Kotak Life Insurance Reviews, Ratings, Best Plans and USPs
Kotak Life Insurance
Kotak Mahindra Life Insurance Company Ltd. is one of the leading insurance providers in India. It was founded in 2001 as a part of the Kotak Mahindra Group with the parent company being Kotak Mahindra Bank Limited. Since then, it has managed to establish itself as one of the most trusted insurance companies. The company exudes reliability with a claim settlement ratio of 97.40% in FY18-19, one of the best in the whole insurance industry.
It has a vast product portfolio with best-in-class insurance products designed to cater to the diverse insurance needs of customers. The insurance products offered by Kotak Life are highly flexible and customizable and known for their superior customer experience. Kotak Life keeps customers’ convenience paramount and offers seamless online purchases and claims. Kotak Life Insurance Policies provides double-edged benefits of protection and long-term wealth-creation.
Kotak Life is one of the most rapidly growing insurance companies in India. It has an unshakeable market share with over 27 million lives covered across India and over INR 25,936 Cr worth of assets under management, as of 30th June 2019.
About Kotak Life Insurance
Kotak Mahindra Life Insurance Company is one of the leading insurance providers in India with credible, feature-packed insurance products. It is one of the fastest-growing insurance companies in India. It has a wide product portfolio designed to meet the diverse financial and insurance needs of Indian customers.
Let us take a look at some of the benefits offered by Kotak Life insurance that makes it one of the best insurance companies in India:
Reliability
Kotak Life insurance plans are one of the most reliable insurance policies in India. The claim settlement ratio for FY 18-19 was 97.40%, one of the highest in the whole industry.
Protection
Kotak Life offers some of the best term insurance and protection plans in India. It is known for providing various options and customizations in its term insurance policies. This makes it very simple for the customer to select the protection plan according to their needs.
Flexibility
Kotak Life Insurance provides flexible insurance plans that allow the customers to buy insurance plans tailored to their needs. Whether it is premium payment or choosing the term or investment fund, the customer is in control of their policies.
Wealth Creation
Kotak Life Insurance has the most extensive product portfolio for savings and investment plans. All of these insurance plans are focused on wealth creation to meet the long-term financial goals of the customers, like children’s education and retirement.
Simplicity
Kotak Life Insurance also ensures that the claim process to avail compensation is simple and seamless for the customers. Their insurance products are also very simple to understand.
Convenience
Kotak Life Insurance offers exemplary convenience in its plans by allowing customers to buy their insurance online. They have also enabled a seamless online claim process which allows them to provide an outstanding customer experience.
Tax Benefit
Premiums paid for the Kotak Life insurance policies qualify for tax deduction under Section 80C of the Income Tax Act. The lump-sum benefits paid out are also free of taxation under Section 10(10D) of the IT Act.
Kotak Mahindra Life Insurance company is one of the most trusted and fastest-growing insurance providers in the Indian market. As of 30th June 2019, it has covered over 27 million lives across India and manages over INR 25,936 Cr worth of assets, One of the primary reasons for customers increasingly putting their trust in Kotak Life is its spectacular claim settlement ratio of 97.40% in the FY18-19.
The market share of Kotak life has improved to 5.5% in FY2019-2020 from 4.3% in FY2014-15 within private insurers. Kotak Life has a strong presence across the country which allows it to establish firm market dominance in the country. The biggest reason for an unshakeable and continuously increasing market share for Kotak Life insurance is the exemplary customer experience it provides through its insurance products and reliable service.
Customer Reviews
With insurance products tailored to the diverse insurance needs of customers and high customer empathy, Kotak Life Insurance provides superior experiences to its customers. Its quick and seamless claim settlement process is one of the primary ingredients of its exemplary customer service. Kotak Life Insurance Company also keeps customers’ convenience in mind and allows them to purchase insurance policies and book claims online. Some of the customer reviews for Kotak Life Insurance are given below.
Simple Buying Process Rakesh Mishra
The idea of buying insurance always seemed like something that would require me to set a date and clear my schedule for the whole day. Someone had already suggested me to check out Kotak’s insurance plans. So, I went on their website and found out that they also offer online plans. I was a little skeptical at first but the whole process was so seamless that it just took me a few clicks to buy it.
