Kotak Life Traditional Plans

4.3 / 5 based on 22 User Reviews
*Please note that the quotes shown will be from our partners

Kotak Mahindra Old Mutual Life Insurance Ltd is a company formed through an alliance between Kotak Mahindra Bank Ltd., affiliates and Old Mutual. The company is counted among the top players in the market and sells a variety of plans to its customers no matter whatever their need may be.

Kotak Life Traditional / Investment Plans

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.

Kotak Assured Income Accelerator Plan

A traditional Endowment Plan promising guaranteed payouts. Other traits which the plan has are given below-

  • Premium under the plan is payable for a limited tenure only
  • Guaranteed Income is paid post the premium paying term until the term is completed depending on the premium and premium paying term. This income also increases every year at a simple rate of interest
  • At maturity a specified percentage of Sum Assured is payabledepending on the age at entry and term of the plan
  • On death of the insured during plan continuity, Death Benefit is payable which would be higher of Sum Assured opted or 11 or 7 times the yearly premium paid or the Guaranteed Maturity Benefit with a minimum amount of 105% of actual premiums paid until death 
  • The plan can be customized with a choice of 5 additional riders
  • A maximum of 80% of the Sum Assured is available for the purpose of loan

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

 

Kotak Premier Money Back plan

A traditional money back plan which provides regular cash flows. The plan’s attributes are:

  • The plan participates in the profits of the company by way of earning bonuses
  • 20% of the Sum Assured are paid in three instalments over the plan tenure as money back benefits
  • Up on maturity, 40% of the Sum Assured and accrued bonuses and a lump sum maturity addition are paid. The rate of maturity addition depends on the plan duration
  • At death, higher of 11 or 7 times of the annual premium or the basic Sum Assured is payable which is should be a minimum of 105% of all premiums which are paid till the policyholder dies
  • There is an inbuilt Accidental Benefit clause under which additional Sum Assured is paid on accidental death
  • Three additional riders are available under the plan for enhanced coverage
  • Discounts in premium are allowed for choosing a Sum Assured level of Rs.5 lakhs and above

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

 

Kotak Classic Endowment Plan

A traditional Endowment Plan with multiple features. The features and benefits of the plan are mentioned hereunder:

  • The plan participates in the profits of the company by way of earning bonuses
  • In case of death, higher of 11 times the annual premium or Sum Assured on Maturity is paid together with the accrued bonuses subject to a minimum of 105% of all premiums paid up till death
  • The Sum Assured on maturity  and the accrued bonuses which also includes any Terminal Bonus is given at maturity
  • There is a provision of adding 6 riders for increased protection option
  • Loans are granted up to a maximum amount of 80% of Surrender Value
  • Discountis allowed in premiums for choosing a high level of Sum Assured of Rs.5 lakhs and above

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

 

Kotak Premier Endowment Plan

A traditional endowment plan with multiple features. The features and benefits of the plan are as follows:

  • The plan participates in the profits of the company by way of earning bonuses
  • Guaranteed Additions are added in the first 5 tears of the policy @5% of the Sum Assured
  • The Sum Assured including the vested bonuses and guaranteed additions are payable at maturity which can be taken in lump sum or in instalments over a period of 5 or 10 years under the Settlement Option feature
  • In case of death, higher of 11 or 7 times the annual premium or the basic Sum Assured is paid subject to a minimum of 105% of all premiums paid up to death. Accrued reversionary bonuses and guaranteed additions are also paid with the above benefit
  • The nominee can avail the death benefit in lump sum or in instalments in which case 50% of the benefit is paid immediately on death and the rest is paid in instalments over a period of 5 or 10 years
  • There is a provision of adding 6 riders for increased protection option
  • Loans are available up to a maximum of 80% of Surrender Value
  • Discounts are given in premiums for choosing higher levels of Sum Assured of Rs.5 lakhs and above

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

 

Kotak Assured Income Plan

A traditional savings plan which promises assured payouts for 15 years. The features and benefits of the plan are as follows:

  • Assured payouts will be paid for a period of 15 years post the completion of plan term at a rate of Sum Assured depending  on the annual premium amount
  • On maturity, a guaranteed benefit of 104% to 110% of basic Sum Assured is paid depending on the entry age
  • In case of death, a benefit higher of 106% of basic Sum Assured or the Guaranteed Maturity benefit is paid and the payouts stop
  • There is a provision of adding 4 riders for increased coverage option
  • Loans are available up to a maximum of 80% of the Surrender Value

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

 

Kotak e-Assured Savings Plan

A traditional savings plan which can be bought online. The features and benefits of the plan are as follows:

