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 and they are
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)
Regular Pay for 5 year Policy - INR 3700 to INR 4075
Single Pay for 5 year Policy – INR 10375 to INR 11700
5 year Limited Pay for 10 year Policy – INR 4925 to INR 5550
7 year Limited Pay for 12 year Policy – INR 4225 to INR 4750
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 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 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. 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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I have taken a life insurance policy from KOTAK LIFE and chosen a Kotak Assured Saving Plan . I am paying premium Rs. 35k in a year through ECS mode. Total term period of the policy is 20 years after that i will be getting some returns. This policy covers accidental benefit and also i am getting TAX benefits 80C. Customer service was good.
I have bought the life insurance policy from Kotak Life. When i raise the complaint regarding the policy documents, within 10 minutes they have sent me a documents in mail. Every citizen of India must take the policy to secure the family. So that i have chosen the policy worth of Rs. 3.50 lakhs. I have paid the premium amount of Rs. 35000. Total term period of the policy is 10 years. I like the way they approached me and explained the policy in details.
I have chosen my life insurance policy from KOTAK Life because the policy feature is nice. The agent approached and explained me about the full policy details. I use to pay the premium amount of Rs. 1 lakh per year. Total term period of the policy is 16 years. Its a tax benefitable policy. I pay the premium through online.
When i opened a new account with the Kotak Mahindra bank, they approached me to take a life insurance policy with them. I took the endowment plan because its a safe and secure plan. I am paying the premium amount of Rs. 15000 in a year. The bank people will give me a reminder to make the payment then i will deposit the money to my account which avoids late fee.
I have life insurance for my daughter with kotak, I pay a yearly premium of Rs.6800, It is for 20 year plan I think so and it would be completed by 2022. I applied via my friend who was working in kotak before 16 to 17 years back. I am getting good services.
I have taken a personal accidental policy with Kotak Life because the benefits are good. They have charged me reasonable premium for 5L policy. The customer service and response was always excellent. The payment mode is online. I got the insurance paper through postal.
I have a life insurance with Kotak General and it was referred by a friend. I don't have customer service experience and never compared the benefits. I have paid almost Rs.3500 for a quarter. The policy coverage is 10 years and the benefits are okay.
As part of my personal loan, they have provided me a life insurance plan from Kotak Life Insurance. It was a one time premium amount and i don't recollect about the coverage value. Along with the processing fee they have deducted about the premium amount also. I have asked them to send a soft copy of the documents to my mail id.
Recently I have taken a term plan with Kotak Life because my friend is working with this insurance company. Their customer service is good. I got the insurance paper. I have paid the premium of Rs.8,000 to 8500 every year. I need to pay for another 35 to 40 years.
For my smart life plan in Kotak Life, I used to pay Rs. 50,000 + tax, its a traditional plan compared to all its best in the market. Its primary designed for the employee, now they removed that cap its suitable for all people. Its kind of investment for an example. If I pay Rs.1 lakh in first year from second years onwards the company give Rs. 35,000 hence I need to pay the Rs. 65,000 to next year. Hence the premium will be less its continue till the 75 years and its an incremental benefits. At the end of maturity I get the terminal amount, even it has tax benefits.
I have classic endowment which taken from Kotak life, per annum I pay Rs. 25,000 it has duration of 10 years. After maturity I would get the interest and sum assured as a benefits. I opt for the auto debit but I can switch to any mode since I am a staff of Kotak Life Insurance.
I took premium endowment in Kotak Mahindra life insurance, I used to pay Rs. 25,000 per annum it has the duration of 12 years. I get the best sum assurance, its covers the tax benefits under 80c and 10b. Life cover is also there but the benefit is average.
I am using the life insurance policy with the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE since from last one year, where it has the maturity period of long term added on that there are no benefits will be getting with this policy. The policy has the good service.
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K RAMKUMAR KORANDHA
, hyderabad
Reviewed on May 29, 2019
Purchased my child policy for my son's future. I pay the premium amount which is nominal on a yearly basis. This is a educational purpose policy. I have selected the tenure period of 15 years. This policy has good features hence i have chosen it.
Was this review helpful?
0
MULLA MAHABOOB PEERA
, bangalore
Reviewed on May 28, 2019
Purchased my child policy for my son's future. I pay the premium amount which is nominal on a yearly basis. This is a educational purpose policy. I have selected the tenure period of 15 years. This policy has good features hence i have chosen it.
Was this review helpful?
0
MULLA MAHABOOB PEERA
, bangalore
Reviewed on May 24, 2019
I have taken a term plan with Kotak Mahindra life insurance. The customer support is good and it was a easy process to buy the policy online. The sum assured and the plan benefits are good. The payment options are also satisfactory as it can be done online.
I was paying Rs. 5200 to Kotak General Life Insurance on month basis then I found there is no benefits. Yearly I am paying Rs. 60,000 I already paid it for 2 yeas, after 5 years they give only 20%. I wont recommend this policy, I am not happy with their service. There was no proper communication from their end.
I also have a money back policy at Kotak Mahindra Life insurance. The tenure is for 15 years. The premium is economical and it is paid on a yearly basis. There is a bonus I receive every few years. The sum assured is also good. The payment options are comfortable.
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HARISH GANPAT NAKTI
, mumbai
Reviewed on Apr 15, 2019
Kotak Mahindra Life insurance has good features. I have taken a term insurance. The tenure is till the age of 80 years. The sum assured would be for my nominee. The premium is nominal and I pay it on a yearly basis. The plan benefits are good overall.
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HARISH GANPAT NAKTI
, mumbai
Reviewed on Apr 15, 2019
My organization gave me the term plan with the sum assured of Rs. 30 lakhs, I have added two nominees, Kotak Mahindra old mutual life insurance, have multiple nominees option. The premium is reasonable and they do have good claim settle ratio and they are good in the market.
