Kotak Mahindra Life Insurance - Compare Features & Policy Benefits Online

Kotak Life Insurance is currently of the top growing companies in the crowded life insurance industry in India. Similar to other top insurers, the company offers a wide array of insurance plans to meet the requirements of its customers. The policies offered by the company include protection plans, savings plans, retirement plans, child plans, etc. Group life covers are also available for employers to provide coverage for their employees. If you are looking for a good life cover to secure your loved ones, you need to take a look at the policies offered by Kotak Life. Let’s take a look at various aspects of the company and how the policies can help you secure your family’s financial needs.

Highlights of Kotak Mahindra LifeInsurance _{Updated on 03 Jun 2023}

Percentage of Grievances Solved	99.29%
Claim Settlement Ratio	93.72%
Group Death Claims	99.70%
Percentage of Claims Rejected	0.29%
Solvency Ratio	3.05 (for the quarter ended March 2018)

Why should you go for Kotak Mahindra Life Insurance?

Kotak Mahindra Life Insurance is one of the companies with the highest claim ratios in the life insurance industry. The company has extensive experience for several years in managing assets and funds. It has also got the best ratings for financial management from some of the top rating agencies in the world. When you choose Kotak Mahindra Life Insurance, you will get excellent life insurance solutions depending on your specific needs and preferences. The highly dedicated sales team at Kotak Mahindra Life Insurance will listen to all your concerns and answer your queries. They will guide you throughout your insurance policy application and claims process.

Different types of Policies Provided by Kotak Mahindra Life Insurance?

Let us take a look at the various types of policies that are offered by Kotak Mahindra Life Insurance:

Term Insurance/Protection Plans	Savings and Investment Plans	Child Plans	Retirement Plans	Group Plans
Kotak Income Protection Plan	Kotak Guaranteed Savings Plan	Kotak Headstart Child Assure	Kotak Premier Pension Plan	Kotak Group Secure One
Kotak Preferred e-Term Plan	Kotak Premier Income Plan		Kotak Lifetime Income Plan	Kotak Group Secure
Kotak Saral Suraksha	Kotak Premier Life Plan		Kotak e-Lifetime Income Plan	Kotak Gratuity Plus Group Plan
Kotak Preferred Term Plan	Kotak Single Invest Plus			Kotak Leave Encashment Group Plan
Kotak Term Plan	Kotak Sampoorn Bima Micro-Insurance Plan			Kotak Secure Return Superannuation Plan
	Kotak Assured Income Accelerator			Kotak Secure Return Employee Benefit Plan
	Kotak Premier Moneyback Plan			Kotak Superannuation Group Plan - II
	Kotak Classic Endowment Plan			Kotak Term Group Plan
	Kotak Assured Income Plan			Kotak Gratuity Group Plan
	Kotak Platinum Plan			Kotak Complete Cover Group Plan
	Kotak Single Invest Advantage			Kotak Group Assure
	Kotak Ace Investment			Kotak Group Shield
	Kotak Wealth Insurance
	Kotak Invest Maxima
	Kotak e-Assured Savings Plan
	Kotak Gramin Bima Yojana

Kotak Life Term Insurance/Protection Plans:

A protection plan will provide your dependents with widespread financial security and independence. You will also not have to worry about debt troubles when you take this plan. Kotak Mahindra Life Insurance offers an eclectic range of protection plans.

These are the Protection Plans offered by Kotak Mahindra Life Insurance:

