eTerm Kotak Life Insurance

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One of the greatest joys in life is seeing your loved ones live a comfortable, happy, and secure life. Now, while you are around, you can do everything that is within your capacity to ensure their safety. But what happens when, due to any unfortunate event, you are not around to take care of your loved ones? Enter Kotak Mahindra Life Insurance E-term plan to ensure that even in your absence, the needs of your loved ones are taken care of.

Kotak Mahindra Life Insurance E-term is a pure risk cover plan that provides a financial safety net for your family. In addition to the death benefit, the policy offers several other features that serve as a safety net for your loved ones. Let’s explore the plan in detail.

Highlights of eTerm Kotak Life Insurance

Low-cost premium with maximum coverage

3 plan options to choose from

Flexible premium payment options

Inbuilt wellness benefits without any additional costs

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Kotak Mahindra Life Insurance E-term: Highlights

Take a look at this table to understand the Kotak Mahindra Life Insurance E-term plan in detail:

Particulars	Details
Policy Name	Kotak Mahindra Life Insurance E-term
Insurance Company	Kotak Mahindra Life Insurance Company
Policy Type	Three Policy Options: Life Life PlusLife Secure
Benefits	Multiple Benefits: High Sum Assurance Death BenefitFlexible Policy OptionsFlexible Premium PaymentWellness BenefitsStep Up and Step Down Options
Add Ons	Available Options: Kotak Permanent Disability Rider Kotak Critical Illness Plus Benefit Rider
Claim Settlement Ratio	98.29% for the FY 2023-2024.

Wish to Enhance Your Coverage? Take a Look at the Riders Available with Kotak Mahindra Life Insurance E-term

Even when a life insurance policy offers comprehensive coverage and benefits, it is possible that these may not be enough to meet the needs of every policyholder. This is where riders like these come into the picture You can opt for a plan to enhance the coverage:

Riders	Benefits
Kotak Permanent Disability Benefit Rider	Under this rider, 120% of the sum assured is paid for the next 5 years if the insured individual suffers a permanent disability due to an accident. This does not impact the base plan. Your base plan remains in effect for the policy tenure.
Kotak Critical Illness Plus Benefit Rider	Under this rider, if the insured is diagnosed with any of the listed critical illnesses, then the sum assured under the rider is paid either in part or in whole.

Features and Benefits of Kotak Mahindra Life Insurance E-term

The Kotak Mahindra Life Insurance E-term is a pure risk cover plan that comes with multiple benefits and impressive features, designed to cater to the varying needs of every policyholder. Let’s take a look at some of the benefits and features of Kotak Mahindra Life Insurance E-term:

High Sum Assured

The policy is designed to ensure that the financial need of every individual is taken care of. Therefore, you can choose a high sum assured, which is paid to the beneficiary under the policy in the form of a death benefit. The minimum sum assured amount is ₹51,00,000, with no upper limit.

Death Benefit

The policy provides a death benefit to the beneficiary in the event of the untimely demise of the insured individual during the policy term. The death benefit is paid in a lump sum amount sufficient to cover the financial needs of your loved ones, even when you are not present.

Flexible Policy Options

Since the needs of every policy seeker vary depending on their responsibilities, annual income and future needs, Kotak Mahindra Life Insurance offers three policy options under the Kotak Mahindra Life Insurance E-term:

Life Option: Provides sum assured on death to the beneficiary.
Life Plus Option: Provides a sum assured on death, along with an accidental death benefit.
Life Secure Option: Provides a sum assured on death, along with a waiver of future premiums if the insured suffers a total and permanent disability.

Flexible-Premium Payment

The policy offers a flexible premium payment method and frequency for the convenience of policyholders. Under the policy, you can choose to pay the premium either yearly, semi-annually, quarterly, monthly, or in a single instalment. Additionally, there are various premium payment options available, including regular, limited, and single pay.

Wellness Benefits

Imagine being rewarded for making healthy lifestyle choices every day. However, these rewards are not limited to good health, but also include financial benefits. The plan offers a free medical checkup every fifth year during the policy term and access to multiple health and well-being programmes without any additional cost.

Step Up and Step Down Option

Life is unpredictable, making it challenging to determine the sum assured amount that is sufficient to meet your family's financial needs. This is why the plan offers a step-up and step-down option. Here’s how they work:

Step-Up Option: This option guarantees additional insurance coverage throughout the policy at specific important stages of your life.
Step-Down Option: This option allows you to step down to a lower level of coverage, depending on your needs. You can exercise the step-down option at any time during the policy term.

Note: These are not base coverages, but rather optional add-ons that you can select at the time of policy purchase.

Easy Claim Settlement

Purchasing a plan like Kotak Mahindra Life Insurance E-term comes with the promise that your claims will be easily settled in times of need. The insurance company has an impressive clean settlement ratio. This means that even when you are not around, your loved ones do not have to wander from one window to another to claim what is rightfully theirs.

Kotak Mahindra Life Insurance E-term: What is Covered?

