• Kotak Mahindra Term Plans

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    A total of five different plans with variable benefits and features are available through Kotak Life. In addition to the considerably larger variety of plans, Kotak Life also offers the ease and functionality to avail some of these plans online. With minimal or no paperwork, these simple plans are the quickest way one can revert to while looking for affordable term life insurance schemes and additional tax saving features. Tax benefits through this policy cover the premium amounts paid and the death benefit that will be payable to the nominee. These policies also feature the flexibility of availing loans by allowing them to be used as security.

    Types of Kotak Mahindra Term Plans:

    There are five types of term plans offered by Kotak Life Insurance and they are

    1. Kotak Income Protection Plan
    2. Kotak Preferred e-Term Plan
    3. Kotak Preferred Term Plan
    4. Kotak Saral Suraksha
    5. Kotak Term Plan
    Kotak Income Protection Plan

    A traditional term plan from Kotak Life Insurance, this plan is available through the branches of Kotak Life and its basic features are as follows –

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 60 years

    Maturity Age

    Maximum of 70 years

    Monthly Income

    Minimum – INR 20000

    Maximum – No limit

    Premium

    Minimum – Based on factors chosen by insurer

    Maximum – No limit

    Premium Payment Term

    Regular Pay – Premium paid throughout policy term

    Limited Pay – Premium paid for either 12 years or 15 years

    Policy Term

    Regular Pay – 10 years to 30 years

    Limited Pay 12 years – 17 years to 30 years

    Limited Pay 15 years – 20 years to 30 years

    Premium Payment Mode

    Annual, half-yearly, quarterly or monthly

    Monthly Income

    Annually increasing monthly income by 6% compounding rate of interest on previous year’s monthly income. Guaranteed pay out period of 5 years if balance period in policy post death of insured is less than 5 years

    Death Benefit

    Assured Benefit of 12 times the increased monthly income in the year of death of the insured life

    Kotak Preferred e-Term Plan

    An online only term insurance plan from Kotak Life, this plan very similar to its sibling the Preferred Term Plan.

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 65 years

    Maturity Age

    Minimum of 28 years

    Maximum of 70 years

    Premium

    Minimum – INR 6975 but can be lower for non-smokers and females

    Maximum – No limit

    Premium Payment Term

    Regular Pay – Premium paid throughout policy term

    Limited Pay – Premium paid for either 5 years or 10 years

    Single Pay – One time lump sum payment of premium

    Policy Term

    Regular Pay – 10 years to 40 years

    Limited Pay 5 years – 10 years to 40 years

    Limited Pay 10 years – 15 years to 40 years

    Premium Payment Mode

    Annual or monthly

    Customised Pay out

    Can be either Recurring Pay out which gives 10% of Sum Assured immediately and divides the rest 90% as a monthly income for the nominee or Immediate pay out which pays 100% of the sum assured upon the demise of the life insured

    Waiver of Premiums

    Upon total and permanent disability of the life insured, future premiums are waived off and the policy continues on

    Kotak Preferred Term Plan

    An offline plan with many similarities to the Kotak Preferred e-Term Plan. It is mainly popular due to the high amount of cover it offers through a low premium amount. The plan details are as follows –

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 65 years

    Maturity Age

    Minimum of 23 years

    Maximum of 75 years

    Premium

    Minimum – (for non-smoking 18-year old female lives)

    1. Regular Pay for 5 year Policy - INR 3700 to INR 4075

    2. Single Pay for 5 year Policy – INR 10375 to INR 11700

    3. 5 year Limited Pay for 10 year Policy – INR 4925 to INR 5550

    4. 7 year Limited Pay for 12 year Policy – INR 4225 to INR 4750

    5. 10 year Limited Pay for 15 year Policy – INR 3775 to INR 4225

    Maximum – No limit subject to the Sum Assured amount chosen

    Premium Payment Term

    Regular Pay – Premium paid throughout policy term

    Limited Pay – Premium paid for either 5 years, 7 years or 10 years

    Single Pay – One time lump sum payment of premium

    Sum Assured

    Minimum – INR 2500000

    Maximum – No limit

    Policy Term

    Regular Pay – 5 years to 40 years

    Limited Pay 5 years – 10 years to 40 years

    Limited Pay 7 years – 12 years to 40 years

    Limited Pay 10 years – 15 years to 40 years

    Premium Payment Mode

    Annual, semi-annually, quarterly or monthly

    Customised Pay out

    Can be either Recurring Pay out which gives 10% of Sum Assured immediately and divides the rest 90% as a monthly income for the nominee or Immediate pay out which pays 100% of the sum assured upon the demise of the life insured

    Customised Cover

    The cover amount can be increased or decreased as per the person’s needs and the age

