Why Buy Kotak Life Insurance Plan?

Here are the following reasons why you should buy the Kotak Mahindra Life Insurance plan:

• Financial Security for Family: Kotak Life Insurance offers life insurance plans for financial security. In case of an unfortunate event, the payout helps your family maintain their lifestyle, cover expenses, and achieve long-term goals like education and retirement.

• Comprehensive Coverage Options: Kotak Life Insurance provides various insurance products for different life stages and needs. Whether you seek pure protection, wealth creation, or comprehensive coverage, their varied portfolio ensures you can find a plan that aligns with your financial goals.

• Guaranteed Returns: Kotak Life Insurance, especially Savings and Retirement plans, guarantees returns upon maturity. As you pay premiums, your savings accumulate, and at maturity, you can opt for a lump sum or regular income.

• Affordable Premiums: Kotak Life Insurance offers comprehensive plans, like term insurance plans, at very affordable premiums so that you can financially secure your family and dependents without any hassle. 

• Tax Benefits: Choosing Kotak Life Insurance plans offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Secure your financial future with added tax advantages, making it a smart choice for your insurance needs.

*Note: Use the term insurance calculator to calculate the premium amount of your chosen term plan easily.

What Are The Various Life Insurance Policies Offered By Kotak Life Insurance?

The various types of life insurance policies offered by Kotak Life Insurance are as follows:

• Term Insurance Plans

• Savings Plans

• ULIP Plans

• Retirement Plans

Kotak Term Insurance Plans

Kotak Term Insurance plans are pure risk cover plans that provide high insurance coverage to the insured's family at a nominal premium rate.

Kotak Savings Plans

Kotak life insurance offers an extensive range of investment and savings plans that help the customer to accumulate wealth in the long term and also provide an opportunity to create a financial cushion for the family. Here are the savings and investment plans offered by Kotak Life Insurance:

Kotak ULIP Plans

Kotak Life Insurance provides the customers a wide range of ULIP options to choose from. Here are some of them:

Kotak Guaranteed Wealth Builder Plans

Kotak Retirement Plans

Kotak Life Insurance Retirement Plan is specifically designed to secure the financial future of the individual after retirement. The retirement plans offered by Kotak Mahindra Life Insurance help to accumulate funds in the long-term so that one can enjoy the golden days of retirement and have a regular flow of income after retirement. The retirement plans offered by Kotak Mahindra Life Insurance are:

How To Buy Kotak Life Insurance From Policybazaar?

Here are the steps to buy Kotak Mahindra Life Insurance from Policybazaar:

Step 1: Visit the official Policybazaar website and go to the Term Insurance section.

Step 2: Provide your name, contact details, gender, and date of birth.

Step 3: Enter your job type, yearly income, educational qualifications, and smoking/tobacco consumption habits.

Step 4: Choose the Kotak Term Insurance plan from the list of term insurance plans that appear.

Step 5: Pay using your preferred mode to complete the process.

*Note: It is important first to know what is term insurance and then buy Kotak Mahindra Life Insurance online.

What Are The Riders Available In Kotak Life Insurance?

Here are the riders available in Kotak Life Insurance:

• Kotak Accidental Death Benefit Rider
  This accidental death benefit rider provides an additional amount to the nominee if the insured dies in an accident during the rider term. It adds to the sum assured of the basic insurance cover, offering more comprehensive protection. The nominee receives this extra benefit over and above the sum assured in the event of accidental death.

• Kotak Accidental Death Benefit Rider to Enhance Sum Assured
  This rider enhances the existing insurance policy by increasing the sum assured. It ensures complete protection until the end of the base plan term. The nominee pays the rider sum if the insured dies due to an accident.

• Kotak Accidental Death Benefit Rider for Financial Assistance in Case of Permanent Disability
  This rider offers financial support to the insured and their family in case of total or permanent disability from an accident. The insurer pays a percentage of the rider sum assured over five years, providing essential financial assistance during tough times.

