Kotak Mahindra Life Insurance is one of the most trusted insurance companies in India which boasts of a plethora of insurance portfolio ranging from protection plans to retirement plans, annuity plans, group plans, to saving cum protection plans.
Kotak Mahindra Life Insurance Company Limited is one of the nation’s fastest growing insurance providers. The company was formerly known as the Kotak Mahindra Old Mutual Life Insurance Limited. As of March 2018, Kotak Mahindra Life Insurance Company covers over 20 million people across the country.
Benefits of Kotak Mahindra Life Insurance:
Kotak Mahindra Life Insurance Limited is one of the leading insurers in India. It has been touted as one of the quickest growing insurance organisations in the country, with more than 4 million policyholders across India. The company has designed a number of unique products and services to meet the ever-changing financial needs of a diverse customer base. Whether you are looking for protection plans, savings and investment instruments, retirement plans or child plans, Kotak Mahindra’s portfolio is certain to make it relatively easy in finding the best product for you. The company offers solutions for group entities as well as individuals, ensuring that no matter what your investment requirements are, there is something that will help you meet your long-term goals. Kotak Mahindra also holds the distinction of having among the best claim settlement ratios in the industry, thereby giving us a glimpse of its quality business practices.
Different Types of Life Insurance Policies Offered by Kotak Mahindra:
Limited has become of the leading insurers in India for many reasons, one of which is the company’s quality products. Not only does the company offer solutions that help in meeting your long-term objectives, but it also has a vast portfolio that can help customers find the perfect policy whether they seek protection, savings and investment plans, child plans or retirement solutions. Following are the different kinds of life insurance policies offered by Kotak Mahindra Life Insurance Company.
Kotak Mahindra Protection Plans:
The protection plans made available by Kotak Mahindra are designed in a manner such that they not only ensure that your family is financially secure in the event of your untimely demise, but it also helps in ensuring that the emotional well-being of your family is not too adversely affected whilst helping them live debt-free. Following are the protection plans offered by Kotak Mahindra Life Insurance Limited:
- Kotak Saral Suraksha: This is a term plan that provides a significant cover at affordable premiums. Premiums can be paid over a period of 5 years either annually or biannually. Policyholders can also make a single lump sum premium payment. An additional benefit of this plan is that it does not require a lot of paperwork.
- Kotak e-Term Plan: The e-Term plan is a pure risk cover term plan that provides the insured with high protection at a nominal cost. The insured can choose from a number of plan options and multiple payout options. Policyholders can either increase or decrease their cover based on their requirement.
- Kotak Term Plan: The Kotak Mahindra Term Plan offers the insured with a high level of protection at affordable prices. Policyholders also have the flexibility of making premium payments on a yearly, half-yearly, quarterly, or monthly basis. An added advantage of this plan is that the policyholder can convert their term plan to other types of life plans offered by Kotak Mahindra.
- Kotak Income Protection Plan: The Income Protection Plan provides the insured a monthly income that continues to increase at compounding 6% p.a. The monthly payouts can be availed after 5 years of the policy’s term. Dependents of the insured receive the lump sum amount of the sum assured if the insured passes away during the term of the policy.
|Plan||Sum assured||Policy Term|
|Kotak Saral Suraksha||Rs.5,000/Rs.10,000/Rs.15,000/Rs.25,000/Rs.50,000/Rs.75,000/Rs.1 lakh||5 years and 10 years|
|Kotak e-Term Plan||Rs.25 lakh||5 years to 40 years|
|Kotak Term Plan||Rs.3 lakh||5 years to 30 years|
|Kotak Income Protection Plan||Rs.20,000 (monthly income level)||
Kotak Mahindra Savings and Investment Plans:
The Kotak Mahindra savings and investment plans offered by Kotak Mahindra offer a number of avenues through which customers can save and earn money. The systematic manner in which your funds are invested in these plans ensure that policyholder and his / her family have enough money to meet their financial targets. Following are the savings and investment plans you can avail from Kotak Mahindra Life Insurance Limited:
- Kotak Gramin Bima Yojana: This plan requires the insured to make a single premium payment of a nominal amount. The Gramin Bima Yojana plan has been designed to meet the needs of the rural sector. Policyholders get a guaranteed payout on maturity of the policy.
