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Kotak Life Insurance

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Kotak Mahindra Old Mutual Life Insurance company is a merger between Kotak Mahindra and Old Mutual which is one of its affiliates. Kotak Mahindra holds 76% of the stakes in the company while 26% of the total stakes are held by Old Mutual. Kotak Mahindra has formed a strong name as one of the highly trusted banking and finance company in India and it provides customers with a range of financial services which makes the process of finding solutions for financial problems very convenient. Old Mutual is a global long-term savings, investment and protection provider and its roots are in South Africa. It was established in 1845 and it is one of the leading providers of insurance, asset management and other banking services globally.

Benefits of Kotak Mahindra Life Insurance

This company is considered to be one of the leading insurers in India. It has been considered as one of the fastest growing insurance companies in India with more than 4 million policyholders across the country. The company has designed many unique products and services. To meet the dynamic financial needs of Indian customers, this company has designed different types of products and services. The company provides products and solutions for different individuals and entities. Kotak Mahindra Life Insurance also holds the distinction of having the highest claim settlements ratio in the industry.

Types of Insurance Policies Offered by Kotak Mahindra

Kotak Mahindra Life Insurance Ltd is considered to be the leading insurer in India for many reasons. Some of the reasons why it is considered to be one of the leading insurance companies are listed below:

They provide solutions to meet the long-term objectives of people
They have a vast portfolio of products
They help customers in finding the perfect policy

The different types of policies that are offered by Kotak Mahindra Insurance Company are listed below.

Kotak Mahindra Protection Plus

Protection plans available in the Kotak Mahindra Insurance portfolio are designed in a manner such that your family is financially secure and it ensures the financial well being of your family in case of the untimely demise of the policyholder by helping their family to live debt-free. Below listed are some of the protection plans which are offered by Kotak Mahindra Life Insurance

Plan	Basic Sum Assured	Policy Term (Tenure)	Features of the Policy
Kotak Saral Suraksha	Rs.5,000 / Rs.10,000 / Rs.15,000 / Rs.25,000 / Rs.50,000 / Rs.75,000 / Rs.1 lac	5 years and 10 years	Affordable premium
Kotak Preferred e-Term Plan	Rs.25 Lacs	10 years to 40 years	Protects the family against the uncertainties in life
Kotak Preferred Term Plan	Rs.25 Lacs	5 years to 40 years	Two death benefit payout options; Recurring payouts and favorable interest rates for females and people who don’t use tobacco
Kotak Term Plan	Rs.3 Lacs	5 years to 30 years	Provides a high level of protection at affordable premiums Provides preferential rates for female customers
Kotak Income Protection Plan	n/a	10 years to 30 years for Regular Pay policies; 17 years to 30 years for 12 Pay policies; 20 years to 30 years for 15 Pay policies	Provides monthly income which rises at 6% per annum Also provides lump sum amount so that the family can meet immediately

