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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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Note: Know more about what is term insurance first before reading this article.
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.
Term Plans
Kotak e-Term Plan offers you a convenient mode of online payment that is fast, cost-effective, time-efficient, and easily accessible.
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.
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.
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.
The online mode of premium payment facility is entirely free of cost whether you do it via net banking, website, or mobile app.
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.
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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:
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.
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.
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.
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.
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.
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.
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.
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.
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:
Kotak e-term plan payment can also be made through online wallets like Paytm. The customer can make the payment via app or website.
Kotak e-Term Plan can pay their Kotak e-Term Plan premium online through the NSDL platform.
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:
These are the three types of insurance payment options provided by Kotak Life:
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.
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.
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.
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.
Note: Check all the best term insurance plan in India.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/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 38 years of age.
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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+Rs. 820/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 38 years of age.
+Rs. 1,443/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 38 years of age.
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