Kotak Life Term Insurance Plans

3.9 / 5 based on 24 User Reviews
*Please note that the quotes shown will be from our partners

Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture undertaken by Kotak Mahindra Bank Ltd., affiliates and Old Mutual. It is one of India’s leading financial service providers which offers a host of products specifically designed and customized to meet the individual needs of all its customers. The company offers various insurance plans.

Kotak Term Plans

Kotak Life Insurance Company has various types of Term Insurance plans each with a different set of features and benefits. The plans in offering include:

Kotak Income Protection Plan

The plan pays monthly incomes after death. The other attributes are given below:

  • Premium payment options include limited payment or regular payment as per the policyholder’s discretion
  • The death benefit is equal to 12 times the monthly income increased @6% compounded yearly is payable. Post the payment of this benefit, a regular monthly income increasing every year @6% per annum compounded yearly is paid for the remaining plan tenure subject to a minimum of 5 years
  • Kotak’s Accidental Disability Guardian Benefit Rider can be availed for a comprehensive coverage.

Eligibility Details                                                                    

 

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

-           

70 years

Policy Term

10 years

30 years

Monthly Income

Rs.20, 000

No limit

Annual Premium Amount

Depends on the coverage, age, tenure and the monthly income

Premium Payment Term

Equal to policy term or 12 and 15 years

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

Kotak Preferred eTerm Plan

An online insurance plan with the following features and benefits:

  • Premiums under the plan can either be paid for the entire duration of the plan under the Regular pay option of premium payment or for a limited tenure under the Limited Pay option or in one lump sum under the Single Pay option of premium payment.
  • Two types of death benefit options to choose from namely Recurring Payout and Immediate Payout
  • In case of the Recurring Payout option, in case of death, 10% of Sum Assured is paid immediately and the remainder is paid in annual instalments @6% over a period of 15 years. The annual payout can also be availed in monthly instalments
  • Under the Immediate Payout option, the entire Sum  Assured is paid on death of the insured and the plan terminates
  • There is an inbuilt waiver of premium rider which is applicable in case the insured suffers permanent and total disability during the plan tenure. The future premiums are waived off and on subsequent death; the Sum Assured is payable as per the payout option chosen.
  • Kotak eAccident Death Benefit Rider is available for a comprehensive coverage
  • The company charges preferential premium rates for non-smokers and female lives
  • Sections 80C exempts premiums and Section 10(10D) exempts claims received from the incidence of taxation

Eligibility Details                                                                    

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

28 years

75 years

Policy Term

10 years

40 years

Sum Assured

Rs.25 lakhs

No limit

Annual Premium Amount

Depends on the coverage, age, tenure and the payout option 

Premium Payment Term

Equal to policy term or 5 and 10 years or Single Pay

Premium Payment Frequency

Yearly or monthly

 

Kotak Saral Suraksha

A term insurance plan with minimal rates of premiums. The features and benefits of the plan are as follows:

  • Premiums under the plan can be paid for a fixed tenure of 5 years or in one lump sum at the starting of the plan
  • In case of death, the Sum Assured on death is payable which is higher of the Sum Assured or 1.25 times the single premium or 10 times the annualized premium subject to a minimum of 105% of aggregate premiums paid till death

Eligibility Details                                                                    

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

23 years

65 years

Policy Term

5 or 10 years

Sum Assured

Rs.5000

Rs.1 lakh

Annual Premium Amount

Depends on the coverage, age, tenure and premium payment option 

Premium Payment Term

5 years or Single Pay

Premium Payment Frequency

Yearly or half-yearly

 

Kotak Preferred Term Plan

A term plan with unique features of enhancement and decrement of the Sum Assured. The features and benefits of the plan are as follows:

  • Premiums under the plan can either be paid for the entire duration of the plan under the Regular pay option of premium payment or for a limited tenure under the Limited Pay option of premium payment or in one lump sum at the commencement of the plan.
  • Sum Assured enhancement or reduction is possible under the Step up Option and Step Down option respectively. Enhancement is allowed for up to 50% of Sum Assured if the insured gets married or buys a first house in India and up to 25% of the Sum Assured on birth or adoption of a child. Similarly the Sum Assured can also be reduced subject to certain terms and conditions
  • There are two death benefit payout options of Recurring or Immediate Payout
  • In case of the Recurring Payout option, in case of death, 10% of the Sum Assured is paid immediately and the rest is paid in annual instalments @6% over a period of 15 years. The annual payout can also be availed in monthly instalments
  • Under the Immediate Payout option, the entire Sum  Assured is paid on death of the insured and the plan terminates
  • Kotak Critical Illness Benefit Rider is available for enhanced protection
  • The company charges preferential rates of premiums for non-smokers and female lives

