:

Rs 2 lakhs

 

Maximum:

Subject to underwriting

 

Under Section 80 (CCC) of Indian Income Tax Act
Kotak Lifetime Income Plan

 

Minimum:

 

i) For New Customers: 45 years

 

 ii) 55 years (for policy purchased as QROPS through transfer of UK tax relieved assets)

 

iii) For Existing KLI Pension Plan Policy Holders: 18 years

 

Maximum: 99 years

 

5 yrs / 10 yrs / 15 yrs/ 20 yrs Minimum:

 

i) Monthly – Rs 1,000

 

ii) Quarterly – Rs 3,000

 

iii) Half-Yearly – Rs 6,000

 

iv) Yearly – Rs 12,000

As per the Section 80 (CCC) of Indian Income Tax Act

Kotak Mahindra Life Insurance Child Plans

Successful parenting is not easy. To do so, one needs a well-planned financial strategy executed at the right age to take care of her/his child’s future needs. Thus, investing in a child insurance plan is undoubtedly the best way to financially secure future and career of a child.

Plans Entry Age Policy Term Sum Assured/Annuity Tax Benefit
Kotak Headstart Child Assure

 

Minimum: 18 years

 

Maximum:

60 years

10/15/20 years Minimum:

 

i) Entry age of below 45 – Higher of 10 x annualised premium OR 0.5 x policy term x annualised premium

 

ii) Entry age of 45 and above: Higher of 7 x annualised premium OR 0.25 x policy term x annualised premium

 

Maximum: 25 x annualised premium

 

Indian Income Tax Act,  Section 10(10D) and Section 80C

Kotak Mahindra Life Insurance Claim Process

Kotak Life Insurance Company ensures that the insured is fully protected financially during the policy tenure and promises to meet the expectations when it comes to settling a claim.

Kotak Life Insurance offers a simple and hassle-free claim settlement with the below steps:

  1. In order to experience a seamless claim settlement, the beneficiary of the life insurance policy will be needed to visit the official website of Kotak Mahindra Life Insurance.
  2. In case of a death claim, the nominee will be required to fill the claim form carefully
  3. The filled claim form needs to be submitted along with the relevant documents such as a copy of policy documents, address proof, FIR etc.
  4. Once the claim form is submitted, the insurer will verify the claim and the documents and finally approved the claimed amount. In case of a death claim, the full sum assured will be paid to the nominee while in case of a disability claim a portion of the sum assured will be paid.
  5. In case the insured wants to file a claim offline, the same can be done by visiting the nearest branch of Kotak Mahindra Life Insurance and complete the entire process.

Kotak Mahindra Life Insurance Online Process

As compared to the offline process, the online process of purchasing life insurance policy is very simple and easy.  The insurance buyers can easily purchase the required policy online just by visiting the official website of kotak life insurance. The online process of policy purchase also provides an opportunity to compare various plans and choose the most beneficial plan according to one’s own requirement, at an affordable premium rate.

 

Kotak Mahindra Life Insurance FAQs

Who is life insured in a life insurance policy?

Ans- The term life insured is used to refer to a person who gets life coverage under a life insurance policy.

What do you mean by policyholder/insured?

Ans- A policyholder is a person on whose name the policy is signed and who does the contract with the insurance company. The policyholder is liable to pay the insurance premium in order to avail the policy benefits.

What is a nomination?

Ans- A nomination is a right of the policyholder to name a person to receive the policy benefits in case of his/her untimely death.

I have lost my life insurance document from Kotak Mahindra. What should I do now?

Ans- in case you have lost Life Insurance policy, immediately intimate the nearest Kotak Mahindra Life Insurance branch by visiting the office. You can write to them through e-mails as well. A duplicate copy of the policy can be availed by submitting an application form along with an indemnity bond. In some cases, the insurer may insist you to publish an advertisement in the local newspaper. The copy of the published advertisement needs to be sent to the insurer after one month of its published date.

What is the policy maturity date?

Ans- Policy maturity date refers to the end date of a policy when the survival benefits are also paid to the insured.

What is free look period in a policy?

Ans- Free look period refers to a period within which the insured can cancel the policy. usually, the insurance providers come with a 15-days free look period, within which the return request of a policy can be made. The insurer pays back the paid premium on pro-rata base. Mostly, all the policies come with a free look period enabling the insured to cancel a policy if it doesn’t meet his/her requirements.

