Kotak Life Insurance: Compare Plans, Features, Benefits

Kotak Mahindra Life Insurance Company is one of the fastest-growing life insurance in India. Founded in the year 2001, Kotak Life Insurance is a part of the Kotak Mahindra Group with the parent company being Kotak Mahindra Bank Limited. The company covers more than 32.8 million lives across the country (as of 31st March 2021) with assets under management of INR 25,936 Cr as of 31st March 2019. The product portfolio of the company includes a variety of insurance and savings plans to cater to the needs of people in the country. The company has about 32 different products which include term, child, retirement, savings and group products to satisfy the needs of diverse customer segments.

Following are some of the achievements of Kotak Life Insurance Company

• Mr Uday Kotak for awarded the Lifetime Acheivement Awared 2019 by Businessworld
• He was also awarded the “Best CEO in BAnking Sector” at the Business Today Best CEO Awards, 2019
• Mr G Murlidhar has received ‘Insurance CEO of the Year –Life Category’ by FICCI Insurance Industry Awards 2019
• The company has received Outlook Money Award for Life Insurance Provider of the Year 2017
• The company has received the Best Customer Engagement Campaign Award (Silver Medal) at DMAsia 2017
• The parent company has received the Asia Money Best Bank Awards 2019, India: Best Domestic Bank

Benefits of Kotak Life Insurance

With a diverse range of products and its amazing features, Kotak Life Insurance policies offer various benefits. Some of them are:

• Protection: Financial protection to the persona insured and his/her family over the long run is the primary benefit offered by the policies
• Wealth Creation: Many savings cum insurance products offered by the company helps to create wealth for various life goals such as children’s education and retirement.
• Customisation: With a variety of riders offered the policies which can enhance the coverage and provides an opportunity to customise the policy based on the need.
• Flexibility: Be it for premium payment or choosing the term or investment fund, policies offer flexibility.
• Simplicity: Policies offered by Kotak life are simple to understand and some of them can be conveniently bought online. Claim process to avail the compensation is simple and easy.
• Tax benefit: Premiums paid for the policies qualify for tax deduction under Section 80C of the Income Tax Act. Lump-sum benefits paid out are also tax-free under Section 10(10D) of the IT Act.

Types of Plans Offered by Kotak Life Insurance

Kotak Life Insurance offers various categories of products which can cater to different needs of people. Following are the types of plans offered by the company:

• Protection plans 
• Savings and Investment Plans 
• Retirement Plans
• Child Plans
• Group plans

Protection plans 

Protection plans are specially crafted to provide life cover and secure the family of insured during uncertainties. Protection plans are the pure insurance plans without any savings element included.

List of Protection Plans

Kotak Saral Jeevan Bima

When talking about one of the fastest-growing insurance companies, Kotak Mahindra stands on the top list. One of the popular insurance plans they have is Kotak Saral Jeevan Bima. It is a non-linked and non-participating individual premium life insurance. This plan covers not only your life but also protects your loved ones. Various features include:

Features of Kotak Saral Jeevan Bima

• The appointed nominee gets a lump sum amount in case of your unfortunate demise.
• You can get coverage till 70 years of age.
• The premium payment mode is flexible as per your choice.
• Females get the advantage of special discounted premium rates.

Kotak Term Plan

This is an economical plan that provides adequate life cover depending on the need. Lump-sum life cover is paid to the beneficiary in case of the unfortunate death of the life insured.

Features of Kotak Term Plan

• Provides a high level of protection at a nominal cost. 
• Preferential rates for female lives
• Flexibility to convert the plan into any other Kotak life insurance plan
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly
• Additional optional riders – Kotak critical illness benefit, Kotak accidental death benefit and Kotak permanent disability benefit 

Kotak e-Term Plan

The plan provides a high level of protection at a nominal cost. With various flexible plan options, the plan provides adequate protection. 