    Kotak Saral Suraksha

    A popular term plan that can be really beneficial for people in the lower income group. The plan has two policy terms and convenient premium payment terms in addition to the low cost feature. The basic features of this plan are as follows –

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 55 years

    Maturity Age

    Minimum of 23 years

    Maximum of 65 years

    Premium

    Minimum – depends on factors decided by the insurer

    Maximum – No limit subject to the Sum Assured amount chosen

    Premium Payment Term

    Limited Pay – Premium paid for 5 years

    Single Pay – One time lump sum payment of premium

    Sum Assured

    Can be either INR 5000, INR 10000, INR 15000, INR 25000, INR 50000, INR 75000, INR 100000

    Policy Term

    5 years and 10 years

    Premium Payment Mode

    Annual, semi-annual and single payment

    Kotak Term Plan

    A no-nonsense plan with multiple rider options and the choice to convert the plan into any other insurance plan offered from Kotak Life. The basic features and benefits of this plan are as follows –

    Features

    Description

    Entry Age

    Minimum – 18 years

    Maximum – 65 years

    Maturity Age

    Maximum of 70 years

    Premium

    Minimum – depends on factors decided by the insurer

    Maximum – No limit subject to the Sum Assured amount chosen

    Premium Payment Term

    Regular Pay – Premium paid throughout policy term

    Single Pay – One time lump sum payment of premium

    Sum Assured

    Minimum – INR 300000

    Maximum – INR 24,99,999

    Policy Term

    5 years to 30 years

    Premium Payment Mode

    Single, annually, semi-annually, quarterly or monthly

    Plan Conversion Option

    With 5 years pending in the main policy, the policyholder can change the policy to any other policy from Kotak Life (excluding Term Plans)

    Riders

    Kotak Critical Illness Benefit – Part of Basic Sum Assured paid in advance on acceptance of a critical illness claim

    Kotak Accidental Death Benefit – Lump sum benefit paid in the event of accidental death

    Kotak Permanent Disability Benefit – Pay-out is made in instalments

    Basic Features & Benefits of Kotak Mahindra Term Plans:

    • Low cost of insurance with premiums at INR 6975 per annum or even lower
    • Flexible options in insurance pertaining to term, cover amount and premium payment
    • Special rates for non-smokers and female lives
    • Customers can buy select plans online in the comfort of their homes
    • Customers can avail of certain tax benefits under relevant sections of the IT Act, 1961
    • Some plans can be converted to other plans offered by Kotak Life

    Kotak Mahindra Term Plans FAQs:

    1. Q. What are the various types of Kotak Mahindra Term Plans?

    A. The five types of term plans are Income Protection Plan, Preferred e-Term Plan, Preferred Term Plan, Saral Suraksha, Term Plan.

    2. Q. What are the various benefits available under the plans from Kotak Life?

    A. Each term plan from Kotak Life has differing death benefits and add-on benefits as per the riders chosen, but the basic benefits allow a pay-out of sum assured either in a lump sum amount or a staggered manner. Additionally, one can also change the cover amount, or change the policy to another policy from Kotak Life.

    3. Q. What is the minimum sum assured for Kotak Life Term Plans?

    A. The minimum sum assured under the various term plans from Kotak Life is INR 100000 and that is available under the Saral Suraksha plan.

    4. Q. Can one be given rebates on premiums?

    A. All term plans from Kotak Life offer preferential rates on premiums for non-smokers and females.

    5. Q. What is the maximum and minimum policy term available under these plans?

    A.Kotak Life term plans have a minimum policy term of 5 years and a maximum term of 40 years, subject to the entry age and the maturity age of the life insured.

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    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    Kotak Term Insurance Reviews

