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Kotak Life Insurance Company Limited is one of India's most renowned insurance providers. It offers a wide range of comprehensive life insurance products designed to provide financial security for your family. These plans include various term insurance and savings plans, all aimed at safeguarding your loved ones against life's uncertainties.
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Let’s learn more about Kotak Life Insurance, its benefits and the various plans they offer.
Kotak Life Insurance offers various insurance products, such as protection plans (term plans), savings and retirement plans to help customers and their families stay financially protected in the long run. With a Claim Settlement Ratio (CSR) of 98.80% in the financial year 2022-23, Kotak Mahindra Life Insurance is one of the top and most trusted insurers in the country.
| Year of Establishment | 2001 |
| Head Quartered | Mumbai |
| Solvency Ratio(FY 2022-23) | 2.80 |
| Claim Settlement Ratio(FY 2022-23) | 98.74 |
Kotak Mahindra Group is a reputed banking and financial services organization in India. It offers an extensive range of financial products to meet both corporate and individual investment needs.
Term Plans
Here are the following reasons why you should buy the Kotak Mahindra Life Insurance plan:
Financial Security for Family: Kotak Life Insurance offers life insurance plans for financial security. In case of an unfortunate event, the payout helps your family maintain their lifestyle, cover expenses, and achieve long-term goals like education and retirement.
Comprehensive Coverage Options: Kotak Life Insurance provides various range of insurance products for different life stages and needs. Whether you seek pure protection, wealth creation, or comprehensive coverage, their varied portfolio ensures you can find a plan that aligns with your financial goals.
Guaranteed Returns: Kotak Life Insurance, especially Savings and Retirement plans, guarantees returns upon maturity. As you pay premiums, your savings accumulate, and at maturity, you can opt for a lump sum or regular income.
Affordable Premiums: Kotak Life Insurance offers comprehensive plans, like term insurance plans, at very affordable premiums, so that you can financially secure your family and dependents without any hassle.
Tax Benefits: Choosing Kotak Life Insurance plans offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Secure your financial future with added tax advantages, making it a smart choice for your insurance needs.
*Note: Use term insurance calculator to easily calculate the premium amount of your chosen term plan.
The various types of life insurance policies offered by Kotak Life Insurance are as follows:
Term Insurance Plans
Savings Plans
ULIP Plans
Retirement Plans
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Kotak Term Insurance plans are pure risk cover plans, which provide high insurance coverage to the family of the insured at a nominal premium rate.
| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Kotak e-Term Plan | 18 to 65 years | 85 years | Rs. 51 Lakhs to No Limit | |
| Kotak Term Plan | 18 to 65 years | 70 years | Rs. 3 Lakhs to Rs. 25 Lakhs | |
| Kotak Saral Jeevan Bima Plan | 18 to 65 years | 70 years | Rs. 5 Lakhs to Rs. 25 Lakhs | |
| Kotak Protect India Plan | 18 to 35 years | 40 years | Rs. 1 Lakh to 25 Lakhs | |
| Kotak TULIP | 18 to 60 years | 100 years | Min: 7 times the Annual Premium Max: No Limit |
Here are the key features of this plan:
Choose from 3 plan options
Select from 3 payout alternatives
Enhanced protection against Accidental Death, Critical Illness, and Total Permanent Disability
Special rates for Non-Tobacco Users and Women
Option to exit the plan at age 60 years
Here are the key features of this plan:
Reduced premium rates for women.
Convert Kotak Term Plan to another Kotak Plan (excluding term plans) with at least 5 years remaining.
Choose from flexible premium options, i.e. single and regular pay, with flexible frequencies.
Rider benefits include Accidental Death, Permanent Disability, and Critical Illness.
Premium options available are single and regular payment options
Here are the key features of this plan
Coverage up to age 70 (except for POSPs/CPSC Channel, coverage till 65)
Special Rates for female lives
Tax benefits subject to conditions under the Income-tax Act, 1961.
Here are the key features of this plan:
Comprehensive Coverage: 100% of Sum Assured on Death payable in the event of the Life Assured’s death during the policy term.
Flexibility to Add Life Cover as per your need.
2 Optional Benefits to choose from.
Short & Hassle-Free Buy Process for Instant Issuance.
Sachet Life Cover at an Affordable Price.
Here are the key features of this plan:
A combination of Term and ULIP Plans with high sum assured options.
2X Return of Premium Allocation Charges from the 10th policy year onwards.
Up to 3X Return of Mortality Charges on survival from the 11th policy year onwards.
Loyalty additions to enhance maturity value on policy maturity.
Flexible premium payment options: limited duration or throughout policy term.
Rider options to enhance protection.
Multiple investment strategies to choose from.
