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Kotak Life Insurance

Kotak life insurance is an insurance plan that secures your future and makes sure that all your investments keep giving you profitable returns. With high customer empathy and understanding with a lifetime of service, this is the best way to stay protected.

Trusted by 4 million customers across globe

With reasonable prices of premiums and plans, Kotak Life Insurance Company provides a wide range of affordable Life Insurance Policies. It is a one step solution towards a safe future for you and your loved ones.

Benefits of Buying Kotak Life Insurance

  • Empathetic towards Customers: The company has high customer empathy and understanding thereby adding outstanding delivery value to the customers. Kotak Life Insurance Company has a highly committed sales force, with customer satisfaction as the key driving force.

  • Transparency in Services: With an everyday declaration of fund performances, well regulated asset management, regular performance benchmarking and a monthly newsletter on market updates, the company truly has a transparent service process.

  • Quick Claim Settlement: The claim assistance process for Kotak life insurance is very easy. It carries an outstanding claim settlement ratio of 98.82% for individual and 99.58% for group. You can directly file the claim at the portal of this organization.

  • Variety of plans: Kotak life insurance offers a wide range of plans to choose from. Each Life Insurance plan is designed to cater a certain section of society and provide maximum protection plus benefits.

Kotak e-Term Plan (UIN -107N104V01)

Kotak e-Term Plan (UIN -107N104V01)

  • Entry Age:18 years - 65 years
  • Maturity Age: 23 years – 75 years
  • Policy Term: Minimum of 5 years to a maximum of up to 40 years or “75 years – Age at Entry”
  • Basic Sum Assured: Minimum of Rs. 25 lakh to the maximum being subjected to underwriting

  • Premium: Minimum is determined basis plan option, payout option, age, gender, smoking status, policy term, premium payment mode, premium payment frequency and basic sum assured opted for the policy. Maximum being subject to underwriting. Preferred rates will be applicable for females and non-smokers.

  • Death Benefit:

    • Life Plan:100% of Sum Assured on death shall be payable on natural and accidental death of the life insured
    • Life Plus Plan: 100% of sum assured shall be payable in case of accidental death of the life insured along with death benefit, subject to a maximum of Rs.1 crore
    • Life Secure Plan: All future premiums shall be waived off in case the life insured becomes total permanently disabled. The death benefit under the plan shall continue to be in force for the remaining policy term and on death 100% of sum assured shall be payable.
  • Sum Assured on Death: Regular and Limited Premium – Basic Sum Assured OR 11 times Annualized Premium OR 105% of all premiums paid till the date of death, whichever is the highest. For Single Premium: Basic Sum Assured OR 1.25 times the Single Premium paid, whichever is the highest

  • Premium Payment Term –

    • Regular Pay: Equal to Policy Term
    • Limited Pay: 5 pay (minimum Policy Term shall be 10 years) / 10 pay (minimum Policy Term shall be 15 years)
    • Single Pay: Single payment

  • Premium payment option: Regular, Limited and Single Pay

  • Premium Payment Mode: Yearly and Monthly
  • Modal Factor for Premium: Yearly – 100%, Monthly – 8.8%
  • Add-on riders: Kotak Critical Illness Plus Benefit Rider
  • Tax Benefits: Tax benefits as specified under Section 80C and Section 10(10D) of Income Tax Act, 1961

Terms & Conditions:

This is a non-participating, pure protection oriented plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on riders, please read the Rider Brochure. Kotak e-Term Plan UIN No.: 107N104V01, Form No. N104, Kotak Critical Illness Plus Benefit Rider UIN No.: 107B020V01, Form No.: B020. Ref. No: KLI/20-21/E-WEB/424.

You may avail of tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961 subject to conditions as specified in those sections. Tax benefits are subject to change as per tax laws. Customer is advised to take an independent view from tax consultant.

Exclusions of Kotak Life Insurance

Suicide Exclusion- In case the policyholder commits suicide within one year of the date of issue policy, only 80% of single premium is payable to nominee.

Claim Process of Kotak Life Insurance

In order to claim your benefits, you need to inform Kotak Life insurance. You can do this in different ways – Visit the Kotak life insurance Branch nearest to you, call the toll-free number – 1800-1800- 209-8800, send an email at kli.claimsmitra@kotak.com, , or register online for your claim.

The nominee has to fill a claim information form and get a reference number. You can be rest assured of receiving updates with regards to the progress of your claim. The accident/death claim usually gets cleared within 30 days without investigation cases.