Highly Affordable Plans Zeeshan
I needed a term protection plan for myself and so I went on various websites to compare their plans until I finally ended up on Kotak Life. Kotak has hands down some of the best term protection plans in terms of features and flexibility at nominal premiums.
Best Insurance Riders Anavi Kandhari
I looked through various insurance companies for accident and disability coverage in their plans but either they were too expensive or specifically meant for that coverage. Kotak’s insurance riders helped me enhance the coverage of its term plan for disability and accidents at nominal rates. Best insurance riders ever!
Kotak Life is one of the most trusted and established insurance companies in India when it comes to life insurance products. It has a vast product portfolio which allows it to cater to the insurance needs of different segments of the Indian consumer. Customers can find the perfect life insurance plan whether they seek protection, savings, and investment plans, child plans, or retirement solutions.
The protection plans offered by Kotak Life safeguard your family in the event of the untimely demise of the breadwinner. The savings and investments plans by Kotak Life ensure that you systematically achieve your long-term financial goals. Kotak also offers insurance products to secure retirements and child’s education. The different types of policies offered by Kotak Life Insurance for varying insurance needs of customers are mentioned below:
Kotak Life Term Protection Plans
Kotak Life Term Insurance plans are pure risk cover plans that ensure the financial security of a family in the event of the untimely demise of the provider. These plans pay the pre-defined sum assured to the beneficiary in case of an unfortunate event during the policy tenure. Kotak’s term protection plans are known for their high insurance coverages at highly-economical premiums.
Kotak life provides the customers with the convenience of buying such term protection plans online. Kotak Life offers insurance products that suit every family’s needs with life coverage that starts at less than Rs.23 per day and multiple payout options from lump sum to regular income. Their term plans are also one of the most flexible plans that you’ll find in the Indian market. They allow you to add to your coverage or reduce it at different stages of your life.
The term insurance protection plans offered by Kotak Life Insurance are mentioned below.
|
Insurance Plan |
Entry Age |
Maturity Age |
Sum Assured |
Policy Term |
Premium Mode |
|
Kotak Term Plan |
18 years to 65 years |
70 years |
Minimum: Rs. 3 Lakhs Maximum: Rs. 25 Lakhs |
5 years to 30 years |
Yearly, Half- Yearly, Quarterly, and Monthly |
|
Kotak eTerm Plan |
For Regular Pay or Single Pay: 18 years to 65 years For Limited Pay: 18 years to 50 years |
23 years to 75 years |
Minimum: Rs. 25 Lakhs Maximum: No limit, Subject to Underwriting. |
Regular Pay or Single Pay: 5 years to 40 years Limited Pay: Depends on the premium payment term. |
Yearly, Half- Yearly, Quarterly, and Monthly |
|
Kotak Saral Jeevan Bima |
18 years to 65 years |
23 years to 75 years |
Minimum: Rs. 5 Lakhs Maximum: Rs. 25 Lakhs |
Regular Pay or Single Pay: 5 years to 40 years Limited Pay: Depends on the premium payment term. |
Single, Yearly, Half-Yearly, and Monthly |
Kotak Life Savings and Investment Plans
Kotak Mahindra Life Insurance Company owes most of its popularity to the wide product portfolio when it comes to saving and investment plans. They have designed various types of savings and investment plans to meet the varying needs of their customers. Kotak Life allows the customers to choose from different types of savings and investment life insurance plans. They offer ULIPs, Participating ‘with-profits plans, Money-back Plans, Income Plans, and Guaranteed Savings Plans.