Kotak Mahindra Savings and Investment Plans

Plan	Minimum Premium Level	Policy Term (Tenure)	Features
Kotak Assured Income Accelerator	Rs.15,000	15 years for 7 Pay policies; 20 years for 10 Pay policies; and 30 years for 15 Pay policies	Guaranteed maturity and death benefits Incremental guaranteed income
Kotak Gramin Bima Yojana			Single premium product with death and maturity benefits Caters to customers belonging to the rural sector
Kotak Premier Moneyback Plan	Rs.1.5 lacs (Minimum Sum Assured)	16 years / 20 years / 24 years	Savings and investment limited pay plan Provides payouts in lumpsum after maturity
Kotak Classic Endowment Plan	Rs.7,000	15 years to 30 years	Long term savings and protection plan Offers protection benefits Earns bonuses during the policy tenure
Kotak Assured Savings Plan	Rs.20,000	10 years to 15 years for 5 Pay policies, 12 years to 18 years for 6 Pay policies, 14 years to 20 years for 7 Pay policies, and 15 years to 20 years for 10 Pay policies.	Guaranteed maturity benefits Affordable protection and wealth accumulation opportunities to the policyholder
Kotak Assured Income Plan	Rs.15,000	30 years	Assured annual income for 15 years Death and lump sum maturity benefits
Kotak Platinum	Rs.99,000	10 years to 30 years	Multiple channels to invest your money Flexible premium payments
Kotak Single Invest Advantage	Rs.3 lacs (Single Premium)	10 years and 15 years	Single premium life insurance and investment plan
Kotak Ace Investment	Rs.30,000 for Regular Pay policies; and Rs.50,000 for Limited Pay policies	10 years / 15 years / 20 years / 25 years / 30 years	ULIP savings and investment plan Ability to switch between funds
Kotak Wealth Insurance	Rs.20,000 for Regular Pay policies; and Rs.50,000 for Limited Pay policies	10 years / 15 years / 20 years / 25 years / 30 years	ULIP plan Maintains a balance between wealth accumulation and protection
Kotak Invest Maxima	Rs.50,000 for Regular Pay policies; Rs.75,000 for Limited Pay policies; and Rs.1 lac for Single Pay policies	10 years / 15 years / 20 years / 25 years / 30 years for Regular Pay and Limited Pay policies; and 10 years for Single Pay policies	This policy is focused on investment during the tenure High Premium allocation Provides a systematic approach towards the equity market
Kotak Premier Endowment Plan	Rs.8,000 per year for Regular Pay policies; and Rs.15,000 for Limited Pay policies	10 years to 30 years for Regular Pay policies; 10 years to 30 years for 5 Pay policies; 15 years to 30 years for 7 Pay and 10 Pay policies; and 20 years to 30 years for 15 Pay policies.	Assured additions for the first five years and bonus from the sixth year
Kotak Single Invest Plus	Rs.3 Lacs	10 years and 15 years	Covers two lives and provides benefits to the survivor if the policyholder dies
Kotak Sampoorn Bima Micro-Insurance Plan	Rs.200	5 years	Single premium policy Has fixed five year term Ideal for customers with a low income

Kotak Mahindra Child Plans

Plan	Basic Sum Assured	Policy Term (Tenure)	Features of the scheme
Kotak Headstart Child Assure	Rs.20,000	10 years / 15 years to 25 years	ULIP plan Three major benefits; death benefits, maturity benefits, and premium is waived if the child’s insured parent dies

Kotak Mahindra Retirement Plans

Plan	Basic Sum Assured	Policy Term (Tenure)	Features
Kotak e-Lifetime Income Plan	Information not available	Information not available	Single premium Immediate annuity plan Offers lifetime income to the family of the policyholder Annuity rate remains unchanged throughout the policy term
Kotak Lifetime Income Plan	Single Premium: Rs.50,000	Information not available	Immediate annuity plan Secures your financial future post-retirement Flexible payout security
Kotak Premier Pension Plus	Rs.2 Lacs	10 years to 30 years for Regular Pay policies; 15 years to 30 years for 10 Pay; 17 years to 30 years for 12 Pay policies; and 10 years and 15 years for Single Pay policies	Helps you in accumulating money after your retirement You will be receiving a regular income even after your retirement

