kotak

Kotak Life Insurance

Kotak Mahindra Life Insurance Company Limited is a private Life Insurance company in India. The company was founded in 2001 and Kotak Mahindra Bank is the parent company for Kotak Life Insurance. Kotak Mahindra Bank has achieved many milestones in the financial services field and has been awarded and recognised consistently for its achievements. It caters to 15 million customers and has 232 branches in around 167 cities and towns in India.

Kotak Life Insurance is one of the fastest growing insurance companies in India, covering over 30 million lives nationwide (as on 30th September 2020). It delivers outstanding value to its customers through high customer empathy and understanding, lifetime of exceptional service and a suite of insurance products. Kotak Life Insurance Company offers a diverse range of insurance products to all section of customers with unique and comprehensive features. Currently, the company has more than 30 products across all sections of Life Insurance, riders, Unit Linked Investment Plans and many Group Products to offer. The company’s assets under management stands at INR 25,936 crore.

Kotak Life Insurance offers several benefits such as protection, wealth creation, tax benefits, and more. The company offers several plans such as savings and investment plans, child plans, savings plans, and retirement plans about which you can read below.

Kotak Life Insurance had a claims settlement ratio of 99.01% in 2018-19, they also covered 155.30 lac lives during the year 2019-20 and had a 13th Month Persistency ratio of 83.55% (amongst the highest in the Life Insurance industry, as per the data provided by IRDAI as well as the Public Disclosures available on the company’s website.

Their CEO Mr G.Murlidhar was selected as Insurance CEO of the Year – Life Category by FICCI Insurance Industry Awards 2019.
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Kotak Life Insurance Overview

  • Why Should One Choose Kotak Life?
  • Benefits
  • Other Features
  • Claims Process
  • Exclusions

Why Should One Choose Kotak Life?

Some of the key reasons why Kotak Life is a strong insurance partner are:
  • Claim Settlement Ratio of 99.01% in 2018-19
  • Get 1 Day Claim Approval for Death Claims
  • Total Assets Under Management (AUM) - ₹25,936 cr
  • One of the India’s most Trusted Brand in the Financial Services Industry

Benefits of Kotak Life’s Term Plan

High Coverage at Affordable Premiums
With premiums starting as low as Rs.19* per day, term insurance is one of the most affordable policies to have. Term insurance also takes care of your family’s future in case of unfortunate incidences such as untimely death, critical illness or permanent disability. With multiple plans and pay-out options, you get to choose your preferred payment option and select benefit options for your term insurance plan with Sum Insureds ranging from ₹3 lacs to an Unlimited Sum subject to approvals.

Financial Security
A term plan gives your family a lump sum amount that provides financial security. The sum assured can be used for your children’s higher education and to take care of daily expenses. Financial liabilities, like home loan, mortgage loan, etc., can be paid off using the death benefit amount.

Long-Term Insurance Coverage
You can get an extended insurance term with Kotak Life Insurance, where the policy term starts from 5 years to a maximum of 57 years with the entry age limit capped at 65 years and the maturity age capped at 75 years. This enables you to be covered for an extended period until the dependency of your children and other liabilities reduces.

Tax saving
Under Section 80C, you can claim income tax deductions for the premiums paid towards securing term insurance policy. Also, under Section 10(10D) of the Income Tax Act, 1961, your family is eligible to claim the death benefit and availtax benefit. This is subject to conditions as specified in those sections, and the tax benefits are subject to change as per tax laws.

Cover for Major Illness
With Kotak Critical Illness Plus Benefit Rider, the sum assured is payable in case you are diagnosed with any one of the 37 critical illnesses listed. Kotak Life Insurance covers major ailments like cancer, brain tumour, blindness, and loss of limbs, among others.

Protection from Disability
By choosing the Life Secure option available under Kotak e-Term plan, you can avail an additional security feature. Life Secure safeguards you against permanent disability by waiving off future premiums and keeping the policy in-force for the entire term.

