Kotak e-Term Plan Online Payment

Kotak e-Term Plan is a risk cover term plan that provides the customer with a high level of protection on economic terms. E- Term plan offers unique premium offers to women customers and also to customers not having any medical condition or smoking or drinking habits. The Plan also offers death benefits in case of death of the life insured.

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The customer is also allowed some raiders according to the plans they selected to enhance their complete cover in unfortunate events.

Kotak e-term provides a wide range of payment options. The customer is allowed to pay his premium payment in the online as well as offline mode. They can use a credit card or even do it over the phone. The premium payment can be made 24X7 online from home. The company provides reminders and alerts to its customers about their due dates. The company offers three payment options: regular, limited, and single payment options to its customers.

Benefits of using the Online Payment Process

Kotak e-Term Plan offers you a convenient mode of online payment that is fast, cost-effective, time-efficient, and easily accessible.

  1. Fast

    If the customer wants to make his premium payment in offline mode, he is most likely to be standing in long queues at the gates of the bank. The online payment method is fast and more convenient as it can be done at any given time from the comfort of your home. The process takes only a few moments and hence is super easy for the customer.

  2. Accessible Anytime and Anywhere

    For online payment, the only requirement on the customer's side is that of an internet facility. If the policyholder has access to a stable internet connection, he can authorize and pay his premium amount anytime and from anywhere.

  3. Convenient

    The customer can talk to the insurer to register their bank account with the policy for auto premium payment directly from their account on the due date.

  4. Free of Cost

    The online mode of premium payment facility is entirely free of cost whether you do it via net banking, website, or mobile app. 

  5. 24x7 Assistance

    Sometimes, the customer might be confused with the process, even though it is not as cumbersome and is completely hassle-free. The customer can seek assistance or clarification about their doubts with the live chat facility available on its official website.

Steps to Pay Kotak e-Term Plan Online

To make it easy for the customer, the very committed company allows its customers to make their premium payments online. Online premium payments can be made through credit or debit cards, net banking, UPI, and digital wallets. Along with these, the company also allows offline and auto payment options.

Some of the methods through which online premium payment can be made are mentioned below:

  1. Online payment via My Account

    The customers can log into their existing account at the official website of the insurer. First, the customer is supposed to register themselves in the My Accounts section to get access to their accounts and be able to make their payments online. They can manage all their policies with the company in the same account. The payment can be made via net banking or credit/debit card or wallets etc.

  2. Payment through NEFT

    NEFT stands for national electronic funds transfer. To make payment using NEFT, the customer is required to have "internet banking" available on his bank account. The next step is to sign in to your account and transfer the money directly to the insurer.

  3. Electronic Clearing Services

    This payment method allows the customer an extra edge in case he doesn't want to miss his due dates. With this option active on your policy, the insurer has the authority to directly deduct the premium amount from your bank on the due date.

  4. Standing Instruction

    To avail of the facility of ECS, the customer must submit a ' Standing Instruction Form" so that the money can automatically be deducted from the customer's account.

  5. Direct Debit

    It is one of the most convenient ways to pay your policy premiums. Some banks allow this direct debit for paying your premiums. The debit is made directly from your account.

  6. Credit/Debit Card Payment

    The only necessity in case of card payment is that your card must bear your name on it. And for debit card payment, the policyholder must feed their type of card as the insurer allows payment through the type of debit card that you own. You can use either of your cards to pay your premium on the official website on the due date.

  7. Payment through Internet Banking

    To be able to use this method for your premium payment, the customer must have internet banking enabled on their bank account. Then they can visit the insurer’s website and complete their online payment.

  8. Payment through Bill Desk

    Bill desk is a secure online payment portal that customers can use to pay their bills and premiums online. Once you register on the portal, you need to feed the policy details and the provider's details and then proceed to pay.

  9. Electronic Bill Payment

    Bill payment option is provided by a lot many insurance service providers. It is quite easy to pay the premiums if they use the "bill payment options" in their internet banking account.

Other online modes

The other online modes are:

  1. PayTM

    Kotak e-term plan payment can also be made through online wallets like Paytm. The customer can make the payment via app or website.

  2. NSDL Platform

    Kotak e-Term Plan can pay their Kotak e-Term Plan premium online through the NSDL platform.

  3. Bharat BillPay

    The customers can use Bharat BillPay to make their premium payments. They are allowed to access this portal via BHIM, mobile banking, internet banking, etc.

