Kotak Mahindra Term Plans

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

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

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Kotak Term Insurance Reviews

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  • Kotak Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 14, 2019
  • Kotak Life
    Kotak Life Life Insurance
    "Moderate"
    0.5 3.5/5 "Pretty good"
    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.
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 10, 2019
  • Kotak Life Life Insurance
    "Mandatory policy for Loan"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 31, 2019
  • Kotak Life Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jul 26, 2019
  • Kotak Life Life Insurance
    "Smart Life in Kotak"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 1
    , kolkata
    Reviewed on Jul 13, 2019
  • Kotak Life Life Insurance
    "Good One"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 13, 2019
  • Kotak Life Life Insurance
    "Its Fine"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 13, 2019
  • Kotak Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 29, 2019
  • Kotak Life Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    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
    , bangalore
    Reviewed on May 28, 2019
  • Kotak Life Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    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
    , bangalore
    Reviewed on May 24, 2019
  • Kotak Life Life Insurance
    "Excellent services"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , kolkata
    Reviewed on May 02, 2019
  • Kotak Life Life Insurance
    "Communication should be clear"
    0.5 1.0/5 "Really Bad"
    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.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 24, 2019
  • Kotak Life Life Insurance
    "Satisfied"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 15, 2019
  • Kotak Life Life Insurance
    "Good in all"
    0.5 4.0/5 "Great!"
    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.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 15, 2019
  • Kotak Life Life Insurance
    "Good for family protection"
    0.5 5.0/5 "Blown Away!"
    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.
    Was this review helpful? 0
    , noida
    Reviewed on Apr 06, 2019
  • Kotak Life Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken the ACCIDENTAL POLICY with the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE where they provide the policy coverage of 25K and the premium paying for 5k with this insurance policy. The customer service is good with this insurance policy.
    Was this review helpful? 0
    , kakinada
    Reviewed on Apr 05, 2019
  • Kotak Life Life Insurance
    "GOOD POLICY"
    0.5 4.0/5 "Great!"
    The life insurance policy that i am holding it with the KOTAK MAHINDRA since from last two years. The executives call and gives the intimation regarding the due date date where the premium should be paid. The maturity period is for 15 years with this policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 03, 2019
  • Kotak Life Life Insurance
    "Need to increase the benefit by end of term"
    0.5 3.0/5 "Satisfactory"
    I have taken a term insurance for myself with Kotak Mahindra when they created my salary account. The premium is above average. I need to pay the premium of 13K per annum around 8 years. When I compared to SBI and other insurer, the benefits are less.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 03, 2019
  • Kotak Life Life Insurance
    "Risk protection cover plan"
    0.5 3.0/5 "Satisfactory"
    One year ago, I taken Kotak mahindra bank life policy based on my promotion wise . I paid an amount of Rs 30 k as a insurance premium . It is helpful for my tax exemption under section 80/c . One of my company Auditor referred this life policy and he has taken responsibility for my policy .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 02, 2019
  • Kotak Life Life Insurance
    "Good Life insurance"
    0.5 5.0/5 "Blown Away!"
    I have invested in Kotak old mutual life insurance which provided by my company, the premium get deducted automatically from my salary account. The term was printed in my offer letter, after certain period I get some benefits., they have good tax benefits and life cover.
    Was this review helpful? 0
    , new delhi
    Reviewed on Mar 21, 2019
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