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Kotak Term Insurance FAQs

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Highlights
Claim Settlement Ratio98.50%
Customer Care8:00 AM to 10:00 PM
Death Benefit Paid For3,225 Policies
Inception2001
Presence232 Branches
Total Death Benefit PaidRs. 170.14 Crore

Term Life Insurance Premium Calculator

Gender

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  • Female

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Choose required coverage to secure your family’s future

50L
1Cr
1.5Cr
2Cr
Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

Best Kotak Term Insurance Plans

1 Crore
2 Crore
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.7%
Starting From 688/Month
Claim Settlement
Key Features:
  • Right Green Tick Revised Zero Cost Benefit
  • Right Green Tick Terminal Illness
  • Right Green Tick Cover Continuance Benefit
  • Right Green Tick Insta-Payment on Claim Intimation
  • Right Green Tick Nominee's Choice payout
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.2%
Starting From 730/Month
Claim Settlement 24hr Claim Settlement
Key Features:
  • Right Green Tick Waiver of Premium on Disability
  • Right Green Tick Terminal Illness
  • Right Green Tick Life Stage Benefit
  • Right Green Tick Special Exit Benefit
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.4%
Starting From 771/Month
Claim Settlement 24hr Claim Settlement
Key Features:
  • Right Green Tick Terminal illness
  • Right Green Tick Special Exit - Option to get your premiums back
  • Right Green Tick Renewability Option
See More Plans

Benefit

  • What factors should I consider to purchase Kotak Term Insurance Plans?

    You must examine the requirements of your family, understand your current financial liabilities, research various term insurance plans, and confirm the policy term before purchasing a term insurance policy provided by Kotak Life Insurance.

  • Can I avail tax benefits on the premium paid for Kotak Term Insurance Plan?

    Yes, you can earn tax benefits on the amount of premium that you pay for your term insurance plans offered by Kotak Life Insurance for up to Rs. 1.5 Lakh per annum as per section 80C of the Income Tax Act.

  • Will I lose benefits if unable to make the payment of the premium for the Kotak term insurance plan?

    If you could not make the payment of the premium for your term plan, then you should try to make it within 30 days of the grace period. On doing the same, all your benefits will remain intact and on failing to do so, you will lose the benefits.

  • Can I purchase a Kotak life term insurance plan online?

    Yes, you can purchase Kotak Life term insurance plans online. The online process of buying term insurance is very easy and fast with no paperwork. In addition to this, the online purchase process also allows you to compare different term insurance plans to enable you to get the maximum amount of coverage at the most reasonable rate.

  • Can I surrender my Kotak life term insurance plan, if I do not like it?

    Yes, you can certainly surrender the term insurance policy offered by Kotak Life Insurance, if you find that you do not hold any further liabilities in your life.

Claim Settement

  • What is a claim?

    A claim is a form of a request to the respective insurance company to reimburse the amount against losses covered under the term insurance plan. When an unfortunate event covered under your plan occurs, then you must intimate the insurance company about the same and then file a claim against it. The insurance provider after verification would approve the claim.

  • Who can intimate a claim?

    The nominee or the beneficiary as mentioned in the Policy Document Contract can intimate a claim. If the nominee is a minor, the appointee, as mentioned in the Policy Document Contract can intimate a claim on behalf of the minor nominee.

  • What is the turnaround time for Kotak Life Term insurance plans?

    According to the Insurance Regulatory Development of Authority India (IRDAI) regulations, your claim should be decided and settled within 30 working days upon receiving the required documents.

  • Can my claim amount be received in any other currency other than Indian currency?

    No, the claim amount will only be payable in Indian currency.

  • Who is eligible to receive the claim amount in absence of nomination/unfortunate death of the nominee?

    In the absence of nomination/unfortunate death of the nominee, the legal heir is entitled to receive the claim benefits on submitting proof of legal title i.e. guardianship certificate, succession certificate along with other required claim documents.

  • Can my Kotak Life Term insurance claim be lodged in the branch other than where my policy was purchased?

    Kotak Life Term insurance claim can be lodged in any branch, irrespective of the branch from where the policy was purchased.

Over View

  • 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.

  • What is the minimum age to buy a Kotak Life Term Insurance plan?

    You can buy the Kotak Life Term insurance plan at a minimum age of 18 years.

  • What is the grace period under Kotak Life Term plans?

