Benefits of Kotak Term Insurance Plans

Here is a list of all the benefits that you can avail of with an Kotak term insurance plan:

• Death Benefits: Kotak term insurance plans provide a death benefit to the nominee if the policyholder dies during the policy term. This payout helps the policyholder's family manage financial challenges in the absence of their main income earner.

• Maturity Benefits: Some Kotak term insurance plans offer a return of all premiums paid if the policyholder survives the policy term. This amount can be used for retirement, fulfilling financial goals, or leaving a financial legacy for their children.

• Whole Life Cover: Kotak offers term insurance plans with whole life cover options, providing security for loved ones up to age 99 or 100. Premiums for this option can be paid within a limited payment term.

• Rider Benefits: Some very important term insurance riders are offered with Kotak term insurance plans. You can easily include in your base term plan at nominal premium rates when you are buying the policy. The most commonly available riders are terminal illness rider, critical illness rider, accidental death benefit rider, and accidental total and permanent disability rider.

• Tax Benefits: The term insurance tax benefits under applicable sections, such as sections 80C and 10(10D), can be claimed as per the prevailing tax laws under Kotak term insurance plans.

Features of Kotak Term Insurance Plans

• Affordable Premiums: Kotak term insurance or life insurance plans offer extensive life cover at low premiums, making them an affordable option to secure your family for a long time.

• Plan Options: Kotak provides various life cover options within their term insurance plans, such as level and increasing covers, allowing customers to choose a plan that suits their needs.

• Flexible Premium Payment Options: Policyholders can pay their Kotak term insurance premiums online or offline. They can choose to pay throughout the policy term, within a limited period, or as a single lump sum.

• Liability Protection: The death benefit payout can help the policyholder's family manage any remaining loans and debts in the policyholder's absence.

Who Should Buy Kotak Term Insurance Plans?

Let us take a look at who should buy the Kotak term insurance plans:

• Married individuals

• Taxpayers

• Single/unmarried individuals

• Retirees

• People with kids

• Working women

• People with debts/loans 

How To Buy Kotak Term Insurance Plans Online?

You can easily buy term plan online from the comfort of your home by following these steps:

• Step 1: Go to the term insurance page

• Step 2: Submit your name, DoB, gender, and contact number 

• Step 3: Fill in your smoking habits, educational qualification, occupation type, and annual income

• Step 4: Select the ideal Kotak Term Insurance plan and proceed to pay using your preferred payment method

Documents Required for Buying Kotak Term Insurance Plan 

The important documents that you should keep handy while buying Kotak term plans are:

• Age proof: Passport, Aadhaar card, Rental agreement, etc.

• Identity proof: Aadhaar card, PAN card, Passport, License

• Age proof: Birth certificate, Aadhaar card, Matriculation/High School Leaving Certificate

• Medical Documents: Latest Medical/Physician’s Report

• Income proof: Income Tax Return, Salary Slip

Factors to Keep in Mind Before Buying Kotak Term Insurance Plans

Let us take a look at all the factors you should keep in mind while buying Kotak life term insurance plans:

• Claim Settlement Ratio: The term insurance claim settlement ratio is the percentage of claims settled by the company in one financial year to the number of total claims received by them in that year. You should always buy term plan from the insurer with a CSR of more than 95% for atleast 5 consecutive years, as it increases the chances of your family’s claim settlement in your unfortunate absence. The CSR of Kotak Life Insurance in FY 2022-23 is 98.80%.

• Solvency Ratio: The solvency ratio of a company gives the customers an insight into the company’s capability of settling all the active cases. As per IRDAI, an insurer should maintain a solvency ratio of 1.5 or 150% at all times.

• Customer Reviews: Always make sure to go through the insurer’s reviews to see what the customers have experienced personally. You should always buy term plan from a company with good and positive customer reviews.

• Policy T&Cs: Before buying Kotak term insurance, you should go through the policy documents to get a better understanding of the policy’s T&Cs. Also make sure that youy see what is covered and not covered under the plan to avoid any future confusion during the claim process.

• Payout Options: Several Kotak term insurance plans provide the option of choosing the suitable payout option for the death benefit payout with a lump sum, monthly instalments, and a combination of both.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

Kotak Term Insurance Plans - FAQs