Kotak life insurance offers an extensive range of investment and savings plans that help the customer to accumulate wealth in the long term and also provide an opportunity to create a financial cushion for the family. Here are the savings and investment plans offered by Kotak Life Insurance:
| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Kotak Guaranteed Fortune Builder Plan | 18 to 60 years | 75 years | — | |
| Kotak Assured Savings Plan | 3 to 60 years | 75 years | Rs. 1,57,806 to Rs. 25 Lakhs | |
| Kotak Guaranteed Savings Plan | 3 to 60 years | 75 years | — |
Here are the key features of this plan:
Guaranteed Benefit with multiple plan options to suit your varied needs.
Life cover for financial security for your family.
Option to avail Guaranteed Income for your short term and long term goals.
Guaranteed lump sum benefit with flexible liquidity option.
Option to secure your child’s future with guaranteed payouts and in-built waiver of premium benefit.
Flexibility to secure life cover for your spouse under the same plan.
In-built Value Added Services for the wellbeing of your health.
Here are the key features of this plan:
Guaranteed Maturity Benefit at maturity:
Basic Sum Assured, PLUS
Accrued Guaranteed Yearly Additions, PLUS
Guaranteed Loyalty Addition
Increasing life cover with Guaranteed Yearly Additions, payable at maturity or earlier death.
Longer premium commitment means higher benefits, with additions increasing based on premium payment term (PPT).
More value through a high premium benefit, resulting in a higher Basic Sum Assured.
Option to enhance protection with various Riders.
Tax benefit on premiums under section 80(C) and benefit received under section 10(10D).
Here are the key features of this plan:
Limited premium payment options available
After premium payment term, Guaranteed Additions accrue for the remaining term
Lump sum Guaranteed Loyalty Addition at the end of the policy term
Enhanced protection through optional riders
Kotak Life Insurance provides the customers a wide range of ULIP options to choose from. Here are some of them:
| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Kotak E-Invest Plan | 3 to 60 years | 99 years | 10 times the Annualized Premium | |
| Kotak Invest Maxima Plan | 0 to 65 years | 75 years | Min: Age <45 years: Higher of (10 X AP) or (0.5 X Policy Term X AP) Age >=45 years: Higher of (7 X AP) or (0.25 X Policy Term X AP) Max: 25 x AP *AP: Annualized Premium *SP: Single Premium |
Here are the key features of this plan:
100% allocation of your premiums.
Yearly Additions from the 6th policy year onwards until maturity or death.
25% to 200% of Life Cover charges added to your fund value.
Rising Star option: Triple Protection Benefit on parent’s death (lump sum payout, monthly income, policy continuation).
RetireRich option covers you until age 99.
Retirement Income with Income Booster for post-retirement expenses.
Flexibility to choose from two Investment Strategies.
Additional protection through optional riders.
Here are the key features of this plan:
No premium allocation charge in this plan
Survival Units: Paid up to 2% of Fund Value from the 10th year and every 5th year thereafter
Choose from two portfolio strategies: Systematic Switching Strategy, Self Managed
Flexible premium payment options: Regular, Limited, and Single Premium
| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Kotak Guaranteed Fortune Builder Plan | 18 to 60 years | 75 years | — | |
| Kotak Assured Savings Plan | 3 to 60 years | 75 years | Rs. 1,57,806 to Rs. 25 Lakhs |
Here are the key features of this plan:
Guaranteed Benefit with multiple plan options to suit your varied needs.
Life cover for financial security for your family.
Option to avail Guaranteed Income for your short term and long term goals.
Guaranteed lump sum benefit with flexible liquidity option.
Option to secure your child’s future with guaranteed payouts and in-built waiver of premium benefit.
Flexibility to secure life cover for your spouse under the same plan.
In-built Value Added Services for the wellbeing of your health.
Here are the key features of this plan:
Guaranteed Maturity Benefit at maturity:
Basic Sum Assured, PLUS
Accrued Guaranteed Yearly Additions, PLUS
Guaranteed Loyalty Addition
Increasing life cover with Guaranteed Yearly Additions, payable at maturity or earlier death.
Longer premium commitment means higher benefits, with additions increasing based on premium payment term (PPT).
More value through a high premium benefit, resulting in a higher Basic Sum Assured.
Option to enhance protection with various Riders.
Tax benefit on premiums under section 80(C) and benefit received under section 10(10D).