Features of Kotak e-Term Plan

• Flexible plan options – life option (lump sum death benefit), life plus option (death benefit + accidental death benefit) and life secure option (premium waiver in case of total and permanent disability)
• Flexible payout options – immediate payout, level recurring payout and increasing recurring payout
• Increase or decrease life cover basis on various life stages
• Coverage can be enhanced with optional riders critical illness benefit rider and permanent disability benefit rider

Savings and Investment Plans

Kotak Life Insurance offers a variety of savings and investment plans that are a combination of insurance and investment both. Along with providing life cover, these plans also offer corpus building for achieving life goals.

List of Savings and Investment Plans

Kotak Wealth Optima Plan

Kotak Wealth Optima Plan is a unit-linked and non-participating individual plan. This plan helps your family financially in case of your sudden demise, while also providing you the benefits of investment.. You can choose your premium payment term and pay accordingly. Following are the features of this plan:

Features of Kotak Wealth Optima Plan

• You get a lifetime cover till the age of 99 years
• You get the option of two investment strategies- self-managed strategy and age-based strategy
• With 6th policy year, you get the benefit of yearly additions
• After the completion of 10 policy years, you get wealth boosters every 5 years.

Kotak e-invest

Kotak e-invest is an individual, unit-linked, and non-participating endowment life insurance plan that helps you invest your money in the right direction. This can be a one-stop solution for various financial needs. Various features of this plan include:

Features of Kotak e-invest

• The premium paid by you is 100% allocated
• After the 6th policy year, you get yearly additions to enhance your funds
• 25 to 200% of the life cover charges deducted during the policy term is added to your maturity benefit on survival till maturity.
• You get multiple plan options
• You can get retirement income along with the income booster
• You can choose from two investment strategies- self-managed strategy and age-based strategy

1. Kotak Gramin Bima Yojana

Kotak Gramin Bima Yojana is specifically designed for rural and social sector customers. The plan provides protection cover along with benefits on maturity.

Features of Kotak Gramin Bima Yojana

• It is a single premium plan which is available at lower cost
• Guaranteed payout on maturity or on death of the insured
• Policy bought easily without medical test

2. Kotak Classic Endowment Plan

It is a long-term protection cum savings plan that aims to provide financial security in the event of uncertainties along with opportunity for wealth accumulation. 

Features of Kotak Classic Endowment Plan

• Life protection for long-term along with maturity benefit
• Along with maturity benefit, vested bonuses will be paid
• Flexibility to choose the policy term 
• Discount for availing high sum assured
• Multiple rider options to enhance the cover
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

3. Kotak Assured Income Plan

Kotak Assured Income Plan is a combination of life protection and regular income for a specified period of 15 years. Kotak Life Insurance offers an additional guaranteed stream of income through this plan.

Features of Kotak Assured Income Plan

• The plan offers assured annual income for the period of 15 years 
• Percentage of sum assured is paid as an additional benefit on maturity 
• Life cover for a period of 30 years
• Four additional optional riders to enhance the coverage
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

4. Kotak Premier Income Plan

Kotak Premier Income Plan comes with the feature of additional annual income after completion of premium payment term along with life protection during the entire policy term.

Features of Kotak Premier Income Plan

• Guaranteed annual income 
• In case of unfortunate demise during the term, the sum assured + vested bonuses + terminal bonuses, if any is payable to the nominee
• Special rates for higher premium and female lives
• Maturity benefit will include a percentage of sum assured + vested bonuses + terminal bonuses if any.
• Additional optional riders to enhance cover
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

5. Kotak SmartLife Plan

Kotak SmartLife Plan is a limited pay, non-linked and participating endowment plan offered by Kotak Life Insurance. The plan comes with various amazing features to help in achieving various milestones of life.

Features of Kotak SmartLife Plan

• Offers protection for a longer period of time
• Convenience to choose the bonus option – cash payout or paid-up addition
• Bonus option can be availed from the end of 1st policy year onwards
• Additional protection riders to enhance the cover
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

6. Kotak Wealth Insurance Plan

Kotak Wealth Insurance Plan is a unit-linked insurance plan offered by Kotak Life Insurance that provides protection along with great ways to accumulate wealth for the future by investing in capital markets.