For any further assistance or information on claims do contact at: Claims Department Kotak Mahindra Life Insurance Company Limited Kotak Infiniti, Building no. 21, 7th Floor - Zone 2, Infinity Park, Off Western Express Highway, General A K Vaidya Marg, Malad (E), Mumbai 400097.

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Amount Covered: ₹ 1 Lakh
Deal Price: ₹ 2,094 / Year
Waiting period: 4 yrs
Disclaimer: Above mentioned premium is for a 25 years old Male. Premiums payable on a monthly basis.

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Documents Required for Buying Kotak Life Insurance

  • Proof of Age (PoA): Aadhaar Card, PAN Card, Voter ID, Passport, Driving License, Certificate of Birth, or School or College Certificate
  • Proof of Identity (PoI): Aadhaar Card, Driving License, Voter’s ID Card, Passport, PAN Card or a Letter from a Recognised Public Authority or Public Servant with Photograph to verify the residence and identity
  • Proof of Address: Aadhaar Card, Passport, Voter ID, Ration Card, Telephone Bill, Electricity Bill, Statement of Bank, or Letter from Recognized Public Authority
  • Proof of Income: Salary Slip, Form 16, Employers’ Certificate or ITR/ Assessment Order
  • Medical Reports: Only if asked by Kotak Mahindra Life Insurance
  • Passport size photograph

Kotak Life Insurance Online Modes of Payment

Kotak Life Insurance Company offers convenience to its customers by offering several online premium payment channels. These payment channels are secure and offer swift payment facility giving its customers the convenience of service. Below are the online platforms from where premiums of Kotak Life Insurance can be paid online.

NEFT (National Electronic Funds Transfer)

In order to make a payment through a NEFT platform, the customer has to log in to their preferred net banking account and select the NEFT payment option. Once the NEFT transaction is successful, the customer will get a UTR (Unique Transaction Reference) from the bank. The reference number is useful in case there are any issues with the bank transfer and can be used as a reference link for the transaction done. To make the premium payment through NEFT, the following details of the account details need to be furnished.

Recipient name Kotak Mahindra Life Insurance Company Limited
Recipient account ‘99800KLIFExxxxxxxx’ wherein the ‘xxxx’ represents your policy number. In case policy number has lesser than 8 digits, then add the required number of zeroes ahead of the policy number.
Bank Account type Current account
IFSC Code KKBK0000958
Name of bank Kotak Mahindra Bank
Branch name Bandra Kurla Branch
Amount INR.*insert the correct premium amount*

ECS (Electronic Clearing Service)

ECS (Electronic Clearing Service) is an electronic direct-debit service available in the bank wherein the policy premium amount is automatically deducted from the policyholder’s given bank account on the premium due date. With this automated service, the customer no longer needs to keep track of the premium due date or the inconvenience of depositing or issuing a cheque in favour of the life insurance company. The auto debit facility ensures the due premiums are paid on time and therefore removes the risk of policy getting lapsed due to non-payment of premium. To avail the ECS facility, the customers will simply need to fill and submit the ECS mandate form and a cancelled cheque at any of the Kotak Life Insurance Branch Office in India. If there is a change in the premium payment due to amendment or changes made in the policy, then a new ECS mandate form will need to be submitted. If the Customer wants to deactivate the ECS facility from the bank account, then a written notice needs to be given to the insurer minimum of 15 days before the next due ECS deduction date.

Standing Instructions

Customers or policyholders who have an account with Kotak Mahindra Bank or HDFC Bank can take benefit of the standing instruction facility for the premium payment.

Under the standing instruction facility, the bank is given the instruction to automatically debit the premium amount of the customer’s preferred bank account on the premium payment due date.

To avail this service, the customer will need to submit an accurately filled standing instruction form at any Kotak Life Insurance branch office.

The customer can also mail the form to below office address of Kotak Life Insurance office-

Kotak Mahindra Old Mutual Life Insurance Ltd.,

Kotak Infiniti, Building No. 21,

Infinity Park, 5th Floor, Zone 2.

Off Western Express Highway, General A K Vaidya Marg,

Malad (E), Mumbai - 400 097.

Once the form is submitted, the bank will verify and confirm the information, after which the customer can start using the service.

Direct Debit

As per the direct debit option, the policy renewal premium due amount is directly auto-debited from the customer’s preferred bank account on the due date of the premium payment.