- Kotak Sampoorn Bima Micro-Insurance: The Sampoorn Bima Micro-Insurance plan requires the insured to make a single premium payment of Rs.200. The plan ensures a payout on maturity.
- Kotak Classic Endowment Plan: This participating endowment plan provides the insured with protection up to the age of 75 years. Policyholders receive a bonus every year from the first year of the policy. The plan allows the insured to make premium payments as per their suitability. Policyholders who opt for a high sum assured receive a discount.
- Kotak Premier Endowment Plan: The Premier Endowment plan provides the insured with guaranteed additions at 5% p.a. of the basic sum assured within the first 5 years of the policy’s tenure. Policyholders receive a bonus that accrues from the 6th year of the policy’s term. The plan provides the insured with the flexibility to select their premium payment options.
- Kotak Assured Income Plan: This plan provides the insured with assured annual income for 15 years if the insured survives the term of their policy. A percentage of the sum assured is paid in lump sum to the insured on the maturity of the policy. The protection is extended to a fixed term of 30 years.
- Kotak Assured Income Accelerator: This plan provides the insured with a guaranteed income that is payable annually. Income boosters are provided to the insured at 5% to 7% on an annual basis. The insured is also given the death benefit regardless of the guaranteed income that is paid during the tenure of the policy.
- Kotak Premier Moneyback Plan: Depending on the policy term chosen by the insured, a percentage of the sum assured is paid out as regular cash backs at specified intervals. A lump sum amount is paid out in addition to the maturity benefit at the end of the policy’s term. Bonuses declared are paid out from the end of the first year of the policy’s term. An additional sum is paid out in instances where the insured passes away due to an accident.
- Kotak Premier Income Plan: The Premier Income Plan provides the insured with guaranteed annual income immediately after making the premium payment. Female policyholders receive a greater sum assured. Additionally, policyholders have the benefit of accruing bonuses during the tenure of the plan.
- Kotak Guaranteed Savings Plan: This non-linked, non-participating life insurance plan The plan comes with a limited premium payment option that provides guaranteed additions accrued over the term of the policy. A lump sum amount is paid as loyalty additions at the end of the plan’s tenure.
- Kotak Premier Life Plan: This is a whole life plan that provides the insured with coverage up to the age of 99 years. Policyholders can receive bonuses as a lump sum payout. On choosing a high sum assured, policyholders receive a discount on premium payments.
- Kotak Assured Savings Plan: Policyholders receive the sum assured and accrued yearly additions as the maturity benefit. Increase in premium payment term earns the policyholder guaranteed loyalty additions and yearly additions.
- Kotak Single Invest Plus: The Single Invest Plus plan requires the policyholder to make a one-time premium payment. It provides a joint cover for both the insured and another family member. Policyholders receive loyalty additions at the end of the 10th and 15th year of the policy’s term. The plan gives policyholders the freedom to invest in a variety of funds.
- Kotak Wealth Insurance: This plan provides the policyholder with the chance of accumulating wealth through returns from investments. In the event of the policyholder's death, the dependents receive 100% of the sum assured in addition to a lump sum amount of the fund value. Policyholders can customise their portfolio based on the risks they are willing to take. The terms of the policy permit the insured to make partial withdrawals to meet any unexpected life events.
- Kotak Invest Maxima: Policyholders have the freedom of choosing the funds they want to invest in. The plan offers policyholders 2 choices of investment strategies: Self-managed and systematic switching strategy. Policyholders receive rewards for long-term plans. The plan also permits the insured the flexibility of making premium payments.
- Kotak Single Invest Advantage: The Single Invest Advantage plan requires the policyholder to make one premium payment throughout the term of the policy. Policyholders can choose from 3 investment strategies.
- Kotak Platinum Plan: This policy provides the policyholder with the opportunity to capitalise their investments and build a substantial corpus through the investment strategies available. 95% to 98.5% of the premium paid is invested in the investment instruments chosen by the policyholder. Additionally, policyholders also earn survival units, which is equal to 2% of the average fund value, at the end of the 10th year of the policy’s tenure and every 5 years thereafter.