Features of Kotak Wealth Insurance Plan

• Disciplined investment approach for wealth creation with potential for a higher return to reach life goals worry-free
• Triple protection to financially secure insured’s family by paying fund value + sum assured on the demise of insured
• Variety of investment fund options to choose from depending on the goal and risk-return profile
• The flexibility of switches and partial withdrawal facility to meet urgent liquidity requirements
• The convenience of paying a premium for a shorter term of 5 years
• Top-up facility to boost the investment

7. Kotak Invest Maxima Plan

Kotak Invest Maxima Plan is a unit-linked insurance plan offered by Kotak Life Insurance that helps to build a corpus for long-term along with the benefit of systematic switching.

Features of Kotak Invest Maxima Plan

• Maximum premium allocation with zero premium allocation charges
• Two portfolio strategies to optimise the investment – self-managed portfolio strategy and systematic switching strategy that allows entering equity market in a systematic way.
• The reward for long-term savings
• Liquidity through partial withdrawal
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

8. Kotak Assured Savings Plan

This plan provides the benefit of life protection and wealth accumulation to achieve financial goals.

Features of Kotak Assured Savings Plan

• Increasing life cover with guaranteed yearly additions
• Guaranteed maturity benefits payable on maturity
• Higher benefits for long-term premium commitments
• Facility to enhance the coverage with additional optional riders
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

9. Kotak Premier Money Back Plan

It is a limited pay endowment plan offered by Kotak Life Insurance that offers lump-sum payouts at regular intervals to meet various financial requirements.

Features of Kotak Premier Money Back Plan

• Regular payouts at specific intervals throughout the policy terms
• Lump-sum maturity additions at the end of the term
• Enhanced death cover with the additional payout on accidental death
• Additional protection can be availed through optional riders
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

10. Kotak Assured Income Accelerator Plan

The plan offers risk-free returns along with offering guaranteed income every year along with life protection during the policy term

Features of Kotak Assured Income Accelerator Plan

• Guaranteed income payable every year
• Guaranteed income through income boosters from 5% to 7% yearly
• Higher guaranteed income can be availed with a higher premium
• The death benefit on the demise of the insured during the policy term
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

11. Kotak Sampoorna Bima Micro Insurance Plan

It is a single premium plan that offers fixed maturity benefits at a lower cost of the premium.

Features of Kotak Sampoorna Bima Micro Insurance Plan

• Single premium payment of just INR 200
• Hassle-free buying without any medicals
• The guaranteed payout on maturity and on the death of the insured during the period

12. Kotak Premier Life Plan

Kotak Premier Life Plan is a whole life endowment plan offered by Kotak Life Insurance Company to provide life protection and savings opportunity to achieve financial commitments of life anytime in any situation.

Features of Kotak Premier Life Plan

• A whole life plan that provides protection up to 99 years of age
• Simple reversionary bonuses accumulated starting from the first policy year are paid out on maturity
• Preferential rates for higher sum assured and female lives
• Wide range of optional riders to enhance the cover
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

13. Kotak POS Bachat Bima Plan

Kotak POS Bachat Bima is a non-linked, non-participating life insurance plan that comes with guaranteed benefits.

Features of Kotak POS Bachat Bima Plan

• Sum assured + accrued guaranteed yearly additions are paid on the death of the insured during the term
• Flexibility to choose between two plan options – life and life plus
• Double protection cover on accidental death with life plus plan
• Guaranteed loyalty additions will be payable on maturity
• Flexibility to pay the premium for a limited term
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

14. Kotak Guaranteed Savings Plan

It is a non-linked and non-participating endowment plan that offers the benefits of savings and protection both to provide financial stability.

Features of Kotak Guaranteed Savings Plan

• Guaranteed additions will start to accrue after the premium payment term is over
• Lump sum guaranteed loyalty additions are payable at the end of the policy term
• Enhanced protection with rider options
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

15. Kotak Platinum Plan

Kotak Platinum Plan offered by Kotak Life Insurance is a savings plan that comes with many options to diversify wealth, customise as per goals and provide amazing benefits over the long-term.

