Kotak Mahindra Life Insurance Company Limited

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10 min read

Updated on Jul 13, 2022

About Kotak Mahindra Life Insurance Company

Kotak Life Insurance is among the fastest-growing insurance companies in India. The company was founded in the year 2001. It is a private company and 100% owned subsidiary of Kotak Mahindra Bank Limited. 

Kotak Life Insurance is a well-known and reputed life insurance provider in the Indian insurance sector. It offers a wide range of both group and individual plans for retail as well as corporate customers. It provides world-class insurance products to its customers with high customer empathy. 

Key highlights of Kotak Mahindra Life Insurance Company

Some of the key highlights of Kotak Life Insurance Company are stated as follows: 

Total number of lives covered 32.8 billion lives covered nationwide (as on 31st August 2021)
Total Number of life insurance policies 27 individual life insurance plans and 36 group life insurance products
Claim TAT 7 days to 15 days
Assets under Management (AUM) Rs.25,936 crores as on 31st March 2019

Awards and achievements of Kotak Life Insurance Company

Kotak Life Insurance has won many awards which established it as an insurer of repute. Some of the noteworthy awards received by the company include the following –

  • Life Insurance Provider of the Year in the Outlook Money Awards in the year 2017
  • Kotak Life’s CEO, Mr. G Murlidhar, was conferred the Insurance CEO of the Year –Life Category Award at the FICCI Insurance Industry Awards in the year 2019
  • The company won the Silver medal for the Best Customer Engagement Campaign Award at DMAsia in the year 2017

Why choose Kotak Mahindra Life Insurance Company?

Given below are some reasons which make Kotak Life Insurance a wise choice for your financial portfolio –

  1. Kotak Life insurance products leverage the benefit of the combined prowess of life protection along with savings benefits. 
  2. The company offers insurance plans which can be customized according to the individual needs of its customers with a comprehensive benefit structure. This helps you to fulfill all your insurance requirements in one platform. 
  3. Kotak Mahindra provides assistance to its customers 24*7 for any concern, query, or help regarding buying or claiming a life insurance policy. 
  4. It had 24 billion lives covered until 31st March 2019 which increased to 30 billion as of 30th September 2020 which proves that it is one of the most trusted insurance companies in the life insurance sector. 

Different types of plans offered by Kotak Mahindra Life Insurance Company:

Kotak Life Insurance Company offers complete life insurance solutions with a range of life insurance plans. Given below is a look at the different types of plans offered by Kotak Life Insurance –

A. Term insurance plans:

Term insurance plans are those that cover the risk of premature death, i.e. death during the policy tenure. These are, therefore, pure protection plans which come at a low premium allowing you to opt for high coverage levels for complete financial security to your family. Term insurance plans also offer optional coverage features which you can choose as per your needs and customize your policy.

Kotak Life Insurance offers comprehensive term insurance plans. The plan offered by PayBima is discussed below –

1. Kotak e-Term Plan 

Kotak e-Term plan is an online term insurance plan which offers you the following salient benefits –

  • There are three coverage options to choose from – Life Option, Life Plus Option, and Life Secure Option. The Life Option is the basic term insurance coverage while the Life Plus Option has an inbuilt accidental death benefit rider which pays an additional sum assured in the case of accidental death. Life Secure Option covers permanent disablements and waives the premiums in such cases.
  • You can also choose from three death benefit pay-out options – Immediate Pay-out, Level Recurring pay-out, and Increasing Recurring Pay-out. These options allow you to avail of the death benefit in a lump sum or in installments.
  • You can choose to reduce the sum assured during the policy tenure if your coverage needs reduce
  • The Kotak Critical Illness Plus Benefit Rider is available with the policy for additional coverage 

Eligibility conditions 

Entry age  18 years to 65 years
Maturity age  23 years to 75 years
Sum assured Rs.25 lakhs onwards
Premium amount Depends on age, sum assured, and policy details
Term of the plan 5 years to 40 years or 75-entry age 
Premium payment term Single pay – once at the time of buying the policy

Limited pay – 5 years, 10 years or 60-entry age 

Regular pay – equal to the term of the policy

 

B. Endowment assurance plans:

Endowment assurance plans are savings oriented life insurance plans which help you create a corpus till maturity while providing coverage in the case of premature death. Some endowment plans also earn bonus declarations which help in enhancing the corpus of the policy. Endowment plans are also called guaranteed return plans since these plans are immune from market volatilities and pay a promised benefit on death or maturity.