The best savings and investments life insurance plans offered by Kotak Life Insurance are given below:
|
Insurance Plan |
Entry Age |
Maturity Age |
Sum Assured |
Policy Term |
Premium Paying Option |
|
Kotak Assured Income Accelerator |
0 years to 60/ 55 years |
18 years to 85 years |
10 times of annual premium |
15/ 20/ 30 years |
Limited Pay Only |
|
Kotak Assured Savings Plan |
3 years to 60 years |
18 years to 75 years |
Determined based on the minimum premium amount, entry age, policy term, and PPT |
10/ 12/ 14/ 15/ 18/ 20 years |
Limited Pay Only |
|
Kotak Premier Endowment Plan |
18 years to 60 years |
70 years |
Depends on minimum premium chosen, entry age, policy term |
10/ 15/ 20/ 30 years |
Regular Pay, Limited Pay |
|
Kotak Invest Maxima |
0 years to 65 years |
10 years to 75 years |
Depends on minimum premium chosen, premium mode, entry age, policy term, policy option |
10/ 15/ 20/ 25/ 30 years |
Single-Premium, Regular Pay, Limited Pay |
|
Kotak Premier Moneyback Plan |
For 16 years term: 2 years to 57 years For 20 years term: 2 years to 55 years For 24 years term: 2 years to 51 years |
75 years |
Rs.1.5 lakh |
16/ 20/ 24 years |
Limited Pay Only |
|
Kotak Premier Income Plan |
For 8 pay: 3 years to 50 years For 10 & 12 pay: 3 years to 55 years |
18 years to 78 years |
Based on policy term, minimum premium amount, based on and entry age. |
15/ 19/ 23 years |
Limited Pay Only |
|
Kotak SmartLife Plan |
For 6 & 15 pay: 3 years to 50 years For 8& 10 pay: 3 years to 55 years For 12 pay: 3 years to 54 years |
75 years |
Rs.2.5 lakh |
Up to age 75 years |
6, 8, 10, 12, and 15 years |
|
Kotak Platinum Plan |
0 years to 65 years 0 years to 60 years for limited pay |
18 years to 75 years |
Determined based on the annual premium amount, entry age, policy term, and PPT |
10 to 30 years |
Regular Pay, Limited Pay |
|
Kotak Single Invest Advantage |
10 years policy term: Min: 8 years to 45 years 15 years policy term: 3 years to 43 years |
10 years policy term: 18 years to 55 years 15 years policy term: 18 years to 58 years |
10 times the premium amount |
10 years and 15 years |
Single Pay |
|
Kotak Guaranteed Savings Plan |
3 years to 60 years |
18 years to 60 years |
Based on policy term, minimum premium amount, and entry age. |
14/ 15/ 16/ 20 years |
7 years, 8 years, and 10 years |
Kotak Life Retirement and Pension Plans
Kotak Life Retirement and Pension plans are tailor-made for providing financial security to the policyholders once they have retired. They provide a regular source of income to the insured after retirement by enabling them to save systematically, early on. Kotak Life’s feature-rich retirement plans allow you to have sufficient funds for your financial needs as well as your dreams after retirement.
|
Insurance Plan |
Entry Age |
Vesting Age |
Sum Assured |
Policy Term |
Premium/ Annuity Mode |
|
Kotak Premier Pension Plan |
Minimum: 30 years Maximum: 55 years (Regular & Limited Pay) 60 years (Single Pay) |
Minimum: 45 years Maximum: 70 years |
Minimum: Rs.2 lakh Maximum: Subject to underwriting |
Not Applicable |
Yearly, Half-yearly, Quarterly, Monthly Premium Modes |
|
Kotak Lifetime Income Plan |
Minimum: New customers*: 45 years / 55 years Maximum: 99 years |
NA |
Monthly : Rs. 1,000 Quarterly : Rs. 3,000 Half-yearly : Rs. 6,000 Yearly : Rs.12,000 |
Single Pay: 10 years and 15 years Regular Pay: 10 years to 30 years 10 Year pay: 15 years to 30 years 12 Year Pay: 17 years to 30 years |
Yearly, Half-yearly, Quarterly, Monthly Annuity Modes |
Kotak Life Child Education Plans
Raising a child comes with the heft of towering expenses for education and dreams. Kotak Mahindra Life Insurance company offers child education plans that help you invest in your child’s future and secure their dreams. They safeguard your child from any financial hardships and helps you plan for their future with peace of mind. The best part about these plans is that they help build an investment corpus while also promising a claim amount in the case of an unfortunate event.
|
Insurance Plan |
Entry Age |
Maturity Age |
Sum Assured |
Policy Term |
Premium Mode |
|
Kotak Headstart Child Assure |
18 years to 60 years |
28 years to 70 years |
Age below 45 years: Above 10 times annual premium/ 0.5 times policy term X annual premium Age above 45 years: Above 7 times annual premium/ 0.25 times policy term X annual premium |
10 years, 15 years to 25 years |
Yearly and Half-Yearly |
Kotak Life Health Plans
Kotak Life Insurance Company also offers a Non-Linked, Non-Participating, Fixed Benefit Health Plan, Kotak Health Shield. It is a critical illness health insurance plan that covers some of the most common life-threatening health conditions in India. It covers illnesses like cancer, cardiac problems, liver diseases, and neurological disorders. It also allows the customers to enhance their coverage by including financial cover for an unfortunate event resulting from an accident.
