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.
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:
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.
4.3 / 5 based on 22 User Reviews
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.