- Kotak Ace Investment: The Kotak Ace Investment plan provides policyholders with the option of choosing from a variety of investment strategies. The cover can be decided as per the requirement of the policyholder. The plan can be enhanced through the riders available. Policyholders have an added advantage of making partial withdrawals to meet unplanned expenditure.
- Kotak Smart Life Plan: This plan provides the insured with a life cover upto the age of 75 years. Bonus options can be chosen by the policyholder from the first year of the policy’s term. The protection of the plan can be enhanced through riders.
- Kotak POS Bachat Bima: The POS Bachat Bima plan gives the policyholder 2 plan options. The Life Plus option provides a cover for accidental death. Policyholders can be assured of annual additions that accrue throughout the policy’s term.
|Plan||Sum assured||Policy Term|
|Kotak Gramin Bima Yojana||
|Kotak Sampoorn Bima Micro-Insurance||
|Kotak Classic Endowment Plan||Based on policy term, minimum premium amount and entry age.||15 to 30 years|
|Kotak Premier Endowment Plan||Based on premium amount chosen||
|Kotak Assured Income Plan||10 times the annual premium paid||30 years|
|Kotak Assured Income Accelerator||10 times the annual premium paid||
|Kotak Premier Moneyback Plan||Rs.1.5 lakh||16 years/20 years/24 years|
|Kotak Premier Income Plan||Based on policy term, minimum premium amount and entry age.||15 years/ 19 years/ 23 years|
|Kotak Guaranteed Savings Plan||Based on policy term, minimum premium amount and entry age.||14 years/15 years/16 years/ 20 years|
|Kotak Premier Life Plan||Rs.2 lakh||99 years less than entr age|
|Kotak Assured Savings Plan||Based on policy term, minimum premium amount and entry age.||
|Kotak Single Invest Plus||
||10 years and 15 years|
|Kotak Wealth Insurance||
|Kotak Invest Maxima||
|Kotak Single Invest Advantage||10 times the premium amount||10 years and 15 years|
|Kotak Platinum Plan||
||10 to 30 years|
|Kotak Ace Investment||
|Kotak SmartLife Plan||Rs.2.5 lakh||Upto age 75 years|
|Kotak POS Bachat Bima||Based on policy term, minimum premium amount and entry age.||16 years/ 20 years|
Kotak Mahindra Child Plans:
Child plans are a great way to invest in the future of your child and ensure that you have adequate finances to meet expenses related to their higher education, marriage, etc. Kotak Mahindra currently has only one child plan that can be purchased to get a head start on your child’s future. Following is a brief description of the same:
- Kotak Headstart Child Assure: A ULIP plan with three benefits - death benefits, maturity benefits, and premium waiver in case of death of parent (insured).
|Plan||Sum assured||Policy Term|
|Kotak Headstart Child Assure||
||10 years / 15 years to 25 years|
Kotak Mahindra Retirement Plans:
Kotak Mahindra Retirement plans are designed to provide a regular source of income to the policyholder once he / she has retired from work. These plans enable you to save money in a systematic manner so that you have enough funds to follow your dreams or take your family on an exotic vacation. Following are the three retirement plans you can purchase from Kotak Mahindra Life Insurance Limited:
- Kotak Lifetime Income Plan: Immediate annuity plan that secures your financial future post-retirement. Flexible frequencies of payouts available.
- Kotak e-Lifetime Income Plan: A single premium immediate annuity plan that offers lifetime income through four options available. The plan can be applied for online and the annuity rate remains unchanged throughout the policy term.