Eligibility Details                                                                    

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

23 years

75 years

Policy Term

5 years

40 years

Sum Assured

Rs.25 lakhs

No limit

Annual Premium Amount

Rs.3700

No limit

Premium Payment Term

Equal to policy term or 5, 7 and 10 years or Single Pay

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

Kotak Term Plan

A pure term insurance plan for protection purposes. The features and benefits of the plan are as follows:

  • Premiums under the plan can be paid for the entire tenure of the plan or in one lump sum at the starting of the plan
  • It is a convertible plan which can be converted to any plan except term plan at least 5 years prior to maturity
  • In case of death of the insured during the tenure of the plan, Sum Assured is payable
  • The plan can be customized by adding three available Riders of Kotak Accidental Death Benefit Rider, Kotak Critical Illness Benefit Rider and Kotak Permanent Disability Benefit Rider.

Eligibility Details                                                                    

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

-

70 years

Policy Term

5 years

30 years

Sum Assured

Rs.3 lakhs

Rs.25 lakhs

Annual Premium Amount

Regular pay - Rs.2000

Single Pay – Rs.12, 000

Depends on age, term and maximum coverage limit

Premium Payment Term

Equal to policy term or Single Pay

Premium Payment Frequency

Yearly, quarterly or monthly

 

How does a Term Plan Work?

A term plan works to provide you pure live cover. A term plan is a kind of life insurance that doesn’t combine any element of saving or investment. You buy the policy for a specified period of time like 5, 10, 20 or 30 years. If you die within the policy period, your family receives the death benefit. If you outlive the policy, you do not receive any benefit. The policy continues as long as you pay the premiums on time. Failing to do so may lead to the policy being terminated prematurely.

Why are the term plans less expensive than endowment plans?

Unlike a term plan, an endowment plan has a return component. So when you outlive the policy, you receive a lump sum money as the maturity benefit. Now obviously the insurance company doesn’t pay this amount to you out of their own pockets, right? So to build up this fund over the years, they make you pay a higher premium, a part of which in invested and returned as the maturity benefit at the end of the policy period. However since a term plan has no return factor, you do not pay any extra amount to be invested. You just pay the insurance company the mortality charges, which is the fee they levy for covering your life and the administrative charges, which the insurer charges to complete the paperwork, etc. As a result, your term plan becomes much cheaper.

What is death benefit in a term plan?

A term plan is purchased to cover the life of the policyholder. So if he or she happens to die within the policy period, the insurance company would pay out the sum assured to the family members. This is known as the death benefit and is the most important component of a term plan. A term plan is purchased for the death benefit alone.

How does the insurance company deal with the risk factor while selling a term plan?

Since the chances of a healthy person dying suddenly are weak, the insurance company takes upon the low risk and charges a nominal amount as premium. And once the policyholder survives the policy period, the policy terminates. The insurance company however takes a few factors into consideration while assessing the risk factor of an individual policyholder. Among these, the most important factor is age. The policyholder’s premium will greatly depend on his age. So while a 25 year old will only have to pay Rs.3000 annually for a 25 year-cover of Rs.25lacs, a 35 year old person has to pay Rs.5000 for the same. As a result, it is always advisable to buy a term plan as early on in life as possible.

Applying for a Term 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 Term Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Term 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. You will have to fill in the necessary details to buy the plan.

Kotak Life Term Insurance 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 term insurance 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 term insurance 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 term insurance 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 term insurance 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 Term Insurance Plans Reviews

TOTAL REVIEWS (24)
Nirmal
Kheda
July 20, 2016

Kotak Insurance

Term insurance plan of mine is perfect one, and i bought this from kotak mahindra life insurance. Online renewals, updates regarding the policy and many more facilities which reduces tension of waiting in the queue. Nice investment for securing the future and it reduces taxes too.

Prashant
Gauriganj
July 11, 2016

Term plan

My term plan is perfect one and investment is less. Policy coverage is high and the claims are good which can be easily cleared by the help of staff members of the insurance company. Service is quick and online portal facility makes hassle free documentations and even renewal of the policy can be done.

Rahul
Ahmednagar
June 29, 2016

Good

The term insurance plan I have is fantastic which has low premium and paybacks are high. Service provided is quick and on time. Internet web service is nice and simple to operate. Hassle free documentations and no paperwork.

Yogesh
Shahabad
April 25, 2016

Trustworthy

I purchased kotak life term insurance plan. The premiums are ~Rs.35 K per year. The claims are good and easily sanctioned. Service facilitate by executives and staff members are very nice and fast. The policy saves taxes and it is really very good investment for future.

Varun
Kolkata
April 25, 2016

Perfect Policy

Policy plan is wonderful with huge benefits like low premiums and the policy coverage is high 90%. Claims are are good and the payback amount is around Rs.32 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment.

