Life Insurance is a prime necessity these days, given the uncertainty of life. It is essential to secure one's life along with that of one's family. Several life cover options are available in the market. Among various available options, it is difficult to choose the option that best suits an individual. Kotak Mahindra Life Insurance Company Limited provides its customers with creatively designed plans that help them get forward in their lives and help them during the most needed times.Read more
These plans are catered to individual insurance and investment needs with affordable premiums. One can easily calculate the estimated premium amount for any desired Kotak Insurance plan using the insurer’s online calculator tool available free online.
The process to use the Kotak Premium Calculator is easy and requires a few simple steps which should be followed. The calculator is available on the official website of the insurer. The steps to follow are listed below:
Step 1: Fill in the Required Information
The first step to use Kotak Premium Calculator is to enter all the essential details like – Name, DOB, Gender, Marital Status, Tobacco Habits, Annual Income, Coverage amount required, Mobile Number, Policy term, etc.
Step 2: Enter the Sum Assured Amount
The sum assured amount to be entered must be chosen by the individual. The individual has to choose the sum assured amount carefully depending upon their future plans and needs. The premium to be paid for a particular sum assured amount can be viewed as a monthly payment or as a lump sum (annual payment) depending upon the customer's convenience.
Step 3: Check the Premium Amount and Finalize the Policy Purchase
After the above-mentioned procedures are followed properly, the customer has to click on the "Submit" button at the end of the calculator tab. After clicking, the premium amount to be paid for the particular sum assured amount that is chosen by the customer is shown. If the premium is affordable for the customer, then they can proceed with finalizing the policy.
Kotak Premium Calculator helps the customer to choose the right amount of insurance coverage option that meets their expectations. There are some benefits to using Kotak Premium Calculator.
The benefits are listed below:
Gives an Estimated Premium Amount: The policyholder may not have an idea of how the premium amount works. Sometimes, the policyholders choose their policies without even knowing how much they have to pay as a premium amount. While using the calculator to calculate their premium, the customer can get a clear idea of how much premium they have to pay for getting their desired sum assured amount.
Time-Efficient Process: Since the calculation can be done online, it saves the customer their time. If the same process has to be done offline, then the customer has to go to the respective offices of the Insurers and wait in line to know their premium rates. But, with the help of Kotak Premium Calculator, the premium can be calculated within a few seconds.
Cost-Effective Solution: Kotak Premium Calculator is available online for free of charge. Since it is free, it serves as a cost-effective solution for the customer to calculate their premium for an estimated sum assured amount.
The list of information required while using the Kotak Premium Calculator are listed below:
Personal Information – Name, Date of Birth, Income Details, Any loan or other debts or liabilities, Gender, Marital Status, Number of Members to be insured.
Health Information – Information about Critical illness, smoking, or tobacco habits.
Sum Assured amount of the life cover needed.
An estimated coverage amount that suits the future financial goals and budget conditions to fit term insurance into their profile.
Insurance differs from each other depending upon the key benefits and coverage options provided by them. Not every policy suits an individual. An individual has their own expectations while choosing a policy and the policy provider must fulfil the expectations of the customer.
Using Kotak Premium Calculator, the customer can choose the plan that suits them the best and they can even compare between the wide ranges of plans available in the market.
Here are the reasons why you should use a Kotak Premium Calculator:
Compare between various plan options that are available in the market.
Choose a term (monthly, half-yearly, quarterly, or yearly) for paying their premium.
Know the estimated sum assured amount on their policies.
Check whether the sum assured amount’s premium comes under their budget.
Provides a clear understanding of premium rates and maturity date.
The customer can get a clear idea of the policy before investing in any of them.
The Kotak Premium Calculator is available online and totally free of cost. So, they can be used again and again for calculating the premium amount offered by various policies. Thus, this can help the customer compare different plans to analyse plan options and make the final choice.
Term insurance plans by Kotak Mahindra Life Insurance are designed in a manner to help the customer’s needs by collecting a small amount as a premium from them. This Insurance helps their customers to dream about their future and live a risk-free life.
A few benefits of buying a Kotak Term Insurance plan are listed below:
Kotak Term insurance is one of the easily affordable plans which have low premium rates and high coverage options. This Insurance helps the policyholder's family in times of unfortunate deaths, critical illnesses, and permanent disabilities. There are many premium options available in Kotak Insurance. The customer can choose the premium option depending on their needs.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
Another benefit of Kotak Insurance is the Long-Term Insurance Coverage plans. The policy term starts from 5 years to a maximum of 40 years and the maximum entry age of 65 years that gets matured at the maximum age of 75.
The nominee of a policy is eligible for tax deductions for the premiums payments made towards the life insurance policy under Section 80C of the Indian Income Tax Act. Also, the policyholder’s family is eligible to claim the death benefit and avail tax benefit under Section 10(10D) of the Income Tax Act. This is subject to conditions as specified in those sections, and the tax benefits change from time to time as per changes in the tax laws.
*Standard T&C Apply
*Tax benefits are subject to change as per tax laws.
Kotak Life Insurance provides creative, critical illness coverage options, which covers 37 critical illnesses. Some of the critical illnesses that fall under this category are – Brain Tumor, Cancer, and Kidney Failure, etc.
Life Secure option provided by Kotak Life Insurance provides an additional benefit which provides coverage in case of accidental and permanent disabilities. The coverage amount helps in times of such unfortunate events, which would be of great help to their customers.
Kotak Life Insurance provides a Life plus Option, which provides an accidental death cover. The amount for such accidental death can be claimed up to Rs.1Crore. This amount will be provided to the nominee of the policyholder, and if the death occurred before the premium period to get over, then no more premiums will be collected from the nominee.
Premium rates of Kotak Term Insurance policy depend upon the policy that is chosen by the customer and other features like the policy term, maturity date, sum assured amount, and coverage options. The premium rate differences are listed below:
Age of the applicant
Gender – Female customers have a special discount.
Sum Assured Amount
Premium Payment Term
For knowing estimation on their premium rates, the customer can use the Kotak Premium Calculator that is available online.