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Kotak Life Insurance Claim Process

Kotak Life Insurance is one of the fastest-growing insurers in India, covering over 32 million people nationwide. It provides excellent value to its customers through a lifetime of good service, and a comprehensive range of insurance products. The claim settlement ratio (CSR) of Kotak Life is 98.8% in FY 2022-23, indicating the fast settlement of death claims.

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The company offers a hassle-free and simple way to know the Kotak life insurance claim status. Let’s discuss in detail:

What Is The Kotak Life Insurance Claim Process?

The insurance claim is a rightful demand, for premium payment in accordance with an insurance policy claim, in form of a formal request to an insurer asking for payment on the basis of policy terms by a rightful nominee/beneficiary to the claim.

The main purpose of buying a life insurance plan is to create a financial protection net for your family members against the uncertainties of life. As an insurance buyer, you should focus on selecting the right policy from an insurer with a high CSR (Claim settlement Ratio). An insurance company that has a CSR above 95% can offer a timely and hassle-free claim settlement process. With a CSR of 98.50% in the Fiscal year 2020-21, the company has consistently improved its death claim settlement.

Kotak Life Insurance also offers the option to file your claims via online and offline mode, based on your convenience. The claim benefits from the life insurance company are received by the nominee, in case of unforeseen demise of the life insured.

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How to Claim Kotak Life Insurance Policy?

Let’s discuss the 3 quick and easy steps of the Kotak Life Insurance Claim Settlement Process:

Intimation of Claim

After the policyholder dies, the nominee can start the term insurance claim process by completing the Death Claim Form. This form can be submitted to the head office, bank branches, or nearest offices or sent by email to the insurer. The nominee must also provide proof of identification and address. The Death Claim Form is accessible online on the company's website and offline at branch offices.

Document Submission

The nominee or claimant must send the required documents with the form to confirm the information provided to the insurance company about the policyholder's death. These documents must be provided within the specified time frame. You can find the list of required documents in the table below:

Death Types	Documents Required
Mandatory Documents	Original documents of the policy Death Claim Form Cancelled Cheque with NEFT details Nominee/Claimant’s ID and Address Proof
Additional Documents Required:
In case of Medical//Natural deaths	Consulted Doctor’s Statement Certificate of the hospital treating the deceased policyholder Employer Certificate or Educational Institute Certificate of Policyholder Additional treatment/hospital/ records
In case of accidental/unnatural deaths	Police Reports (Panchnama, FIR, Police Investigation Report, Charge sheet) Autopsy/Post Mortem report (PMR) and Viscera Report

Settlement of Claim

Once the company receives all necessary documents and forms, the claim process begins. The company reviews and verifies the documents as per the requirements, makes a decision (subject to terms and conditions), and then informs the nominee or claimant of the outcome.

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Points to Remember – Kotak Life Insurance Claim Settlement Process

A death claim needs to be informed as early as possible after the occurrence of the event to the policyholder.
Ensure the submission of the claim file on time for a speedy procedure
Chances of investigation are less if the policy is more than 3 years old

FAQs

Q: What is the average time taken to settle death claims intimated to Kotak?

Claims are typically settled within 7-15 days from the date of receiving all required documents. In some cases requiring internal verification, claims will be settled within 120 days from the intimation date.
Q: Who is eligible to receive claim payout in absence of the nominee?

In the absence of a nominee, the legal heir is eligible to receive the claim payouts. They must submit legal title proof, such as a certificate of guardianship or succession document along with other requisite claim documents.
Q: Can the claim amount be received in any other currency other than Indian?

No, the death benefit amount will only be paid in Indian Rupees.
Q: If the life assured dies due to war/terrorist attack/natural calamities, will the claim be settled?

Yes, death due to war, terrorist attacks, or natural calamities is covered under a life insurance policy. The claim can be settled if all documents are in order and conditions are fulfilled. In such cases, Kotak Life Insurance provides quick assistance through their fast-track claim processing service.
How to calculate the term insurance premium online?

Ans: You can easily calculate the term insurance premium online by using the term plan calculator online tool
What are the benefits of term life insurance?
Ans: Here are 4 common benefits of term insurance:
- Low premium rates
- Tax Benefits
- Death Benefit
- Long term coverage
What are the benefits of term life insurance?
Ans: Below mentioned are the key features of a best term insurance policy in India:
- Affordable premium rates
- Long-tenure life protection
- Easy to understand and buy
- Riders availability
- Whole life protection
- Tax benefits
What are the key features of a best term insurance plan in India?

Ans: Let's understand what is term life policy here. Term insurance offers financial protection for a certain period to the policyholder, thereby, offering a lump sum payout if the policyholder unfortunately passes away during the policy term.