Kotak Mahindra Group Plans

Plan	Basic Sum Assured	Policy Term (Tenure)	Features
Kotak Group Secure	Rs.5,000	2 years for Single Premium policies and 5 years for Regular Premium policies	Pure Group term insurance policy Covers financial needs of the non-employer employees Provides financial security to the family of the employees
Kotak Gratuity Plus Group Plan	Rs.1,000	One year (renewable annually)	Unit Linked group gratuity Plan An increasing number of units for increasing fund size and a life insurance coverage
Kotak Leave Encashment Group Plan	Rs.1,000	One year (renewable annually)	Helps the organizations to provide for the needs under the leave encashment liabilities Gives a choice of six fund options The units increase according to the increase in fund size Life insurance coverage is provided
Kotak Secure Return Superannuation Plan	Contribution: Rs.2,000 per member	One year (renewable annually)	Provides superannuation benefits Provides guaranteed minimum floor rate Gives additional protection through rider plans
Kotak Secure Return Employee Benefit Plan	Contribution: Rs.15 Lacs	One year (renewable annually)	Group insurance plan aimed at providing benefits to the employees Gives additional protection through rider plans Renewable at an annual basis
Kotak Superannuation Group Plan – II	Contribution: Rs.6,000 per member	One year (renewable annually)	Provides superannuation benefits through two schemes Provides several tax saving options
Kotak Term Group Plan	Rs.1,000 per member	One year (renewable annually)	Allows the employer to provide a life cover It can be shifted voluntarily to the spouse Has varying premium payment frequencies, entails tax payments and has a wide range of benefits
Kotak Credit Term Group Plan	Information not available	One year (renewable annually)	Offers life cover to the borrowers from the lending institutions It protects the interest of both the lender and the borrower Non-participating annually renewable plan
Kotak Gratuity Group Plan	Rs.5,000	One year (renewable annually)	Unit-linked gratuity plan Helps the companies in catering to the gratuity needs of the employees Provides life insurance cover for the group A plan provides market-linked returns and long-term investment growth
Kotak Complete Cover Group Plan	Rs.5,000	2 years to 30 years	Group insurance plan for borrowers of a credit institution Provides life cover for a group of or all borrowers of a credit institution Safeguards both borrower and creditor
Kotak Group Assure	Rs.5,000 for Easy Group Assure; Rs.25,000 for Group Assure	2 years to 30 years for Single Premium policies; and 5 years to 30 years for Regular Premium policies	Group insurance with a reducing cover term plan Protection of the availed loan against any event of unfortunate death, disability, critical or terminal illness
Kotak Group Shield	Rs.5,000 for Easy Group Shield; Rs.25,000 for Group Shield	2 years to 30 years for Single Premium policies; and 5 years to 30 years for Regular Premium policies	Group insurance plan Protects the creditors and borrowers against the loan liabilities The protection extends to disability, illness and unfortunate death
Kotak Group Secure One	Rs.5,000	One year (renewable annually)	Protects the members from the untimely death of the individual (policyholder)

How Can You Claim Insurance with Kotak Mahindra Life Insurance Limited

If the policyholder dies, the nominee must inform the company regarding the claim by sending a letter to the claims department of Kotak Mahindra Old Mutual Life Insurance company Mumbai.

Documents that are Necessary to Claim Insurance with Kotak Mahindra

Claim intimation from
Policy Documents (Original)
Original death certificate issued by the municipality
ID and address proof of the claimant
Supporting Documents
Copy of the Bank statement
Medical Questionnaire
Death Certificate, discharge summary, treatment reports, etc
A medical certificate that reinstates the cause of death
Copy of FIR/panchanama/inquest
Copy of the chemical analysis report/post-mortem report
DL copy if the policyholder was driving in the time of an accident
Settlement option form

The claimant must submit an attested copy or an original copy of all these documents. The company has discretion for accepting/rejecting the claim based on the verification of the documents that are submitted by the claimant.

Kotak Mahindra Claim Settlement Ratio:

Total Premium in Crores (2016-17)	Total Premium in Crores (2015-16)	Total Premium in Crores (2014-15)	Total Premium in Crores (2013-14)	Claim Settlement Ratio (2016-17)	Claim Settlement Ratio (2015-16)	Claim Settlement Ratio (2014-15)	Claim Settlement Ratio (2013-14)
5139.55	3971.68	3038.05	2700.79	91.24%	89.09%	90.73%	90.67%

Documents Required to Buy Kotak Mahindra Life Insurance:

You must submit the following documents to purchase the life insurance policy from HDFC Life

Identity Proof
Address Proof
Income Proof
Copy of PAN
Self-attested copy of your bank passbook

How You can Check Policy Status Online

For checking your Kotak Mahindra life Insurance Policy online, you need to visit the official website of Kotak Mahindra Life Insurance and navigate to the Login option on the top of the homepage. On clicking on the Customer Login Option, you will be redirected to the customer login portal where you will find two options, individual and group customer.