Before you decide to purchase the Kotak Mahindra Life Insurance E-term, take a look at the base coverage under the plan:

Death Benefit

Depending on the policy type you choose, the death benefit is provided to the beneficiary in case of the untimely demise of the insured during the policy tenure. Here’s what you need to know:

Circumstance	Life Option	Life Plus	Life Secure
Natural Death of the Insured	100% of the sum assured is provided.	100% of the sum assured is provided.	100% of the sum assured is provided.
Accidental Death of the Insured	100% of the sum assured is provided.	100% of the sum assured is provided along with accidental death benefit (Maximum Amount is ₹1 crore)	100% of the sum assured is provided.
Total and Permanent Disability of the Life Insured	Not Applicable	Not Applicable	Waiver of the future premium.

Wellness Benefits

Under the policy, the insured is eligible for a free medical check-up every fifth year, starting from the fifth policy year. Additionally, the insured also gains access to multiple inbuilt health and well-being management services at no additional cost.

Payout Options

The policy offers three payout options:

Immediate Payout
Increasing Recurring Payout
Level Recurring Payout

Kotak Mahindra Life Insurance E-term: What is Not Covered?

Remember that the policy has certain restrictions under which the insurance company is not liable to settle your claims. Here are some exclusions you should know:

Exclusions under the Accidental Death Benefit

Accidental death benefits are not provided if the accidental death happens due to reasons like self-inflicted injury, suicide, overuse of drugs and alcohol, participation in any criminal offence, Navy, Military or Air Force services, war, invasion, etc.

Exclusions under Total and Permanent Disability

Benefits under total and permanent disability are not provided if it has been triggered due to reasons like pre-existing conditions, self-inflicted injury, suicide, overuse of drugs and alcohol, injuries arising from participation in war, invasion or criminal offence, etc.

Note: Please check the policy document for a detailed list of exclusions.

Pros & Cons eTerm by Kotak Life Insurance

The best feature of the Kotak eTerm policy is that it allows life cover at a very low cost

The insurer allows the policyholder to have a quick and hassle-free buying process

The life cover step-up option is another good feature that allows financial support at all important stages of life

Further, there is no medical examination required to exercise the step-up option under the e-term policy

If the policyholder or the insured person commits suicide within one year of the policy buying date, the nominee would receive 80% of the premiums paid.

If the policyholder or the insured person commits suicide within one year of the date of policy revival, which is done within six months of the first unpaid premium date, the nominee receives complete death benefit as the exclusion option is not applicable in this case

Conversely, if the suicide is done within 1 year the revival date, when the revival is done after 6 months from the date of first unpaid premium, the benefit payable shall be 80% of Premiums Paid at the date of claim

If the suicide is committed within one year of exercising any step-up option, the increase in sum assured will not be payable

Our verdict

The Kotak Mahindra Life Insurance E-term is a carefully crafted life insurance plan that offers multiple benefits and features tailored to meet the needs of every policyholder. With flexibility in premium payment, policy type, and payout options, this life insurance plan is suitable for individuals of any age group.

If you haven’t already purchased a life insurance plan, then head straight to the Paybima portal to find a plan with a high sum assured and affordable premium.

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Kotak 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.

Founded in

2001

Incurred Claim Ratio

69.50%

Turnover (GWP)

1,134.09 Crores

JV Partners

Kotak Mahindra Bank Ltd and Old Mutual Plc.

Claims Experience

Claims Experience Rating 4.7

% of claims settled in less than 30 days
Reflects on the speed of settling valid claims

99.97%

% of Complaints received on overall claims
customers unhappy with claims experience

0.07%

Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?

98.25%

Benefits eTerm Kotak Life Insurance

Key Benefits
Low-cost Insurance	Available
Wellness benefit	Telemedicine consultation, personal medical care, etc.
Options Available
Multiple Plan Option	Available with different sum assured
Payout Options	Three payout options available
Step up/down Option	To increase/ decrease life cover
Customized Rider Option	Available as per the requirement
Option to Exit at 60 years	Available

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Ask Anything as We Have Answers to Everything in Insurance

Yes, you can surrender your policy before maturity. In that case, you would receive the surrender value of the policy. Once the amount is paid, the policy gets terminated.

Yes, free look period is allowed under all policies.

You must inform the insurer immediately with a letter and an indemnity on INR 200 stamp paper along with INR 500 as ST and Edu cess.

Kotak eTerm policy allows the customers to contact them 24x7 for assistance by calling at 1860-266-2666 (+91-22-6600-6022 for overseas calling).

Just log on to the website and go to the 'Cancel Policy' option. Or you can contact Kotak Mahindra life insurance company to cancel the policy. Make sure to do so during the free look period of the plan.

The Kotak Mahindra Life Insurance E-term is a life insurance plan that promises pure life cover in exchange for minimal premium payment. Additionally, the plan has flexible features and wholesome benefits for every policyholder.

Yes, you can claim tax benefits under the policy. The Income Tax Act provides tax exemptions for individuals who have purchased a life insurance plan. However, make sure to read the policy document for a better understanding of the tax benefits.

The policy offers three payout options for you to choose from: Immediate Payout, Increasing Recurring Payout, and Level Recurring Payout.