Prices Increasing soon Prices Increasing Soon

Kotak Life Insurance Policy Details

Kotak Life Insurance, is one of the leading insurers in India and is commonly known to offer a comprehensive range of insurance plans and cater to the different needs of its consumer. Choose the one that suits you the best and make sure your loved ones remain financially secured. Kotak life insurance plans secures your family’s future against the uncertainties of life, offers financial security and helps freeing you from the burden of debt. 

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
6.7 Crore
Registered Consumers
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:-

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Apart from this, there are other policy details such as free look period, grace period, revival, surrender, etc. which are also important to be aware of by reading policy documents. Here are some of Kotak life insurance policy details:

What are the Benefits of Kotak Life Insurance Plan?

Following are some of the Kotak life insurance plans:

  • Provides financial coverage: The sum assured amount provided by the insurance company helps your family in maintaining their financial well-being.

  • Offers various options: You can select from different types of insurance plans. Few plans also offer maturity payout along with death benefits.

  • Tax Benefits: The life insurance plan’s premium is tax-deductible u/s 80C of the ITA, 1961.

What are the Kotak Life Insurance Policy Details?

Below-mentioned is the standard policy details of Kotak Life Insurance plans. You can also refer to policy documents to understand the plan-specific details.

  1. Grace Period

    The grace period is the time the insurer provides after the due date to pay your premium amount before the plan becomes inactive. You can pay your outstanding premiums during this time without losing any insurance benefits. Kotak Life insurance offers a grace period of 30 days from the due date of premium payment for both monthly and yearly modes.

  2. Riders

    The rider premium payment will be made in addition to the premium amount for the base plan and collected along with the premiums for the base term plan. In case of inadequate insurance cover customizing the protection, Kotak e-accidental death benefit rider can be attached. In this, lump sum benefit is paid on life assured’s accidental death in addition to death benefit under the base term plan.

  3. Premium Payment Options

    Kotak life insurance allows you to pay the premium amounts in specific tenures of your choice. You can pay as monthly, quarterly, semi-yearly or yearly.

  4. Lapsing of policy

    In case of Limited premium payment

    For a premium payment term (PPT) less than ten years, where the premium amounts for the 1st 2 years of policy are not paid within the grace period and for a PPT of ten years or more, if the premiums for the 1st 3 years of policy are not paid within the grace time, the plan shall lapse from the due date of the 1st unpaid premium and no benefits will be paid.

    In the case of Regular premium payment

    The plan shall lapse if the due amount of the premium is not received by the last of the grace time.

    In the case of Single Premium Payment

    The policy will not lapse in such cases.

    Upon the lapsation of a plan and not revived within the revival period as per the T&Cs of revival, all the premium amounts paid under the plan will be surrendered. In such cases, the policy will terminate and no benefits will be payable. Any fresh assignment and nomination are not allowed during the lapse mode.

  5. Surrender

    If you want to surrender, the availability and formula of the surrender value shall be as follows:

    Premium Payment Surrender Benefit Surrender Amount
    Regular Payment No Availability No Availability
    Limited Payment The surrender amount available after the payment of 1st 2 to 3 years of policy is premium for less than PPT of 10 years/10 PPT and ahead respectively. 75 per cent of [sum of the premium amount paid (minus the premiums of the first year)] X (policy term –premium payment /policy term)X (outstanding policy tenure/policy tenure)
    Single Payment The surrender amount is immediately available after receiving the single premium receipt. 75 per cent X [(single premium amount paid)X (policy term -1)/policy term]X (outstanding policy tenure/policy tenure)
  6. Reduced paid-up

    After the attainment of surrender value, if the following premium amounts are not payable within the grace time, the base plan along with riders (if there are), will be converted to a reduced paid-up plan by default. Upon conversion to the reduced paid-up status, the sum assured amount on death and riders is reduced to the paid-up status sum assured on death as per the following conditions:

    For Regular Pay: NA

    For Single Pay: Single pay plan will become completely paid up after the premium payment

    For Limited Pay: (total premium amount paid/Total premium amount payable) X sum assured amount on death

  7. Free Look Period

    The policyholder is provided 30 days of free look period from the receipt date of this plan. During this time, the policyholder may select to reconsider their decision to hold this plan, or may also select to return the same mentioning the reasons within the specified tenure of 30 days. If the policyholder chooses to return the plan, he/she shall then be eligible for a refund of the premium amount paid after adjusting all the expenses for medical check-up, the proportionate risk premium for the coverage term and stamp duty charges. A plan returned once shall not be reinstated, restored or revived at any stage and a fresh proposal will be made for a new plan.

  8. Policy Revival

    A reduced paid-up or lapsed policy can be restored for complete benefits on revival within 2 years of the first unpaid premium. If a lapsed plan is not revived during the revival tenure, the plan will be terminated without the payment of any benefits.

one crore term plan

Secure Your Family Future Today


Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

How to Buy Kotak Life Insurance Plans?

Step 1: Visit Life insurance

Step 2: Fill the form with required details such as gender, name, contact details, DOB, and email.

Step 3: Click on ‘View Term Quotes’

Step 4: Then, answer some questions like annual income, smoke or chew tobacco,

Step 5: List of plans will display on the screen as per your needs.

Step 6: Choose cover until age, life cover and payment frequency and then select the one that suits you the best.

Premium By Age

Life insurance articles

  • Recent Article
  • Popular Articles
24 Apr 2024

Most Common Life Insurance Frauds in India

Life insurance fraud is a financial crime that can be committed

Read more
09 Aug 2023

What High Net Worth Individuals (HNIs) Do To Secure Their...

High net worth individuals often opt for life insurance plans to

Read more
28 Jun 2023

A Review Of ICICI Prudential Life Insurance

“Policy Bazaar insurance clarified the term policy for me, so

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best

Read more
20 Jun 2023

Best Life Insurance Policy in India with High Returns

The best life insurance policy in India is a type of life

Read more
15 Dec 2021

Life Insurance for Parents in India

With the increase in the average life expectancy rate, the older population in India is on the rise. Most of the

Read more
08 Jun 2022

Life Insurance for NRI

Going beyond geographical boundaries to study or pursue a career abroad is a common aspiration for many

Read more
14 Apr 2014

Life Insurance Quotes

Life insurance quotes are the approximate premium rates for the specific life insurance policy. It helps you

Read more
26 Dec 2022

Canara Guaranteed Fortune Plan

Canara HSBC life insurance company introduces a guaranteed fortune plan that provides assured benefits to life

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best decision I have ever made. I feel so good knowing that

Read more
Need Help? Request Callback
View Plans
Download the Policybazaar app
to manage all your insurance needs.