Secure Yourself against Accidental Death
With Life Plus Option, your loved ones are always secured, even in case of your accidental death. Your family will be eligible for claiming the complete sum assured and the accidental death benefit, subject to a maximum of INR 1 crore.

Flexibility in Paying Premiums
You have the flexibility to pay your insurance premiums as per your convenience. Kotak e-Term Plan provides you with a monthly and yearly premium payment option for your term insurance plan. You can choose the frequency according to your income cycle and preference.

Three Pay-out Options
You have option to choose between Immediate, Level Recurring, or Increasing Recurring payout basis your family’s requirements
  • Immediate Pay-out: 100% of the sum assured on death shall be payable in lump sum and the term insurance policy shall be terminated.
  • Level Recurring Pay-out: 10% of the sum assured on death shall be payable at the time of claim settlement and 6% of the sum assured shall be payable every year for a period of 15 years.
  • Increasing Recurring Pay-out: 10% of the sum assured on death shall be payable at the time of claim settlement and 6% of the sum assured shall be payable at the end of the first year from the date of death, thereafter the payout shall continue to increase by 10% every year.

Other Features

Maturity Benefit There is no maturity benefit applicable under this plan. In case you survive till Date of Maturity, no additional benefits are payable and your Policy will terminate.
Surrender Benefit Kotak Life advises you to continue your Policy for the complete tenure to enjoy the total benefits of this plan. However, in case one wishes to surrender your policy, the surrender benefit available will depend on the plan option chosen.
Free Look Period Distance Marketing Channel – 30 days
All Other Channels – 15 days
Grace Period 15 days for Policies under Monthly Frequency
30 days for Policies under Yearly / Half-yearly Frequency

Claims Process

To register a claim, please follow one of the following:
Call us at : Toll Free 1800 209 8800 (Monday-Saturday | 9am - 7pm IST)
Whatsapp us at : +91 93210 03007
Email us at : kotaklifeinsurance
Visit us Online at : https://customer.kotaklifeinsurance.com/ocm
Write to Us at : Claims Department,
Kotak Mahindra Life Insurance Company Limited
Kotak Infiniti, Building no. 21, 7th Floor - Zone 2,
Infinity Park, Off Western Express Highway,
General A K Vaidya Marg, Malad (E), Mumbai – 400 097
Visit us : Anywhere in India, closest or in your city of residence

Mandatory Documents for all type of Death claims
  • Claimant statement form
  • Copy of death certificate issued by municipal corporation under section 12/17
  • KYC documents of claimant (Mandatory)
    • PAN or Form No. 60
    • Copy of any one of the following (Identity & address proof of claimant)
      • Aadhaar Card
      • Passport (unexpired)
      • Driving License (unexpired)
      • Voter's Identity Card
      • Job card issued by NREGA duly signed by an officer of the State Government
      • One recent photograph of the claimant
  • Copy of self attested cancelled cheque / Passbook copy of the claimant
  • Relationship proof (wherever applicable)
For death due to accident/suicide other than the above documents
  • Copy of First Information Report (FIR)
  • Copy of Post Mortem Report
  • Copy of medico legal cause of death certificate

Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI) Death Claims Health Claims
Raising Claim Requirements Within 15 days of receipt of claim. Within 15 days of receipt of claim.
Settlement or Rejection or Repudiation of claims wherein Investigation is not required Within 30 days from the date of receipt of last necessary document. Within 30 days from the date of receipt of last necessary document.
Settlement or Rejection or Repudiation of claims wherein Investigation is required Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter. Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document.

