About Kotak Term Insurance
Kotak Mahindra Life Insurance Company Ltd. is one of the fastest-growing private insurance companies in India. Founded in the year 2001, Kotak Life Insurance Company provides a bouquet of affordable term insurance policies with reasonable prices of plans and premiums. When it comes to claim settlement, the company had a ratio of 96.38% for the financial year 2019-20, as per IRDA annual report. One of the core purposes of the insurer is to add value to the lives of people with the help of financial instruments that provide protection and long-term savings.
Kotak Life Insurance has won several awards. ‘Best Customer Engagement Campaign Award (Silver Medal)’ at DMAsia 2017, ‘Outlook Money Award for Life Insurance Provider’ of the Year 2017, and ‘Best Persistency Award’ at Fintelekt's DMAi Awards 2017 are a few to name.
Kotak Life Term Insurance Plans
Kotak Life offers some reliable term insurance plans to its customers. These are listed below:
- Kotak term Plan
- Kotak E-Term Plan
- Kotak Saral Jeevan Bima
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Claim Process at Kotak Life Term Insurance
Claim IntimationIn the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
Submission of DocumentsClaim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
Claim EvaluationOnce the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
Claim SettlementIf claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.
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FAQ About Kotak Life Term Insurance
What is the customer helpline number of Kotak Life Insurance?
The toll-free customer helpline number of Kotak Life is - 1800 209 8800.
What is the Claim Settlement Ratio of Kotak Life Insurance?
Kotak Life featured an excellent claim settlement ratio of 96.38% for FY 2019-2020 as per the IRDA annual report.
What is the difference between term insurance and life insurance?
A term insurance plan provides the sum assured to the nominees/beneficiary in case of an unfortunate event. Life insurance provides benefits at the maturity of the plan.
Can Non-Resident Indians (NRIs) purchase Kotak Life Term insurance plans?
Yes, NRIs who have legal citizenship of India can purchase Kotak life term insurance plans.
Does Kotak Life Term insurance plans offer tax benefits?
Kotak Life offers tax benefits under Section 80C and Section 10(10D) of The Income Tax Act, 1961.