Kotak Term Insurance

Life is unpredictable. Everyone wants to see their family secure and happy at all times. To protect your loved ones from the uncertainties of life, one should ensure that they are financially secured and are able to cope up with their financial obligations. Kotak Life Insurance has designed Kotak term plans to facilitate its customers with the basic requirement of financial stability along with various other added advantages. With the right term plan, you can reach your goal of a tension-free life. 

Most Popular Kotak Term Insurance Plan

Term insurance is the most cost-effective and basic form of life insurance which can be availed for a predefined period of time. The main objective of term plans is to provide financial coverage to the policyholder and him/her family. By buying a term plan, you can be sure that your family is financially secured in your absence and can fulfil their financial needs such as higher education, buying a house, marriage, etc.

Kotak Life e-Term Plan

Kotak Life e-Term is a pure protection plan which can be brought online designed to provide assurance to your family in your absence. In case of the untimely death of the policyholder, the nominee will receive a death benefit as per the selected plan option. Kotak e- Term plan offers three coverage options: 

• Life Option
  Under this option, 100% of the sum insured is paid as a death benefit on the death of the life assured during the term of the plan.
• Life Plus Option
  Under this option, 100% of the sum assured is paid in addition to the death benefit in case of accidental death of the life assured.
• Life Secure Option
  Under this option, all the feature premiums to be paid for the plan are waived off in the event of permanent and total disability of life assured.

Highlighting Features of the Plan

• Option to enhance your coverage under the plan against total and permanent disability or accidental death
• Special premium rates for women policyholders and non-tobacco users
• You can increase or decrease the life cover of the plan when desired with the step-down option
• It offers convenient premium payment modes and additional protection through optional riders.

Eligibility Conditions

Kotak Term plan

Kotak Term plan is a protection oriented policy that is truly an economical means of offering high-level financial protection. The plan provides an option to convert your Kotak Term plan to any other plan offered by Kotak Life Insurance (except another term plan) provided at least 5 years before the cover under the plan ceases. 

Highlighting Features of the Plan

• Kotak Term plan offers high life cover at economic prices which further reduced premiums for women policyholders.
• It offers flexible premium payment options and premium payment modes
• You can surrender your plan and get a surrender value in case financial emergency
• Option to enhance the coverage through three riders by paying an additional premium

Eligibility Conditions

Kotak Saral Jeevan Bima

Kotak Saral Jeevan Bima is a non-linked, non-participating pure life Insurance plan that pays a lump sum amount in case of unfortunate demise of the life assured. 

Highlighting Features of the Plan

• The plan offers flexible premium payment term to choose from at your convenience
• It offers preferential rates of premiums for female lives
• Provides long term coverage till 70 years of age

Eligibility Conditions

Kotak Life Insurance also offers the following group term plans: 

• Kotak Group Secure One
• Kotak Term Group Plan
• Kotak Raksha Group Micro Insurance plan

Benefits of Buying Kotak Term Insurance Plan

Kotak term insurance plan combines the best features and comprehensive cover. Some key benefits of buying Kotak term plans include: 

1. Nominal Cost
   Kotak term insurance plans offer extensive coverage at the nominal cost of the premium. You can also get security against accidents and critical illness at an affordable price without creating a burden on your finances.
2. Financial Security
   A term plan gives your family a lump sum payout which provides financial security. This payout can be used for various financial requirements such as taking care of daily expenses, for your children's higher education, for purchasing a house, etc.
3. Long Term Coverage 
   Kotak Term plan provides extended insurance coverage which starts from 5 years to a maximum of 57 years. You can avail of coverage for an extended period until your liabilities reduce.
4. Multiple Options 
   Multiple options are offered under Kotak e-term plan to choose as per your coverage requirements. With the flexibility to choose from multiple options, you can compare the plan and decide what is best for you.
5. Flexibility in Premium
   Kotak Life Insurance offers flexibility to pay your insurance premium at your convenience. It offers various premium payment modes such as annually, half-yearly, quarterly and monthly to choose according to income cycle and preference.
6. Simple Procedure
   From buying a policy to making a claim, Kotak Life Insurance ensures that all the processes are simple and easy to understand. All the term plans offered by Kotak Life Insurance can be brought both offline as well as online.
7. Flexible Payout
   Kotak term insurance plan offers flexible payout which includes immediate payout by paying the total amount and level recurring payout in which a fixed amount is paid for a specified tenure and increasing recurring payout in which recurring payout increases as a fixed percentage during the payout period. With such flexibility, you can choose the payout options as per your requirement.
8. Tax Savings 
   The premium paid for the term plan is exempted up to INR 1.5 lakhs under section 80C of the Income Tax Act, 1961. Also, the benefit received on death is exempted under section 10 (10D) of the Income Tax Act, 1961.

What is covered in Kotak Term Insurance?

When you buy a term plan, you are basically arranging financial security for your family. Let us have a look at what all is covered in the Kotak Term plan: 

1. Death Benefit
   The death benefit is the payout received by the appointed beneficiary in case the policyholder expires. As explained earlier, with the payout, the family of the policyholder can bear the financial loss caused by his/her unfortunate demise. Depending on the plan that you choose, you can decide if you want to receive the amount as a lump sum benefit or at intervals.
2. Major Illness Cover 
   With Kotak critical illness benefit, you can get cover against major critical illnesses. The sum assured under the plan is payable in case the life assured is diagnosed with any of the 37 cover critical illnesses. Kotak Life Insurance provides coverage against major ailments such as brain tumour, cancer, blindness and loss of limbs, among others.
3. Disability
   By selecting the Life Secure Option under Kotak e-Term plan, you can avail additional security from disability. The Life Secure Option safeguards against permanent disability by waiving off the future premiums and keeping the policy in force for the remaining period.
4. Accidental Death
   term insurance provides security even in case of accidental death. An additional amount is paid in case of death of the life assured due to an accident. The benefit will be over and above the death benefit.
5. Your Liabilities 
   You can make provisions for the repayment of your loans and financial liabilities in the eventuality of not being around. With a part or entire payout received from the term plan, your family can pay your loans and liabilities without financial burden.