Features of Kotak Platinum Plan

• Three investment strategies to choose from for wealth creation – self-managed strategy, age-based strategy and systematic switching strategy
• Premium allocation is more with minimum charges
• Reward in the form of survival units at the end of 10th policy year and every 5 years thereafter
• Flexibility to choose the premium payment term
• Life cover during the policy term
• Option to enhance the cover with accidental death and permanent disability rider benefit
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

16. Kotak Ace Investment Plan

Kotak Ace Investment Plan is a unit-linked insurance plan that comes with convenient payment options and investment strategies to maximise the return on investment to create wealth efficiently for the future. 

Features of Kotak Ace Investment Plan

• Three investment strategies to choose from for wealth creation – self-managed strategy, age-based strategy and systematic switching strategy
• Flexibility to pay the premium and choose a premium payment term
• Top-up facility to add more to savings
• Convenient facility to easily access the investments
• Enhance protection with accidental death and permanent disability rider benefit 

17. Kotak Single Invest Plus

It is a single premium unit-linked joint life insurance plan offered by Kotak Life Insurance plan that offers potentially higher returns on investment by investing in the capital market along with offering life protection during the policy term.

Features of Kotak Single Invest Plus

• The convenience of single premium
• Joint life cover which provides protection for two lives in the family
• Loyalty additions from 10th policy year onwards
• A wide array of riders for enhancing protection

18. Kotak Single Invest Advantage Plan

This is a single premium unit-linked plan that provides benefits throughout the policy term with various amazing features.

Features of Kotak Single Invest Advantage Plan

• Convenience of one time investment
• Loyalty additions from 10th policy year onwards to boost the savings
• Flexibility to choose from three different investment strategies – self-managed strategy, age based strategy and systematic switching strategy

19. Kotak Premier Endowment Plan

This is a non-linked participating endowment plan that helps in building good amount of corpus with bonuses and guaranteed additions along with providing life protection.

Features of Kotak Premier Endowment Plan

• Guaranteed additions at 5% p.a. on basic sum assured which will be accrued in the first 5 years of policy and will be paid on maturity or death, whichever is earlier
• Bonuses will start from 6th policy year
• Flexibility to choose the premium payment term
• Additional protection through riders
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

Retirement Plans

In order to keep the same lifestyle, cope-up with uncertainties and to have the self-reliance after the working life is more important. Retirement plans of Kotak Life Insurance are a great way to ensure retirement life is financially secure.

List of Kotak Retirement Plans

Kotak Assured Pension Plan 

Kotak Assured Pension is a non-linked and non-participating retirement plan. It helps you have a regular flow of income after retirement so that you can live your life without any financial worries. Here are some of the striking features of this plan:

Features of Kotak Assured Pension

• You can choose between an immediate annuity and deferred annuity.

Immediate Annuity:

• You get 8 different options to choose from
• You can avail additional annuity payout
• You get an assured issues annuity for a lifetime

Deferred Annuity

• You get 2 different options to choose from
• In the deferment period, you get guaranteed additions
• On the death of surviving annuitant, a lump sum amount is paid during and after the deferment period

Kotak Saral Pension Plan

Kotak Saral Pension is a simple premium, non-participating, and non-linked retirement plan. This plan is introduced keeping in mind the need for a regular flow of income at retirement age. Check out the features of this plan:

Features of Kotak Saral Pension

• You can cover your spouse under this plan as well
• The life annuity gives you the benefit of 100% return of purchase price
• In case of the death of the last survivor, 100% return of purchase price is guaranteed.
• You get guaranteed issued annuity rates
• In case of any critical diagnosis, you also have the freedom to surrender the plan.

1. Kotak Premier Pension Plan

This is a traditional participating pension plan that offers financial stability in the golden years of life.

Features of Kotak Premier Pension Plan

• Guaranteed additions in the first 5 policy years
• Bonuses will start from 6th policy year onwards
• Minimum guaranteed benefit on death or on vesting 
• Get additional protection through optional riders
• Flexibility to pay the premium yearly/half-yearly/quarterly/monthly

2. Kotak Lifetime Income Plan

It is a non-linked, non-participating immediate annuity plan that ensures post-retirement life is comfortable and financially stable.

