Kotak Life Insurance is an insurance plan that guarantees your future and ensures that all your investments continue to generate benefits. With empathy and understanding from customers and long service life, this is the best way to stay protected.

With reasonable pricing and premium plans, Kotak Life Insurance Company offers a wide range of affordable life insurance policies. It is a one-step solution for a secure future for you and your loved ones.


Kotak Life Insurance

Benefits of Buying Kotak Life Insurance

  • Transparency in Services: With a daily statement of fund performance, well-regulated asset management, benchmarking and a monthly newsletter on market updates, the company has a transparent service process.
  • Quick Claim Settlement: The disaster assistance process for Kotak life insurance is very simple. It has an outstanding claims payment rate of 93.72% (as reported by IRDA for 2017-18). You can submit the claim directly on the portal of this organization.
  • Variety of plans: Kotak Life Insurance offers a wide range of plans. Each life insurance plan is designed to meet the needs of a part of society and provide maximum protection.
  • Empathetic towards Customers: The company has great empathy and understanding from customers, which gives it exceptional delivery value. Kotak Life Insurance Company has a highly committed sales force, whose main driver is customer satisfaction.


Types of Kotak Life Insurance Plans

Term Plans:

  1. Kotak Saral Suraksha Plan.
  2. Kotak Preferred Term Plan.
  3. Kotak Term Plan.
  4. Kotak e-Term Plan.
  5. Kotak Preferred e-Term Plan.

ULIP Plans:

  1. Kotak Ace Investment Plan.
  2. Kotak Platinum Plan.
  3. Kotak Single Invest Advantage Plan.
  4. Kotak Invest Maxima.
  5. Kotak Wealth Insurance Plan.

Investment Plans:

  1. Kotak Sampoorna Bima Micro Insurance Plan.
  2. Kotak Assured Income Accelerator Plan.
  3. Kotak Premier Money Back Plan.
  4. Kotak Gramin Bima Yojana.
  5. Kotak Saral Suraksha.
  6. Kotak Classic Endowment Plan.

Pension Plans:

  1. Kotak Premier Pension Plan.
  2. Kotak Lifetime Income Plan.

Money-Back Plan:

Kotak Assured Income Plan

Whole Life Plan:

Kotak Premier Life Plan

Child Plan:

Kotak Premier Life Plan


Exclusions of Kotak Life Insurance

Suicide Exclusion: In case the policyholder commits suicide within one year of the date of issue policy, then only 80% of the single premium is payable to the nominee.


Also Read: Top Best 5 Life Insurance Plans In India


Documents Required for Buying Kotak Life Insurance

  • Proof of Age: Aadhaar Card, PAN Card, Voter ID, Passport, Driving License, Certificate of Birth, or School or College Certificate
  • Proof of Identity: Aadhaar Card, Driving License, Voter’s ID Card, Passport, PAN Card or a Letter from a Recognised Public Authority or Public Servant with Photograph to verify the residency and identity.
  • Proof of Address: Aadhaar Card, Passport, Voter ID, Ration Card, Telephone Bill, Electricity Bill, Statement of Bank, or Letter from Recognized Public Authority
  • Proof of Income: Salary Slip, Form 16, Employers’ Certificate or ITR/ Assessment Order
  • Medical Reports: Only if asked by Kotak Mahindra Life Insurance
  • Passport size photograph

Kotak Mahindra Life Insurance Online Modes of Payment

Kotak Life Insurance Company offers convenience to its customers by offering several premium online payment channels. These payment channels are secure and offer a fast payment service that offers its customers the convenience of the service. The online platforms from which you can pay Kotak life insurance premiums online are detailed below.

  • NEFT
  • ECS
  • Direct Debit
  • IMPS
  • Bill Desk
  • Electronic Bill Payment
  • Credit Card
  • Internet banking
  • Debit card
  • Kotak Mahindra Bank ATM Drop Box


Kotak Mahindra Life Insurance Premium Calculator

The integration of the premium calculator into the official websites of the main life insurance companies has digitized the premium calculation process. While manual errors could be prevented earlier, the digital tool simplifies life, allowing accurate premium calculations in seconds with just a few clicks. All the applicant must do is mention the required details, such as age, sex, number of people to cover, etc. to automate the premium calculation process.


Claim Process of Kotak Life Insurance

To claim your benefits, you must inform Kotak Life Insurance.

There are many ways to do this: visit the nearest Kotak life insurance branch, call toll free 1800-1800-209-8800, send an email to kli.claimsmitra@kotak.com or register online at your request.

The candidate must complete a claim information form and obtain a reference number. You can be sure of receiving updates on the progress of your application. The accident/death claim is usually resolved within 30 days without investigation.

For more help or information about claims, contact: Kotak Mahindra Kotak Infiniti Life Insurance Mutual Company Building no. 21, 7th floor – Zone 2, Infinity Park, near Western Express Highway, General AD K Vaidya Marg, Malad (E), Mumbai 400097.



Documents Required to Claim Insurance with Kotak Mahindra Life Insurance

All documents submitted to the company must be photocopies or originals certified by an official officer, magistrate, SEM or a person with local personality, such as Talathi, police sub-inspector, Sarpanch or Tahsildar. The company is at its discretion to accept/reject the claim based on the documents it has provided and after conducting its investigation to verify the authenticity of the claim.

