Kotak Mahindra Old Mutual Life Insurance Limited is a private life insurance company jointly owned by the Kotak Mahindra group and South African investment group Old Mutual.
The company provides various protection plans, child plans and retirement plans as well as savings and investment plans at nominal prices.
Kotak Mahindra Old Mutual Life Insurance has one of the best claim ratios in the industry and is one of the fastest growing insurance companies in India with over 4 million policyholders. The company offers a wide range of products that best leverage the combined prowess of protection and long term savings.
Key Highlights of Kotak Life Insurance
1 Crore Life Cover
Get 1 Cr Life cover @₹ 13.97*/day
Claim Settlement Ratio
Claim-settlement ratio of 90.73% for year 2014-2015
97.23% Grievances Settled for year 2014-2015
To be eligible for Kotak Life Insurance
You should be at least 18 years old
You should be less than 65 years old
You should be either Salaried, Self- employed, a professional or have your own business
Kotak Life Insurance at a Glance
A maximum tenure of 30 years
Min Sum Assured: Rs 25 Lakhs
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Kotak Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Kotak Mahindra Life Insurance Plans In India
Kotak Life offers a wide range of product across the spectrum and covering most of the demographics. With the vast experience of Old Mutual, and the exceptional penetration of Kotak Mahindra Ltd, it is a great choice for life insurance policies.
- Kotak Life Protection Plans
The traditional plans are pure term plans. These plans typically collect very low premiums, while paying out large Sum Assured to respective nominees on the unfortunate demise of the insured.
- Kotak Saral Suraksha: Pure term plan with significant cover at affordable premiums, valid for 5 or 10 years’ tenors.
- Kotak Term Plan/Kotak Preferred Term Plan: Pure term plan with attractive Sum Assured at payment of nominal premiums.
The savings or investment/ULIP plans from Kotak Life are meant to provide maturity benefits as well as death benefits. These plans generally invest your funds into debt or other financial instruments, thereby providing interest on the investment. The benefits are accumulated and paid out on policy maturity, without affecting the basic death benefits.
- Kotak Gramin Bima Yojana (single premium, non-participating): Single premium product with death and maturity benefits meant for the social and rural sector of customers.
- Kotak Assured Income Accelerator (non-participating): Guaranteed maturity and death benefits. Incremental guaranteed income during payout period.
- Kotak Premier Moneyback Plan (participating): A savings and investment limited pay plan providing payouts in lump sum at regular intervals.
- Kotak Classic Endowment Plan (participating):A long term savings and protection plan that earns bonuses in the policy tenor and offers protection benefits.
- Kotak Assured Savings Plan: Guaranteed maturity benefits and increasing life cover that provide affordable protection and wealth accumulation opportunities.
- Kotak Assured Income Plan (endowment, non-participating):Assured annual income for 15 years, on top of death and lump sum maturity benefits.
- Kotak Platinum (ULIP): Multiple options to invest your money in and flexible premium payments.
- Kotak Single Invest Advantage (Single premium, ULIP):Single premium life and investment plan that provides good rate of returns.
- Kotak Ace Investment Plan (ULIP):ULIP savings and investment plan with option to choose from 7 funds and ability to switch between funds.
- Kotak Wealth Insurance Plan (ULIP):A ULIP plan providing a balance between wealth accumulation and protection.
- Kotak Invest Maxima (ULIP): A ULIP plan with special emphasis on investment with high premium allocation as well as Systematic Switching Strategy which provides a systematic approach toward the equity market.
- Kotak Premier Endowment Plan (participating, endowment): Guaranteed additions in the first 5 years with bonus being paid out from 6th year onwards.
Kotak Life retirement plans are meant for people who want to have sufficient funds once they retire, while also enjoying the benefits of a life insurance plan. Plans offered by Kotak Life are:
- 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 Child plans are provided to ensure that your child doesn’t lack funds to pursue important life decisions such as higher education, marriage, or payment of house mortgage etc.
- Kotak Headstart Child Assure: A ULIP plan with three benefits - death benefits, maturity benefits, and premium waiver in case of death of parent (insured).
Online term plans are offered by Kotak Life in three policy categories as given below. These plans can be enrolled online, removing hassle-free paper-based processing hassles.
- Kotak Preferred e-Term Plan: It’s 1 crore term plan with Rs 6,975 p.a. premium. In-built premium waiver for Total and Permanent Disability is provided.
- Kotak e-Assured Savings Plan:Guaranteed maturity and death benefits, and increasing life cover.
- Kotak e-Lifetime Income Plan:Lifetime income with a choice between four different annuity options.
Kotak Life has a range of products that will satisfy the requirements of any new customer. These plans can be availed at any of their networked branches throughout India. Online plans can obviously be applied for online. Also, customers have the choice of buying specific ‘riders’ that will give more value out of the base product to them.
