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 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.
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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.
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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.
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.
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.
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RAJESH KUMAR BASNA
, chennai
Reviewed on Apr 03, 2019
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.
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 .
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SURESH VANKAYALA
, hyderabad
Reviewed on Apr 02, 2019
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.
I have been holding my Term insurance with Kotak mahindra old mutual life insurance.The agent had clearly explain me about the term and policy, and even they have updated me about the benefits, and i pay premium on yearly basis,The premium use to get auto debited from my account.
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KAIDALE MALLESHAPPA RAVI
, bangalore
Reviewed on Mar 11, 2019
The benefits of Kotak Mahindra term plan is good and also the cost of policy is reasonable . Yearly I pay Rs. 50,000 it has the term of 45 years it has coverage of 1 crore, my nominees get in lump sum basis. The claim settlement ratio is 98% its really good. Upto 75 years of age come under the policy and its a recommendable plan to protect the family.
I have taken Accidental coverage policy . The policy tenure is for 1yr .This policy need to renew it every year,My premium amount is 2000,I have taken this policy through online .The agent clearly explained the process .It is a group accidental insurance policy ,the service is good and payment will be done through Credit Card.The Overall service is good.
I withdrawal the money from Kotak Mahindra old mutual life insurance. Because I felt the benefits a re low, I paid the amount of Rs. 2000 per month it had the term of 20 years. I done the withdrawal at the period of 10 years. I got the low amount of Rs. 80,000. Thought there is a tax benefits its not worthy for the investment.
I have taken the life insurance policy with the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE from long time, i had been paying the premium on yearly basis,The premium amount has not been high it is nominal. and my premium use to get auto debited from my account.
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NARESH KUMAR SINHA
, new delhi
Reviewed on Feb 12, 2019
I invested in Kotak Mahindra life insurance its comes under Ulip, I invested the amount of Rs. 1.50 lakh then I got the total benefits of Rs. 1. 78 lakh. Its better than ICICI but at the time of investing Kotak Mahindra were told they would provide 31% of benefits at the year end but there is no such kind of growth.
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POORNA CHANDAR RAO
, hyderabad
Reviewed on Feb 12, 2019
I have taken the life insurance policy with the KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE where i have been using it since from last three months. The documentation process is simple and easy to apply for the insurance. I have taken the term plan with this.
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JAGADEESH S KHANDRE SHEKHAR KHANDRE
, belgaum
Reviewed on Feb 09, 2019
