Best Kotak Life Insurance Plans
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Kotak Life is one of the fastest growing insurance companies providing a decent range of life insurance plans such as term plans, savings and investment plans, retirement plans, among others. The Kotak Life insurance plans are crafted as quite affordable, flexible and comprehensive in their nature, which can be easily bought both online and offline.
The company also gives discounts on premium to women policyholders and individuals who opt for higher sums.
Here’s a detailed read of all the top policies of Kotak life which is explained along with their key features.
Highlights
- Claim Settlement Ratio: 98.82% (FY 2021-22)
- Benefits: Multiple premium payment terms, flexible products.
- Discounts: Women policyholders, investors who opt for higher premium amounts.
- Coverage: Whole life on selected plans.
- Insurance Riders: Term rider, Accidental death benefit, Permanent disability benefit, Guardian benefit.
Types of Kotak Life Insurance Policies
Term Insurance Or Protection Plans
Kotak e-Term
Key features
- Choose between three life coverage options: Life, life plus and secure option.
- Three payout options: immediate payout, level recurring pay-out and increasing recurring pay-out.
- Entry age is 18 years and 65 years.
- Minimum basic sum assured is INR 25 lakh.
- Premium payment option is regular, limited or single pay.
Kotak Term Plan
Key features:
- Plan provides further discounts to women policyholders.
- Flexible premium payment options.
- Flexibility to convert term plan to another policy offered by Kotak Life.
- Entry age is 18 years and 65 years.
- Policy term is five years to 30 years.
- Minimum sum assured is INR 3 lakh.
- Minimum annual premium is INR 2,000.
Kotak Saral Jeevan Bima
Key features:
- A pure risk cover plan.
- Entry age is 18 years and 65 years.
- Coverage till 70 years.
- Flexible premium payment options.
- Discounted premium rates for female policyholders.
- Premium Payment Mode: Single, yearly, half-yearly, and monthly
- Minimum sum assured is INR 5 lakh.
Savings And Investment Plans
Kotak Assured Income Accelerator
Key features:
- Guaranteed income during the payout phase.
- Income boosters to increase yearly returns.
- Death benefits along with maturity benefits.
- Entry age is 0 years and 60 years.
- Annual premium is INR 15,000.
- Basic sum assured is 10 times of annual premium.
- Enhanced protection with optional riders:
1. Kotak Term Benefit.
2. Kotak Accident Death Benefit.
3. Kotak Permanent Disability Rider.
Kotak Assured Savings Plan
Key features:
- Benefit of increasing life cover.
- Guaranteed maturity benefit
- Entry age is three years and 60 years.
- Basic sum assured is INR 25 lakh.
- Annualized premium is INR 20,000.
Kotak Premier Endowment Plan
Key features:
- Guaranteed additions along with death benefit.
- Ensures regular and long-term savings.
- Option to earn bonus from sixth policy year.
- Flexibility to select from various premium payment modes.
- Enhanced protection with optional riders:
1. Kotak Term Benefit.
2. Kotak Accident Death Benefit.
3. Kotak Permanent Disability Rider.
Kotak Invest Maxima
Key features:
- There are no premium allocation charges.
- Flexibility to choose from two portfolio strategies.
- Allows partial withdrawal.
- Avail rewards on long-term investment.
- Entry age is 0 to 65 years.
- Minimum annual premium is INR 50,000.
- Minimum top-up premium is INR 20,000
Kotak Premier Money Back Plan
Key features:
- Death benefit along with maturity and survival benefit.
- Option to receive payouts as regular income.
- Get a lump-sum amount at maturity.
- Bonus from the first year.
- Accidental death benefit.
Kotak Sampoorn Bima Micro Insurance Plan
Key features:
- Single premium of INR 200 with a fixed term of five years.
- Fixed payout as maturity and death benefit.
- Policy requires no medical test.
- Entry age is 18 years and 55 years.
- Policy term is five years.
Kotak Single Invest Plus
Key features:
- Entry age is 18 years and 55 years.
- Single premium policy.
- Joint life protection cover.
- Loyalty additions from the end of 10th year of policy.
- Option to invest in five kinds of fund mix.
- Policy terms are 10 and 15 years.
Kotak Single Invest Advantage
Key features:
- Single premium policy.
- Avail benefit of loyalty additions.
- Option to select from three portfolio strategies.
- Entry age is eight years to 45 years.
- Policy terms are 10 and 15 years.
- Single premium amount is INR 2 lakh.
Kotak Platinum Plan
Key features:
- It is a ULIP based plan.
- Three strategies to choose from.