Features of Kotak Lifetime Income Plan

• Financial independence post-retirement with regular payout
• Six different annuity options to suit varying retirement needs
• Flexibility to choose annuity payout frequency – yearly/half-yearly/quarterly/monthly

Child Plans

Considering the rising cost of education, planning for children’s higher education is more important. Child plan offered by Kotak Life Insurance helps to invest systematically and build wealth for fulfilling children’s life goals.

1. Kotak Headstart Child Assure Plan

It is a unit-linked life insurance plan that helps to build a corpus for children’s education 

Features of Kotak Headstart Child Assure Plan

• The planned corpus is provided on maturity 
• Triple protection benefit to secure the well-being of the family. Life cover is paid immediately on death to compensate for the loss of income. Future premiums will be waived and fully paid by Kotak Life Insurance. Policy will continue and benefits will be paid on maturity.
• Seven investment funds to choose from depending on the risk-return profile
• Flexible premium payment term
• Premiums can be paid yearly or half-yearly

Eligibility Criteria forKotak Headstart Child Assure Plan

Plan Name	Entry Age	Maturity Age	Policy Term	Premium Paying Term	Sum Assured
Kotak Headstart Child Assure Plan	18 to 60 years	NA	10,15 and 25 years	5,10 and same as policy term for regular policy term	Min: Higher of 10 times annualised premium or 0.5 X policy term X annualised premium (age < 45 years) Higher of 7 times annualised premium or 0.25 X policy term X annualised premium (age ≥45 years) Max: 25 X annual premium

Kotak Life Group Insurance Plans

1. Kotak Leave Encashment Group Plan: An employee may suffer leave encashment liabilities during his career. So, the aim of this insurance plan is to help the employees fund their leave encashment liabilities. With this insurance policy, you can focus on your other monetary needs without worrying about the leave encashment liabilities.
2. Group Superannuation: Every employee wishes to save money for their retirement years of life to live without any financial worries. Group Superannuation plan helps you manage your funds in your employment years and then enjoy those funds after retirement.
3. Kotak Gratuity Group Plan: It is a unit-linked group gratuity plan offered by Kotak Life Insurance to help fund for the gratuity obligation systematically and effectively.
4. Kotak Leave Encashment Group Plan: This plan can be availed by employers to cater to the needs of employee leave encashment liabilities increasing over a period of time.
5. Kotak Gratuity Plus Group Plan: It is a unit-linked gratuity plan that helps the employer fund for the gratuity obligation effectively and systematically.
6. Kotak Secure Return Employee Benefit Plan: This group plan can be availed by employers, state governments, trustees, central government and PSUs to manage the gratuity and leave encashment schemes in an efficient manner.
7. Kotak Secure Return Superannuation Plan: This plan can be availed by employers, trustees state government, central government and PSUs planning to fund group member’s superannuation benefit.
8. Kotak Superannuation Group Plan –II: This group plan offered by Kotak Life Insurance helps the employees in their retirement planning.
9. Kotak Group Secure Plan: This is a pure group term plan that covers members in the event of uncertainties and terminal illness.
10. Kotak Credit Term Group Plan: This plan offers life cover to a group of borrowers of credit institutions where the life assured is the borrower and the credit institution is the beneficiary.
11. Kotak Term Group Plan: This is a pure term plan that provides life protection to the members of the group
12. Kotak Raksha Group Micro Insurance Plan: This is a protection oriented plan that offers life cover for socially and economically weaker sections of the society.
13. Kotak Group Secure One: The policy provides comprehensive protection to protect the family of members in the event of death or terminal illness.
14. Kotak Group Assure Plan: The plan is designed to provide protection to the family of insured from the risk of loan liability during an unfortunate event.
15. Kotak Complete Cover Group Plan: This plan can be availed to cover customers’ loans and savings and protect the well-being of their family in the event of death, illness or disability.
16. Kotak Group Shield Plan: This is a non-participating single premium plan that provides protection to a group of borrowers of the lending institutions.

