Kotak Life Term Insurance Plans

Kotak Mahindra Life Insurance Ltd is a joint venture undertaken by Kotak Mahindra Bank Ltd. 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.

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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
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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

Types of Term Plans

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 kind of life insurance 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 buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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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 insurance 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

  • On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
  • Click New Quotes to compare and choose plans from insurance providers. 
  • 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.
  • Fill in your name, email address, city, country code, and mobile number. Click Continue.
  • 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.
  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  • 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.
  • 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

  • Q: How to pay a premium? What are the modes of payment available?

    Ans: Kotak Mahindra 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
  • Q: How can I check policy status for Kotak Life term insurance plans?

    Ans: If you are a registered user, simply log into the e-Portal with your policy details to check the policy status.
  • Q: What is the policy renewal process for Kotak Life term insurance plans?

    Ans: 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.

  • Q: What is the company’s process to settle claim for Kotak Life term insurance plans?

    Ans: 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.
  • Q: What is the policy cancellation process for Kotak Life term insurance plans?

    Ans: 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.
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Kotak Life Term Insurance Plans Reviews & Ratings

4 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Jitnesh
Boipariguda, March 02, 2021
Claim settlement is quick
One of my friend shared his review on this that the claim settlement of term plan is really good and quick. His plan was of kotak term insurance and it was really good plan with various benefits. The claim was settled on time. Thanks to team of policybazaar for suggesting some good plans.
Bhumi
Aul, February 19, 2021
Good plans
I have recently bought a term insurance plan from the kotak life insurance company and it was the process which was done with the help of policybazaar. I found the product into my budget and much convenient. Such a good plan.
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.
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