Plan name	Key features
Kotak Income Protection Plan	This plan gives you monthly income and it rises at 6% p.a. which will compound for the rest of the insurance period. If the life insured dies during the policy period, the nominee will get an assured benefit in order to handle the urgent expenditures. You can enjoy a minimum guaranteed payout period for the monthly income that you earn in 5 years if the remaining policy period is below 5 years (when the life assured dies).
Kotak Preferred e-Term Plan	With this plan, you will get insurance by paying a reasonable cost of Rs.6,975. If you get permanently or totally disabled, you will get a waiver for all basic premiums. You can pay either through immediate payout or recurring payout.
Kotak Saral Suraksha	This plan is given at a low cost and provides good coverage. You can choose a policy period of 10 or 5 years. You can pay in a lump sum or through an annual or half-yearly premium payment that will range for 5 years.
Kotak Preferred Term Plan	This plan offers preferential rates to women and non-tobacco users. You can go for a step up or step down feature to raise or reduce your cover. You can get your protection tailor-made by selecting a rider. You will also get tax benefits.
Kotak Term Plan	You can choose a one-premium payment method or premium payments spread over many years. This plan gives special preferential rates for women. You can choose to modify your term plan to any other plan offered by Kotak.

Kotak Life Insurance Savings and Investment Plans:

These plans offered by?Kotak Life Insurance?will allow you to save money and also engage in proactive financial planning.

You can choose from a plethora of savings and investment plans offered by the company:

You can choose from a plethora of savings and investment plans offered by the company:

Plan name	Key features
Kotak Guaranteed Savings Plan	After you complete the premium payment term, you will get guaranteed additions for the rest of the policy period. You will get a lump sum guaranteed loyalty addition after the policy period gets over.
Kotak Premier Income Plan	You will get a guaranteed annual income after the premium payment period gets over. You will also get bonuses during the policy period. This plan gives better sum assured rates to women.
Kotak Premier Life Plan	This plan gives whole life plan for up to age 99. This plan offers both simple reversionary bonus and cash bonus. You can choose bonus payouts or collect them. You will receive tax benefits.
Kotak Single Invest Plus	This plan comes with a single premium. This plan gives a joint live cover. It gives a cover for the first person who dies and the survivor as well. You can go for loyalty additions after a policy term ends.
Kotak Sampoorn Bima Micro-Insurance Plan	This plan is designed for those who earn low incomes and it is given for 5 years. A single premium costs Rs.200. You will get a guaranteed payout when someone dies or when the maturity period gets over.
Kotak Assured Income Accelerator	You will get a guaranteed income during the payout period. You will also get income boosters. You will get death benefit whether the guaranteed income has been paid or not. You will get guaranteed maturity benefit with your last payout.
Kotak Premier Moneyback Plan	You will get a lump sum maturity addition with this plan and you will get an enhanced death cover. You will receive bonuses from the 1st year itself.
Kotak Classic Endowment Plan	This plan gives coverage up to age 75. You can pay the premiums as per your convenience.
Kotak Assured Income Plan	You will receive assured annual income for 15 years and an additional lump sum after maturity. You will get protection for 30 years.
Kotak Platinum	You can select any of the 3 investment strategies which are self-managed, age-based, and systematic switching strategy (SSS). You will get extra Survival Units after the policy term ends.
Kotak Single Invest Advantage	This plan is a one-time investment and it is a Unit Linked Life Insurance Plan You will get additional earnings with Loyalty Additions that come with this plan. You can choose an age-based, self-managed, or systematic switching strategy.
Kotak Ace Investment	You will get a Top-Up Sum Assured with this plan. You can withdraw amounts from your policy in parts after your 5th policy year.
Kotak Wealth Insurance	This plan will give you a tailor-made fund portfolio for your risk returns.
Kotak Invest Maxima	Here, the investment risk that is there in the investment portfolio will be incurred by the policyholder. You will not have to pay any premium allocation charge for this plan. You can choose a Classic Opportunities Fund or a Frontline Equity Fund.
Kotak e-Assured Savings Plan	This plan will give you a basic sum, accrued guaranteed yearly additions, and guaranteed loyalty addition. You can also increase your life cover. This plan will help you build your wealth.
Kotak Gramin Bima Yojana	This plan is designed for people living in rural areas. You can make a single payment and you will get a guaranteed payout for death or maturity. You do not have to give any medical test to get this plan.

Kotak Life Insurance Child Plans:

Kotak Life Insurance provides an exclusive child plan that secures the education goals and career dreams of various children. Similar to other child plans, the premiums will be waived in case of the unexpected death of the child’s parent.

