Kotak Mahindra Old Mutual Life Insurance Limited is a joint venture between Kotak Mahindra and Old Mutual – its affiliates. Kotak Mahindra holds 76% of the stake in the company while the remaining 26% is held by Old Mutual. Kotak Mahindra has developed a strong reputation as one of the most trusted financial and banking services companies in India, providing customers with a variety of financial services that makes it easy for them to find the solutions that best suit their requirements. Old Mutual, on the other hand, is a global long-term savings, investment and protection provider that traces its roots to South Africa. Having been established in 1845, the company is one of the leading providers of asset management, life insurance, general insurance and banking services in Asia, Africa, Europe and the Americas.
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 89.09% for year 2015-2016
93.11% Grievances Settled for year 2015-2016
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
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:
Kotak Mahindra Life Insurance 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: Pure term plan with significant cover at affordable premiums, valid for 5 or 10 years’ tenors.
- Kotak Preferred e-Term Plan: This plan helps customers protect their families against the uncertainties of life. Preferred e-Term Plan offers a high level of protection for an affordable price of just Rs.6,975 per annum.
- Kotak Preferred Term Plan: This plan offers two death benefit payout options, viz. Recurring Payout or Immediate Payout whilst also offering preferential rates for female customers and individuals who do not use tobacco.
- Kotak Term Plan: The Term Plan from Kotak Mahindra offers customers with a high level of protection at rather affordable prices. It also offers preferential rates for female customers.
- Kotak Income Protection Plan: The Income Protection Plan offers monthly income which rises at 6% per annum compounding for the rest of the policy term in case of the untimely death of the policyholder. It also provides a lump sum amount to ensure that your family has adequate finances to meet immediate requirements in your absence.
|Plan||Basic Sum Assured||Policy Term (Tenure)|
|Kotak Saral Suraksha||Rs.5,000 / Rs.10,000 / Rs.15,000 / Rs.25,000 / Rs.50,000 / Rs.75,000 / Rs.1 lac||5 years and 10 years|
|Kotak Preferred e-Term Plan||Rs.25 lacs||10 years to 40 years|
|Kotak Preferred Term Plan||Rs.25 lacs||5 years to 40 years|
|Kotak Term Plan||Rs.3 lacs||5 years to 30 years|
|Kotak Income Protection Plan||n/a||10 years to 30 years for Regular Pay policies; 17 years to 30 years for 12 Pay policies; 20 years to 30 years for 15 Pay policies|
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 Assured Income Accelerator: Guaranteed maturity and death benefits. Incremental guaranteed income during payout period.
- Kotak Gramin Bima Yojana: Single premium product with death and maturity benefits meant for the social and rural sector of customers.
- Kotak Premier Moneyback Plan: A savings and investment limited pay plan providing payouts in lump sum at regular intervals.
- Kotak Classic Endowment Plan: 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: Assured annual income for 15 years, on top of death and lump sum maturity benefits.
- Kotak Platinum: Multiple options to invest your money in and flexible premium payments.
- Kotak Single Invest Advantage: Single premium life and investment plan that provides good rate of returns.
- Kotak Ace Investment :ULIP savings and investment plan with option to choose from 7 funds and ability to switch between funds.
- Kotak Wealth Insurance: A ULIP plan providing a balance between wealth accumulation and protection.
- Kotak Invest Maxima: 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: Guaranteed additions in the first 5 years with bonus being paid out from 6th year onwards.
- Kotak Single Invest Plus: This single premium plan covers two lives and offers benefits to the survivor in case of the untimely death of the other individual covered by the policy.
- Kotak Sampoorn Bima Micro-Insurance Plan: The Sampoorn Bima Micro-Insurance Plan from Kotak Mahindra is a single premium policy which has a fixed five-year term and is ideal for customers who earn a low level of income.
