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Kotak Life Insurance

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AED 1 million life cover starting @50/month
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Kotak Life Insurance, one of the prominent life insurance providers out there and preferred by many, offers a comprehensive range of insurance products and services tailored to meet the diverse requirements of customers. From protecting your dependents with life insurance, planning for retirement, or achieving financial goals, Kotak Life Insurance has it all!

In this article, we will cover the Kotak life insurance plans, the company’s insurance claim process, and all the relevant details that you must know.

Key Features

To start with, here are a few key features of Kotak Life Insurance -

  • Claim Settlement Ratio - The Claim Settlement Ratio (CSR) of a company, representing the number of claims settled by them versus the total claims received, is an important criterion for policy seekers. As per the 2021-22 reports, the CSR of Kotak Life Insurance is 98.82%.
  • Annual Premium - In the 2021-22 financial year, Kotak Life Insurance’s annual premium in terms of market share is Rs. 13,015.11 crores.
  • Solvency Ratio - As per the latest report, the solvency ratio of Kotak Life Insurance is 2.6.

Kotak Life Insurance Plans

Kotak Life Insurance plans are categorised into four sections - Health Plans, Life Retirement Plans, Savings and Investment Plans, and term insurance Protection Plans. Let’s take a closer look at each category - 

1. Kotak Life Health Plan

Name of the Plan Entry Age Maturity Sum Assured
Kotak Health Shield Plan 18-65 Years 75 Years
  • Minimum: Rs. 10,00,000 per life assured
  • Maximum: Rs. 50,00,000 per life assured

2. Kotak Life Retirement Plans

Name of the Plan Entry Age Policy Term Minimum Annuity
Kotak Saral Pension Plan 40-80 Years NA
  • Monthly: Rs. 1,000
  • Quarterly: Rs. 3,000
  • Half-Yearly: Rs. 6,000
  • Yearly: Rs. 12,000
Kotak Premier Pension Plan 30-60 Years NA
  • Monthly: Rs. 1,000
  • Quarterly: Rs. 3,000
  • Half-Yearly: Rs. 6,000
  • Yearly: Rs. 12,000

3. Kotak Life Savings and Investment Plans

Name of the Plan Entry Age Maturity Age Sum Assured
Kotak Assured Income Accelerator 0-60 Years 85 Years 10 x annual premium
Kotak Wealth Optima Plan 3-65 Years 99 Years Minimum: Rs. 2,00,000
Kotak e-Invest 3-60 Years 75 Years 10 x annualised premium
Kotak Ace Investment 0-65 Years 75 Years NA
Kotak Guaranteed Savings Plan 3-60 Years 75 Years To be derived based on the age, premium, PPT, and policy term
Kotak POS Bachat Bima 12-45 Years 65 Years Derived on the basis of premium, age, policy term, and plan option selected
Kotak Platinum 0-65 Years 75 Years
  • Minimum: 7 x AP
  • Maximum: 25 x AP
Kotak Single Invest Advantage 8-45 Years 58 Years 10 times the Single Premium
Kotak Single Invest Plus 18-55 Years 67 Years
  • Sum assured on 1st death: 1.25 x the single premium
  • Sum assured on 2nd death: 10 x the single premium
Kotak Sampoorn Bima Micro-Insurance Plan 18-55 Years 60 Years NA
Kotak Premier Income Plan 3-55 Years 78 Years Will be derived on the basis of premium, age, gender, PPT, and policy term
Kotak SmartLife Plan 3-55 Years 75 Years
  • Minimum: Rs. 2,50,000
  • Maximum: No limits (subject to underwriting)
Kotak Classic endowment plan 0-60 Years 70 Years Determined as per the minimum premium amount, entry age, PPT, and policy term
Kotak Premier MoneyBack Plan 2-57 Years 75 Years
  • Minimum: 1.5 lacs
  • Maximum: No limit (subject to underwriting acceptance)
Kotak Invest Maxima 0-64 Years 75 Years NA
Kotak Premier Endowment Plan 18-60 Years 70 Years As per the selected minimum premium 
Kotak Assured Savings Plan 3-65 Years 75 Years Rs. 1,57,806 to Rs 25,00,000

4. Kotak Term Insurance Protection Plans

Name of the Plan Entry Age Maturity Age Sum Assured
Kotak Saral Jeevan Bima 18-65 Years 70 Years
  • Minimum: Rs. 5,00,000
  • Maximum; Rs. 25,00,000
Kotak Term Plan 18-65 Years 70 Years
  • Minimum: Rs. 3,00,000
  • Maximum: Rs. 24,99,999
Kotak e-Term Plan 18-65 Years 75 Years
  • Minimum: Rs. 25,00,000
  • Maximum: No Limit

How to File a Claim for Kotak Life Insurance?

You can file your Kotak Life Insurance policies via online and offline means. To carry out the process online, follow these steps -

  • Open the official website of Kotak Life Insurance.
  • Go to the ‘How Do I’ section and choose the ‘File Claim’ option.
  • Fill out the ‘Book a New Claim’ form.
  • Once you submit the form, an OTP will be sent to your registered mobile number/ email ID.
  • Attach and submit all the required documents.
  • The concerned authorities will review your application.

Note: If approved, the provider will settle your claim within 7-15 days.

How to Contact Kotak Life Insurance Company?

To get in touch with Kotak Life Insurance representatives, you can call on their toll-free number 18002098800. Alternatively, you can connect with the bank through WhatsApp at 9321003007.

Have a look at some frequently asked questions related to Kotak Life Insurance below -

Frequently Asked Questions

Q1. Is it possible to surrender a Kotak Mahindra life insurance policy before the maturity period?

Ans: Yes, you can. However, note that after paying off the surrender value, the policy gets terminated.

Q2. Are there any riders available with Kotak Life Insurance plans?

Ans: Yes, the following riders are available with Kotak Life Insurance plans -

  • Critical Illness Benefit
  • Term Benefit
  • Kotak Accidental Disability Guardian Benefit
  • Kotak Life Guardian Benefit
  • Accidental Death Benefit
  • Permanent Disability Benefit
  • Kotak Preferred Term Benefit
Q3. How to Check a Kotak Life Insurance policy status?

Ans: To check your policy status, visit the provider’s official website and tap on the “How Do I” tab. Once done, select the ‘Manage My Policy’ option and sign into your account.

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