Kotak Life Traditional Plans

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.

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

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

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

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

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

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

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

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 Life Insurance Company Limited. 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.