The direct debit service is available with a number of major banks across the country like ICICI Bank, United Bank of India, Axis Bank, Citi Bank, Union Bank of India, IDBI Bank, State Bank of India, Bank of India, Kotak Mahindra Bank, Karnataka Bank, Allahabad Bank, Federal Bank, and Bank of Baroda.

To get the benefit of this service, the customer must fill a Direct Debit/ECS form and submit it along with a cancelled cheque, at any of the Kotak Life Insurance Branches.

Alternatively, the form and the cancelled cheque can also be posted to the below address- Kotak Mahindra Life Insurance Ltd.,

Kotak Infiniti, Building No. 21, Infinity Park,

5th Floor, Zone 2. Off Western Express Highway, General A K Vaidya Marg,

Malad (E), Mumbai - 400 097.

IMPS (Immediate Payment Service)

The life insurance customers of Kotak Life Insurance can make renewal premium payments using the IMPS method on their mobile phone. To do the same, there are a few steps that need to be followed by the customer.

First, the customers need to enrol themselves with the bank for using the mobile banking service and register themselves for using the IMPS service. To do this, the customer will need to ask the bank to provide them with an MPIN and MMID (Mobile Money Identifier). Next, the customer will need to install the bank’s mobile banking application (APP) to use the IMPS service.

After installation, he needs to go to the IMPS section on the mobile app and enter the required details (Merchant Mobile No. - 9769554433; Merchant MMID - 9485784; Amount - insert premium amount; Payment Reference number- insert 8-digit life insurance policy number; MPIN – provided by the customer’s bank.

Once the customer makes the payment, they will receive a message confirming the debit of the premium due from their account.

Presently, the IMPS service is available with major banks in India like HSBC, Federal Bank, Corporation Bank, Union Bank of India, ICICI Bank, Yes Bank, Union Bank of India, Axis Bank, State Bank of India, Punjab National Bank, Kotak Mahindra Bank, and many others.

Bill Desk

One more way to make a safe, secure and quick premium payment is through the bill desk which is an online payment gateway.

In order to make payments using the Bill Desk, the customer will first need to register on the Bill Desk website. If the customer is already registered, then he/she doesn’t need to register again.

Next, the customer will need to go to the insurance section and list Kotak Mahindra Life Insurance as a biller.

After listing the biller, the customer will need to provide the policy number and confirm the payment.

Electronic Bill Payment

The premium payments can also be made by the policyholder using the bill payment service provided by the bank’s internet banking platform.

In order to make premium payments using this service, the customer will need to first login to the net banking account and add Kotak Mahindra Life Insurance as a beneficiary or biller.

The following leading banks are offering the Bill payment like Barclays Bank, Punjab National Bank, Central Bank of India, Citibank, Corporation Bank, ABN AMRO Bank, IndusInd Bank, Bank of Baroda, Bank of India, Kotak Mahindra Bank, Bank of Maharashtra HDFC Bank, IDBI Bank, UCO Bank, Yes Bank, ICICI Bank, and many more.

Credit Card

The customers of Kotak Life Insurance also have the option to pay their policy renewal premiums using their Rupay, Mastercard or Visa credit card on the official website of Kotak Life Insurance Company.

If the customers are making the due premium payment using their credit card on the official website of the company, the credit card, in that case, must bear the policyholder’s name. The customer or the policyholder can also pay the policy renewal due premium by swiping the credit card at any of the Kotak Life Insurance branches in India. The only condition is the card from which the payment is made must be in the name of the policyholder.

Internet banking

Kotak Life Insurance customers can also make fast and secure premium payments for their life insurance policies through the internet banking platform of their respective bank.

This facility is available with the internet banking platform of almost all major banks like IndusInd Bank, Kotak Mahindra Bank, Allahabad Bank, United Bank of India, ICICI Bank, Axis Bank, State Bank of India, Citibank, Deutsche Bank, Bank of Baroda, Lakshmi Vilas Bank, Tamilnad Mercantile Bank, and many more.

Debit card

The customer or the policyholder can also make the premium due payment by using the debit card issued by select banks like Citibank, Indian Overseas Bank, Punjab National Bank, State Bank of India and Union Bank of India.

Other Options For due Premium Payment

Kotak Mahindra Bank ATM Drop Box

The customer or the policyholder can also make the premium payment by dropping the due premium payment cheques in any drop box situated inside the Kotak Mahindra Bank ATMs. The only thing to remember is when making the payment via cheque, draw it in the name of Kotak Mahindra Life Insurance Policy Number insert policy number. Do also remember to mention the policyholder’s name and contact details behind the cheque leaf.