|Plan||Minimum Premium Level||Policy Term (Tenure)|
|Kotak Assured Income Accelerator||Rs.15,000||15 years for 7 Pay policies; 20 years for 10 Pay policies; and 30 years for 15 Pay policies|
|Kotak Gramin Bima Yojana|
|Kotak Premier Moneyback Plan||Rs.1.5 lacs (Minimum Sum Assured)||16 years / 20 years / 24 years|
|Kotak Classic Endowment Plan||Rs.7,000||15 years to 30 years|
|Kotak Assured Savings Plan||Rs.20,000||10 years to 15 years for 5 Pay policies, 12 years to 18 years for 6 Pay policies, 14 years to 20 years for 7 Pay policies, and 15 years to 20 years for 10 Pay policies.|
|Kotak Assured Income Plan||Rs.15,000||30 years|
|Kotak Platinum||Rs.99,000||10 years to 30 years|
|Kotak Single Invest Advantage||Rs.3 lacs (Single Premium)||10 years and 15 years|
|Kotak Ace Investment||Rs.30,000 for Regular Pay policies; and Rs.50,000 for Limited Pay policies||10 years / 15 years / 20 years / 25 years / 30 years|
|Kotak Wealth Insurance||Rs.20,000 for Regular Pay policies; and Rs.50,000 for Limited Pay policies||10 years / 15 years / 20 years / 25 years / 30 years|
|Kotak Invest Maxima||Rs.50,000 for Regular Pay policies; Rs.75,000 for Limited Pay policies; and Rs.1 lac for Single Pay policies||10 years / 15 years / 20 years / 25 years / 30 years for Regular Pay and Limited Pay policies; and 10 years for Single Pay policies|
|Kotak Premier Endowment Plan||Rs.8,000 per year for Regular Pay policies; and Rs.15,000 for Limited Pay policies||10 years to 30 years for Regular Pay policies; 10 years to 30 years for 5 Pay policies; 15 years to 30 years for 7 Pay and 10 Pay policies; and 20 years to 30 years for 15 Pay policies.|
|Kotak Single Invest Plus||Rs.3 lacs||10 years and 15 years|
|Kotak Sampoorn Bima Micro-Insurance Plan||Rs.200||5 years|
|Kotak e-Assured Savings Plan||Rs.20,000||10 years / 15 years for 5 Pay policies and 15 years / 20 years for 10 Pay policies|
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||Basic Sum Assured||Policy Term (Tenure)|
|Kotak Headstart Child Assure||Rs.20,000||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||Basic Sum Assured||Policy Term (Tenure)|
|Kotak Lifetime Income Plan||Single Premium: Rs.50,000||Information not available|
|Kotak e-Lifetime Income Plan||Information not available||Information not available|
|Kotak Premier Pension Plus||Rs.2 lacs||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; and 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:
- 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: 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 Group Secure: This is a pure group term insurance policy that meets the financial requirements of non-employer employee groups and covers the death of members.
- Kotak Group Secure One: The Group Secure One plan from Kotak Mahindra offers a comprehensive protection solution to the members of the group in case of an untimely death or a terminal illness.
|Plan||Basic Sum Assured||Policy Term (Tenure)|
|Kotak Group Secure One||Rs.5,000||One year (renewable annually)|
|Kotak Group Secure||Rs.5,000||2 years for Single Premium policies and 5 years for Regular Premium policies|
|Kotak Gratuity Plus Group Plan||Rs.1,000||One year (renewable annually)|
|Kotak Leave Encashment Group Plan||Rs.1,000||One year (renewable annually)|
|Kotak Secure Return Superannuation Plan||Contribution: Rs.2,000 per member||One year (renewable annually)|
|Kotak Secure Return Employee Benefit Plan||Contribution: Rs.15 lacs||One year (renewable annually)|
|Kotak Superannuation Group Plan – II||Contribution: Rs.6,000 per member||One year (renewable annually)|
|Kotak Term Group Plan||Rs.1,000 per member||One year (renewable annually)|
|Kotak Credit Term Group Plan||Information not available||One year (renewable annually)|
|Kotak Gratuity Group Plan||Rs.5,000||One year (renewable annually)|
|Kotak Complete Cover Group Plan||Rs.5,000||2 years to 30 years|
|Kotak Group Assure||Rs.5,000 for Easy Group Assure; Rs.25,000 for Group Assure||2 years to 30 years for Single Premium policies; and 5 years to 30 years for Regular Premium policies|
|Kotak Group Shield||Rs.5,000 for Easy Group Shield; Rs.25,000 for Group Shield||2 years to 30 years for Single Premium policies; and 5 years to 30 years for Regular Premium policies|
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 (2014-15)||Total Premium in Crores (2013-14)||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. Buy insurance 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.