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 19782 users
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Kotak Life Insurance Online Premium Payment Reviews

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  • LIC Life Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC on five years before. The policy is for 20 years. I am paying premium in the quarterly package the amount which is nominal for me. While getting a policy the agent has given an information about the policy details.
    Was this review helpful? 0
    , ranchi
    Reviewed on Dec 13, 2019
  • LIC
    LIC Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    On 10 years before, I took life insurance policy for my spouse in LIC with tenure period of 15 years. Since its money back policy, 5 years once I got amount of 5K which I have received for twice . I use to pay premium on quarterly basis of the amount of 3087 rupees which is nominal. The agent has given an information about the policy details and provided hard copy of documents on time.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 9 years before. Tenure period of 15 years. I am paying premium on half yearly package the amount of 6490 rupees which is nominal. The agent has given an information about the policy details. It covers myself and the policy name is Jeevan Anand.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 13, 2019
  • LIC Life Insurance
    "Moderate service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 21 years.I am paying the premium on monthly basis .I am paying the premium through online .This policy is still alive and all the details about the policy was clearly explained by the agent.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2019
  • HDFC Life Life Insurance
    "Worst Life Insurance Company Ever"
    0.5 0.5/5 "Unacceptable"
    HDFC Life is one of the worst companies you would want to take your life insurance from. I am writing this review with my personal experience + experiences of some other users who purchased the policy. They are running a scam where about 1 yr after issuing your policy, they automatically cancel it, citing "non disclosure of pre-existing illness" as the reason. The same thing happend with me and many others. I have no such reported illness of any kind. And even if I had, why was the policy issued in the first place? Upon my request to provide an explanation or more detail about this 'illness', no respone was given to me, neither by HDFCLife nor by Policybazaar, through which I had purchased this policy. I was cheated of my one-year premium amount and my policy was lapsed. If you are at all serious about preserving your mental and financial well-being, do not go anywhere near any of these two companies. They are the biggest fraud in the life insurance market.
    Was this review helpful? 0
    , jaipur
    Reviewed on Dec 13, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy directly through LIC agent .This was a maturity benefit policy for the tenure of 15 years .This policy is still alive and got all the relevant details about the policy through the agent .The policy documents was shared on time .I am comfortable with the service.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 12, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy which was taken through LIC agent.This was an endowement policy and paying the premium on yearly basis .The policy tenure is for 15 years and paying the premium through the agent .This policy is still active and i am comfortable with the service .
    Was this review helpful? 0
    , pune
    Reviewed on Dec 12, 2019
  • Bajaj Allianz Life Life Insurance
    "budget Plans"
    0.5 5.0/5 "Blown Away!"
    Bajaj Allianz life insurance is very flexible. I have taken a policy. The Premium was given as per my budget. Plans and benefits are great, If anyone wants to go a life insurance my first suggestion will be Bajaj Allianz life insurance. Thanks
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 12, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I took my life insurance policy from LIC around 5 years back and this policy is going to matured in the year of 2026. It was for the safety and protection for the family. I have selected the payment option as very half year and i pay the premium amount of Rs. 2000. I will give the cash to my agent and he will pay in the LIC office.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC Life Insurance
    "Safe and secure policy"
    0.5 5.0/5 "Blown Away!"
    LIC policy is safe and if you have a long term policy, it will be useful. If i go to their office, the response is fine. They have a good portal to know about the payment premium amount and existing policy details. I make the premium through online. I took the money back policy and it got matured already.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 11, 2019
  • LIC Life Insurance
    "Good security policy"
    0.5 3.5/5 "Pretty good"
    In LIC website, they are updating the policy details on a timely basis. I took my retirement plan in life insurance corporation of India. For the safety purpose, i have selected this company. I am investing the money of Rs. 10K every month. I get the returns after my age of 56. This is a tax benefitable policy.
    Was this review helpful? 1
    , haridwar
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Service should be improved"
    0.5 3.5/5 "Pretty good"
    I have taken money back policy from LIC its because of the safety reason. I have been investing the money of Rs. 10K every month. I purchased the policy 4 years ago. They are providing the sum assured amount of Rs. 1.2 lakhs. This is a tax beneficial policy. I make the premium amount through online.
    Was this review helpful? 1
    , haridwar
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I didn't use the customer care service till now in LIC where i have taken my life insurance policy. I'm not sure about the plan name but i pay the premium every year once. I have been paying the premium amount of Rs. 17699 and total term period of the plan is 16 years. For the savings purpose, i have chosen LIC.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Best service "
    0.5 3.0/5 "Satisfactory"
    I have taken Life Insurance policy directly through LIC agent .This policy tenure is 10 years .I am paying the premium through Half yearly basis and paying the premium through Online .The agent gave a clear picture about the policy and not yet faced any difficulties .I am satisfied with the service so far .
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC since 1990. This policy term is 20 years. I am paying premium on monthly package and the amount which is nominal. I am paying premium in a cheque mode. While getting a policy my agent has given an information about the policy details and this is a money back policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 10, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life Insurance policy taken through LIC agent.This was a Maturiy benefit policy and each and every details was shared by the agent .This policy is still active and there was no difficulties faced as well. Overall am happy with it.
    Was this review helpful? 0
    , surat
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 9 years before. Tenure period of policy is 20 years. I am paying premium on quarterly package the amount of 3K which is nominal. Agent is my neighborhood so he has given an information about this policy. It covers my whole family.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC on 3 years before. The policy is for 16 years. I am paying premium on monthly package the amount of Rs. 17k which is nominal. I am paying premium manually. While getting a policy my agent has given an information about the policy details. It covers myself. It is a jeevan anadha policy
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 09, 2019
  • LIC Life Insurance
    "Good Investment plan"
    0.5 5.0/5 "Blown Away!"
    LIC plan is a savings cum income plan and i get the good returns in future. Its covers for life. I took the policy through agent who is my relative recommended me about this policy. My father is taking care of the premium part hence I'm not sure about the coverage value.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 08, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from LIC more than 5 years.The agent is very supportive and providing proper guidance and this is a JEEVAN ANAND policy. Policy is valid for life long and the tenure is 20 years after some years. I am paying annual premium is Rs.24k, this is a death benefit plan after that my wife will be getting some returns.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 07, 2019
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