  • Page 1 of 11 1 2 3 4 5
    • Kotak Life Life Insurance
      "Good"
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the Kotak mahindra life insurance company. Customer service is good one for me with them and the coverage value is not aware by my end. Services are fine one with the Kotak mahindra insurance company.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 09, 2018
    • Kotak Life Life Insurance
      "Okay"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Kotak mahindra old mutual life insurance company. I would like to say that the customer service is okay one for me and the coverage value is not yet aware. Premium amount is nominal one for me with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Feb 02, 2018
    • Kotak Life Life Insurance
      "Good Life Insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a Child plan from them. I have been paying a premium of Rs.44000 annually for this scheme. When my child reaches the age of 8 and upto 15th year I will be getting Rs.44000 yearly as a return and also a good sum assured. This is a good investment I have made.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 23, 2018
    • Kotak Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had taken a life insurance from Kotak Mahindra life Insurance .I pay a minimum premium amount its debited from my salaried account once in year.I get a good policy policy coverage amount.The executives do respond on time without much delay.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 12, 2018
    • Kotak Life Life Insurance
      "Dis satisfactory"
      0.5 3.5/5 "Pretty good"
      Earlier I had taken a life insurance with Kotak. It was taken for a limited period of 3 years since I had a financial problem and have been forced to close this insurance. After completing the 3 years, I had submitted back and the total amount was not satisfactory.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 30, 2017
    • Kotak Life Life Insurance
      "Wonderful"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Kotak mahindra old mutual life insurance company. Coverage value is good one with the Kotak mahindra old mutual life insurance company. Everything is fine one with the Kotak mahindra old mutual life insurance company.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 30, 2017
    • Kotak Life Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with Kotak Mahindra Life.The premium amount is paid online or by an ECS.I get a policy coverage of 8-9 lakhs.I don't have a claim experience with them so far.I pay a premium amount of 62,000 per annum.The website is easy to understand and navigate.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 21, 2017
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have Life insurance policy with Kotak Mahindra Mutual Life insurance from last 7 months and this is a term insurance. The tenure of this life insurance policy is 40 years and i pay a premium amount of Rs 390/ month through net banking and the payment options are convenient for me. I have a coverage amount of Rs 46 lakhs which is less when compared to other insurance policies.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Dec 16, 2017
    • Kotak Life Life Insurance
      "Good "
      0.5 3.0/5 "Satisfactory"
      I am having the kotak mahindra life insurance company.I would like to say that the customer service is not much great one. Response is kind of okay one for me with them and I have not faced any such issues with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 09, 2017
    • Kotak Life Life Insurance
      "Better service"
      0.5 4.0/5 "Great!"
      I have taken a Life Insurance with Kotak Mahindra Bank.I have taken the policy for last three year.I pay a premium of 10,000 half yearly.I get a good policy coverage amount.The amount gets debited through an ECS payment.The online service is good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 29, 2017
    • Kotak Life Life Insurance
      "Good investment"
      0.5 3.0/5 "Satisfactory"
      I have been paying Rs.50000 per annum for my Life Insurance. The return promised by them is pretty high and something that could be used for my future. The maturity of the plan is for 15 years, after which I will be getting a good return for all my investment,
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 24, 2017
    • Kotak Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      From KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE i have taken a premium of 15000 has to be paid annually. Its a 15 year policy.Its an investment plan. Its also include the accidental benefits. After 15 years i will get 8 lakhs with some rate of interest.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 18, 2017
    • Kotak Life Life Insurance
      "Excellent insurance"
      0.5 5.0/5 "Blown Away!"
      I am having Life insurance policy with Kotak for 4 to 6 years. I am paying around 20K yearly through net banking. I am very much satisfied with the Kotak service tats the reason I have opened my saving account with them. The policy coverage and plan benefits are better than LIC. The bonus amount is good compare to LIC.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 18, 2017
    • Kotak Life Life Insurance
      "Good policy"
      0.5 4.5/5 "Excellent!"
      I have taken life insurance with kotak mahindra bank.The premium amount is 50,000 paid annually.They payment is done through online.The customer service response is up to the mark.I get a policy coverage amount of 7 lakhs including my family members.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2017
    • Kotak Life Life Insurance
      "Good"
      0.5 4.5/5 "Excellent!"
      I am a privilege customer of KOTAK and very happy with the Kotak service and I have chosen their insurance policy. I am satisfied with the service whatever they are provided to me. I pay 30K per year for the policy. It is a tenure of 15 years. The policy coverage and plan benefits are good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 09, 2017
    • Kotak Life Life Insurance
      "Need to explore"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Kotak Mahindra bank old mutual life insurance company and the customer service is better one and the response was fine one for me with the Kotak Mahindra bank old mutual life insurance company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 24, 2017
    • Kotak Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I do have the life insurance policy with the Kotak old mutual life insurance company and the services are a super one with them and the response part of KOTAK is amazing and that is the best I like about KOTAK bank services apart from this I have nothing much to comment about them.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • Kotak Life Life Insurance
      "Average policy to use"
      0.5 1.0/5 "Really Bad"
      With Kotak I hold a Life insurance policy, I would say they won't give proper support to the customers . This policy has the tenure of 25years. The premium of Rs,48,000 I pay towards this policy. The plan benefits and the coverage are average with Kotak mahindra .
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Kotak Life Life Insurance
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a awesome service from KOTAK ,representatives of KOTAK was very helpful and responsible they use to update me regularly regarding new schemes and offers also I use to get regular notifications regarding payment and dues I pay my dues through directly ,as if now it was a excellent service from KOTAK.
      Was this review helpful? 0
      , bhopal
      Reviewed on Oct 04, 2017
    • Kotak Life Life Insurance
      "Good cover the life"
      0.5 4.0/5 "Great!"
      Experiencing the Kotak mahindra Old mutual life insurance policy for past 3 years. This policy has the tenure of 15years. The plan benefits and the coverage is very good with this policy. I pay the premium of Rs.30,000 annually. I would say it is very good policy to use
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 03, 2017
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