How to Buy Kotak Life Insurance Plans?

Kotak Life Insurance plans can be purchased both offline and online platform. To buy them offline, you can visit their branch offices, bank branches and channel partners. However, buying on a digital platform would be more convenient and easy. You can log on to the website of Kotak Life Insurance and buy online with a simple procedure.

Buying Kotak Life Insurance plans online through Turtlemint would be the easiest way as you can compare various options easily. 

Following are the simple steps to follow for buying online –

1. Log on to www.turtlemint.com
2. Choose the ‘life insurance’ category
3. Choose the subcategory of your choice and the list of various plans available under the category are displayed.
4. Provide your profile details such as gender, marital status, date of birth, name, income details, contact details and the coverage requirements etc
5. Once you complete your profile, all the suitable plans available in the market are displayed
6. Compare and choose the best-suited plan
7. After choosing the plan, fill in the online application and proceed for premium payment
8. Once the payment is done, you would be able to buy the plan easily.

Documents Required for Buying Kotak Life Insurance Plans

Following are the documents required for buying Kotak Life Insurance Plans –

1. Identity Proof – PAN Card/ Voter’s ID/Aadhaar Card/Passport
2. Address Proof – Bank Statement/ Passport/Driving License/ Aadhaar Card/ Ration card/Utility Bill
3. Income Proof – ITR for last 3 years/ Latest Form 16/Salary slip 
4. Passport size photographs
5. Medical reports, if necessary

Claim Process for Kotak Life Insurance Plans

The claim process for Kotak Life Insurance is quite easy, simple and convenient. Following is the process to follow

• Intimate the insurance company immediately on the occurrence of the claim. Call them on the toll-free number 1800-209-8800 or claim can be intimated online. Alternatively, claim intimation request can be placed at the branch office.
• Submit signed and filled claim form along with other relevant documents
• The claim will be accepted on a careful review of the document. The settlement will be made within 30 days.

Turtlemint can help you with claim settlements, you can contact Tutlemint by calling on 1800-266-0101 or by writing to them on claims@turtlemint.com . Their executive will get in touch with you.

Documents Required for Kotak Life Insurance Claims

Following are the documents required for Kotak Life Insurance claims:

• Duly signed and filled claim form
• Original policy documents
• ID proof of claimant
• Age proof 
• Medical certificate or post mortem report
• Death certificate
• Discharge form 
• Police FIR in case of unnatural death

Requirement of documents may slightly vary depending on the type of claim.

Riders Offered under Kotak Life Insurance Plans

Kotak Life Insurance Company offers various optional riders to enhance the cover. Following are the riders that can be availed at an additional cost of premium:

1. Kotak Accidental Death Benefit Rider:
   This rider pays additional sum assured in case of accidental death
2. Kotak Term Benefit Rider:This rider pays additional sum assured in case of death
3. Kotak Permanent Disability Benefit Rider: Under this rider, 120% of the rider sum assured is paid over a period of 5 years in case of permanent disability
4. Kotak Critical Illness Benefit Rider: This rider pays out a lump sum benefit on diagnosis of specified critical illness
5. Kotak Life Guardian Benefit Rider:
   This rider will waive off all the future premiums in case of an unfortunate death of policy holder
6. Kotak Accidental Disability Guardian Benefit Rider: This rider will waive off all the future premiums in case the policyholder becomes permanently and totally disabled after an accident

Exclusions in Kotak Life Insurance Plans

Suicide exclusion: If the life assured commits suicide, within 12 months from the date of commencement of policy, 80% of the total premium paid shall be payable by Kotak Life Insurance Company to the beneficiary and all the other benefits offered in the policy will cease.

For any queries or issues, Kotak Life Insurance Company can be approached easily.

Contact Address: Kotak Mahindra Life Insurance Company Limited.,2nd floor, Plot # C-12, G-block, BKC, Bandra (E) , Mumbai -400 051

Email: clientservicedesk@kotak.com

Contact Number: 1800 209 8800 (toll free)