Exclusions under Kotak Life Plans

Benefit under this Plan shall not be payable if Accidental Death is directly or indirectly due to or caused, occasioned, accelerated or aggravated by any of the following:
  • Suicide or self-inflicted injury, whether the life assured is medically sane or insane
  • War, terrorism, invasion, act of foreign enemy, hostilities, civil war, martial law, rebellion, revolution, insurrection, military or usurper power, riot or civil commotion. War means any war whether declared or not
  • Taking part in any naval, military or air force operation during peace time
  • Committing an assault, a criminal offence, an illegal activity or any breach of law with criminal intent
  • Inhaling any gas or fumes, accidentally or otherwise, except accidentally in the course of duty. The intent under this exclusion is to exclude accidental gas/fumes leak incidents which could lead to exposing the population to such toxic gas/fumes and lead to deaths (like Bhopal Gas Tragedy). However, if the incidence happens as part of the life assured’s job then the claim is payable.
  • Participation in aviation other than as a fare-paying passenger in an aircraft that is authorized by the relevant regulations to carry such passengers between established aerodromes
  • Existence of any sexually Transmitted Disease (STD) and its related complications or Acquired Immune Deficiency Syndrome (AIDS) or the presence of any Human Immunodeficiency Virus (HIV).
  • ‘Pre-existing diseases’ which are defined as “Any condition, ailment or injury or related condition(s) for which the assured life had signs or symptoms, and / or were diagnosed, and / or received medical advice / treatment within 48 months prior to the first policy issued by the insurer”. Pre-existing illness will be covered after 48 consecutive months of continuous coverage have elapsed from the coverage effective date
  • External Congenital Anomaly which is in the visible and accessible parts of the body
  • Failure to seek or follow medical advice deliberately or failure to follow treatment under reasonable circumstances from any registered and qualified Medical Practitioner.
  • Alcohol or Solvent abuse or taking of Drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner.
  • Participation by the insured person in any flying activity, except as a bona fide, fare-paying passenger or pilot and cabin crew of a recognized airline on regular routes and on a scheduled timetable.
  • Participation by the insured person in a criminal or unlawful act with criminal intent.
  • Disability due to psychiatric illnesses, post-traumatic stress disorder, chronic fatigue, chronic pain, and fibromyalgia are excluded
  • Sickness or disability which was a Pre-Existing Condition or Sickness or disability which was induced by or as a result of a Pre-Existing Condition unless Life Insured has disclosed the same at the time of proposal or date of revival whichever is later and the Company has accepted the same
  • Insured person being under the influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a Doctor;
  • Engaging in hazardous sports/hobbies or activities like (but not limited to) mountaineering, hunting, skiing, pot holing, racing of any kind, deep sea diving or climbing
  • Nuclear biological and chemical contamination; the radio-active, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.

Other Life Insurance insurance products from Kotak

Protection Plans

Helping you to grow and protect your wealth.
Kotak Loan Protection Plan is a protection plan that helps share the burden of your loan.
The Kotak Term / Preferred Term Plan is a pure risk cover plan that provides you with a high level of protection at nominal costs.
Kotak Eternal Life Plans are participating whole life plans that provide enhanced protection till the golden age of 99.

Savings & Investment Plans

Manage today for a better tomorrow.
Life has the ability to surprise you pleasantly with financial windfall and surplus. As an individual, who is aware of his responsibilities and aspirations, it is now up to you to make the best use of it.
Kotak Smart Advantage is an intelligent unit-linked plan that is based upon the idea of regular savings and systematic accumulation of wealth in the long term.
Kotak flexi plan offers you an ideal market-linked investment plan that helps you create your own financial future by offering you the flexibility and control over your money.
The Kotak Capital Multiplier Plan is the only plan of its kind that allows you to enjoy returns even beyond maturity.
Kotak Endowment Plan is a participating endowment plan that provides you an avenue for long term regular investments to accumulate a lump sum on maturity.
You've lived life on your own terms; always done what you've believed in. You are used to having the luxury of choice and the power to control.
Kotak Safe Investment plan is the ideal investment plan for you with its unique “Seal of Guarantee” offer that not just gives you the best of bull markets but also eliminates any capital loss in falling markets.
Kotak Easy Growth plan, a single premium investment plan that generates value for you for whole life as well as provides protection to your family in case of unforeseen events.0
This plan offers the key benefit of cash lump sums at periodic intervals of five years ensuring that you are able to meet any of your financial obligations.
The premium Return Plan will get you the dual benefit of a risk cover and savings, with minimal paperwork and procedures.
Kotak Surakshit Jeevan, an enhanced protection and long-term savings plan, makes sure your family remains financially independent even if you are not around.