Chirag
Haldwani
April 25, 2016

Wonderful

Great term insurance policy plan i got from kotak mahindra life insurance. They has good in facilitate the fast services. Policy coverage is 81% and the claims are good with easy claiming process. The investment is good and it saves taxes also. The behaviour of executives and staff members are very nice.

Rohit
Delhi
April 25, 2016

Good Service

Kotak mahindra life insurance is one of the perfect insurance providers, i took term insurance policy plan. The policy is good in service and it can be buy online also. The web service is awesome and 5% less for women on premiums. Policy coverage and the claims are high. Due to online facility, it reduces the paper work and the waiting part is erased. It save taxes also.

Umakant
Lonavla
April 25, 2016

Poor Policy

The term policy plan i have is not up to the mark. The policy coverage is 66% and the claims are less. The premiums are 20 K twice a year. Services are fast and the behaviour of the executives and staff members are good. Some improvement needed in the web site.

Tarun
Krishnagiri
April 25, 2016

Awesome

I buy kotak life term insurance policy plan. The policy coverage is 86% and the premiums are low ~37 K. The claims are easily sanctioned because the service is fast from the executives side and from online web page also. The policy premiums are 5% less for women.

Ishant
Srinagar
April 25, 2016

Slow Service

The term plan which i bought from kotak mahindra life insurance has slow service issue. Policy coverage and claims are high with low investments. The executives and staff members are behave good with the customers and providing nice outputs. The daily updates are mailed and texted to me regularly.

Prabhjot
Noida
April 25, 2016

Power Plan

Policy coverage is less around 70% and the premiums are low around 21 K twice a year. Service are good and always on time. The claims are cleared easily due to quick response from the executives and staff members. Please improve your policy coverage for better performance.

Mankaran
Mohali
April 25, 2016

Great Service

Kotak life term insurance plan is very good. The policy coverage is 87% and the claims are good even the the claiming procedure is easy because the service provided by the company members are good and even the web services are even better. The premiums are low and for women get 5% less extra benefits on premiums.

Nakul
Dariyapur
April 25, 2016

Excellent Work

I have term insurance policy plan with kotak mahindra life insurance. The policy is good and the premiums are very less. The best investment and the taxes are also saved. Policy coverage and claims are good and the services are super fast. I really like my policy.

Bhavya
Agartala
April 25, 2016

Fantastic plan

Great insurance policy plan i got kotak life term insurance plan. They has good speed and responsive for any query and for any help. Policy coverage is 86% and the claims are good with easy claiming process. The investment is good and it saves taxes also.

Vishal
Lalganj
April 25, 2016

Normal Plan

The insurance policy plan i have is kotak life term insurance plan. The policy coverage is high with high claiming amount. The premiums are low and the payback returns are approx. rs.35 L. The service provided by the executives and the staff members is good with nice behaviour.

Chandan
Gopiganj
April 25, 2016

Above Average

Got insurance plan that is kotak life term insurance plan. The policy plan is above average and the premiums are low. Policy coverage and the claims are high with high payback returns. Services provided by you guys is appreciable with good behaviour of your staff members and the extra good treatment provided by the executives is very nice.

Akash
Gwalior
April 25, 2016

Fair Policy

My policy is not good because the service is slow, the policy coverage is less, Claims are not enough, premiums are high, not provided help when needed by the staff members not in the company or either on the call. Not satisfied with this policy.

Sumeet
Faizabad
April 25, 2016

Very Good

I have term insurance policy plan from kotak mahindra life insurance. Policy coverage is good and the premiums are low approx. 33 K. Claiming is easy and the waiting time is very less due to fast and on time services from executives and the staff members.

Dinesh
Jhansi
April 25, 2016

Average

I purchase kotak life term insurance policy plan. The policy plan is an average one but the premiums are low with good policy coverage ~81%. This is an online policy plan, easy to buy. The plan has 5% less on premiums for women. Premiums and claims are free from taxes.

Gautam
Holagarh
April 25, 2016

Okay

My insurance policy plan is kotak life term insurance. The policy coverage is high and the claims are high too. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions.

Manish
Muktsar
April 25, 2016

Manageable

The term policy plan i have is not as i expected. The policy coverage is 68% and the claims are less. The premiums are 20 K twice a year. Services are fast and the behaviour of the executives and staff members are good. Some improvement needed in the web site. Manageable policy plan.

Lalit
Kurukshetra
April 25, 2016

Good Policy

My kotak life term insurance policy plan is wonderful with huge benefits like low premiums and the policy coverage is high 88%. Claims are are good and the payback amount is around Rs.28 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Daily update are mailed to me.

Vaishali
Thane
March 29, 2016

Feedback

please give detials of kotak mahindra term plan

Satish
Pune
February 26, 2016

Good Plan

I buy term insurance plan from kotak mahindra life insurance The policy plan is good and the services you provide is the best as comparing to others. The premiums are low approx. 12 K per year and sum assured value is approx 25 lakh.