- Kotak Premier Pension Plus: The Premier Pension Plan from Kotak Mahindra enable you to accumulate money for your retirement, thus ensuring that you continue to live a comfortable life and have no worries about money as you will receive a regular income to carry on with life.
|Plan||Sum assured||Policy Term|
|Kotak Lifetime Income Plan||Minimum Annuity: Rs.12,000 p.a.||NA|
|Kotak Premier Pension Plus||Rs.2 lakh||10 years to 30 years for Regular Pay policies 15 years to 30 years for 10 Pay 17 years to 30 years for 12 Pay policies 10 years and 15 years for Single Pay policies|
Kotak Mahindra Group Plans:
Kotak Mahindra Group plans are designed to strengthen the relationship between employers and employees. Not only do these plans provide customers with life cover, but also ensure that they have a comfortable life post retirement by means of pension and gratuity plans. Following are the various group plans offered by Kotak Mahindra Life Insurance Company:
Group Gratuity/Leave Encashment Plans
These plans help policyholders invest their funds to better cover any potential liabilities of their employees.
- Kotak Gratuity Plus Group Plan: This plan assures returns of all contributions made by the policyholder at the time of exit. The plan provides the policyholder’s employees with a life cover in addition to gratuity benefit. The policy is renewable on a yearly basis.
- Kotak Secure Return Employee Benefit Plan: This plan serves a dual purpose of serving the requirements of both gratuity and leave encashment. Policyholders are guaranteed a minimum 2% floor rate p.a. for the entire policy term. Additional life covers can be added to the group plan. The policy can be renewed on an annual basis.
- Kotak Gratuity Group Plan: This plan helps employers reduce the business costs and meet the needs of funding gratuity. The unit-linked plan provides long-term investment growth and provides exposure to a number of markets. The policy can be renewed on an annual basis.
- Kotak Leave Encashment Group Plan: This plan provides employers with the opportunity to invest in a variety of market-linked funds. The plan helps employers fund leave encashment and reducing financial strain. In addition to leave encashment, the plan also comes with a life cover.
|Plan||Sum assured||Minimum group size|
|Kotak Gratuity Plus Group Plan||Rs.1,000||10 members|
|Kotak Secure Return Employee Benefit Plan||NA||50 members|
|Kotak Gratuity Group Plan||Rs.5,000||10 members|
|Kotak Leave Encashment Group Plan||Rs.5,000||10 members|
Group Superannuation Plans
The group superannuation plans offered by Kotak have been created to provide employees with retirement benefits. The following are the plans that Kotak Mahindra offers:
- Kotak Secure Return Superannuation Plan: This plan helps with all requirements related to superannuation. The plan assures a 2% minimum floor rate p.a. The employer can also provide their employees with an additional life cover through this plan. The plan can be renewed every year.
- Kotak Superannuation Group Plan-II: The scheme provides employers with the opportunity to grant their employees specific benefits on retirement. The plan caters to needs of both the employer and the employees. Contributions made to the plan are invested in Group Secure Capital Fund and provides regular monthly additions.
|Plan||Minimum Contribution||Minimum group size|
|Kotak Secure Return Superannuation Plan||Rs.2,000||NA|
|Kotak Superannuation Group Plan-II||Rs.6,000||10 members|
Group Term Plans
The group term plan helps employers provide plans that empowers and protects the loved ones of their employees in the event of their untimely death. The following are the group term plans offered by Kotak Mahindra Life Insurance:
- Kotak Group Secure Plan: This is a pure term group plan that builds loyalty from employees by providing financial security to the dependents of the employee. The plan is available in 2 variants, one of which also covers terminal illness. The plan is best suited for individuals employed with any associations.
- Kotak Credit Term Group Plan: This plan eases the financial burden that family members are likely to face in the event of the death of the employee who has existing loans. The plan can be renewed on an annual basis.
- Kotak Term Group Plan: This plan provides a life cover to employees and a voluntary life cover can also be extended to family members of the employee. The plan can be enhanced through riders. The plans can also be customized by the employer and provides flexibility with regard to premium payment.
- Kotak Raksha Group Micro Insurance Plan: This plan provides the employer with the flexibility of choosing cover options based on the requirements of the employee. Employees have the option of choosing either a single cover or a joint cover. Premium payments can be made based on the convenience of the employer.