- Kotak Gratuity Plus Group Plan : A unit-linked group gratuity plan that allows for funding of the gratuity obligation borne by an organisation along with providing return of all contributions made, increasing number of units for increasing fund size and a life insurance coverage for all the employees.
- Kotak Leave Encashment Group Plan : A group insurance plan that allows organisations to service the needs of employees’ leave encashment liabilities increasing over time. The plan allows a choice of six fund options and increases units as per the increasing fund size. Life insurance coverage is provided for the employees.
- Kotak Secure Return Superannuation Plan : A group insurance plan aimed to provide for superannuation benefits for employees as planned by organisations. The plan provides a guaranteed minimum floor rate and also additional protection through suitable rider plans.
- Kotak Secure Return Employee Benefit Plan : A group insurance plan aimed to provide for employee benefits as planned by organisations. The plan provides a guaranteed minimum floor rate and also additional protection through suitable rider plans and is renewable on an annual basis.
- Kotak Superannuation Group Plan - II : A group insurance plan that provides for superannuation benefits through two schemes under an assured benefit and offers multiple tax saving options for both the employer and the employee.
- Kotak Term Group Plan : A group insurance plan that allows the employer to provide for a life cover for the employees that can be voluntarily shifted to the spouse. The insurance plan has worldwide coverage, entails tax benefits and has varying payment frequencies.
- Kotak Credit Term Group Plan : A group insurance plan that offers a life cover to the borrowers of credit institutions to protect the interests of the lender as well as the borrower. It is a non-participating annually renewable plan.
- Kotak Gratuity Group Plan : A unit-linked group gratuity plan that is aimed to help companies fulfil the gratuity obligations towards its employees and also provides life insurance cover for the group. With a choice of 6 fund options, this plan offers market-linked returns and long-term investment growth.
- Kotak Complete Cover Group Plan : A group insurance plan for borrowers of a credit institution that provides life cover for a group of or all borrowers of a credit institution, safeguarding both the borrower and the lender against an event of an unfortunate demise. While the liability of repayment gets cleared off from the borrower’s family, the remaining amount of the life cover acts as a financial support.
- Kotak Group Assure : A group insurance with a reducing cover term plan that offers financial security to both the credit institution and the customer through protection of the availed loan against any event of unfortunate death, disability, critical or terminal illness.
- Kotak Group Shield : A group insurance plan that protects credit institutions and its customers against loan liabilities. The protection extends to disability, critical or terminal illness too. Available in five options for different needs.
Kotak Mahindra Life Insurance FAQs:
- Q. 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.
- Q. 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.
- Q. 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.
- Q. 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.
- Q. 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.
- Q. Will I get maturity benefits on my life insurance policy?
A. Yes, you will receive maturity benefits as defined in your plan.
- Q. 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. Buy insurance at an early age to reduce the cost of insurance.
- Q. 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.
- Q. 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
- Q. 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.
News About Kotak Mahindra Life Insurance
Sumitomo Mitsui Sells of Part of Their Stake in Kotak Bank
According to data displayed by Block Deal, Sumitomo Mitsui, a Japanese Banking Corporation has sold of 1.8% of their stake in Kotak Mahindra bank for the sum of Rs 3,433 crore. Of the 1.8% of shares sold, 1% of the stake were picked up by the Canada Pension Plan Investment Board for Rs 2084 Crores or 18.1 Million shares and the remaining 0.8% of the stake was picked up at Rs 623.95 per share to unknown buyers.
This sell is the second of its kind with California Public Employees Retirement system selling their stake in Axis Bank on Monday
30th March 2016
Kotak Life Insurance launches their Kotak Premier Life Plan
Expanding their range of products, Kotak Life Insurance launches the new Kotak Premier Life Plan. This plan has a limited premium payment and is a participating whole life plan which aims to provide long term savings and protection for the policyholder. The plan offer insurance coverage up to the age of 99 years, with the option to choose either a cash payout or paid up additions at the time of entry.
8th February 2016
Kotak life insurance expecting booming business worth Rs.18000 crore in 2016
Kotak Mahindra Old Mutual Life insurance which is one of the leading life insurance companies in India recently announced that it is expecting business worth Rs.1800 crore this year as compared to last year’s business of Rs.1500 crore. The company’s Chief Distribution officer announced this at the launch of Kotak Premier Life Plan, a life insurance policy. The company’s market share in the insurance segment is currently between 4-5%.
14th January 2016
Kotak Life Insurance launches Kotak Premier Life Plan
Kotak Life Insurance Company recently launched Kotak Premier Life Plan. It is a limited premium payment plan.
The plan enables customers to choose between either cash payout or paid up addition option. The cash payout option will pay the bonuses declared by the policy every year after the premium payment is over. This will continue till the end of the policy or death of the policyholder. On the other hand, the paid-up additions would enable policyholders to use their bonuses to buy paid-up additions.
