Kotak Mahindra Life Insurance Company Limited (Kotak Life) is a 100% owned subsidiary of Kotak Mahindra Bank Limited (Kotak). Kotak Life provides world-class insurance products with high customer empathy. Its product suite leverages the combined prowess of protection and long-term savings. Kotak Life is one of the fastest growing insurance companies in India and has covered over 27 million lives as on 30th June, 2019.
There are a lot of plans in the kitty of Kotak Life which fulfil the investment and savings related needs of every individual. The investment plans available with the company are given below in complete details.
A traditional Endowment Plan promising guaranteed payouts. Other traits which the plan has are given below-
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
0 years |
60 years |
Maturity Age |
18 years |
85 years |
Policy Term |
15, 20, or 30 years |
|
Premium amount |
Rs.15, 000 |
No limit |
Sum Assured |
10 times the annual premium |
|
Premium Payment Term |
7, 10, or 15 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
A traditional money back plan which provides regular cash flows. The plan’s attributes are:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
2 years |
59 years |
Maturity Age |
- |
75 years |
Policy Term |
16, 20, or 24 years |
|
Premium amount |
Depends on coverage amount, tenure and age |
|
Sum Assured |
Rs.1.5 lakhs |
No limit |
Premium Payment Term |
8, 10, or 12 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
A traditional Endowment Plan with multiple features. The features and benefits of the plan are mentioned hereunder:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
0 years |
60 years |
Maturity Age |
18 years |
75 years |
Policy Term |
15 years |
30 years |
Premium amount |
Rs.7000 |
No limit |
Sum Assured |
Rs.73, 584 |
No limit |
Premium Payment Term |
Equal to policy tenure or term – 5 years or 7 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
A traditional endowment plan with multiple features. The features and benefits of the plan are as follows:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
18 years |
60 years |
Maturity Age |
- |
70 years |
Policy Term |
10 years |
30 years |
Premium amount |
Regular Pay - Rs.8000 Limited Pay – Rs.15, 000 |
No limit |
Sum Assured |
Rs.61, 317 |
No limit |
Premium Payment Term |
Equal to policy tenure or 5, 7, 10 or 15 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
A traditional savings plan which promises assured payouts for 15 years. The features and benefits of the plan are as follows:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
0 years |
60 years |
Maturity Age |
- |
90 years |
Policy Term |
30 years |
|
Premium amount |
Rs.15, 000 |
No limit |
Sum Assured |
10 times the annual premium paid |
|
Premium Payment Term |
10 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
A traditional savings plan which can be bought online. The features and benefits of the plan are as follows:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
3 years |
60 years |
Maturity Age |
18 years |
75 years |
Policy Term |
10 years |
20 years |
Premium amount |
Rs.20, 000 |
No limit |
Sum Assured |
Rs.161, 378 |
No limit |
Premium Payment Term |
5 or 10 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
A traditional savings plan which has the following characteristics:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
3 years |
60 years |
Maturity Age |
18 years |
75 years |
Policy Term |
10 years |
20 years |
Premium amount |
Rs.20, 000 |
No limit |
Sum Assured |
Rs.119, 896 |
No limit |
Premium Payment Term |
5, 6, 7 or 10 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
A low cost endowment plan, as the name suggests, is a much cheaper variant of the full endowment plan. Here, a basic sum assured and death benefit are promised, but the high bonuses are not guaranteed. This type of an endowment plan is best suited for a person who has a loan or a mortgage to pay off.
An endowment plan should be taken when the policyholder has a particular financial goal to meet in the future. An endowment plan is a great saving tools and it combines the element of insurance as well, making it a very beneficial product. However, it must be noted that endowment plans are purchased for different needs in different people’s lives and so you need to know exactly what your requirements are.
I am a young, single businessman. Should I take an endowment plan?
As a young entrepreneur, you may not immediately need an endowment plan. A person who has dependent family members, specially children, definitely needs an endowment plan. With rising costs of living and education, it makes a lot of sense to build up a fund for the future expenses of the children. Also, if the policyholder who is also the breadwinner of the family happens to die, the endowment plan will ensure that the dependent family members are taken care of, financially.
My house is mortgaged. Is it a good idea to take an endowment plan?
For years, people around the world have purchased endowment plans to pay off mortgages. If you have a mortgage, it makes a lot of sense to buy an endowment policy, as you can plan your savings and build up a fund in time to pay off the mortgage and claim your house back.
I am a new dad who has just started working. Should I take an endowment plan immediately?
Yes, as a parent you must take the endowment plan as early as possible. The sooner you buy an endowment plan, the more time you have to build a fund up and it proves to be less taxing for you as well. As you have just started working, you may have many years to go before you retire. But if you are planning to build up a retirement corpus, you have the option of buying the endowment plan right away.
Online
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Intermediaries
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Step 1: Logging into the e-Portal with your policy details to check the policy status.
Step 2: Select the policy and payment option- Net Banking. Debit/Credit Card
Step 3: Pay via the secured gateway and print/save the recipt of payment.
In the offline mode, you deposit cash/cheque at the nearest branch.