Kotak Life Insurance offers different types of endowment plans. The most popular policy, available on PayBima is as follows –

1. Kotak Premier Endowment Plan 

Kotak Premier Endowment Plan is a participating endowment plan, i.e. a plan that earns bonuses to enhance the corpus. The primary benefits of the policy are as follows –

  • 5% of the basic sum assured is added to the corpus as guaranteed additions during the first 5 years of the policy
  • After the guaranteed additions stop, the plan starts participating in bonus declarations. Bonus is added from the 6th policy year, till death or maturity, if the due premiums are paid
  • There are flexible premium payment terms for you to choose from suiting your affordability 
  • Six optional riders are available with the plan. You can choose one or more riders for enhancing the scope of the policy

Eligibility conditions

Entry age  18 years to 60 years
Maximum maturity age  70 years
Sum assured Depends on the premium amount and policy details
Premium amount Minimum – Rs.8000

Maximum – no limit

Term of the plan 10 years to 30 years
Premium payment term Limited pay – 5 years, 7 years, 10 years or 15 years

Regular pay – equal to the term of the policy

C. Money back plans:

Money back plans are also savings oriented life insurance plans like endowment plans. However, instead of paying the sum assured on maturity in a lump sum, these plans pay a part of the sum assured during the policy tenure, at regular intervals. Thus, money-back plans allow liquidity. However, the death benefit is not compromised due to the money-back benefits already paid. In the case of death, the full sum assured is paid. Money-back plans are usually offered as participating plans which earn bonus declarations as and when announced by the insurance company. 

D. ULIPs:

Unit linked insurance plans are investment and savings oriented life insurance plans. They invest the premiums in market-linked funds and you control your investments. You can choose the premium amount, sum assured, the fund that you want to invest in, and other policy details. The invested premium grows as per the market performance. On death, the higher the sum assured or the fund value is paid. However, when the plan matures, the fund value is paid. ULIPs do not guarantee returns since such returns depend on market movements.

E. Micro insurance plans:

Microinsurance plans are rural plans which offer affordable coverage to individuals living in rural areas. These insurance plans can be offered as term insurance plans are endowment assurance plans for the insurance and savings needs of individuals. Kotak Life offers an affordable yet comprehensive micro-insurance policy for its rural customers.

F. Whole life insurance plans:

Whole life insurance plans are those that provide coverage till 99 or 100 years of age. Kotak offers a savings-oriented whole life insurance policy which earns bonuses and provides coverage lifelong for complete financial security. 

G. Retirement plans

Retirement plans are pension plans which help you create a financial corpus for your retirement. You can choose a deferred annuity plan and build up a retirement corpus when you are working. Alternatively, if you want a steady income lifelong, you can invest in immediate annuity plans and start receiving guaranteed pensions.

H. Health insurance plans:

Health insurance plans provide coverage in medical emergencies. Kotak Life offers specialized health insurance plans which cover specific illnesses. If you are diagnosed with the covered illness, the plan pays a lump sum benefit so that you can meet your medical costs or any other financial need that you might have.

How can you buy Kotak Life Insurance plans?

Buying Kotak Life insurance plans is quick and easy as it can be brought online. You can buy a Kotak life insurance policy online through PayBima which offers you the convenience and ease to get instant issuance of the policy. The steps to buying online are as follows: 

1. Submit the application form: Visit the official website of PayBima and click on the buy life insurance option available there. A form will appear in which you are required to specify your correct details to enable PayBima to find suitable plans for you according to your requirements and the details you have specified. Fill the form with correct information and then submit the form online in PayBima.

2. Compare available plans: After submitting the application form PayBima will analyze the form and show you life insurance policies that suit your requirements which will also include Kotak Life Insurance plans. It will show you a lit of the best life insurance plans available for you. You can compare the available plans online on PayBima before selecting the one that you want to buy. You can compare the plans of Kotak Life Insurance with plans of other insurers in terms of coverage and premium rates. 

3. Fill and Sign the proposal form: The proposal form is to be filled after you have selected the plan that you want to buy. The proposal form consists of details such as name, address, coverage details, medical history, financial details, etc. Ensure that you provide the correct information. If you have any medical history, make sure to mention it in the proposal form. Premium is determined on the basis of the coverage details filled in the proposal form.

4. Upload your documents: Along with the proposal form of the insurance policy, you will have to upload a set of relevant documents to purchase the insurance plan online successfully through PayBima. The documents required to be uploaded with the proposal form include the following – 

  • A valid proof of address such as your Aadhar Card, passport, electricity bill, driving license, Voter’s ID card, rent agreement, utility bills, etc. 
  • A valid proof of identity such as your passport, PAN Card, driving license, voter ID card, Aadhaar card, PAN card, etc. 
  • Age proof such as your Aadhaar Card, passport, Voter ID, driving license, birth certificate, etc. 
  • Income proof of income which can be Form 16, bank statements, salary slips, your financial statements, etc. 
  • Passport size photographs.