The plan will help the policyholder save accumulated bonus which can be withdrawn after the expiry of premium paying term. This is a participating whole life product that helps customers enjoy enhanced protection and plan for a better future.
12th January 2016
Kotak Life targets Rs. 900 crore insurance business
Kotak Mahindra Old Mutual Life Insurance, has planned to reach Rs. 900 crore milestone in the individual new business regular premium. This can result in a 50% growth in business, as compared to the previous year. The life insurance company is a 74:26 joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual.
For year-to-date September 2015, the company has gained individual new business regular premium worth Rs 325 crore. In a statement released, the company’s managing director G Murlidhar said that presently the company has a balanced product mix. The mix comprises 33% participating products, 46% non-participating business, and the remaining 21% unit linked products. The same product mix will be maintained during the rest of the financial year.
9th December 2015
Kotak Mahindra General Insurance Company receives IRDA approval.
Kotak Mahindra General Insurance Company recently received permission from the Insurance Regulatory and development Authority of India to start its insurance business in India. The insurance company will now operate as how the other insurance companies work in India work. Kotak Mahindra General Insurance Company has already completed the registration formalities required by IRDA.
Initially, Kotak General Insurance will concentrate on Health Insurance, Home Insurance, Travel Insurance and Motor Insurance. Going forward, the company will expand its operations into Burglary, Marine and Fire. Kotak General Insurance Company has also received permission to underwrite all classes of general insurance business in India.
23rd November 2015
Kotak Premier Pension Plan - A life insurance plan with pension benefits
Kotak Life Insurance has announced the launch of a new insurance plan, the Kotak Premier Pension. Coming with a life cover, this plan is a pension offering one that adds to the financial security of the policyholder post retirement.
It is a traditional non-linked participating plan that offers guaranteed additions in the first five years. These additions are a percentage of the sum assured and add to the retirement benefits that can be availed. Two optional riders of Kotak Accidental Death Benefit and Kotak Permanent Disability Benefit make the risk cover offered by this policy even more comprehensive.
16th September 2015
Government should issue zero-coupon bonds: Kotak Life Insurance
Insurance penetration in India, in 2001, stood at 2.71%, by 2010 it had risen to an impressive 5.2% but after that it has fallen to only 3.9% said Sunil Sharma the Chief Actuary of Kotak Life Insurance. He also said that with the government’s announcement of intentions to increase foreign investor’s stake from 26% to 49%, the country was ready to enter a new era where insurance products would be more easily available to customers.
Keeping this positive step in mind he has set forth the following expectations from the upcoming budget. The current provisions under section 10(10D) state that if the sum assured is less than 10 times the premium paid then the financial benefits from the insurance policy can be taxed however the provision does not take into account the way in which the premium is paid and this needs to be addressed. He also suggested that to encourage long term investments the government should provide exemptions for investments in pension plans. He has also pointed out that the absence of zero coupon bonds in India is affecting insurer’s ability in Asset Liability Management and that the introduction of these bonds would help a lot.
24th February 2015
'Merger harbinger of Acche Din,'predicts Kotak
The Rs 15,000-crore merger between Kotak Mahindra Bank and ING Vysya Bank would create a world-class financial institution that is expected to usher in acche din, said Kotak's head Uday Kotak. The all-share deal, for which he expects all necessary regulatory approvals by March 2015, would create India's fourth largest bank. Terming the merger as "a marriage almost made to order for both parties", Kotak said that the balance sheet on combined basis would be rupees two lakh crore and the market cap will be over rupees one lakh crore. The senior banker said that the Indian banking industry needs to consolidate, "To finance India's future financing needs, you need banks of size." Kotak allayed concerns that the merger would result in any job losses and said that the synergies from the transaction would instead provide new growth opportunities for the staff of both banks and also create new jobs over a period of time. Post the merger, Dutch financial services giant ING, currently the main promoter of over 80-year-old ING Vysya Bank, would become a shareholder in the merged entity and would remain invested for at least the forthcoming year.
17th December 2014
Kotak Mahindra Bank Buys Out ING Vysya in an All-Shares Deal
As far as biggie mergers go, this has to be one of the biggest. Kotak Mahindra Bank has committed to buying out ING Vysya Bank in an all-share purchase, thus creating a colossus entity worth Rs.1,04,734 crore and giving Kotak Bank a trillion rupee valuation within the first 12 years of its incorporation. As per the agreement, ING Vysya shareholders will receive 725 shares of Kotak Mahindra Bank for every 1000 shares they own. This deal will ensure that Kotak will comfortably double its branch networks and also gain existing footholds in locations where the bank had planned to go. While all the formalities are initiated and running smoothly towards the successful completion of this acquisition, the merger is still subject to regulatory approvals from RBI and other regulators.
25th November 2014