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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. 

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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.

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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.

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