    The steps to use Bharat BillPay are as follows:

    • Select Bharat BillPay or pay bills in bill payment
    • Select insurance service provider’s name
    • Provide your policy details, including your details as asked
    • After confirming the details mentioned, the customer can proceed with the payment using the various available options

These are the three types of insurance payment options provided by Kotak Life:

  1. Regular Payment Option

    This is the most recommended payment option as it is the most affordable way to pay premiums. The customer does not feel the weight of premium payments on their pockets in this mode. In the regular payment option, the customer can pay their premiums quarterly, yearly, half-yearly, or monthly. The frequency of your premium payment determines the rates of your interest.

  2. Limited Payment Option

    As the name suggests, in this type of payment option, the customer is supposed to pay his complete premium in a limited time. The customer pays his premium for a shorter period and gains insurance cover for a longer period. This is suitable to the holder if there's going to be a rise in his income for a limited time and also if they do not want long-term financial commitments.

  3. Single Payment Options

    The single payment option is less expensive as compared to regular payment options. The entire premium is paid at once in this method. It's easier and hassle-free for the customer. 

Difference between Online and Offline Payment Process

Kotak e-Term Plan online payment for the premium is made in a completely paperless manner. The policyholder is required to have access to a steady internet. They need to go to the insurer's website and fill in their online banking details to complete their payment online. This virtual model of payment is safe and secure and doesn't involve cash. The funds are directly transferred from the customer's bank account to the insurer.

Offline payment is made at the insurance service provider's several branches or local offices. The customers can use cash or cheque, or DD to make their payments. The offline mode of the payment process is tedious, time-consuming, and requires the customer to be present in person at the branch and stand in long queues. Sometimes the payment centres might not be open or operable, and also, they have time constraints.

Information required while Using the Online Mode of Payment 

  • If the customer has made his payment on the insurer's website, he can find his payment receipt under the My Accounts section on Kotak Life.
  • The customers are allowed to make an advanced payment for an entire financial year.
  • For payment due in the next financial year, the customer can still make an advance payment 3 months before the due date.
  • Only active policies allow the online mode of payment. In case the policy has lapsed due to unpaid premium, or due to missed due, the customer is required to pay some fine along with his premium amount.
  • Since credit cardsallow auto-debit, the customer must submit his credit card details with the bank for a credit card payment.
  • Customers are allowed to download their receipts after they've completed their payment online.

FAQ's

  • Q1. Is online premium payment safe?

    A1. Yes, the online payment option done through any method is completely safe and secure. In addition to being safe and secure, it is also time-saving and more convenient in comparison to the offline mode of premium payment.
  • Q2. Are PAN details necessary to make offline payments at the branch? 

    A2. No, for a transaction of smaller sums, the customer is not required to submit his PAN details. Only if he crosses the bank's threshold limit will he be asked to submit his PAN details.
  • Q3. Can I close my policy online?

    A3. The customer cannot close the policy in online mode. He is required to submit his surrender request with the insurer along with his original policy documents and basic personal details. He is also required to submit his self-attested KYC documents, bank details, and a cancelled cheque.
  • Q4. Can I cancel my Kotak Life Insurance within 15 days?

    A4. Yes, the customer can place a cancellation request with the insurer within 15 days of the lookout period. The cancellation request must be submitted to the nearest Kotak Life Insurance Branch or sent directly to the head office. Some surrender amount must be taken as a penalty by the insurer.
  • Q5. How to get my Kotak premium certificate?

    A5. The customer can visit Kotak Life Insurance’s website and enter his DOB along with his policy number and proceed to payment after verifying the details mentioned on the receipt displayed on the screen. Then the customer can download it and keep it safe for future reference.
  • Q6. Are there any charges for payment through Bill presentation? 

    A6. No, the customer is not required to pay a single penny as this service is provided free of charge to them.
  • Q7. Is there any app for Kotak Life Insurance?

    A7. Kotak Life Insurance customers have the facility to access their policy details through Kotak’s mobile application called “Kotak Life." The application is supported by both Android and iOS platforms. The customer can download it from Google Play Store or iOS Store and get them registered to keep track of all their policies online.
  • Q8. Can I increase the term and tenure of life insurance? Can I modify my term plan?

    A8.  Technically, the insurance company does not allow any change in the policy benefits after the purchase. The customer is allowed to add raiders and increase their benefits or make any changes only at the inception. Later on, they are not allowed any change in the policy. No, you cannot modify your term plan. You have to make your decisions at the inception, after which the customer is not allowed to make any changes to his policy.
  • Q9. What are the tax benefits of a term insurance plan?

    A9. One of the major advantages of investing in a term insurance policy is the tax benefit offered by the Income Tax Act 1961. The insurance premiums can be claimed under section 80C of this act. The act offers numerous exemptions and deductions, which reduces the taxpayer's liability. The death benefit can also be availed as tax-free under section 10(10D).
Written By: PolicyBazaar

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