- Up to 95% to 98.5% of premium gets invested.
- Offers death, maturity and survival units.
- Flexible premium payment period.
- Extra survival units as reward points.
- Entry age is 0 to 65 years.
- Minimum yearly premium is INR 1 lakh.
- Minimum top-up premium is INR 10,000
- Optional riders such as accidental death benefit and permanent disability benefit rider.
Kotak Guaranteed Savings Plan
Key features:
- Guaranteed additions from the end of premium payment term.
- Option to choose a limited premium payment term option.
- Guaranteed loyalty additions.
- Enhanced coverage via optional riders.
- Entry age is three years to 60 years.
Kotak Ace Investment
Key features:
- Flexible premium payment term.
- Policy tenure is 10, 15, 20,25 and 30 years.
- Partial withdrawal post five years of policy.
- Optional riders such as accidental death benefit and permanent disability benefit rider.
- Entry age is 0 to 65 years.
- Minimum yearly premium is INR 30,000.
Kotak E-invest
Key features:
- No premium allocation charges.
- Return of mortality charges.
- Enhance your fund value via yearly additions.
- Multiple plan options such as: Rising star and retire rich option.
- Coverage up to 100 years in the “retire rich option”.
- Two investment strategies to choose from.
- Entry age is three years to 60 years.
- Optional riders such as accidental death benefit and permanent disability benefit rider.
Kotak Wealth Optima Plan
Key features:
- Choice of two investment strategies.
- Options to be covered for whole life till age 99 years.
- Dual benefit of life coverage and maturity benefit.
- Flexibility of choosing premium payment terms, investment strategy and investment horizon.
- Entry age is a minimum three years.
Kotak Premier Life Plan
Key features
- Whole life coverage till 99 years.
- Flexibility in choosing bonus payouts even after the premium payment term ends.
- Discount on premium on higher sum assured and for women policyholders.
- Minimum sum assured is INR 2 lakh.
- Optional riders: term benefit rider, guardian benefit rider and disability benefit rider.
Retirement Plans:
Kotak Premier Pension Plan
Key features:
- Offers assured benefits on vesting or death of the policyholder.
- Avail benefits along with bonus payouts.
- Entry age is 30 years to 60 years.
- Basic sum assured: INR 2 lakh.
- Policy term is 10 to 30 years.
- Optional riders such as accidental death benefit and permanent disability benefit rider.
Kotak Assured Pension
Key features:
- It is a retirement-based annuity plan.
- Annuity options are immediate or deferred.
- Higher annuity for high purchase price.
- Choose the premium payment term and premium payment frequency.
- Guaranteed additions at the time of maturity.
Kotak Saral Pension
Key features:
- Annuity plan which ensures regular income for a lifetime.
- Single premium policy.
- Minimum monthly annuity is INR 1,000.
- Entry age is 40 years to 80 years.
- Annuity modes are yearly, half-yearly, quarterly and monthly.
Kotak Life Health Plans
Kotak Health Shield
Key features:
- Covers early and major stages of cancer and life-threatening conditions related to the heart, liver, and nerves.
- Provides coverage against death or permanent disability due to an accident.
- Premiums start from INR 300 for INR 10 lakh sum assured.
- Comes in different variants such as cancer shield, liver shield, neuro shield, personal accident shield.
- Daily hospitalization cash allowance.
- Waiver of premium on the diagnosis of specific health conditions.
- Entry age is 18 years to 65 years.
- Coverage is available up to the age of 75 years.
How to Buy Kotak Life Insurance Policies Online?
- Visit the official website of the insurance company.
- Choose the kind of plan you are looking to buy and then select “buy this policy”.
- Calculate premium by clicking the tab “tools and calculators” and choose the best plan.
- Once you are sure you want to buy a particular plan, fill in the required details of your personal information.
- Now, proceed to buy the policy online. Premium can be paid online via credit/debit card or e-wallets, net banking among others.
What is the Claim Settlement Process of Kotak Life Insurance?
- Intimate a claim by directly connecting to the Kotak Life’s office or via online. The claim intimation form can be obtained under their “FORMS” section or via their nearest branch.
- Once the claim form is submitted along with the required documents, the team would inspect all the documents and might ask for further clarification.
- If there is a go ahead from the Kotak Life’s claim team, then they directly settle the claim within a few days.
- You can always track your claim request by mentioning your policy number, claim type and date of birth of the life assured.
Whom to Connect with for Kotak Life Insurance Policies?
As we have already mentioned the online process of buying a policy, you can also buy or renew your policy by directly connecting with the company. Following are the details of their respective customer care:
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