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 20 million lives across the country (as on 31st March 2018) with assets under management of INR 25,936 Cr as on 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.
With a diverse range of products and its amazing features, Kotak Life Insurance policies offer various benefits. Some of them are:
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 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
Plan Name |
Entry Age |
Maturity Age |
Policy Term |
Premium Paying Term |
Sum Assured |
Kotak Saral Suraksha Plan |
18 to 55 years |
23 to 65 years |
5 and 10 years |
Single or 5 years |
INR. 5,000 to INR 1 lakh |
Kotak Income Protection Plan |
18 to 60 years |
70 years |
10 to 30 years |
Limited pay – 12 and 15 years Regular – same as the policy term |
INR 20,000 to no limit |
Kotak Term Plan |
18 to 65 years |
70 years |
5 to 30 years |
Single, same as the policy term |
INR 3 lakhs to INR 24,99,999 |
Kotak e-Term Plan |
18 to 65 years |
23 to 75 years |
5 to 40 years |
Single, limited pay – 5/7/10/15 years, regular – same as the policy term |
INR 25 lakhs to no limit |
Kotak Saral Suraksha plan is a low-cost term insurance plan that ensures the financial security of insured in the event of unfortunate demise during the policy term.
Features of Kotak Saral Suraksha Plan
Kotak income protection is a term insurance plan that comes with increasing monthly income facility that ensures family of the insured stays worry-free with a regular flow of income in case of an unfortunate demise during the term.
Features of Kotak Income Protection 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
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
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
Plan Name |
Entry Age |
Maturity Age |
Policy Term |
Premium Paying Term |
Sum Assured |
Kotak Gramin Bima Yojana |
18 to 45 years |
60 years |
15 years |
Single pay |
INR 7,500 to INR 1 lakh |
Kotak Classic Endowment Plan |
Regular – 0 to 55 years Limited pay – 0 to 60 years |
18 to 75 years |
15 to 30 years |
Regular – same as the policy term Limited pay – 7 years and (policy term minus 5 years) |
Depends on the term and age |
Kotak Assured Income Plan |
0 to 60 years |
90 years |
30 years |
10 years |
10 times the annualised premium |
Kotak Premier Income Plan |
3 to 55 years |
18 to 78 years |
15,19 and 23 years |
8,10 and 12 years |
Depending on age, premium and other terms |
Kotak SmartLife Plan |
3 to 54 years |
75 years |
75 years minus age at entry |
6,8,10,12 and 15 years |
INR 2.5 lakhs to no limit |
Kotak Wealth Insurance Plan |
0 to 65 years |
75 years |
10 to 30 years |
Same as policy period, 5-year limited pay for 10 years 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 Invest Maxima Plan |
0 to 65 years |
10 to 75 years |
10 to 30 years |
Single, limited pay 5 years and same as policy term for regular |
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 Assured Savings Plan |
3 to 60 years |
18 to 75 years |
10 to 20 years |
5 to 10 years |
Depends on age, premium amount and policy term chosen |
Kotak Premier Moneyback Plan |
2 to 59 years |
75 years |
16,20 and 24 years |
8,10 and 12 years |
INR 1.5 lakhs to no limit |
Kotak Assured Income Accelerator Plan |
0 to 60 years |
18 to 85 years |
15,20 and 30 years |
7,10 and 15 years |
10 times the annual premium |
Kotak Sampoorna Bima Micro Insurance Plan |
18 to 55 years |
60 years |
5 years |
Single |
NA |
Kotak Premier Life Plan |
3 to 55 years |
99 years |
99 minus age at entry |
8,12,15 and 20 years |
INR 2 lakhs |
Kotak POS Bachat Bima Plan |
12 to 45 years |
28 to 65 years |
16 and 20 years |
8 and 10 years |
Up to INR 10 lakhs |
Kotak Guaranteed Savings Plan |
3 to 60 years |
18 to 75 years |
14,15,16 and 20 years |
7,8 and 10 years |
Depends on age, premium amount and policy term chosen |
Kotak Platinum Plan |
0 to 65 years |
18 to 75 years |
10 to 30 years |
Limited pay – 5 and 10 years, regular pay – same as the 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 Ace Investment Plan |
0 to 65 years |
18 to 75 years |
10,15,20,25 and 30 years |
Limited pay – 5 and 10 years, regular pay – same as the 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 Single Invest Plus |
Primary life – 18 to 55 years Secondary life – 3 to 55 years |
Primary life – 28 to 65 years Secondary life – 18 to 65 years |
10 and 15 years |
Single |
On 1st death : 1.25 X single premium On 2nd death: 10 X single premium |
Kotak Single Invest Advantage Plan |
3 to 45 years |
18 to 58 years |
10 and 15 years |
Single |
10 X single premium |
Kotak Premier Endowment Plan |
18 to 60 years |
70 years |
10 to 30 years |
Regular – same as policy term Limited pay – 5,7,10 and 15 years |
Depends on the minimum premium chosen |
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 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
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
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
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
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
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
This plan provides the benefit of life protection and wealth accumulation to achieve financial goals.
Features of Kotak Assured Savings 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
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
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
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
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
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
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
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
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
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
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
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
Plan Name |
Entry Age |
Maturity Age |
Policy Term |
Premium Paying Term |
Sum Assured |
Kotak Premier Pension Plan |
30 to 60 years |
45 to 70 years |
10 to 30 years |
10 to 30 years |
INR 2 lakhs onwards |
Kotak Lifetime Income Plan |
18 to 55 years |
99 years |
NA |
single |
NA |
This is a traditional participating pension plan that offers financial stability in the golden years of life.
Features of Kotak Premier Pension 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
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.
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
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 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 –
Following are the documents required for buying Kotak Life Insurance Plans –
The claim process for Kotak Life Insurance is quite easy, simple and convenient. Following is the process to follow
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.
Following are the documents required for Kotak Life Insurance claims:
Requirement of documents may slightly vary depending on the type of claim.
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:
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)
There are various ways to pay a premium. Following are the payment modes available for Kotak life insurance plans:
It is easy and quick to renew Kotak Life insurance plans. Following are the simple steps to follow:
Checking policy status online is the easiest thing. If you are already a registered user on Kotak Life Insurance Company’s e-portal, you can just log in with your user credentials and check the policy status.
Yes. If the payment of premium is missed within the date of payment due, there is a grace period of 30 days given for payment. The policyholder can make the outstanding premium payment without losing any benefits during the grace period.
Yes. There are ‘free look period’ offered for Kotak Life Insurance which allows you to understand the terms and conditions of the policy and cancel it without any charges if you are not satisfied with the terms and conditions. 15 days free look period is offered for online policies and 30 days for offline policies. However, the cancellation has to be done with reasons clearly stated.