- Kotak Group Secure One Plan: This plan provides the employer with a comprehensive life cover for their employees. This plan is best suited for individuals who work in government offices, NGOs, Co-operative Societies and other similar organizations.
|Plan||Sum assured||Policy Term|
|Kotak Group Secure Plan||Rs.5,000||50 members|
|Kotak Credit Term Group Plan||The outstanding loan amount||NA|
|Kotak Term Group Plan||Rs.1,000||50 members|
|Kotak Raksha Group Micro Insurance Plan||Rs.5,000||5 members|
|Kotak Group Secure One Plan||Rs.5,000||50 members|
Group Credit Plans
The Group Credit plans offered by Kotak not only provide a life cover but also protects the family members of the employee from any loan liabilities in the event of the employee’s death. The following are the plans that Kotak Mahindra offers:
- Kotak Group Assure: This plan protects the family members of the employee from any loan liabilities in the event of the employee’s death. The plan also provides protection against disability, terminal and critical illnesses. The plan has a number of variants that the employer can choose.
- Kotak Group Shield: The cover provided for this plan that is the same amount as the initial loan amount taken by the policyholder. The plan provides financial security to the dependents of the employee by taking care of any loan repayments. The plan also provides a cover against terminal illness, critical illness, and disability.
- Kotak Complete Cover Group Plan: This plan is best suited for institutions that offer credit. The plan protects the institution from any loan liabilities following the death of the borrower. Additionally, the plan also provides financial security to the borrower’s family members. An advantage to this plan is the single premium payment that can help manage the borrower’s account.
|Plan||Sum assured||Minimum Group Size|
|Kotak Group Assure||
|Kotak Group Shield||
|Kotak Complete Cover Group Plan||Rs.5,000||NA|
How to Claim Insurance with Kotak Mahindra Life Insurance Limited:
In case of the death of a life assured, the nominee must intimate the company about the claim by sending a letter to Claims Department, Kotak Mahindra Old Mutual Life Insurance Company Limited, Kotak Infiniti, Building no.21, 7th Floor – Zone 2, Infinity Park, Off Western Express Highway, General AK Vaidya Marg, Malad (E), Mumbai – 400097.
Documents Required to Claim Insurance with Kotak Mahindra:
- Duly-filled death claim intimation form
- Original policy documents
- Original death certificate issued by municipality or equivalent authority
- A photograph, photo ID proof and current address proof of the claimant
- A statement with bank account details / a copy of bank passbook of the claimant
- Medical questionnaire
- Medical records such as death / discharge summary, treatment records, hospital indoor papers, investigation reports, consultation notes, etc.
- Medical certificate stating cause of death
- Copy of certified first information report / panchnama / inquest
- Copy of certified chemical analysis report / post-mortem report
- Copy of driving license in case the insured individual was driving at the time of accident
- Settlement option form
All documents that are submitted to the company must be photocopies or originals attested by a gazetted officer, magistrate, SEM or an individual of local standing, like the Talathi, Police Sub-Inspector, Sarpanch or Tahsildar. The company is at discretion to accept / reject the claim based on the documents you have provided and after it has carried out its investigation to verify the authenticity of the claim.
Kotak Mahindra Claim Settlement Ratio:
|Total Premium in Crores (2017-18)||Total Premium in Crores (2016-17)||Total Premium in Crores (2015-16)||Total Premium in Crores (2014-15)||Total Premium in Crores (2013-14)||Claim Settlement Ratio (2017-18)||Claim Settlement Ratio (2016-17)||Claim Settlement Ratio (2015-16)||Claim Settlement Ratio (2014-15)||Claim Settlement Ratio (2013-14)|
Documents Required to Purchase Kotak Mahindra Life Insurance:
Following are the documents you will require to purchase a life insurance policy from HDFC Life:
- Identity proof
- Address proof
- Income proof
- PAN Card
- Self-attested bank passbook copy
How to Check Kotak Mahindra Policy Status Online:
To check the status of your Kotak Mahindra life insurance policy online, all you have to do is visit the official website of the company and locate the Login option at the top of the homepage. Then select Customer Login Option and you will be redirected to the Customer Login Portal where two options will appear – Individual Customer and Group Customer. Select your preferred option.
In case the option you have selected is Individual Customer, you will have to enter your email address and password before hitting Submit. Once this is done, you will have logged in to your account and the policy details will appear on screen.