Plan name

Key features

Kotak Headstart Child Assure

You will get a plan corpus when the policy matures. This will help in your child’s education. If the parent dies during the policy period, the dependent will be given the life cover amount instantly since there will be no source of income. After the death, the premiums will be waived. You can go for a policy term for 10 years and pay the premium over 5 years OR policy terms that range from 15 to 25 years and pay the premium over 10 years.

Kotak Life Insurance Retirement Plans:

Following your retirement, you may not earn a stable income on a monthly basis. This is where a retirement plan comes into play. Kotak Life Insurance has a great assortment of retirement plans. Let us take a look at the retirement plans:

Plan name	Key features
Kotak Premier Pension Plan	You will get a great retirement package that will enable you to relax after you retire. You will get guaranteed additions in the first 5 years and from the 6th policy year, you will get a bonus. You will also get an assured benefit.
Kotak Lifetime Income Plan	This is an instant annuity plan. You can choose from 4 annuity options to meet your financial requirements after you retire. You can choose a yearly, half-yearly, quarterly, or monthly income payment method.
Kotak e-Lifetime Income Plan	The annuity rate will remain the same throughout your life. You can select any one of the 4 annuity options.

Kotak Life Insurance Group Plans:

Kotak offers? group life insurance plans?to people who are a part of groups such as employees working in an organisation or borrowers of a certain credit institution. The company has designed multiple group insurance plans in order to cater to the differing needs of different groups.

These are the group plans offered by Kotak Mahindra Life Insurance:

Kotak Group Secure One	This plan can be taken by members of self-help groups, credit co-operative societies, professional associations, NGOs, etc. Your targeted savings amount will be transferred to the beneficiary if the policyholder suddenly dies. This plan gives protection even for terminal illnesses.
Kotak Group Secure	This plan can be taken by a person who person who represents a certain trade or profession or a co-operative society or an Anganwadi worker.
Kotak Gratuity Plus Group Plan	This is a unit-linked group gratuity insurance plan. You can enjoy a capital guarantee. This gives life insurance coverage for employees along with gratuity. You will get additions if you invest high funds.
Kotak Leave Encashment Group Plan	For high valued investments, you will receive additional units. You can choose a Group Balanced Fund, Group Floating Rate Fund, Group Money Market Fund, Group Bond Fund, Group Short Term Bond Fund, or a Group Gilt Fund. This policy is renewed annually.
Kotak Secure Return Superannuation Plan	This plan has been created for PSUs, Central Governments, employers, trustees state governments, etc. who sponsor members’ superannuation benefit programmes. You can go for a Defined Contribution (DC) or a Defined Benefit (DB). You will get a guaranteed floor rate of at least 2% p.a.
Kotak Secure Return Employee Benefit Plan	In this plan, the dependents will get coverage in case of withdrawal, resignation, retirement, or death. You will get a guaranteed floor rate of at least 2% p.a.
Kotak Superannuation Group Plan - II	You can choose from a defined benefit scheme or a defined contribution scheme. This plan helps companies in retaining employees efficiently.
Kotak Term Group Plan	This plan gives a voluntary cover for the spouse of the employee. You can pay your premium on a monthly, quarterly, half-yearly, or annual basis. You can enjoy tax-deductible premiums. It has extensive coverage with basic underwriting.
Kotak Gratuity Group Plan	This plan will give you an idea about the several market instruments. The returns will be connected to these instruments. It will support your company in financing the gratuity for employees and in sponsoring the chief operations of your business.
Kotak Complete Cover Group Plan	This plan is designed exclusively for borrowers who are a part of a credit institution. It helps both the borrower and the lender. The borrower’s dependents do not have to worry about clearing the debts. The group cover helps in reducing the risk as it is combined. Hence, the premiums are low.
Kotak Group Assure	It provides comprehensive coverage for critical illness, disability, and terminal illness. You can go for Group Assure, Easy Group Assure, Group Assure Plus Critical Illness Benefit, Group Assure plus Disability Benefit, or Joint Life Cover. This plan gives you coverage for liability that arises from a loan.
Kotak Group Shield	This policy works similarly like Kotak Group Assure. The benefit of this policy will be given to the nominee or the borrower or the legal heir.

