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Kotak Mahindra Life Insurance

Kotak Mahindra Life Insurance Company Limited (Kotak Life) is a 100% owned subsidiary of Kotak Mahindra Bank Limited (Kotak). They offer a comprehensive range of life insurance plans that provide a safety net for your family, ensuring their future is secured against life's uncertainties. Here, let’s learn more about Kotak Mahindra Life Insurance, its benefits and plans offered by the insurer. 

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Company Website https://www.kotaklife.com/(wwwdotkotaklifedotcom)
Year of Establishment 2001
Head Quartered Mumbai
Chairperson Uday Kotak
Parent Organization Kotak Mahindra Bank

Kotak Mahindra Group is a reputed banking and financial services organization in India. It offers an extensive range of financial products to meet both corporate and individual investment needs.

What Is Kotak Mahindra Life Insurance?

Kotak Mahindra Life Insurance is one of India's most prominent insurance companies. It offers customers various insurance products such as life, savings, protection, wealth and retirement to help them and their families protect their financial future in the event of life's uncertainties. With a Claim Settlement Ratio (CSR) of 99.58%, Kotak Mahindra Life Insurance is one of the top and most trusted insurers in the country. 

Why Should You Buy Kotak Mahindra Life Insurance Plan?

Here are following reasons that you should buy Kotak Mahindra Life Insurance plan:

  • Financial Security for family: Kotak Mahindra Life Insurance offers plans for financial security. In case of an unfortunate event, the payout helps your family maintain their lifestyle, cover expenses, and achieve long-term goals like education and retirement.

  • Comprehensive Coverage Options: Kotak Mahindra Life Insurance provides a diverse range of insurance products for different life stages and needs. Whether you seek pure protection, wealth creation, or comprehensive coverage, their varied portfolio ensures you can find a plan that aligns with your financial goals.

  • Guaranteed Returns: Kotak Mahindra Life Insurance, especially Savings and Retirement plans, guarantees returns upon maturity. As you pay premiums, your savings accumulate, and at maturity, you can opt for a lump sum or regular income.

  • Affordable Premiums: Kotak Mahindra Life Insurance offers comprehensive plans, like term insurance plans, at very affordable premiums, so that you can financially secure your family and dependents without any hassle. 

  • Tax Benefits: Choosing Kotak Mahindra Life Insurance plans offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Secure your financial future with added tax advantages, making it a smart choice for your insurance needs.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What Are The Various Life Insurance Policies Offered By Kotak Mahindra Life Insurance?

The various life insurance policies in multiple segments offered by Kotak Mahindra Life Insurance are as follows: 

  • Term Insurance Plans

  • Savings Plans

  • ULIP Plans

  • Retirement Plans

Kotak Term Insurance Plans

These life insurance plans are pure risk cover plans, which provide high insurance coverage to the family of the insured at a nominal premium rate.

Term Plan Entry Age Maturity Age Sum Assured
Kotak e-Term Plan 18 to 65 years 85 years Rs. 51 Lakhs to No Limit
Kotak Term Plan 18 to 65 years 70 years Rs. 3 Lakhs to Rs. 25 Lakhs
Kotak Saral Jeevan Bima Plan 18 to 65 years 70 years Rs. 5 Lakhs to Rs. 25 Lakhs
Kotak Protect India Plan 18 to 35 years 40 years Rs. 1 Lakh to 25 Lakhs
  1. Kotak e-Term Plan

    Here are the key features of this plan:

    • Choose from 3 plan options

    • Select from 3 payout alternatives

    • Customise coverage for specific life events with the Step-Up option

    • Enhanced protection against Accidental Death, Critical Illness, and Total Permanent Disability

    • Special rates for Non-Tobacco Users and Women

    • Inbuilt wellness benefits at no extra cost

    • Option to exit the plan at age 60 years

  2. Kotak Term Plan

    Here are the key features of this plan:

    • Reduced premium rates for women.

    • Convert Kotak Term Plan to another (excluding term plans) with at least 5 years remaining.

    • Choose from flexible premium options, i.e. single and regular pay, with flexible frequencies.