What is not Covered in Kotak Term Insurance? 

There are certain situations which are not covered under a term insurance policy. These situations are known as exclusions. The sum assured is not paid if the cause of death of the life assured is any of the following: 

• Death during the waiting period of the plan
• Death due to driving the vehicle being intoxicated
• Death due to pre-existing medical condition or disease
• Death due to excessive alcohol or drug abuse
• Death in the event of war, strike, riot, etc.
• Death due to participating in an adventurous sports
• Death due to participating in illegal or hazardous activity

In case the life insured dies due to suicide within 12 months of policy purchase, the beneficiary will be entitled to higher of the following: 

• 80% of the total premiums paid till the date of death
• surrender value as on date of death

Upon payment of such benefit under the plan, the policy will terminate.

Given above are some of the most common exclusions of Kotak term insurance policy. You can visit the company’s website for a detailed list of exclusions to ensure that your claim does not get rejected at a later stage. 

How to Apply for a Kotak Term Insurance Plan?

When you want to buy a term insurance plan, you need to do your homework and select the plan which best suits your requirements. You will have to keep certain parameters in minds such as the cover amount, the premium to be paid, eligibility criteria and the pay-outs that you want to receive. After analysing the various aspects, you can go ahead with the purchase. There are few simple steps to be followed when you want to buy a Kotak term insurance plan. Let us take a look: 

Step 1: Estimate the Premium
You can visit the website of the company and calculate your premium by filling in your insurance requirements. The term insurance calculator available online will allow you to calculate the cover amount against the premium to be paid. 

Step 2: Fill the Application Form
Then fill the application form with personal details such as name, address, mobile number, email ID, etc to get a quote. 

Step 3: Add Riders
After filling in your information, you can add one or more riders to enhance the coverage by paying an additional premium.

Step 4: Give Other Information
Now complete your application form by giving other information and selecting other elements such as premium payment frequency, policy term and payouts options before proceeding with the payment.

Step 5: Make Payment
After selecting the premium payment frequency, you will be able to check the premium that you need to pay regularly. Proceed to make the payment and submit the documents as required to buy a term plan. The documents required to buy a term plan include:

• Age proof
• Photo ID proof
• Income proof
• Address proof
• Passport size photograph

Kotak Term Insurance Riders

Riders in insurance are basically add-ons or supplementary which can be brought over and above a primary term plan in the event of unforeseen incidents. Riders help in expanding the basic life cover at an additional cost. Kotak Life Insurance offers the following riders with its term plans: 

1. Kotak Critical Illness Plus Benefit Rider
   Critical Illness Plus Benefit rider covers 37 listed critical illness. If the life assured is diagnosed with the listed critical illness, a sum assured under the plan will be paid to help him/her meet the expensive treatment cost.
2. Kotak Accidental Death Benefit Rider
   Under this rider, a lump sum benefit is paid in case of accidental death. The benefit paid under Kotak Accidental Death Benefit rider is over and above the benefit received under the base insurance plan.
3. Kotak Permanent Disability Benefit Rider
   This Rider covers disability suffered by the life assured and pays 120% of the rider sum assured over a period of 5 years in case of permanent disability of life assured due to an accident during the term of the rider.
4. Kotak Waiver of Premium Rider
   This rider ensures that the insurance plan remains active irrespective of the policyholder’s inability to pay the premium due to financial constraints. In the event of diagnosis of illness or death, whichever occurs earlier, the future premiums of the base term plan are waived off.

Kotak Term Insurance Claim Process

At Kotak Life Insurance, filing a term insurance claim is a simple and hassle-free process. Step by step process of making the claim of Kotak term insurance plan is stated as follows: 

• Book a New Claim
  Visit the website of the company or just click on https://customer.kotaklifeinsurance.com/OCM/cp_FileClaim and book a claim by filing in the basic details and claim intimation details to the insurance company. You can also call on 022 3305 7280 for initiating your claim. Along with the details, you are also required to submit the following documents to process your claim.

Documents Required for Processing a Term Insurance Claim

• Duly filled death claim intimation form
• Original policy document
• Death certificate of life insurance issued by Municipal authority
• ID and age proof of the life assured
• ID and address proof of the claimant
• KYC documents of the claimant along with the cancelled cheque
• Cause of death certificate of the life assured
• Post-mortem report and Police FIR in case of unnatural death
• Hospital records of the life assured and confirmation for death due to illness

Claim Processing
The claim department of the insurance company will verify the authenticity of the details and the documents submitted by you and communicate to you if they require any further documents. After successful processing of the claim, the insurance company will credit the amount through NEFT to the registered bank account of the claimant.

You can track your claim by using your date of birth and policy number on the official website of the insurance company. He can also call on 022 3305 7280 for any assistance relating to your claim. You can also visit the nearest branch of Kotak Life Insurance for your claims-related questions.

Kotak Term Insurance Customer Care Details

Kotak Term Insurance Review

Kotak Life Insurance Company is one of the fastest-growing companies in India providing insurance cover to over 18 million customers nationwide. The insurance company is well known for delivering outstanding value to its customers through its high customer understanding and suite of insurance products. The claim settlement ratio of Kotak Life Insurance is 96.38% in the financial year 2019-20. Kotak term insurance plans offer comprehensive coverage that provides financial security blanket over your loved ones and the option of including the riders further enhances its scope.