Retirement Plans

The road to retirement, Make it easy.
Kotak Second Innings Plan is a retirement solution that ensures maximum allocation of your premiums.
Kotak Retirement Income Plan is an ideal retirement solution that gives you complete flexibility and peace of mind, not only while you save for your retirement but also after you retire.
Kotak Long Life Wealth Plus is an intelligent investment plan that helps you builds your future net worth with power-packed features that actively monitor and manage your investment growth.
An ideal retirement solution is one that gives you complete flexibility and peace of mind, not only while you save for your retirement but also after you retire.
Kotak Long Life Secure Plus is a unit-linked plan that ensures your investment gives maximum protection to secure your family's future and their financial independence.
The Kotak Retirement Income Plan is a savings plan designed to meet your post-retirement needs. It is a plan that gives you "Jeene ki azaadi".

Child Plans

Plan a good future for your child.
The headstart child plans are specially tailored, cost effective plans that aim to give your children the financial means to pursue his or her dreams
The Kotak Child Advantage Plan is an investment plan designed to meet your child's future financial needs.

Kotak Life Insurance FAQ's

Life insurance is a contract between an insurance company and the insured whereby the company guarantees payment of an agreed amount (called death benefit) to the named nominee if something untoward happens during the policy period or at the end of the policy, termed as maturity. The insured needs to pay regular premiums to the insurance company for the policy to be valid.

The insurer does, and the amount depends on several factors that can impact the insured’s life expectancy, such as age, gender, smoking habit, personal medical history, and family medical history (such as heart disease or cancer among immediate family members).

All our term insurance plans cover COVID death claims.

Term insurance Plan is a policy which provides pure protection to your family in the event of your death. It is the most basic type of life insurance plan that is available in the market. You are able to avail higher life coverage at an affordable premium and also add riders to maximize your coverage.

Term insurance operates on principles of pure insurance. While being simple and low-cost, it is a very effectual mode of insurance wherein the assured person is covered against the risks of mortality. The premium depends upon the sum assured and the age of the assured person. The younger the person, the lower the premium because the insurance company perceives the risk of mortality, i.e. death of a young and healthy person to be very less.

You can pay your term insurance plan premium online modes via net banking, debit/credit card, among others by visiting website partners including eindiainsurance

The very first thing to know when you buy a term plan is what kind of deaths are not covered in order to ensure that your family’s insurance claim is not rejected. Some of them are suicide, death during childbirth, death due to certain dangerous activity, etc.

Suicidal death is not covered in the first year of the policy term and starts getting included in the cover after the second year. If the policy holder commits suicide in the first year, then the claim gets rejected and no death benefit is paid out.

Traditional life insurances provide you with a maturity benefit along with a life cover whereas term insurance plans give you pure life cover at affordable premiums.

Riders are basically contingent add-ons or supplementary benefits granted over and above a primary term policy in the event of an unforeseen incidence. They aim at expanding or amending the basic life insurance coverage at an additional cost. This means that they offer extended financial cover above the primary sum assured in a life insurance policy. You can avail a critical illness rider, accidental death rider, and a permanent disability rider with Kotak e-Term.

A rider is an additional benefit on your term insurance plan, and it will come into play in case of a specific eventuality, like getting diagnosed with a critical illness. You will receive a lump sum upon diagnosis of one of the covered illnesses which will act as a tool for income replacement and to take care of the medical expenses.