    • Rider benefits include Accidental Death, Permanent Disability, and Critical Illness.

    • Plan conversion available with 5 years left on the cover.

    • Premium options: single and regular pay, with flexible frequencies.

  3. Kotak Saral Jeevan Bima Plan

    Here are the key features of this plan

    • Coverage up to age 70 (except for POSPs/CPSC Channel, coverage till 65)

    • Special Rates for female lives

    • Tax benefits subject to conditions under the Income-tax Act, 1961.

  4. Kotak Protect India Plan

    Here are the key features of this plan:

    • Comprehensive Coverage: 100% of Sum Assured on Death payable in the event of the Life Assured’s death during the policy term.

    • Flexibility to Add Life Cover as per your need.

    • 2 Optional Benefits to choose from.

    • Short & Hassle-Free Buy Process for Instant Issuance.

    • Sachet Life Cover at an Affordable Price.

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Kotak Savings Plans

Kotak Mahindra life insurance offers an extensive range of investment and savings plans that helps the customer to accumulate wealth in the long-term and also provides an opportunity to create a financial cushion for the family. Here are the savings and investment plans offered by Kotak Life Insurance:

Term Plan Entry Age Maturity Age Sum Assured
Kotak Guaranteed Fortune Builder 18 to 60 years 75 years
Kotak Assured Savings Plan 3 to 60 years 75 years Rs. 1,57,806 to Rs. 25 Lakhs
Kotak Guaranteed Savings Plan 3 to 60 years 75 years
  1. Kotak Guaranteed Fortune Builder

    Here are the key features of this plan:

    • Guaranteed Benefit with multiple plan options to suit your varied needs.

    • Life cover for financial security for your family.

    • Option to avail Guaranteed Income for your short term and long term goals.

    • Guaranteed lump sum benefit with flexible liquidity option.

    • Option to secure your child’s future with guaranteed payouts and in-built waiver of premium benefit.

    • Flexibility to secure life cover for your spouse under the same plan.

    • In-built Value Added Services for the wellbeing of your health.

  2. Kotak Assured Savings Builder

    Here are the key features of this plan:

    • Guaranteed Maturity Benefit at maturity:

      • Basic Sum Assured, PLUS

      • Accrued Guaranteed Yearly Additions, PLUS

      • Guaranteed Loyalty Addition

    • Increasing life cover with Guaranteed Yearly Additions, payable at maturity or earlier death.

    • Longer premium commitment means higher benefits, with additions increasing based on premium payment term (PPT).

    • More value through a high premium benefit, resulting in a higher Basic Sum Assured.

    • Option to enhance protection with various Riders.

    • Tax benefit on premiums under section 80(C) and benefit received under section 10(10D).

  3. Kotak Guaranteed Savings Plan

    Here are the key features of this plan:

    • Limited premium payment options available

    • After premium payment term, Guaranteed Additions accrue for the remaining term

    • Lump sum Guaranteed Loyalty Addition at the end of the policy term

    • Enhanced protection through optional riders

Below mentioned are the offline ULIP plans offered by Kotak Mahindra Life Insurance:

  • Kotak Premier Endowment Plan

  • Kotak Premier Moneyback Plan

  • Kotak Classic Endowment Plan

  • Kotak SmartLife Plan

  • Kotak Premier Income Plan

  • POS Bachat Bima Plan

  • Kotak Fortune Maximiser

  • Kotak Sampoorn Bima Micro-Insurance Plan

  • Kotak Premier Life Plan

Kotak ULIP Plans

Kotak Life Insurance provides the customers a wide range of ULIP options to choose from. Here are some of them:

Term Plan Entry Age Maturity Age Sum Assured
Kotak Invest Maxima 0 to 65 years 75 years Min:
Age <45 years: Higher of (10 X AP) or (0.5 X Policy Term X AP)
Age >=45 years: Higher of (7 X AP) or (0.25 X Policy Term X AP)
Max: 25 x AP
*AP: Annualized Premium *SP: Single Premium

Kotak Invest Maxima

Here are the key features of this plan:

  • No premium allocation charge in this plan

  • Survival Units: Paid up to 2% of Fund Value from the 10th year and every 5th year thereafter

  • Choose from two portfolio strategies: Systematic Switching Strategy, Self Managed

  • Flexible premium payment options: Regular, Limited, and Single Premium

Below mentioned are the offline ULIP plans offered by Kotak Mahindra Life Insurance:

  • Kotak Invest Maxima

  • Kotak Single Invest Plus

  • Kotak Single Invest Advantage

  • Kotak Platinum Plan

  • Kotak Ace Investment

  • Kotak Wealth Optima Plan

Kotak Retirement Plans

Kotak Life Insurance Retirement Plan is specifically designed to secure the financial future of the individual after retirement. The retirement plans offered by Kotak Mahindra Life Insurance helps to accumulate funds in the long-term so that one can enjoy the golden days of retirement and can have a regular flow of income after retirement. The retirement plans offered by Kotak Mahindra Life Insurance are:

Term Plan Entry Age Maturity Age Sum Assured
Kotak Life Time Income Plan 18 to 99 years

Kotak Life Time Income Plan

Here are the key features of this plan:

  • 6 annuity options available to choose from

  • Issued annuity rates guaranteed for a lifetime

  • Higher Annuity Rates for Higher Premium

Below mentioned are the offline Retirement and Annuity plans offered by Kotak Mahindra Life Insurance:

  • Kotak Premier Pension Plan

  • Kotak Assured Pension

  • Kotak Saral Pension

How To Buy Kotak Mahindra Life Insurance From Policybazaar?

Here are the steps to buy Kotak Mahindra Life Insurance from Policybazaar:

Step 1: Visit the official Policybazaar website and go to the Term Insurance section.

Step 2: Provide your name, contact details, gender, and date of birth.

Step 3: Enter the information regarding your job type, yearly income, educational qualifications, and smoking/tobacco consumption habits.

Step 4: Choose Kotak Mahindra term plan from the list of term insurance plans that appears.

Step 5: Pay using your preferred mode to complete the process.

What Are The Exclusions In Kotak Mahindra Life Insurance?

Here are the exclusions in the Kotak Mahindra Life Insurance:

Suicide: If the policyholder commits suicide within 12 months of buying the policy, his/her nominees will not be able to claim the death benefit.

FAQ's

  • What is the policy cancellation process?

    Ans: Submit your policy documents along with duly filled surrender form at the service desk in any of the branches. Upon successful proceedings, the refund will be credited directly into your bank account and the policy stands canceled. The company claims to settle it within 7 working days.
  • Is there premium flexibility under the Kotak Term Plan Benefit Rider?

    Ans: Yes, Kotak Term benefit rider offers the flexibility to pay the premium in single pay, limited pay, or regular pay.
  • What is the Claim Settlement Ratio (CSR) of Kotak Mahindra Life Insurance?

    Ans: As of 30th June 2019, Kotak Mahindra Life Insurance boasts a high Claim Settlement Ratio (CSR) of 99.58%, indicating its commitment to efficiently settling claims.
  • How long has Kotak Mahindra Life Insurance been in operation?

    Ans: Kotak Mahindra Life Insurance was established in 2001 and has been providing insurance solutions for over two decades.
  • What is Kotak Mahindra Life Insurance?

    Ans: Kotak Mahindra Life Insurance is a leading insurance company in India, offering a diverse range of insurance products such as life, savings, protection, wealth, and retirement plans. It ensures financial security for individuals and their families in the face of life's uncertainties.
  • What happens if I miss a premium payment of Kotak Mahindra Life Insurance?

    Ans: It's crucial to pay premiums of Kotak Mahindra Life Insurance on time. Missing payments may lead to a grace period, but failure to pay within that period may result in policy lapses. It's advisable to check the policy terms and conditions for details on premium payments.
  • What are the exclusions in Kotak Mahindra Life Insurance?

    Ans: Kotak Mahindra Life Insurance has specific exclusions, including suicide. If the policyholder commits suicide within 12 months of policy inception, nominees will not be eligible for the death benefit.
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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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