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Kotak Life Insurance Online Premium Payment

Kotak Life Insurance is one of the renowned players in the private life insurance industry. To help its customers with easy premium payments, the company provides several online channels through which customers can pay their premiums.
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One of the most well-known names in India’s private life insurance sector is that of Kotak Life Insurance Limited, which is among the veterans in the business. Kotak Life was established in 2001 and has come a long way since its early days when the life insurance business was still in its nascent stages. As of now, the insurer has a widespread customer base of nearly 15 million across India which it serves with the help of 232 branches that are located in 167 towns and cities across India. Under their life insurance business, the company offers a wide variety of plans such as investment plans, retirement plans, term plans, savings plans, children’s plans, rural plans, etc.

Kotak life Online Premium Payment Options

To simplify the premium payment process, Kotak Life offers its customers several online channels via which policy premiums and be paid securely and swiftly. Following are the channels via which premiums can be paid online.

NEFT (National Electronic Funds Transfer)

To make payment via NEFT, you will need to log in to your preferred net banking account and choose the NEFT payment transfer option. After your NEFT transaction is successful, you will receive a UTR (unique transaction reference) from your bank. This reference number must be presented if you are communicating with the bank regarding your NEFT fund transfer. While making payment via NEFT, the following details must be provided.

Beneficiary name Kotak Mahindra Life Insurance Company Limited
Beneficiary account ‘99800KLIFExxxxxxxx’ wherein the ‘xxxx’ denotes your policy number. In case policy number has below 8 digits, add the required number of zeroes ahead of the policy number.
Account type Current account
IFSC KKBK0000958
Name of bank Kotak Mahindra Bank
Branch Mumbai Nariman Point
Amount Rs.*insert premium amount*

ECS (Electronic Clearing Service)

  • ECS is an electronic auto-debit service wherein the premium amount is automatically deducted from the policyholder’s preferred bank account on the due date.
  • Owing to this automated functioning, you no longer need to keep track of your premium due date or the hassle of issuing or deposition cheques for payment.
  • Auto-debit ensures that premium payments are done in a timely manner and therefore, preventing the policy from lapsing.
  • At present, the ECS facility is offered in 81 locations across India.
  • To avail of this service, you need to submit the ECS Mandate Form and a canceled cheque at any Kotak Life branch office.
  • If you wish to change your premium amount, you need to submit a new ECS Mandate form.
  • If you want to deactivate the ECS facility for your bank account, you need to provide a written notice to the insurer at a minimum of 15 days before the next due ECS deduction.

Standing Instructions

  • Policyholders who have an account with either HDFC Bank or Kotak Mahindra Bank can avail the standing instruction facility for premium payment.
  • Under this facility, standing instructions are provided for auto-debit of the premium amount from the policyholder’s chosen bank account on the due payment date.
  • To avail of this service, the policyholder needs to submit the correctly filled Standing Instruction form at any Kotak Life branch.
  • It can also be mailed to Kotak Mahindra Old Mutual Life Insurance Ltd., Kotak Infiniti, Building No. 21, Infinity Park, 5th Floor, Zone 2. Off Western Express Highway, General A K Vaidya Marg, Malad (E), Mumbai - 400 097.
  • Following submission, the bank will verify the information after which the policyholder can begin using the service.

Direct Debit

  • Under the direct debit option, the policy renewal premium amount is directly auto-debited from the policyholder’s chosen bank account on the due payment date.
  • This service is available with a number of leading banks like ICICI Bank, Axis Bank, Citi Bank, United Bank of India, Bank of India, Kotak Mahindra Bank, Union Bank of India, IDBI Bank, State Bank of India, Karnataka Bank, Allahabad Bank, Federal Bank, and Bank of Baroda.
  • To avail this service, the policyholder must fill a Direct Debit/ECS form and submit it with a canceled cheque, at any Kotak Life Branches.
  • The form and canceled cheque can also be mailed to Kotak Mahindra Old Mutual Life Insurance Ltd., Kotak Infiniti, Building No. 21, Infinity Park, 5th Floor, Zone 2. Off Western Express Highway, General A K Vaidya Marg, Malad (E), Mumbai - 400 097.