Kotak Life Insurance Retirement Plan is specifically designed to secure the financial future of the individual after retirement. The retirement plans offered by Kotak Mahindra Life Insurance helps to accumulate funds in the long-term so that one can enjoy the golden days of retirement and can have a regular flow of income after retirement. The retirement plans offered by Kotak Mahindra Life Insurance are:
| Term Plan | Entry Age | Maturity Age | Sum Assured | |
| Kotak Life Time Income Plan | 18 to 99 years | — | — | |
| Kotak Assured Pension Plan | 18 to 85 years | — | — | |
| Kotak Premier Pension Plan | 30 to 60 years | Vesting age: Min – 45 years Max – 70 years | — | |
| Kotak Saral Pension Plan | 40 to 80 years | — | — |
Here are the key features of this plan:
6 annuity options available to choose from
Issued annuity rates guaranteed for a lifetime
Higher Annuity Rates for Higher Premium
Here are the key features of this plan:
Immediate Annuity:
8 Annuity options to choose from
Flexibility for additional annuity payout through Top Up
Guaranteed annuity rates for lifetime
Higher annuity rates for higher premium
Deferred Annuity:
2 Annuity options to choose from
Flexibility to choose Deferment Period between 1 – 10 years based on your need
Guaranteed Additions during the Deferment Period
Lump-sum amount on death of Annuitant or Surviving Annuitant during or after Deferment Period
Flexibility in premium payment duration based on annuity option
Guaranteed annuity rates for lifetime
Higher annuity rates for higher premium
Here are the key features of this plan:
Guaranteed Additions: fixed percentage of Basic Sum Assured in first 5 policy years
Earn bonus from 6th policy year onwards
Assured Benefit: 105% of Total Premiums paid on Death or Vesting
Additional Protection through optional riders
Here are the key features of this plan:
Invest in:
Life Annuity with Return of 100% of Purchase Price, or
Joint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of last survivor
Guaranteed annuity rates for lifetime
Option to surrender policy on diagnosis of critical illnesses
Here are the steps to buy Kotak Mahindra Life Insurance from Policybazaar:
Step 1: Visit the official Policybazaar website and go to the Term Insurance section.
Step 2: Provide your name, contact details, gender, and date of birth.
Step 3: Enter the information regarding your job type, yearly income, educational qualifications, and smoking/tobacco consumption habits.
Step 4: Choose Kotak Term Insurance plan from the list of term insurance plans that appear.
Step 5: Pay using your preferred mode to complete the process.
*Note: It is important to firstly know what is term insurance and then buy Kotak Mahindra Life Insurance online.
Here are the riders available in Kotak Life Insurance:
This accidental death benefit rider provides an additional amount to the nominee if the insured dies in an accident during the rider term. It adds to the sum assured of the basic insurance cover, offering more comprehensive protection. The nominee receives this extra benefit over and above the sum assured in the event of accidental death.
This rider enhances the existing insurance policy by increasing the sum assured. It ensures complete protection until the end of the base plan term. The rider sum is paid to the nominee if the insured dies due to an accident.
This rider offers financial support to the insured and their family in case of total or permanent disability from an accident. The insurer pays a percentage of the rider sum assured over five years, providing essential financial assistance during tough times.
This critical illness rider offers financial protection if the insured is diagnosed with a critical illness specified in the policy. It covers major illnesses such as cancer, heart diseases, kidney failure, and key organ transplants. This ensures the insured has financial support during serious health issues, reducing the financial burden on the family.
Kotak Life Insurance offers a seamless and efficient claim settlement process, ensuring beneficiaries receive their claim quickly and with zero hassles. The company has a high claim settlement ratio of 98.745%, as reported by IRDAI in the Annual Report for 2022-23. Below mentioned steps will help you file your Kotak Life Insurance claim in few simple steps:
Notify the Insurer: The nominee should first formally notify Kotak Life Insurance about the claim.
Claim Intimation Form: This form can be accessed via the Kotak Life Insurance website or at a local branch.
Provide Essential Details: Complete the form with necessary information, such as:
Policy Number
Claim Type (death, maturity, etc.)
Nominee's Details
Policyholder’s Information
Contact Information of the Claimant
After filling out the claim form, the nominee must submit the necessary documents online. Key documents typically include:
Death Certificate (if applicable)
Policy Document
Proof of Age of the Policyholder
Any additional documents requested by Kotak Life Insurance
Timely Settlement: According to IRDAI guidelines, Kotak Life Insurance must settle the claim within 30 days after receiving all necessary documents.
Further Investigation: In cases where additional verification is needed, the company must complete the claim process within six months from the date of claim intimation.
Below mentioned are the tips to avoid Kotak Life Insurance Claim Rejection:
Ensure that all information in the claim form matches the details on the policy. Any Discrepancies or hidden information can lead to delays or rejections.
Intimate the insurer about the claim as soon as possible. Delayed intimation can complicate the claim process.
If the claim is due to death, ensure the cause of death is clearly stated on the death certificate.
When applying for the policy, be honest about the policyholder’s medical history. Non-disclosure of pre-existing conditions can lead to claim rejection.
Always keep copies of all documents submitted for your records. This can help in case of any disputes or follow-ups.
You can contact Kotak Life Insurance Customer Care using the below mentioned information:
Call
You can call in this toll free number 1800 209 8800 from 8 AM to 10 PM (Monday to Saturday)
WhatsApp
You can send “Hi” to 9321003007
Here are the exclusions in the Kotak Life Insurance:
Suicide: If the policyholder commits suicide within 12 months of buying the policy, his/her nominees will not be able to claim the death benefit.
†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
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