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Kotak Mahindra Life Insurance Co. Ltd. is a leading life insurance company in India known for its comprehensive life insurance solutions and seamless online services. With its online premium payment options, you can easily pay your premiums through multiple channels and download receipts instantly. With a few clicks, you can choose the most convenient payment option. Let’s discuss the ways to make Kotak Life Insurance premium Payments:
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Kotak life insurance renewals and premium payments can be made simply for policies. The various Kotak Mahindra life insurance online payment methods include Net Banking, Credit Card, Debit Card, UPI, wallets, Bill Pay, and more:
Before selecting the NEFT payment option, enter the following details:
| Beneficiary account | 99800KLIFExxxxxxxx (The number after KLIFE would be your 8 digit Policy Number) E.g.: If your Policy No. is 00921500, the beneficiary account would be 99800KLIFE00921500 If your Policy Number is less than 8 digits, please add requisite number of zeroes before the Policy No. |
| Account type | Current Account |
| Beneficiary name | Kotak Mahindra Life Insurance Company Limited |
| IFSC Code | For Kotak Bank customers: KKBK000VRTL (Note: Kotak bank customers should use IFSC code- KKBK000VRTL and select bank name as “OTHER BANKS” as it’s a virtual account) For Other Bank customers: KKBK0000958 |
| Bank Name | Kotak Mahindra Bank |
| Branch Name | MUMBAI NPT (Nariman point) |
| Amount | Rs. xxxxx ( Your premium amount) |
Note: The Bank will provide a UTR (Unique Transaction Reference) for every successful transaction.
The NEFT Kotak life insurance premium payments should be made from the policyholder's bank account. If you want to make NEFT payments through a third-party account, it is important to ensure that the third party is registered with Kotak for paying premiums. You can register them as a Third-Party Premium Payer at a nearby Kotak Life branch. It takes about 3 days to register them, after which you can make the premium payment to the bank account mentioned above.
ECS is a convenient premium payment method that debits your premium amount automatically from your bank account on the due date.
Benefits of ECS
No need to remember due dates of your premium
Ensures your Kotak life insurance premium payment is always timely, preventing policy lapse.
On the life insurance company’s website, you can pay your Kotak life insurance premium payment using your preferred method.
The premium payment procedure for different UPI apps is similar and simple. Log onto the app, search and select the insurer, and make Kotak Life Insurance Premium payments. You can use the following apps to make UPI payments
PayTM
Google Pay
Amazon Pay
PhonePe
Bill Desk is an online payment portal that is another safe choice for paying the premium on your life insurance policy.
To use Bill Desk to make payments, you must first create an account on the Bill Desk website. Bill Desk users do not need to register.
Then, add the insurer to your biller list in the insurance section.
Enroll in your policy and authorize the Kotak Life online payment after listing the biller.
**Note: You can also make the premium payment of your Kotak Life Term Insurance by following the above steps:
Here is how Kotak Life Insurance Premium Payment online can benefit you while paying your premiums
Saves Time -The payments made online are usually convenient, fast, and cost-effective, and save your time. The offline method is time-consuming and you might have to wait in a long queue for hours to pay your premiums.
Ease of Use - Kotak Life online payment systems make purchasing products easy and paying premiums online.
Autonomous- Payments can be set up to be automated, which benefits both customers and insurers.
Secured- Online transfers usually go straight into the bank account after processing delays, posing a low risk of fraud.
Download Receipts - You can easily download your Kotak life insurance premium receipt online by logging into your company account and accessing your policy.
Term Plans
Online payment for Kotak Life can be made using the following information:
You will need to choose a credit/debit card as a payment method and enter the card information on the payment tab.
You can use the Kotak Life Insurance Premium Calculator to estimate the amount you would need to pay as regular premiums.
The company allows you to download the issued Kotak life insurance premium receipt every time you pay your premiums.
Kotak insurance payment offers a grace period of 15 days for monthly premiums and 30 days for all the rest premium payment modes.
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Making a Kotak life insurance premium payment online is seamless and offers flexibility and security. You can choose what suits you best with options like UPI, Bill Desk, and auto-debit. Always ensure timely payments to enjoy uninterrupted policy benefits.
†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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