Kotak Life Insurance Riders:

Kotak Mahindra Life Insurance provides excellent riders in different categories. A rider is an extra feature that is added to a normal insurance policy. It gives additional privileges when you pay an extra cost.

How to make a claim with Kotak Mahindra Life Insurance?

• To make a claim for death, permanent disability, or critical illness, you will have to give relevant documents and send it to the official address of the Claims Department of Kotak Mahindra Life Insurance. You can find the claims intimation form under the Forms section of the site or at any Kotak Life Insurance branch. Your Life Advisor will also have the form.
• The claim can be made by the policyholder or the nominee. When the nominee is a minor, a person can be made the appointee and this person can intimate the claim. If the contractual parties suffer from any unforeseen incident, the claim can be made by the legal heir by submitting a proof of legal title.
• For a death claim, you will have to provide original death certificate, policy documents, claimant’s documents and photograph. For critical illness claim, you will need to give the photo of the insured and relevant medical records along with other documents for proof of address and identity.
• After the claim is made, you will have to fill some more documents in order to complete the claim processing. A team of committed staff will be by your side throughout the claim process.
• When the company has all your documents, they will evaluate your claim details. Once this is done, payments will be made for the claim depending on the evaluation. You will receive updates about your claim via SMS and in the form of a letter.
• If you have any queries regarding the settlement, you can reach out to the Claims Department of Kotak for clarification.

Claim Settlement Ratio of Kotak Mahindra Life Insurance

Kotak Mahindra Life Insurance is one of the major insurers in the country that has a decent claim settlement ratio. The company’s claim settlement ratio for the year 2017-18 can be shown below:

No. of claims received	No. of claims approved	Claim settlement ratio
3,074	2,881	93.72%

Claim settlement ratio trend for Kotak Mahindra can be shows as follows:

Year	2011-12	2012-13	2013-14	2014-15	2015-16	2016-17	2017-18
Settlement Ratio	92%	92%	91%	91%	89%	91%	94%

Documents required for buying Kotak Mahindra Life Insurance:

These are the documents that you will have to submit when you want to buy a Kotak Mahindra Life Insurance:

ID proof:

You can give your passport, PAN Card, Driving License, Voter’s ID, Letter given by the Unique Identification Authority with your name, Aadhaar number, address, etc.

Age proof:

You will need to submit your Passport or Voter’s ID.

Residential address proof:

You can give your telephone bill, electricity bill, a letter given by a recognised public authority, ration card, your lease agreements with your rent receipt or your bank passbook.

Income proof:

Common income proofs:

• Your Income tax assessment orders or Income Tax Returns
• Your audited firm accounts and Partnership Deed
• Your Audited Company accounts
• Certificate from your employer

Non-standard income proofs:

• Bank Cash-flows statements, Pass-book
• Chartered Accountant’s Certificate
• Agricultural-land details & Income assessments
• Agricultural Income Certificate

For getting insurance contracts with companies:

• Certificate of Incorporation and Memorandum and Articles of Association
• A copy of the company’s PAN allotment letter
• Power of Attorney

How to check your Policy Status?

• You can check the status of your Kotak Mahindra Life Insurance policy through the following ways:
• You may call the company on the toll-free number 1800 209 8800. NRI policyholders can contact the company by calling +912267775000.
• You can write a letter to the client service desk of Kotak.
• You can sign up on Kotak’s official website and create a new user ID with your email ID and a password. You can then login and then check your policy status.
• You can also visit your nearest Kotak branch and meet a representative for full information.
• You may contact your Life Advisor for help.