Credit Card

  • Policyholders can pay their policy renewal premiums using their MasterCard or Visa credit card on the Kotak Life website.
  • If the policyholder is making premium payment using their credit card on the website, the credit card, in this case, must bear the policyholder’s name or must have been issued to the policyholder.
  • You can also pay your policy renewal premiums by swiping your credit card at Kotak Life branches.
  • In this case, too, the card with which payment is being made must be issued in the name of the policyholder.

Debit card

Premium payment can also be made using a debit card issued by select banks like Citibank, Indian Overseas Bank, State Bank of India, Union Bank of India, and Punjab National Bank.

Internet banking

  • Kotak Life Insurance Policyholders can also make secure and fast premium payments for their policies using the internet banking platform of their bank.
  • This facility is available with the internet baking platform of almost all leading banks like ICICI Bank, Axis Bank, State Bank of India, Citibank, Deutsche Bank, Bank of Baroda, IndusInd Bank, Kotak Mahindra Bank, Allahabad Bank, United Bank of India, Lakshmi Vilas Bank, Tamilnad Mercantile Bank, and several more.

IMPS (Immediate Payment Service)

  • Policyholders can make renewal premium payments using the IMPS method on their mobile phone. To do that, there are a few steps involved.
  • First, they need to enroll themselves for the mobile banking service and register for using IMPS. To do this, ask your bank to provide you with an MPIN and MMID (Mobile Money Identifier).
  • Next, you need to install your bank’s mobile banking application to use the IMPS service.
  • After installation, navigate to the IMPS section on the app and enter the necessary details (Merchant Mobile No. - 9769554433; Merchant MMID - 9485784; Amount - *insert premium amount*; Payment Reference - *insert 8-digit policy number*; MPIN – provided by the bank.
  • After you have made the payment, you will receive a message confirming the debit of the premium amount from your account.
  • Currently, the IMPS service is available with a few leading banks like ICICI Bank, Yes Bank, Union Bank of India, Axis Bank, HSBC, Federal Bank, Corporation Bank, Union Bank of India, State Bank of India, Punjab National Bank, Kotak Mahindra Bank, and some others.

Bill Desk

  • Another way to make secure and fast premium payments is via Bill Desk which is an online payment gateway.
  • To make payments using Bill Desk, you will first need to register on the Bill Desk website. Existing bill Desk users need not register.
  • Next, go to the insurance section and list Kotak Mahindra Old Mutual Life Insurance as a biller.
  • After listing your biller, you need to enroll your policy and authorise the payment.

Electronic Bill Payment

  • Premium payments can also be made using the bill payment service provided by the internet banking platform of your bank.
  • To make premium payments using this service, you need to first login to your net banking account and add Kotak Mahindra Old Mutual Life Insurance as a biller
  • Bill payment via net banking is offered by select leading banks like ABN AMRO Bank, IndusInd Bank, Bank of Baroda, Bank of India, Kotak Mahindra Bank, Bank of Maharashtra, Barclays Bank, Punjab National Bank, Central Bank of India, Citibank, Corporation Bank, HDFC Bank. IDBI Bank, UCO Bank, Yes Bank, ICICI Bank, and several more.

Other Options For Bill Payment

Kotak Mahindra Bank ATM Drop Box

  • You can also make premium payment by dropping your payment cheques in any drop box located inside Kotak Mahindra Bank ATMs.
  • When making payment via cheque, draw it in favor of Kotak Mahindra Life Insurance Policy Number *insert policy number*.
  • Don’t forget to mention your name and contact details behind the cheque leaf.

Kotak Life Branches

You can make premium payments in cash or by cheque/demand draft at any Kotak Life branch near you.

 4.5 / 5.0   by 19169 users
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Kotak Life Insurance Online Premium Payment Reviews