Can I surrender my policy before maturity?

Ans- Yes, you can. Surrender of a policy is possible even before the policy matures. To do so, you need to fill a request form. The insurance provider releases the surrender value and post-payout the policy gets ceased. The surrender value may differ from plans to plans and based on the terms and conditions of the insurer.

What is the lock-in period?

Ans- Lock-in-period is a predetermined period, which needs to be served by the insured to cancel or surrender a policy. Lock-in-period comes mostly with investment plans where the investor is not allowed to take out the invested money before a specific period.

What is a unit-link policy?

Ans- A unit-link policy is a product offered by life insurance providers where the insured is benefited with the both insurance and invest under a single policy. ULIP offers risk covers along with the investment opportunity by investing the money in the stock market, bonds or MF schemes. ULIP plans allow the insured to make investment choices by considering the risk appetite and insurance needs.

What is the limit of a number of switches of the fund in a policy year?

Ans- There are no limits on the switches of funds in a policy year. However, the number of free switches depends on the type of plan you have opted for. To ensure the number of free switches, please refer the policy final print and understand the terms and conditions.

What are the premium payment options available under a life insurance plan?

Ans- the various premium paying options available in a plan include yearly payment. Monthly payment, half-yearly payment and quarterly payment. Some plans also come with the option of paying the premium for a limited period where the policyholder doesn’t require to pay for the full policy term.

What is the benefit of buying life insurance at a younger age?

Ans- You must have heard that if you buy life insurance at a younger age, the premium will be low. At the younger age, the risk appetite is comparatively less and you don’t fall for severe illness. This also secures the insured from paying a huge amount in case of a claim. Thus, it consequently reduces the cost of a life insurance policy if you buy it at a younger age.

What are the consequences of not paying the premium on time?

Ans- The common consequence of not paying the premium on time is that the policy will no longer cover the insured or the family to protect the financial interest in case of a sudden death of the insured. To enjoy the policy benefits uninterruptedly, one has to pay the premium on time. If not when he/she needs to claim the insurance, the insurer will deny the request basis on the ground that the policy in inactive. Most of the insurers come with a grace period within which the insured can pay the premium and renew the policy. In case of fail, the policy will be considered as lapsed and all benefits will be ceased. However, a lapsed policy can be revived by paying the penalties along with the premium. The outstanding dues ought to be cleared within the specified period.

Can I opt for riders with the basic life insurance plan?

Ans- Yes, you can opt for riders like Critical Illness, Personal Disability etc. However, you should confirm with the insurer if they offer any of these. The future premiums can be reduced with these riders in case of death or disability due to an accident or illness. You can avail these covers by paying an extra premium. These riders can be taken at the time of buying the main policy or at the time of renewal of the policy. however, it is recommended to compare the various riders online as well.

What are the plans available for children with Kotak Mahindra life insurance?

Ans- you can opt for Kotak Headstart Child Assure Plan, which is specially designed for the children. The best feature of this plan is it can be used as an investment option to create wealth for the future. The maturity money can be utilized for child education, marriage or business. For more information, you can browse over the plan by visiting the official website of the insurer.

How can I check the policy status with Kotak Mahindra Life Insurance online?

Ans- checking the policy status with Kotak Life Insurance is simple. You just need to visit the official website of the insurer, go to the login option appearing on the home page. Go to the customer care login option. When you select the option it will redirect you to the Customer Login Portal. There will be two options to select from- Individual Customer and Group Customer. Select the relevant option and get the policy status online.

What is the procedure of claiming my insurance policy with Kotak Mahindra Life Insurance?

Ans- Filing a claim with Kotak Life Insurance is simple and hassle-free. To claim for any of the offered benefits

  • You will need to inform the insurer immediately whenever it is required. You can call on the toll-free number or write them on the official e-mail id
  • A request for the claim form is required. However, the claim form can be availed online as well.
  • You will need to submit a set of documents to prove your claim. The documents are required to be submitted along with the claim form
  • The insurer will investigate the case, verify the documents and settles the claim accordingly. In case of a disability rider, a fixed amount will be paid to the insured’s family as a source of income, while the full sum assured is paid in the event of the premature death of the policyholder.

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