Kotak Mahindra Life Insurance Online Payment:

You can pay your insurance premiums conveniently online through:

• National Electronic Fund Transfer (NEFT): You can do this through the net banking facility that is provided by your bank.
• Standing Instruction: You will have to fill a Standard Instruction form and submit it. Your account will get automatically debited on the due date of the premium payment.
• Electronic Clearing Services (ECS): This is an automated facility where your premium amount will get deducted from your bank account.
• Payment through credit card: You can pay your premium through any Visa or MasterCard credit card by visiting the website of Kotak Life Insurance.
• Direct debit: You will need to fill a Direct Debit form provided by the bank and submit it any of the banks that have this facility.
• Online payment: You can pay online without any hassle by logging into the website of the Kotak.
• Payment through debit card: You can pay through any Visa debit card.
• Immediate Payment Service (IMPS) with your mobile phone: You will need to enrol for IMPS with your bank and then you should get your MPIN (the password for the mobile payment) and MMID (Mobile Money Identifier) from your bank.

Kotak Mahindra Life Insurance Premium Calculator:

Kotak Mahindra Life Insurance provides an excellent online insurance premium calculator. You will have to first select the product category from ULIP plans, term plans, and traditional plans. Next, you will have to choose a specific product from the drop down list. Then, you will need to proceed to the next page.

In the next page, you will have to give personal details. You will then need to give information regarding cover and term. Following this, you will have to give information related to allocation of the finances. Next, you will have to provide rider details. You will also have to select the mode through which you will pay your premium. When you are using the calculator, some of the fields will have to be mandatorily filled.

Kotak Mahindra Life Insurance FAQs:

1. Whenever I pay my premium, will I get a receipt from Kotak Mahindra Life Insurance?

   A. Yes, the company will provide you with a receipt whenever you make a premium payment. If you pay via Standing Instruction or ECS, you will get a receipt only after getting an update that your payment has been successful.

2. Does Kotak provide a free look period and what is it?

   A. Yes, Kotak offers a free look period. This is the period during which you can hold a particular insurance policy and then give it back if you want to. This period lasts for 15 days since when you have received the policy. This period is applicable for all types of policies. You will get a refund of the premium that you would have paid. This amount will be ascertained after subtracting the medical expenses, stamp duty, and the proportionate risk premium.

3. Does Kotak Mahindra Life Insurance allow me to move from one insurance plan to other plans provided by the company?

   A. Yes, Kotak allows you to move from one type of plan to any other plan provided by Kotak. This process is known as switching. You do not have to worry about any specific limit as you can make any number of switches. But, you will be able to make only certain number of switches for free.

4. What are the factors that I should consider while selecting a Kotak Life Insurance policy?

   A. When you are choosing a life insurance policy from Kotak, you need to consider these 3 factors chiefly: your financial goals, the amount of risk, and the tenure for which you can pay your premiums.

5. Could you tell me the types of funds that are offered by Kotak Life Insurance?

   A. Kotak Life Insurance offers 6 types of funds and they are: Floating Rate Fund, Balanced Fund, Growth Fund, Gilt, Bond Fund, and Aggressive Growth Fund.

6. Could you tell me the riders provided by Kotak Life Insurance?

   A. Kotak provides accidental death benefit, critical illness benefit, permanent disability benefit, Kotak preferred term benefit, Kotak accidental disability guardian benefit, term benefit, and Kotak life guardian benefit.

7. If I need to make a death claim that comes under a plan without cover, what documents will I need to submit?

   A. If the life insured dies who has a plan without cover, you will need to submit policy documents, claim intimation form, documents of life insured including address proof, photo, and ID proof, medical records, and passbook.

8. Under Kotak Life Insurance, what is immediate payout?

   A. Kotak Life Insurance provides you with an option of immediate payout where the nominee will get 100% of sum assured when the life insured dies.

9. What are the online insurance plans provided by Kotak Mahindra Life Insurance?

   A. The 3 online insurance plans provided by Kotak Mahindra Life Insurance include Kotak e-Assured Savings Plan, Kotak Preferred e-Term Plan, and Kotak e-Lifetime Income Plan.

10. What is the gifting option that is provided by the Kotak e-Lifetime Income Plan?

    A. You can apply for the Kotak e-Lifetime Income Plan in your name or even gift it to your loved ones. However, you will be allowed to gift it only to your grandparents, parents, spouse, or siblings.