5. Pre-issuance Health Check-up: Some insurance plans might require you to undergo a pre-issuance health check-up in case your age is high or if you have taken a high sum assured in the plan. If you have any history of medical illness, then a health check-up or medical screening is mandatory before the plan is issued.

6. Premium Payment: The last step is the payment of the premium as calculated and shown after submitting the proposal form along with the documents. Once you pay the premium online, your policy will be issued and the policy document will be sent to your registered email ID. 

Lapse of Kotak Life Insurance policy and the process to revive it

You are required to timely pay the premiums of your Kotak Life Insurance plan to enjoy uninterrupted coverage. However, if you do not pay the premium within the due dates, Kotak Life Insurance offers a grace period within which due premium can be paid during which your plan will not lapse and continue with full coverage benefits. But after the grace period, your policy will lapse on non-payment of premium. To reinstate the coverage benefits, you can revive your lapsed policy within a specified period. A plan can be revived by- 

  • Making an application for reviving by plan
  • Paying all the outstanding premium
  • Paying the interest accrued on the outstanding premium if any
  • Submitting a declaration of good health to the insurance company.

The insurance company will underwrite your insurance policy and permit the revival of the policy when you make an application for revival and pay the outstanding amount. 

You can revive your policy easily through PayBima by calling PayBima at 1800 267 6767. You can also send a mail at paybima.care@mahindra.com to revive your Kotak Life Insurance plan easily and the executives of PayBima will help and guide you through the process of revival of your insurance plan. 

How to make a claim for Kotak Life Insurance plans?

At Kotak Life Insurance the process of filing a claim is very simple and hassle-free: 

  • Inform the insurance company: Whenever a claim occurs you will first have to inform on the insurance company for initiating a claim. You can call on customer care helpline on 022-66057280 or email to notify about the claim at kil.claimsmitra@kotak.com
  • Fill the claim form: After notifying the claim, you will have to fill up the claim form with some basic details such as the details of the policyholder and the claimant. The claim form has two sections which include basic detail and claim intimation details. Both are to be filled with correct details.
  • Submit the documents: Lastly, you would have to submit some relevant documents along with the claim form for the claim to be processed by the insurance company.

The documents required to be submitted are as follows: 

    1. Original policy document issued at the time of buying the plan
    2. Duly filled and signed claim form
    3. Identify and Address proof documents of the claimant. 
    4. Bank mandate such as passbook crossed cheque or any other document of the claimant to credit the amount of the claim to the claimant’s bank account. 
    5. Death Certificate of the life insured. 
    6. For accidental death claims, Medical reports, medical bills, police FIR, panchnama, post-mortem reports are also to be submitted. 

Kotak Mahindra Life Insurance Review

  • For the financial year 2018-19, Kotak Life Insurance had a Claim Settlement Ratio of 97.4% after paying Rs.137 crores in claims. The company, thus, honors its claims and is trustworthy
  • The company provides online and SMS support for policy servicing needs. This makes servicing the policy easy and efficient
  • The company’s claim settlement process is smooth so that you don’t suffer hassles in receiving the policy benefits when you need them the most
  • The optional riders available under the policy help you in enhancing the coverage effortlessly

FAQs on Kotak Mahindra Life Insurance Company Limited

Can I claim deduction under Section 80D by buying Kotak life insurance plans?

If you choose the health insurance plan offered by Kotak Life Insurance Company, the premium paid for the policy can be claimed as a deduction under Section 80D. Moreover, the Critical Illness Rider available with the different Kotak life insurance plans also allows the deduction. The premium paid for the rider can be claimed as a deduction under Section 80D.

How many riders can I buy?

You can choose as many riders as you want if multiple riders are offered by the policy. However, for each rider that you choose, you would have to pay an additional premium.

What can I do if I am not satisfied with the policy that I buy?

If you are not satisfied with the life insurance policy that you have bought, Kotak offers you the facility of free look cancellation. You can cancel the policy within 15 or 30 days after buying it and avail a refund of your premium.

Do Kotak life insurance plans cover suicides?

Suicides that occur within a year of buying the policy or reviving a lapsed policy are not covered. Other than these, if the insured dies due to suicide, such a death would be covered by Kotak life insurance plans.

How do the Level and Increasing Recurring Pay-out options work under the e-Term plan?

Under the Level Recurring Pay-out Option, 10% of the sum assured is paid in a lump sum when the insured dies. Thereafter, 6% of the sum assured would be paid in annual installments for 15 years from the next year after the death of the insured.

Under the Increasing Recurring Pay-out Option, on the other hand, 10% of the sum assured would be paid immediately on death. Thereafter, 6% of the sum assured would be paid in annual installments for 15 years. However, after each year, the annual installment would increase by 10% simple rate of interest.

Under both the options, you can choose to receive the installments monthly in which case the monthly installment would be calculated as 8.22% of the annual installment.

Jan 19, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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