  • The plan can be bought online thus reducing unnecessary hassles of manual purchase
  • Guaranteed Yearly Additions accrue every year@7% or 10% of the cumulative premiums paid
  • Guaranteed Loyalty Additions @10% or 20% of the Sum Assured depending on the premium paying tenure are payable on maturity
  • On maturity, the basic Sum Assured plus the accrued yearly additions and guaranteed loyalty additions is paid
  • In case of death, higher of 11 or 7 times the annual premium or the Guaranteed minimum death benefit of 110% or 120% of the Sum Assured or 105% of all premiums paid till death is payable. Accrued yearly additions are also paid with the death benefit
  • There is a provision of adding 2 riders for increased protection option
  • Loans are available up to a maximum of 50% of the Surrender Value
  • Sum Assured can be increased by 3 or 5% by paying higher amounts of premiums

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

 

Kotak Assured savings Plan

A traditional savings plan which has the following characteristics:

  • Guaranteed Yearly Additions accrue every year@7% to 10% of the cumulative premiums paid
  • Guaranteed Loyalty Additions @10% to 20% of the Sum Assured depending on the premium paying tenure are payable at maturity
  • On maturity, the basic Sum Assured plus the accrued yearly additions and guaranteed loyalty additions is paid
  • In case of death, higher of 11 or 7 times the annual premium or the Guaranteed minimum death benefit of 110% to 120% of the Sum Assured or 105% of all premiums paid till death is payable. Accrued yearly additions are also paid with the death benefit
  • There is a provision of adding 3 riders for increased protection option
  • Loans are available up to a maximum of 50% of the Surrender Value
  • The Sum Assured can be increased by 3 or 5% by paying higher amounts of premiums

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

 

Who needs a low cost endowment plan?

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. 

When Should you take an Endowment Plan?

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.

Applying for a Traditional / Investment Plan from the company:

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.

Applying For Traditional Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Kotak Life Traditional Plans - FAQ

1. How to pay a premium? What are the modes of payment available?

Kotak Mahindra Old Mutual Life insurance company Ltd. offers 12 modes of premium payment namely:

  • Cash/ cheque payment at the branch
  • Online Payment
  • Payment at the Kotak bank ATM drop boxes
  • NEFT
  • ECS
  • Standing Instructions
  • Direct Debit
  • IMPS
  • Payment thorough bill desk
  • Electronic bill payment
  • Postal money order
  • Bank guarantee
    For the online payment mode, the policyholder can pay via;
    • Credit Card,
    • Debit Card
    • Net banking

2. How can I check policy status for Kotak Life traditional plans?

If you are a registered user, simply log into the e-Portal with your policy details to check the policy status.

3. What is the policy renewal process for Kotak Life traditional plans?

If you are a registered user, you can pay online in 3 easy step

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.

4. What is the company’s process to settle claim for Kotak Life traditional plans?

The nominee needs to visit the branch personally with the policy document and accidental/death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within 30 days the accidental/death claim without investigation cases is cleared.

5. What is the policy cancellation process for Kotak Life traditional plans?

Submit your policy documents along with duly filled surrender form at the service desk in any of the branches. Upon successful proccedings, the refund will be credited directly into your bank account and the policy stands cancelled. The comoany claims to setlle it within 7 working days.

Kotak Life Traditional Plans Reviews

TOTAL REVIEWS (22)
Deepak
Gopalpur
July 11, 2016

Traditional Plan

My investment insurance policy is superb which comes in low investments. The premium is low and the returns are high. Service is fantastic which served by company staff. The online service is easy to use and anybody can access it easily.

Tapasiya
Algum
June 29, 2016

Good

Policy coverage of my traditional insurance plan is low and returns are good. Service from staff of your company is fantastic with calm nature. Claiming is easy due to fast service facilitate by the executives. Updates are send to me regularly regarding the policy.

Kiran
Udyapur
April 26, 2016

Marvelous Policy

The policy i have is kotak life traditional plan which is very good and the premiums are low with high in policy coverage 91%. The claiming part is very easy because the service is very fast with good response from the staff members. Nice future investment with tax savings. I like the policy plan.

Vinay
Laxmipur
April 26, 2016

Fantastic Plan

I bought kotak life traditional plan. Policy coverage is 88% and the premium is low. Claims are ~Rs.36 L. Service is quick and even the web services are also nice and the behaviour of the staff is perfect even after buying policy. Nice future investment with tax saving.

Dinesh
Haldwani
April 26, 2016

Very Nice

Kotak life traditional plan which have 91% policy coverage and the claims are easy to get because of fast services provided by the executives and staff members. The daily updates are texted and mailed time to time to may email id and cell phone. Good job team.

Yusoof
Laksar
April 26, 2016

Good Plan

The kotak life traditional plan i have is below average. The premium is good and the returns are less. You facilitate services are bit slow and the waiting is normal. Web services are better. Good future investment which save my taxes too. Please improve your services.