Compulsory Documents:

  1. Duly-filled form of death claim intimation.
  2. Original policy documents.
  3. Original death certificate issued by municipality or equivalent authority.
  4. A photograph, photo ID proof and current address proof of the claimant.

Supporting Documents:

  1. A statement with bank account details/a copy of bank passbook of the claimant.
  2. Medical questionnaire.
  3. Medical records such as death/discharge summary, treatment records, hospital indoor papers, investigation reports, consultation notes, etc.
  4. Medical certificate stating the cause of death.
  5. Copy of certified first information report/inquest.
  6. Copy of certified chemical analysis report/post-mortem report.
  7. Copy of driving license in case the insured individual was driving at the time of the accident.
  8. Settlement option form.


Review of Kotak Life Insurance

Kotak Life Insurance Company offers an excellent claims process on time with a claim ratio of 93.72% (according to the IRDAI annual report for 2018-2019). The prices of their premiums and their plans are also very good.

The company says it can get 1 Cr Life coverage at only ₹ 13.97/day. A wide range of life insurance policies is specially designed to cover all layers of the company and provide optimal protection and benefits.

The staff members are exceptionally cooperative. The company is always there to help its customers 24 hours a day through the hotline and the customer service center to help them get the most benefits. The good thing is that any customer who invests the money receives not only the amount insured by the customer but also a bonus and more and more benefits.


Also Read: Top 10 Life Insurance Companies In India 2019


FAQs

Q. What is the process for Kotak life Insurance to settle claims?

Answer: The candidate must inform the company by calling his toll-free number 1800-209-8800 or he can also go to the branch in person with the accident/death certificate and the policy document. The candidate must complete a claim information form and the company will give you a reference number. The accident/death claim is usually resolved within 30 days without investigation.

Q. What is the cost of Kotak Life Insurance plans?

Answer: You can buy a life insurance policy by paying the premium to the life insurance company. The amount to be paid depends on the type of plan you have selected. Different types of policies have different contract durations, an insured term, an eligibility age, etc. Premiums can be paid monthly/semi-annually/annually/ or as a type of premium, depending on the type of policy selected.

Q. What will happen to my policy in case I miss the due date of the premium payment?

Answer: For expired terms, insurance companies offer a grace period, usually between 15 and 30 days. Policyholders who have not paid their premiums in a timely manner must pay within the grace period to prevent the insurance policy from being cancelled.

Q. What tax benefits are you eligible for if you make a lump sum top-up on Kotak Life Insurance?

Answer: The regular premium paid by the insured entitles a tax deduction under Section 80C (subject to specific conditions) of the Income Tax Act of 1961. Income Tax Act of 1961, subject to the conditions set forth in Section 10 (10D) of the Income Tax Act of 1961.

Q. How is Kotak life insurance?

Answer: With an accident rate of 93.72%, according to IRDAI 2017-2018 reports, Kotak Life Insurance offers a wide range of coverage through its various life insurance policies. Its policies are designed to meet the different needs of its customers.

Q. How can I check the status of the policy?

Answer: You can register on the official Kotak Life Insurance website to see the details of the policy.

Q. What is the process of policy renewal?

Answer: You can visit the official Kotak Life Insurance website to renew your contract.

Q. How to cancel the Kotak life insurance policy?

Answer: Complete the application form accurately and send it along with the essential documents, such as the policy document. Once Kotak Life Insurance has verified the documents and information you have provided on the form, the refund will be processed and credited to your preferred bank account. Subsequently, the policy will be cancelled. The whole procedure usually lasts 7 business days.

Q. Why should we opt for Kotak Mahindra life insurance?

Answer: According to IRDAI 2017-2018 reports, the Kotak life insurance claims rate is 93.72%. Its range of life insurance policies is designed to meet the diverse needs of its customers, making it one of the leading life insurers in India.

Q.Does Kotak Life Insurance provides a free look period and what does it consist of?

Answer: The free consultation period offered in Kotak life insurance policies is 15 days. But the free consultation period of distance marketing strategies is 30 days.

Q. What are the different life insurance policies that Kotak Mahindra Life Insurance offers?

Answer: Kotak Mahindra offers insurance plans for protection, savings, and investment, for children and for retirement. For more information, visit the company’s website.

Q. What are the different premium payment options available?

Answer: Premiums can be paid annually, semi-annually, quarterly and monthly. Some plans also have the option of paying premiums for a limited period of time and not for the duration of the policy.

Q. Can I buy insurance for my children too?

Answer: Yes, the Kotak Headstart Child Insurance Plan can be purchased for your children. This plan can be used as an investment option to create wealth for your child’s education, marriage or business.

Q. Will I receive maturity benefits on my life insurance policy?

Answer: Yes, you will receive expiration benefits as defined in your plan.

Q. Should I buy life insurance at an early age? What are its advantages?

Answer: The younger you are, the lower your insurance premium will be. You would be in good physical health and not be sick when you are younger. This reduces the payment of your premium in the policy for reducing the cost of insurance at an early age.

Q. Can I make a lump sum payment for my policy?

Answer: Yes, the Kotak Platinum Plan allows you to create wealth and, at the same time, multiply your capital and conserve your money during a period when you need it most.

Q. Can I restrict my premium payment?

Answer: Yes, with the Kotak Classic Endowment Plan, you can choose the Limited Premium Payment (LPP) option. With this option, you can buy a policy for a period of 15 to 30 years and choose to pay premiums for 7 years for a period of 15 years or less than 5 years.

This Article was written by,
Mayuri Navarkhele

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