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  • Kotak Mahindra Term Plans

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    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 12 1 2 3 4 5
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Kotak, I am paying a premium of 11000 , they need to work on their promises while purchasing the policy. I am just paying the premium with out any benefits or a proper support. When it comes to serving customers they're all hesitant.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 15, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with Kotak Mahindra from last 1 year and it is a long term policy. The tenure period for this policy is 15 years. I pay my premium once in a year by cash and i am convenient with the payment options. I am happy with the returns and benefits of this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 23, 2018
    • Kotak Life Life Insurance
      "It gives you a really good maturity amount. "
      0.5 5.0/5 "Blown Away!"
      I have purchased this policy a week ago. The policy is good and the maturity amount is good. The plans and benefits of the policy is good. I have not call their customer care services. The documentation process was very good. First i have to pay the whole amount, from the 2nd year, i can pay the premium amount every month. The amount will be auto deducted from my account if i choose the Every month premium payment. I'm happy about the sum assured amount.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 23, 2018
    • Kotak Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Kotak and I am paying a premium of 13000 per year. It has been a hassle free experience so far. Considering the policy features I haven't faced any issues with their services so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 12, 2018
    • Kotak Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the Kotak, it also offers accidental benefits , I pay a premium of 42000 per year. After certain interval they will be applying a bonus amount which is good. Overall I never had any issues with their services so far and I make premium payments online. .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance with Kotak Life from last 2 years and it is a long term policy. I am happy with the returns and tax benefits of this policy. I pay my premium once in 3 months and i am convenient with the payment options. The maturity period for this policy is 10 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I am having the Life insurance policy with the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE company. I got this policy around 14years ago. This policy has the tenure of 20years. I pay the premium amount of Rs,2500 every year once. The plan benefits and the coverage is good with this policy and i am satisfied using it .
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jun 13, 2018
    • Kotak Life Life Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've been using the life insurance policy from Kotak Mahindra . I pay a premium of 70000 per annum. The main objective of this policy is to save on taxes. I never had any issues with their services. Overall it has been a good experience.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 07, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Life Insurance service is good. I have one policy with Kotak Mahindra for the tenure period is for 15 years. The online portal is good with Kotak Mahindra Life Insurance service. The payments will be deducted through Ecs. It was a good experience with Kotak Mahindra Life Insurance service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • Kotak Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Life Insurance service is good. I have one policy with Kotak Mahindra for the tenure period is for 15 years. The online portal is good with Kotak Mahindra Life Insurance service. The payments will be deducted through Ecs. It was a good experience with Kotak Mahindra Life Insurance service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • Kotak Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a term insurance with Kotak Life since 2011, it is a long term policy with the tenure period of 25 years. I pay a premium of Rs 12000 every year through net banking and i am convenient with the payment options. I have a health coverage of Rs 35 lakhs and accidental coverage of Rs 50 lakhs in this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 18, 2018
    • Kotak Life Life Insurance
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I have a Life insurance policy taken from Kotak Life, I got very good plan benefits on this policy, the policy is for 16 years, and I have to pay only for 8 years and I receive the money after 8 years. I pay the premium on yearly basis, over all I am happy with the policy and satisfied with it.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 12, 2018
    • Kotak Life Life Insurance
      "Better policy to use"
      0.5 4.0/5 "Great!"
      I have got the Life insurance policy from the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE company around 3years. This policy has the tenure of 12years . I pay the premium amount of Rs,1,00,000 per annum. I pay the premium annually, I pay it through online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 05, 2018
    • Kotak Life Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I am using Kotak Mahindra for past 7 years. I have taken a endowment policy. I used to pay Rs.30,000 per annum as a premium. I got the insurance papers on time. The total tenure period is 7 years. After the maturity period I will get the sum assured value.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 13, 2018
    • Kotak Life Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life insurance with LIC.The premium amount is 18,000.The policy is taken eight years back.The sum assured is 1.05 lakhs.The policy is for 15 years.I don't have claim experience with them.The plan name are benefits.I make online payments.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 10, 2018
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.5/5 "Pretty good"
      Kotak Mahindra Life insurance service is good. The payments procedure was been online and also through cheques. The new schemes and offers are good. I have one policy with Kotak Mahindra. It is a average service from Kotak Mahindra Life insurance service.
      Was this review helpful? 0
      , namakkal
      Reviewed on Mar 05, 2018
    • Kotak Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I got the LIFE INSURANCE policy from KOTAK LIFE around 2 years ago. The customer support service is good with the KOTAK LIFE, I pay the premium through ECS mode which is a easiest way to do pay the premium . I pay the premium of Rs,35000 annually. This policy has the tenure of 15years .
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 27, 2018
    • 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
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