Jiten
Hiranpur
April 26, 2016

Above Average

I finally buy kotak life traditional plan. Policy covers almost all cases and the amount of returns is very high. Service provided by executives and staff members is fast and on time. Good future investment which save taxes too.

Tanishk
Bisalpur
April 26, 2016

Great Deal

My traditional policy plan is with kotak mahindra life insurance. The policy is great with maximum benefits. The policy coverage is high ~89%. The investment is low approx. Rs.11 K quarterly per year. The claims are good and easily cleared without waiting. Payback amount is nice ~rs.40 L.

Nirmal
Nizamabad
April 26, 2016

Fair Plan

I own kotak life traditional plan. Plan is good and premium is low. Policy coverage is high and payback returns too. Claiming amount is Rs.34 L. Service is fast like super sonic. The daily updates are mailed to me time to time. The behaviour of the executives and staff members are really very nice.

Mayank
Shahabad
April 26, 2016

Satisfied

Buy kotak life traditional plans. The policy coverage is ~93%. Services provided by executives is awesome. Claims are good and done without any interruption. Overall fine life insurance which have low premiums. Nice future investment and it saves taxes also.

Varun
Kosola
April 26, 2016

Power Plan

Policy has all benefits and the investments are also low. Around Rs.37 L is payback amount. Kotak mahindra life insurance provide me traditional plan which has nice facilities and the service is very quick. The service provided by the executives and staff members are really very good. The investment is good for future and it saves taxes also.

Manish
Roorkee
April 26, 2016

Trustworthy

I invest my money by buying kotak traditional policy plan. The policy coverage is good ~92% and the claims are high. The premiums are low ~14 K quarterly. Paybacks are really very good Rs.36 L. Good investment and tax saver policy plan.

Bhavna
Rajkot
April 26, 2016

Best Plan

I have the best traditional plan from kotak mahindra life insurance. The benefits are many with low premiums. Policy coverage is 90%. Claims approx. Rs.35 L with easy procedure to get it. Good future investment which save taxes. Good behaviour of executives and staff members.

Eshant
Mirzapur
April 26, 2016

High Coverage

I finally buy kotak life traditional plan. Policy covers almost all cases and the amount of returns is around 35 L. Service provided is fast and on time. Good future investment which save taxes. Nice services facilitate by executives and staff members.

Chatanya
Nainital
April 26, 2016

Damn Good

Superb policy i have kotak life traditional insurance plan. The returns are good ~Rs.38 L in very low premiums ~Rs.11 K quarterly. Service is fast which facilitate by executives and all company members with nice behaviour and quick response. Good future investments with tax saving.

RItul
Port_blair
April 26, 2016

Responsive Facalty

Policy has all benefits and the investments are also low. Around Rs.31 L is payback amount. Kotak mahindra life insurance provide me traditional plan which has good facilities and the service is very quick. The up gradation details in policy is mailed to me time to time. The behaviour and service provided by the executive and staff members is very nice.

Dinesh
Agra
April 26, 2016

Average

I Bought kotak mahindra life insurance and I took traditional insurance policy plan. The policy is average and the coverage is 70%. The claims are normal but the premiums are low. The service is okay which provided by the staff members. Good future investment and tax cutter also. Satisfied.

Prabhat
Patna
April 26, 2016

Satisfactory

I buy kotak life traditional plan. The policy coverage is 89% and the claims are Rs.38 L. Services provided by the executives is really very good and online facility also there which have easy interface. My family is happy with the benefits of the policy, so m i.

Navneet
Ratnagiri
April 26, 2016

High Policy Coverage

I have kotak life traditional plan. Policy coverage is 83% and the claims are Rs.37 L. Service is good and quick provided by the executives and staff members. But please improve your online services. Good future investment which saves taxes too. Nice public relations facilitate by executives and staff members.

Harish
Pune
April 26, 2016

Okay Plan

Kotak mahindra life insurance is one of the best insurance company. I took traditional insurance policy plan which provide me best service and good returns. The premiums are low and the policy coverage is 83% with high claims. The behaviour is good from executives and staff members. Nice future investment.

Yajan
Ooty
April 26, 2016

Fair Policy

I have traditional policy plan from kotak mahindra life insurance. The policy provides good coverage with low premiums. Claims are around Rs.32 L. Service always on time. The executives and staff members are facilitate great services. Satisfactory.

Faisal
Fatehabad
April 26, 2016

Good Service

My kotak life traditional plan is good in services. The policy coverage is good ~87% and the premiums are low. Claiming process is easy due to fast service provided by the executives and the staff members. The payback amount is ~Rs.36 L. I like the terms and conditions of the policy plan.