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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
    "Good benefits"
    0.5 4.0/5 "Great!"
    I took my life insurance policy from Kotak Mahindra before 6years. It is a long term policy. I pay the premium through online, approx 20K per annum. I am happy with the benefits and their service. I got insurance paper. I need to pay for 15 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 19, 2019
  • Kotak Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium every month. The premium amount with them was around 5000 and the payment method has been simple. Their customer support has been responsive as well and was helpful at times.
    Was this review helpful? 0
    , faridabad
    Reviewed on Dec 18, 2018
  • Kotak Life Life Insurance
    "Best insurance"
    0.5 5.0/5 "Blown Away!"
    I have taken this policy for totally for 20 years, i will pay the premium for 10 years and then they will give some amount yearly to my account by the bank from 11th year onward, after completion of 20th year which is maturity period will get some lump some amount.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 15, 2018
  • Kotak Life Life Insurance
    "Always with you"
    0.5 4.0/5 "Great!"
    Its quite reliable and trust worthy, the premium that I pay around Rs. 3.5 lakhs for the tenure of 10 years, finally I get some Rs.70 lakhs with life coverage and tax benefits. Payment mode is good, I gave pay cash , online, cheque, credit card.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 05, 2018
  • Kotak Life Life Insurance
    "Fullfill all your requirements"
    0.5 4.0/5 "Great!"
    My endowment policy was taken with Kotak Mahindra life insurance. The policy benefits are good. If i speak about the payment options, they don't have tie up with paytm payment service. They have not enrolled the tie up with e-commerce website. I had a one interaction with their customer care people. The agent was very good knowledgeable and i never come cross good service from the insurance company. They used to ask lots of security question before providing to the details. Total tenure period of the policy is 12 years. I have to make the payment till maturity.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 02, 2018
  • Kotak Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using life insurance with KOTAK mahindra ,they have charged me premium up to 25,000 it is nominal for me and this insurance is good for family, and after 5-10 years, i can claim my insurance, the premium amount use to get auto debited but one thing was disappointing , i had no idea about ECS that it is directly use to get deducted from my account.
    Was this review helpful? 1
    , mumbai
    Reviewed on Nov 29, 2018
  • Kotak Life Life Insurance
    "Excellent policy"
    0.5 4.0/5 "Great!"
    There is a market linked policy with Kotak. The customer care representative came to my policy and explained me about the policy details. There is a separate relationship managers for my policies alone. I have taken this policy 1.5 years back. I cannot able to see the growth for 2 years after 2 years only i will identify the growth. They have given me a 5 years tenure plan. I have paid the premium amount of Rs. 10 K every month.
    Was this review helpful? 1
    , faridabad
    Reviewed on Nov 22, 2018
  • Kotak Life Life Insurance
    "Excellent policy"
    0.5 4.0/5 "Great!"
    I have taken my term insurance policy from Kotak Mahindra. I purchased this policy 9 years back. I pay the premium of Rs. 7K in a year. I have selected annual payment mode. The coverage amount is 30 lakhs and i have to pay the premium for 25 years. This is tax benefits policy. Since the follow up and updates to the customer is very prompt this is the reason i have selected policy from Kotak.
    Was this review helpful? 0
    , faridabad
    Reviewed on Nov 22, 2018
  • Kotak Life Life Insurance
    "Recommendbale term life"
    0.5 5.0/5 "Blown Away!"
    Its one of the best policy with Kotak Mahindra on my term plan, it has low cost with better benefits. For any incident they are providing life cover and they have good claim settlement and renewal. Premium I used to pay around Rs. 12,500 it has term of 24 years for 1 crore coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 17, 2018
  • Kotak Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Kotak mahindra , there service is up to the mark ,premium per year they have charge me is nominal,i do my payment by both online as well as offline mode and till now i did not face any issues with KOTAK till date.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 01, 2018
  • 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
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