Kotak Mahindra Life Insurance Online Payment:
Customers can pay their premiums online instead of visiting a branch of the company and doing it personally. All you have to do is visit the company’s official website and under the Customer section, select Pay Premium Online after which you will be redirected to a new page where you will have to register / sign in and then select the payment mode and complete payment.
Kotak Mahindra Life Insurance Premium Calculator:
You can check the amount of premium payment applicable to any life insurance policy purchased from Kotak Mahindra by simply visiting the company’s website and locating the calculator. Details of the policy must be entered so that an accurate calculation is made.
Kotak Life Insurance Customer Care:
Kotak Life Insurance enjoys a strong presence across India and boasts of a well-penetrating network with offices located in over 160 towns and cities across India. In addition to providing quality life insurance solutions to their customers, Kotak Life also puts great emphasis on providing dedicated and efficient customer service to their policyholders via multiple mediums. To make it easier for the customers to reach the customer support team, the insurer has set up a dedicated helpline and email ID on which customers can call or email to get a quick response. They can also request for a call back by providing their details on the Kotak Life website or locate a Kotak Life branch. In addition to this, customers can also perform certain policy related requests for themselves such as paying policy premiums, file a claim, manage their policy, download application forms, get information about various plans, check their policy document, browse fund options, apply for a life insurance plan, and more.
Kotak Mahindra Life Insurance Frequently Asked Questions:
What are the different life insurance policies offered by Kotak Mahindra Life Insurance?
A. Kotak Mahindra offers insurance plans for Protection, savings and investment, child and for retirement. To know more visit the company website.
What are the different premium paying options available?
A. Premiums can be paid on a yearly, half yearly, quarterly and monthly basis. Some plans also have the option for the premiums to be paid for a limited period of time and not for the full policy term.
Can I buy insurance for my children as well?
A. Yes, Kotak Headstart Child Assure Plan can be bought for your children. This plan can be used as an investment option to build wealth for your child's education or marriage or business.
Will riders be available?
A. Various riders available are Critical Illness, Permanent Disability Benefit, etc. There are riders that can waive your future premiums in case of death or disability of the proposer. The riders come at a nominal cost and can be availed depending on the policy taken. They can be taken at the beginning or during the policy term.
What will happen to my policy if I miss a premium payment due date?
A. You will get a grace period of 30 days after the premium payment due date for paying the outstanding premium. If you don’t make the payment in the grace period, the policy will lapse. You can revive your lapsed policy by paying your outstanding premium and late payment charges within 6 months from the date of lapse. For plan specific conditions, refer the plan document that contains the terms and conditions for more details.
Will I get maturity benefits on my life insurance policy?
A. Yes, you will receive maturity benefits as defined in your plan.
Should I buy a life insurance at an early age? What are its advantages?
A. The younger you are, the lower is your insurance premium amount. You would be physically sound and may not be suffering from illnesses when you are younger. This lowers your premium payment on the policy. at an early age to reduce the cost of insurance.
Can I make lump sum payment for my policy?
A. Yes, Kotak Platinum Plan lets you create wealth and at the same time multiply your capital and retain your money for a time when you need it the most.
Can I restrict my premium payment?
A. Yes, with the Kotak Classic Endowment Plan, you can choose the Limited Premium Payment (LPP) option. Under this option you can take a policy for 15 to 30 years and opt to pay premiums for either 7 years for 15 years policy term or policy term less 5 years
How can I go about buying Kotak Life insurance policy?
A. To buy a policy please contact Kotak Mahindra Life Advisors. You can also enquire about Kotak Mahindra Life Insurance policies by calling on 1800 209 8800 or you can email your contact details.
What happens in case I fail to make premium payments on time?
A. Customers who fail to pay their premiums on time will receive a grace period of 30 days to clear their dues. If they fail to pay the premium within this period as well, the policy will be considered as lapsed. Lapsed policies can be revived once you paid all the outstanding premiums along with the late payment fees. However, the outstanding dues must be cleared within six month from the date on which the policy had lapsed.