|
Insurance Plan |
Entry Age |
Maturity Age |
Sum Assured |
Policy Term |
Premium Mode |
|
Kotak Health Shield |
18 years to 65 years |
23 years to 75 years |
Minimum: Rs. 10,00,000 per Life Assured per Plan Option Maximum: Rs. 50,00,000 per Life Assured per Plan Option |
5 to 40 years |
Regular Pay: Yearly/ Monthly Single Pay: One-time Payment |
Best Policies By Kotak Life Insurance
Kotak Life Insurance has various feature-rich plans that offer various benefits to the customer at highly economical premiums. They are also very flexible in terms of policy options, payout options, and customization. Take a look at some of the best insurance policies by Kotak Life Insurance with outstanding features and benefits for the customers:
|
Insurance Plan |
USPs |
Minimum Premium |
Premium Payment Option |
|
Kotak eTerm Plan |
High Coverage at Economical Prices Multiple Plan Options Three Payout Options: Immediate, Level-recurring, and Increasing Recurring Payout Increase or decrease your life cover with Step-Up and Step-Down Options |
Varies based on the Age, Gender, Lifestyle (Tobacco / Non-Tobacco user), Plan Option, Payout Option, Policy Term, Premium Payment Option, and the Basic Sum Assured |
Regular Pay, Limited Pay, Single Pay |
|
Kotak Assured Income Accelerator |
Guaranteed yearly income during the payout phase Income boosters to increase yearly returns Death benefit independent of the income paid |
Rs. 15,000 |
Limited Pay |
|
Kotak Invest Maxima |
Zero premium allocation charges Choice of portfolio strategies and fund types Multiple options for the policy term and the premium payment term Partial withdrawals Rewards on long-term investment |
Regular Pay: Rs. 50,000 Limited Pay: Rs. 75,000 Single Pay: Rs. 1 Lakh |
Regular Pay, Limited Pay, Single Pay |
|
Kotak Premier Pension Plan |
A percentage of the basic sum assured as Guaranteed Additions in the first 5 policy years payable either on vesting or on death. Bonuses start accruing from the 6th policy year. The assured benefit of 105% of the total premiums paid on death or vesting. |
Depends on the Sum Assured, Age, PPT, and Policy Term |
Regular Pay, Limited Pay, Single Pay |
|
Kotak Health Shield |
4 Critical Illnesses under the same policy Allows extension of coverage to your spouse Inbuilt Wellness Benefit to ensure your safety Daily Hospitalization Cash Benefit Waiver of Premium on being diagnosed with Minor Conditions Income Benefit on being diagnosed with Major Conditions |
Based on Plan Option, Premium Payment Term (Regular or Single), and Gender. |
Regular Pay, Single Pay |
Other Insurance Companies
Kotak Life Insurance FAQs
1. What are the different premium paying options available for Kotak Life Insurance Plans?
Kotak Life allows its customers to pay their premiums on a yearly, half-yearly, quarterly, and monthly basis. Some plans also offer the option of limited pay and single pay apart from paying the premiums for the full policy term. Kotak Life Insurance also offers high flexibility in payment modes and offers customers to pay through 12 payment modes.
2. How is the policy renewal process for Kotak Life Insurance?
Kotak Life Insurance ensures quick and seamless renewals for its customers. Here is how you can renew your policy with Kotak Life insurance:
Log on to the Kotak e-portal with your credentials and check the policy status.
Select the online payment option and pay the premium due.
Once the payment is successfully done, your policy will be renewed.
3. What are the various insurance riders offered by Kotak Life Insurance?
Kotak Life offers various feature-rich insurance riders that help their customers enhance the coverage of their policies:
Kotak Accidental Death Benefit Rider
Kotak Accidental Death Benefit Rider (Linked)
Kotak Term Benefit Rider
Individual Riders
Kotak Permanent Disability Rider
Kotak Permanent Disability Rider (Linked)
Kotak Critical Illness Plus Benefit Rider