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  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have used for 12 years, i have used the MONEY BACK i have received the amount for 4 years once. The maturity period is for 12 years and it gives the policy coverage is for self. The sum assured given with the policy was good. The customer support is good.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 19, 2019
  • LIC
    LIC Life Insurance
    "Life secure policy"
    0.5 3.5/5 "Pretty good"
    Since its long time term policy. If anything happens the policy covers for life and family will get secured. Last 6 years before, I took this policy. LIC is a government company and they are trustable hence I have purchased the policy with them. I have been paying the premium amount of Rs. 26026 for every six months. Iâ??m satisfied with the sum assured amount.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 19, 2019
  • HDFC Life Life Insurance
    "Good for family protection"
    0.5 5.0/5 "Blown Away!"
    I have term plan with HDFC life, I have chosen the sum assured of Rs. 75 lakhs it has the duration of 50 years, life cover is upto 75 years. I make the premium around Rs. 800 per month, it has tax cover, critical illness, waiver on premium at disability. Cancer and Heart attack cover is also there.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    The reason for getting the policy is because it has provided with the good service. I am using the plan from last more than 20 years. The maturity period is for 30 years and the coverage is for self. The premium paying for yearly once as 12K with the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2019
  • DHFL Pramerica Life Insurance
    "AVERAGE"
    0.5 3.0/5 "Satisfactory"
    I have got the policy along with the home loan taken the DHFL. The maturity period is for 15 years where 10 years i have to pay for yearly once of 25K. It is a TERM PLAN, the documentation process was done and i have received the hard copy too of the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 19, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am holding the JEEVAN ANAND plan with LIC where i am using from last 11 years, the reason for taking the policy is it is good. The maturity period of the policy is for 25 years, the premium paying for monthly once. The coverage is for self with the policy.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 10 years before. The policy is for 20 years. I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents on time. I use to do payment by providing a cheque to an agent.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 18, 2019
  • SBI Life Life Insurance
    "Need to improive their service"
    0.5 1.0/5 "Really Bad"
    I have taken a term insurance in SBI LIFE on 3 years before.The policy is money back for 10 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and delay to provide the documents. At an initial they have told to pay only for 3 times but later it for 7 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 3.0/5 "Satisfactory"
    I have taken a life insurance in LIC before 4 years ago. The policy is for 20 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents on time. I use to pay the amount to an agent.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have multiple policy with LIC and am just paying the policy, not availed the benefits. I pay online and never contacted the customer support. I am paying yearly 1.5L and the payment mode is easy. I took this policies for future savings and tax benefits.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 2 years before. The policy is for 15 years.I am paying premium in the quarterly package. While getting a policy my agent has given an information about the policy details and received a hard copy documents on time. Use to do payments by visiting directly to office.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Trust Worthy"
    0.5 5.0/5 "Blown Away!"
    I pay Rs. 50,000 per annum for multiple policies and it has different tenure period and all has tax saving coverage. Even the sum assured is get vary according to the payment which we pay. The agents are professional, I would like to recommended these policies to all.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    At the time of my invest, LIC was a best company. I have chosen the policy 10 years back. I am paying the premium amount of Rs. 10,718 for the term period of 20 years. I select the annual payment mode. I will get a sum assured amount of Rs. 2 lakhs.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Life Insurance Corporation of India have given me a good amount money when it is paid back. I have invested a money of Rs. 1 lakhs and i have received Rs. 1.73 lakhs after 16 years with a maturity. I make the premium through my account as a Standing instructions.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 18, 2019
  • HDFC Life Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the accidental policy where using from last 8months with HDFC LIFE. The premium paying was monthly once with the insurance policy. The benefits with the policy is good but i have not received the hard copy, coverage is for 20L.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the JEEVAN ANAND plan since from last 12 years with LIFE INSURANCE CORPORATION OF INDIA the maturity period is for 20 years with the insurance policy. The premium paying was yearly once, it gives the policy coverage for self.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • SBI Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a Pradan Mantri Plan from SBI Life when it was launched. I am paying 300 rupees annually for myself and my wife. I think, if accidental death is happened then the benefits can be claimed. I have enabled auto debit option for the payment.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • Bajaj Allianz Life Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I took a money back policy with Bajaj Allianz and the policy period is 16 years. It was recommended by one of my colleague. I have received the insurance copy and the payment mode is easy. It was taken for future savings because I am blessed with 2 daughters.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken 3policies with LIC, all are endowment policies. LIC is a trusted company and they are reliable in India so have interested to take a policy. I am happy with the benefits. I need to pay the premium for 21 years. Previously I made cash payment and now its convenient to pay online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • HDFC Life Life Insurance
    "Okay Policy"
    0.5 3.0/5 "Satisfactory"
    No reason for choosing my insurance policy from HDFC. For income tax returns i bought the policy. I'm paying the premium upto 7 years and after 10 years i will get the returns to my account. I have been paying the premium amount of Rs. 12148 which is a annual payment. The premium is auto deducted from my account
    Was this review helpful? 0
    , thane
    Reviewed on Jul 18, 2019
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