Kotak Life Branches

The customers of the Kotak Life Insurance can also make the premium payments in cheque/demand draft or by cash at any Kotak Life Insurance branch offices located nearby.

Kotak Life Insurance Premium Calculator

The integration of premium calculator in the official websites of leading life insurance companies has digitalized the premium calculation process. While manual errors were avoidable earlier, the digital tool has simplified lives, enabling accurate premium calculation in a few seconds by just a few clicks. All that the applicant need to do is mention the required details like age, gender, number of individuals to be covered, etc. to automate the process of premium calculation.

Review of Kotak Life Insurance

Kotak Life Insurance Company offers excellent on time claim settlement process with the claim ratio of 93.72% (as per IRDAI annual report for 2017-18). The prices of their premiums and plans are also really good.

The company claims that one can get 1 Cr Life cover at just ₹ 13.97/day. Wide range of Life insurance policies are specifically designed to cater all the sections of the society and provide maximum protection and benefits.

The staff members are exceptionally cooperative. The company is always there to help customers through the 24 hours helpline and customer care centre to help them get the maximum benefit. The best point is that any customer, who is investing the money, gets not only the sum assured given by the customer but also gets bonus as well as more and more benefits.

FAQs on Kotak Life Insurance

What is the process for Kotak life Insurance to settle claims?

The nominee needs to inform the company by either calling their toll free number 1800-209-8800 or can also visit the branch personally with the accident/death certificate and the policy document. The nominee has to fill a claim information form and then the company will give him a reference number. The accident/death claim usually gets cleared within 30 days without investigation cases.

What is the cost of Life Insurance plans from Kotak Life Insurance?

A Life Insurance policy can be bought by paying the premium to the life insurance company. The amount to be paid depends on the kind of plan you have selected. Different types of policies have different term of policy contract, maturity sum assured, eligibility age etc. The premiums can be paid monthly/half-yearly/annually/ or as one type premium, depending upon the type of policy selected.

What are riders?

The additional benefits of increasing the risk cover that can be attached to basic life insurance policy are called riders. These riders cover you in certain events happening. Example- If a person takes an Accident Death Benefit rider and he dies due to an accident, then the nominee can get up to twice the basic sum assured if the claim gets accepted. Several similar riders are available for events such as permanent disability, Critical illness etc. There are Riders which can waive off the future premium in cases such as permanent disability or death.

What will happen to my policy in case I miss the due date for premium payment?

For missed due dates, insurance companies offer a grace period that generally varies between 15 days and 30 days. Policyholders who have missed making their premium payment within the pre-determined due date have to pay within the grace period to prevent the insurance policy from lapsing.

What tax benefits are you eligible for if you make a lump sum injection / top-up on Kotak Life Insurance?

The regular premium paid by the policyholder is eligible for tax deduction under Section 80C (subject to conditions specified) of the Income Tax Act, 1961. Also, benefits paid under the life insurance policy are exempt from tax under Section 10 (10D) of the Income Tax Act, 1961, subject to the conditions specified in Section 10 (10D) of the Income Tax Act, 1961.

How is Kotak Life Insurance?

With an incurred claim ratio of 93.72%, as per 2017-18 IRDAI Reports, Kotak Life Insurance offers a wide range of coverage through its varied life insurance policies. Its policies are designed to cater to different needs of their customers.

How can I check policy status?

You can register yourself on the official website of Kotak Life Insurance to check the policy details.

What is the policy renewal process?

You can visit the official website of Kotak Life Insurance to renew your policy

How to cancel Kotak life insurance policy?

Fill up the Surrender Form accurately and submit along with essential documents like policy document. After the documents and the information provided by you in the form have been verified by Kotak Life Insurance, the refund will be processed and credited to your preferred bank account. Thereafter, the policy will stand cancelled. The entire procedure generally takes 7 working days.

Why should we go for Kotak Mahindra Life Insurance?

As per 2017-18 IRDAI Reports, Kotak Life Insurance has an incurred claim ratio of 93.72%. Its range of life insurance policies are designed to suit varied needs of their customers, further making it one of the leading life insurers in India.

Does Kotak Life Insurance provide a free look period and what is it?

The applicable free-look period offered on Kotak Life Insurance policies is 15 days. But the free look period for policies sourced through distance marketing is 30 days.

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