If you have selected individual customer, you will be required to enter the email address and password. After providing the email and password, click on Submit. You will be logged in to account and the policy details will appear on the screen.

Kotak Mahindra Life Insurance Online Payment

Customers can easily pay their premiums online by visiting any branch of the company. You can follow the steps described below to complete the payment:

Visit the company's official website
Under the customer section, select 'Pay Premium Online'
You'll be redirected to a new page
You will be required to register/sign in and select the payment mode
Your payment will get completed after that

Kotak Mahindra Life Insurance Premium Calculator

You can easily check the premium amount that is applicable to the insurance policy that you have purchased from Kotak Mahindra by visiting the official website of the company and locating the calculator. You must enter the details linked with your policy to make an accurate calculation.

Kotak Life Insurance Customer Care

The company has a solid presence across the country and it has an extensive network with offices that are located in 160 towns and cities across the country. It also puts a great weight to providing dedicated services to its customers.

The customers can reach the Kotak Mahindra Life Insurance through the following channels:
Through the customer care helpline (through call or email). You can find the contact details on the official website.
The policy owner/claimant can also request a call back from the company by providing the details of the policy.

What can the Claimants/Policyholders do through Customer Care?

Customers can perform policy-related requests through customer care such as filing claims, managing their policy, browsing fund options, applying for a life insurance plan, etc.

Kotak Mahindra Life Insurance Frequently Asked Questions

What are the different life insurance policies provided by Kotak Mahindra Life Insurance?

Kotak Mahindra offers insurance plans for the Protection, savings and investment, child and retirement. You can visit the official website for more information

What are the different premium paying options available?

Premiums can be paid on a quarterly, yearly, half-yearly and monthly basis. Some plans have the option for payment of premiums for a chosen limited period and not for the full policy term.

Can I purchase insurance for my children as well?

Yes, you can purchase Kotak Headstart Child Assure Plan for your children. This plan can be adopted as an investment option for building wealth for your child's education or business or marriage.

Will riders be available?

Various riders available are permanent disability benefit, critical Illness, Permanent Disability Benefit, etc. There are riders which can waive your future premiums if the proper dies or procures any form of disability. The riders have a nominal cost and they can be availed depending on the policy chosen. They can be taken at the commencement or during the policy term.

What will happen if I miss a premium payment due date?

You can get a grace period of a month after the premium payment due date for paying the outstanding premium if you don’t make the payment during the grace period, the policy lapses. You can revive your policy by paying your outstanding premium and late payment fees within six months from the lapse date.

Can I get maturity benefits on my life insurance policy?

Yes, you can avail maturity benefits as defined in the features of your plan.

Should I purchase life insurance at an early age? What are the advantages of buying an insurance policy at an early age?

When you buy a life insurance cover early on, the insurance premium amount is relatively low. Buy insurance at an early age can also reduce the cost of insurance.

Can I make a lump-sum payment for my policy?

Yes, Kotak Platinum Plan helps you with generating wealth and multiply your capital to retain your money when you need it the most.

Can I limit my premium payment?

Yes, with Kotak Classic Endowment Plan, you can select the Limited Premium Payment (LPP) option. Under this option, you can purchase a policy for 15-30 years and choose to pay premiums for either seven years-15 years.

How can I purchase a Kotak Life insurance policy?

To buy a policy you can contact the Kotak Mahindra Life Advisors. You can also inquire about Kotak Mahindra Life Insurance policies by calling on their toll-free number, 1800 209 8800. Alternatively, you can email your contact details.

What happens if I fail to make premium payments on the due date?

Customers who fail to pay their premium payments on time to receive a grace period of thirty days to clear their dues. If they fail to make the payment, the policy lapses, lapsed policies can be revived after you have paid the outstanding premiums along with the late payment fees. However, the outstanding dues should be cleared within six months from the date of a policy lapse.

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