• Kotak Critical Illness Plus Rider
  This critical illness rider offers financial protection if the insured is diagnosed with a critical illness specified in the policy. It covers major illnesses such as cancer, heart diseases, kidney failure, and key organ transplants. This ensures the insured has financial support during serious health issues, reducing the financial burden on the family.

Kotak Life Insurance Claim Settlement Process

Kotak Life Insurance offers a seamless and efficient claim settlement process, ensuring beneficiaries receive their claim quickly and with zero hassles. The company has a high claim settlement ratio of 98.745%, as reported by IRDAI in the Annual Report for 2022-23. The mentioned steps will help you file your Kotak Life Insurance claim in few simple steps:

Step 1: Claim Intimation

• Notify the Insurer: The nominee should first formally notify Kotak Life Insurance about the claim.

• Claim Intimation Form: This form can be accessed via the Kotak Life Insurance website or at a local branch.

• Provide Essential Details: Complete the form with necessary information, such as:

  • Policy Number

  • Claim Type (death, maturity, etc.)

  • Nominee's Details

  • Policyholder’s Information

  • Contact Information of the Claimant

Step 2: Document Submission

After filling out the claim form, the nominee must submit the necessary documents online. Key documents typically include:

• Death Certificate (if applicable)

• Policy Document

• Proof of Age of the Policyholder

• Any additional documents requested by Kotak Life Insurance

Step 3: Claim Processing and Settlement

• Timely Settlement: According to IRDAI guidelines, Kotak Life Insurance must settle the claim within 30 days after receiving all necessary documents.

• Further Investigation: In cases where additional verification is needed, the company must complete the claim process within six months from the date of claim intimation.

How To Avoid Kotak Life Insurance Claim Rejection?

Below are the tips to avoid Kotak Mahindra Life Insurance Claim Rejection:

• Ensure that all information in the claim form matches the details on the policy. Any Discrepancies or hidden information can lead to delays or rejections.

• Intimate the insurer about the claim as soon as possible. Delayed intimation can complicate the claim process.

• If the claim is due to death, ensure the cause of death is clearly stated on the death certificate. 

• When applying for the policy, be honest about the policyholder’s medical history. Non-disclosure of pre-existing conditions can lead to claim rejection.

• Always keep copies of all documents submitted for your records. This can help in case of any disputes or follow-ups.

Kotak Life Insurance Login

If you are a Kotak policyholder, the Kotak Life Insurance login process helps you access and manage your policy anytime online. Whether you want to pay your premiums, download your documents, or raise a service request, the login portal offers a simple and secure way to control your policy. You can do this through the official Online Policy Manager at care.kotaklifeinsurance.com.

Here is how you can log in to your Kotak Life policy account:

Step 1: Go to the official Kotak Life Insurance website and click “How Do I" from the top menu. Under that, select "Manage My Policy" and click "Login Now."

Step 2: Choose whether you are an individual or group customer per your policy type.

Step 3: Enter your registered mobile number or email ID.

Step 4: Enter your date of birth exactly as given in your policy details and type the security code (captcha) shown on the screen.

Step 5: Click on the Next button to receive a One-Time Password (OTP) on your registered mobile number or email. Enter the OTP to log in successfully.

Once logged in, you can access your policy details, make payments, download certificates, and more. The portal is safe, user-friendly, and available 24/7.

How To Contact Kotak Life Insurance Customer Care?

You can contact Kotak Life Insurance Customer Care using the below mentioned information:

Call
You can call in this toll free number 1800 209 8800 from 8 AM to 10 PM (Monday to Saturday)

WhatsApp
You can send “Hi” to 9321003007

What Are The Exclusions In Kotak Mahindra Life Insurance?

Here are the exclusions in the Kotak Life Insurance:

Suicide: If the policyholder commits suicide within 12 months of buying the policy, his/her nominees will not be able to claim the death benefit.

FAQs