Kotak Home Loan Insurance

Kotak Mahindra Bank's home loan insurance is designed to help borrowers and their families avoid the stress of an unpaid housing loan. Most people need loans to buy a home because it's a long-term financial commitment. But things don't always go as planned. If something happens to the borrower while they are paying off their home loan, the remaining loan amount will not be a burden on the family.

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6.29 Crore Policies Sold

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₹1 Crore loan cover starting from 361/month+

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The insurance company pays off the debts instead, so the family can keep the property without worrying about money.

What is Kotak Home Loan Insurance?

Kotak home loan insurance, which is also called a Mortgage Plan by Kotak, is a policy that pays off your home loan. If the borrower dies while the loan is still in effect, the insurer pays the lender the rest of the loan amount. This means that the family doesn't have to keep paying EMIs or risk losing their home.

In some cases, the plan may also offer protection against:

Critical illness
Permanent disability
Loss of income (depending on policy terms)

Most plans follow a reducing cover structure, where the sum assured decreases over time in line with the outstanding loan balance. The Kotak Home Loan EMI Calculator can be used to check the EMIs and plan accordingly.

Home Loan Amount

Loan Tenure

5 Years 30 Years

Interest Rate

5% 15%

Loan Tenure Completed

0 40 yrs

Get the coverage you need-quick and easy! Choosing the right Home loan insurance is now effortless. Simply enter your details, hit “Calculate,” and receive a personalized plan designed just for you.

Why Kotak Home Loan Insurance is Important?

Protects Your Family from Financial Stress
If the borrower is no longer available, the responsibility for repaying the loan can fall to the family. Insurance removes this burden.
Prevents Loss of Property
Unpaid EMIs can lead to legal action or foreclosure. Insurance ensures the loan is cleared.
Covers Long-Term Liabilities
Home loans typically run for 15–30 years. This plan provides protection for the entire duration.
Additional Risk Coverage
Some plans extend protection to situations like disability or serious illness that impact earning ability.

EMI Calculator

Loan Amount

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₹10 K
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₹4,00,00,000
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₹10 Cr

Interest Rate

Loan Tenure

Yrs

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Key Features of Kotak Home Loan Protection Plan

Coverage aligned with outstanding loan amount
Protection throughout the loan tenure
Option to cover multiple borrowers under one plan (joint loans)
Flexible premium payment options
Option to bundle premium with home loan EMI
Affordable cost compared to the overall loan size

Types of Coverage Under Kotak Home Loan Insurance

Home Loan Insurance (Reducing Cover)
- Covers only the outstanding loan
- Sum assured reduces over time
- The claim is usually paid directly to the lender
Term Insurance for Home Loan
- Offers a fixed lump sum payout
- Money goes to the nominee
- Can be used for loan + other expenses

Term Plans

LIFE COVER

₹ 1 Crore

STARTS AT

₹ 13/day⁺

View Plan
LIFE COVER

₹ 50 Lakh

STARTS AT

₹ 8/day⁺

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LIFE COVER

₹ 75 Lakh

STARTS AT

₹ 12/day⁺

View Plan

Kotak Home Loan Insurance Premium Calculator

Before buying a policy, it’s important to estimate the cost. A home loan insurance premium depends on:

Loan amount
Loan tenure
Age of borrower
Health condition
Type of premium (single or regular)

For example:
A younger borrower with a shorter loan tenure will pay significantly lower premiums compared to an older borrower with a long-term loan.

Many borrowers also evaluate their loan using the Home Loan EMI Calculator to plan their insurance.

Claim Process for Kotak Home Loan Insurance

The claim process is straightforward:

Nominee or family informs the insurer
The required documents have been submitted (including the death certificate, policy details, etc.).
The claim is verified by the insurer
The outstanding loan amount is paid to lender or nominee

This ensures quick financial relief and prevents repayment stress during difficult times.

Kotak Home Loan Insurance vs Term Insurance

Choosing between Kotak Home Loan Insurance and a term insurance plan really depends on what you want your coverage to do for you.

Feature	Home Loan Insurance	Term Insurance
Coverage	Specifically tied to your home loan	Covers your overall life risk
Payout	Paid directly to the lender to close the loan	Paid to your nominee for any financial need
Flexibility	Limited to loan protection	Highly flexible usage
Coverage Amount	Reduces as your loan balance decreases	Stays fixed throughout the policy term
Best For (How to Choose)	If your main concern is clearing the home loan without burdening your family	If you want complete financial protection for your family beyond just the loan

Is Kotak Home Loan Insurance Worth It?

It depends on your situation. You should strongly consider home loan insurance if:

You are the sole earning member
Your family depends on your income
You have a large or long-term loan

If you already have a high-value life insurance plan, you may not need a separate loan protection plan.

Wrapping It Up

Kotak home loan insurance is a practical way to safeguard one of your biggest financial commitments. It ensures that your home remains with your family, even if life takes an unexpected turn. Before choosing a plan, compare premium options, understand coverage details, and evaluate whether you need standalone loan protection or a broader life insurance solution.

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FAQs

Q1. Is Kotak home loan insurance mandatory?

Ans: No, it is not mandatory. However, it is strongly recommended to protect your family from loan liabilities.
Q2. What does Kotak home loan insurance cover?

Ans: It primarily covers the outstanding loan amount in case of the borrower’s death. Some plans may include disability or critical illness coverage.
Q3. Can I include the insurance premium in my home loan?

Ans: Yes, Kotak allows you to add the premium to your loan amount and repay it through EMIs.
Q4. Does home loan insurance cover natural death and accidents?

Ans: Yes, most policies cover both, but exclusions like suicide or war-related events may apply.
Q5. Can joint home loans be covered under one policy?

Ans: Yes, a single policy can cover multiple borrowers in a joint home loan.

Different types of Plans

Term Insurance

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Life Insurance

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List of Term Insurance Companies

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TROP

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Term Insurance For Senior Citizen

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Term Insurance For Spouse

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Term Insurance For Family

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Term Insurance For NRI

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List of Term Insurance Plan

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Life Insurance Corporation of India

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What is Term Insurance?

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Term Insurance Calculator

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1 Crore Term Insurance

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2 Crore Term Insurance

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˜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

Rs. 400/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. 400/month (Rs.13/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.

+Rs. 230 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. 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. 12/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. 497/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. 487/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. 626/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. 905/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. ₹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

+Rs. 1,267/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.

*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. 447/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.679/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. 910/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. 1,924month 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.

Women

+Rs. 400/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, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 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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