The right time to buy a term life insurance is when you are younger. In your early twenties and thirties, the premiums are cheaper due to younger age and a healthier lifestyle.

There are various premium payment frequencies and modes of payment for term insurance plan. Such options enable you to make payments as per your convenience.

In general, beneficiaries and insured persons can make a term life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.

If premium remains unpaid one month after the due date (that is the ‘grace period’), the policy will lapse. In that case you, as the insured, will have wasted all the premiums you have paid in previous years. Additionally, your beneficiary will also not receive a pay out as the policy will be deemed ‘lapsed’.

If the insured dies during the plan term, before he or she can pay the premium, the due premium will be deducted from the death benefit.

In case of a term life insurance policy, there are no paybacks. So, if you as the insured buy a standard term insurance, and you outlive the plan, you get nothing. But do not forget that your primary objective is to create a protective financial umbrella for your loved ones. For other plans, except term plan, you get the money after the policy matures.

We examine and settle claims on the basis of all records related to the claim. Once you report a claim, we request you to submit the required documents. The sooner the documents are submitted, the faster your claim will be processed.

The claim benefit can be received by:

  • The nominee or the guardian (in case of minor nominee), if you are the Life Assured
  • The proposer, in case you are not the Life Assured
  • Assignee, in case the policy is assigned
  • Life Assured, in case of living benefit claims such as, claims under disability, critical illness and major surgery rider.

Following KYC documents are required:

  • PAN/Form 60 (mandatory)
  • One recent photograph
  • List of Officially Valid Documents:
    • Passport
    • Driving License
    • Voter's Identity Card issued by Election Commission of India
    • Job Card issued by NREGA duly signed by an officer of the State Government
    • Letter issued by the National Population Register containing details of name, address or any other document as notified by the Central Government in consultation with the Regulator
    • Proof of possession of Aadhaar (to be taken in masked/redacted form/black out version to be taken from clients

Your insurer can reject a life insurance claim on grounds of:

  • Misrepresentation of actual information
  • Non-disclosure of complete information
  • Fraud
  • Policy does not cover specific situation : Assuming you are 25 years old and take a whole life plan; you will receive a lumpsum payment at the age of 45. However, if you make a claim at 40 because of an emergency, your claim will not be entertained.
  • Disability and critical illness : Life insurance policies do not generally cover disability and critical illnesses, unless you buy disability and critical illness riders as well.
  • Minor beneficiary : The money will be paid only to a trustee designated by you (the insured) and not to the spouse or child (the beneficiary) if he or she is under 18 years.
  • Insured lives beyond term expiry : Some policies are only valid until the insured turns a certain age or for a certain number of years. The policy becomes invalid if you outlive this tenure.
  • Suicide : Although suicide cases qualify for insurance pay outs, there is a catch. The insurance sector regulator, IRDAI, has made certain changes in the suicide clause with effect from January 1, 2014. Policies issued prior to this date will not be entertained under the old clause. As for those policies that have been taken out later, we’ll come to that a little later.
  • Unpaid premium : This is the most common ground for pay out refusal. If the premium is not paid within 30 days after the due date, the policy is considered lapsed.

You can buy as many term insurance plans as you want to fulfill your insurance needs. You can even nominate different beneficiaries for both the insurance plans.

It is usually suggested that a life insurance cover should be at least 10 times of your annual income and 15 to 20 times is an even better option. If you have loans such as home loans, car loans, etc. then you should factor that in too. For instance, if your annual income is ₹ 10 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.0 crore, if you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover. It is best to use the term calculator provided by insurance companies before deciding on your life cover.

Online transactions are completely secure and are done directly on the insurance company’s or it’s official distributors’s website. Today almost all financial transactions including banking, stocks, etc have moved completely online and lacs of people are making online payments every day. You can evaluate Kotak’s plans on eindiainsurance.

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