Kotak Life Insurance vs ICICI Life

Kotak e-Term

Premium starts ₹0/month

Max Coverage Upto

75 yrs

Claim Settlement Ratio

99.5%

Average Claim Trend

98.79%

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iProtect Smart Plus

Premium starts ₹1,073/month

Max Coverage Upto

99 yrs

Claim Settlement Ratio

99.3%

Average Claim Trend

99.27%

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Comparison between Plans

Kotak e-Term Plan

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Compare Kotak Life Insurance and ICICI Life Insurance to check which insurance company offers the best term insurance plans in India 2026. This comparison is based on claim settlement ratios, solvency ratios, premium affordability, suitability and an individual’s specific insurance needs.

Which is Better, Kotak Life or Axis Max Life?

Both providers are approved by Insurance Regulatory and Development Authority of India (IRDAI). Your selection depends on your coverage needs.

Choose Kotak Life Insurance: If you are looking for a term plan with one of the highest claim settlement ratios in the industry and flexible premium payment options, Kotak Life Insurance is a strong choice.
Choose ICICI Life: If you are looking for a trusted private insurer with a wide range of term plan variants and the backing of one of India's largest financial groups, ICICI Life Insurance is a reliable option.

Both Kotak Life Insurance and ICICI Life Insurance offer a wide range of life insurance plans to suit the needs of every customer.

Kotak Life vs ICICI Life – Comparison Table

Kotak Life Insurance and ICICI Life Insurance provide numerous term insurance policies:

Features	Kotak Life	ICICI Life
Claim Settlement Ratio	98.6%	99.30%
Solvency Ratio	2.6%	2%
Entry Age (Term Plans)	18 to 65 years	18 to 60 years
Maturity Age	Up to 99 years	Up to 99 years
Riders Available	Waiver or Premium(paid), Cover against 37 Critical Illnesses(paid), Extra Payout on Accident Death(paid)	Accidental Death Rider, Critical Illness Plus Rider, Permanent & Partial Disability Rider, Income Benefit Rider, Waiver of Premium Rider
Premium Payment Options	Yearly/Half-Yearly/Quarterly/Monthly	Yearly / Half Yearly / Quarterly /Monthly
Online Purchase	Yes	Yes

Note: Information based on publicly available insurer disclosures and IRDAI reports.

Term Insurance Plans Offered

Kotak Life Insurance and Axis Max Life Insurance offer a range of term insurance policies

Kotak Life Insurance Term Plans

Kotak e-Term Plan: Ideal for those people who are looking for flexibility in life insurance coverage plans. It has a high sum assured with low-cost premiums and flexible rider benefits.
Kotak Term Plan: Ideal for individuals looking for simple and reliable long-term protection, this plan provides essential life cover with flexible premium payment options to secure your family’s future.
Kotak Saral Jeevan Bima Plan: Suitable for those people who are interested in purchasing affordable coverage options. The plan also offers flexible features, such as accidental death cover.
Kotak Protect India Plan: Ideal for young individuals looking for affordable and accessible coverage, this plan provides flexible protection options along with features like an accidental death benefit and convenient online purchase.
Kotak TULIP: Ideal for individuals who want both investment and insurance in one plan, this ULIP combines market-linked returns with life cover, along with flexible premium options and rider benefits.

ICICI Life Term Insurance Plans

ICICI Life iProtect Smart Plus Term Plan: Ideal for people who want life insurance and also want to save some money. This plan protects you for the time you have the policy, and if you survive, you get your premiums back.

ICICI Life Protect and Gain: Ideal if you are looking for life insurance and you also want your money back, the ICICI Life iProtect Return of Premium plan is a good option. This plan gives you coverage and returns your premiums when the policy matures.

ICICI Life iProtect Return of Premium: Ideal for people who want cheap protection. This plan gives you life cover, and you can also choose to have an accidental death benefit.

ICICI Life iCare II Plan: Designed for people who want protection and want to be able to change their benefits. This plan gives you a lot of life cover, and you can choose how you want your benefits to be paid out so it fits your needs.

ICICI Life iProtect Super Plan: Ideal for individuals seeking long-term and flexible protection, this plan provides extensive life cover with customisable benefit payout options to suit different financial needs.

Premium Comparison (Illustrative Example)

The comparison assumes both insurance plans are based on the basis of online indicators at the present. This file looks at the premiums for a sample customer profile:

Age: 23 years
Gender: Male
Smoking: Non-smoker
Sum Insured: Rs. 1 Crore
Annual Income: Rs. 8 lakh-Rs. 10 lakh
Term of Policy: 65 years
Type of Occupation: Salaried
Qualification: Graduate

Insurer	Approx. Monthly Premium
Kotak e-Term Plan	₹580
ICICI Life iProtect Smart Plus	₹669

The real premium varies according to age, health status, policy duration, and chosen riders.

Claim Settlement Analysis

The claim settlement ratio shows the percentage of claims an insurance company has settled during a financial year.

Kotak Life Insurance has shown a strong and consistent claim settlement record across many years, reporting a claim settlement ratio of 98.6%.

ICICI Life has reliable claim settlement results by quickly settling claims, with a reported claim settlement ratio (CSR) of 99.30%.

Who Should Choose Which Insurer?

The following is a simple way of deciding about the coverage choice:

Choose Kotak Life Insurance if you:

want a plan with one of the highest claim settlement ratios in the private insurance sector
prefer flexible premium payment options including single, limited, and regular pay
want whole life coverage up to 99 years of age
are looking for affordable premiums without compromising on sum assured
want the option to enhance coverage with joint life protection for your spouse

Choose ICICI Life Insurance If you :

want a term plan from one of India's largest and most established private insurers
are looking for a return of premium option where premiums are paid back on survival
want multiple payout options including lumpsum, monthly income, or a combination of both
need a plan that offers comprehensive coverage against terminal illness at no extra cost
are a salaried professional looking for a straightforward online buying experience with minimal documentation

Key Takeaway

Both ICICI Life Insurance and Kotak Life Insurance offer relatively competitive insurance products to help ensure financial security in the future. The best company to go for would be Kotak Life Insurance, since it is geared towards providing structurally planned term insurance with flexible riders and reasonable premium payment options, whereas the latter is ideal for consumers who prefer customisation.

Explore the popular searches and stay informed

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

+On the basis of your profile

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 410/month (Rs.14/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age rounded off to nearest 10

+Rs. 245 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 15/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 504/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 494/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 636/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 918/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,286/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 453/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.582/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 786/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,592/month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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