    According to the Indian Regulatory Development Authority of India regulations, a grace period of 30 days is allowed from the premium due date under Kotak Life term plans.

  • How does smoking affect while choosing a Kotak Life term insurance plan?

    Smoking is injurious to health. Smokers have a high risk of getting the dreaded disease as compared to non-smokers. Therefore, people who smoke are required to pay a higher premium as compared to non-smokers.

  • Can my Kotak Life term insurance premiums change after a period of time?

    The premium of Kotak Life term insurance plan depends on various factors. If you start smoking or drinking after a period of time then you will have to pay a higher premium. The rule is the same for any life assured who takes a hazardous job. The addition of new riders changes the premium rates too.

  • Which term insurance plans do Kotak Life Insurance offer?

    Kotak Life Insurance offers 3 term insurance plans namely - Kotak Term Plan, Kotak Saral Jeevan Bima and Kotak e-Term Plan.

Plans

  • Are there any riders available with Kotak Life term insurance plans?

    Yes. Under Kotak Life term insurance plans, you can choose from several riders, some of which are Kotak Accidental Death Benefit Rider, Kotak Permanent Disability Benefit Rider, and Kotak Critical Illness Plus Benefit Rider.

  • Can I avail tax benefits on the premium paid for Kotak Life term insurance plans?

    Yes. You can avail tax benefits on the premium paid for term insurance plans offered by Kotak Life Insurance under Income Tax Act, 1961.

  • What is the grace period under Kotak Life term insurance plans?

    Kotak Life term insurance plans come with a grace period of 30 days which is calculated from the date of commencement of the policy.

  • What if I am unable to pay the premium for my Kotak Life term insurance plan even during the grace period?

    In case you are not able to pay the policy premium even during the grace period, then the policy with any rider benefits, will lapse from the date of first unpaid premium and the insurance cover shall cease.

  • How can I calculate the premium for Kotak Life term insurance plans?

    You can calculate the premium for Kotak Life term insurance plans using the online term insurance premium calculator at InsuranceDekho. It is a free tool that lets you calculate premiums accurately.

Premium Calculator

  • Is the Kotak Life term insurance premium calculator safe to use?

    Yes, the Kotak Life term premium calculator is completely safe to use. Your personal data is protected from online scams and frauds and you can calculate the premiums on a secured platform.

  • When should I buy a Kotak Life term insurance plan?

    The earlier you buy Kotak Life term insurance the cheaper and better it is. With increasing age, Kotak Life term insurance plans become expensive.

  • What are the factors which will affect my Kotak Life term insurance plan premium?

    Age, pre-existing disease, gender, occupation, and cover-up to which age are some of the factors that will affect the Kotak Life term insurance premium.

  • Do Kotak Life term insurance plans offer tax benefits?

    Yes, Kotak Life term insurance offers tax benefits under section 80C, section 80D, and section 10(10D) of The Income Tax Act, 1961.

  • What are the different rider options available with Kotak Life term insurance plans?

    Kotak Life term insurance plans offer Kotak Permanent Disability Benefit Rider, Kotak Accidental Death Benefit Rider, and Kotak Critical Illness Plus Benefit Rider.

  • How would my premium change if I add riders in my Kotak Life term insurance plan?

    If you add riders to your Kotak Life term insurance coverage, the premium calculated would increase because each rider provides an additional benefit which comes with an additional cost for the additional coverage benefit that it provides. Thus, your premium will increase as you add riders to your term insurance plan.

  • How does my age affect my Kotak Life term insurance premium?

    Age is a critical factor in determining the premium. The higher the age, the higher premium you will be required to pay. The best age to purchase a Kotak Life term insurance plan is 18 years.

User Reviews

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What users are saying
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  • Helpful Team

    InsuranceDekho helped me understand the importance of life insurance and increasing my term coverage as my income grows. With their help, I easily upgraded my existing plan for Kotak Term Insurance through their platform. Thank you so much, team.

    N
    Kotak
    By Nandini Pandey
    On: Jun 20, 2024
  • Smooth term insurance purchase...

    Getting term insurance was surprisingly easy with InsuranceDekho! The agent listened to what I needed and helped me get Kotak Term Insurance. Now, I feel relieved knowing my family's future is secure. Huge thanks to InsuranceDekho!

    K
    Kotak
    By Kirti Bhasin
    On: Mar 06, 2024
  • Great Insurance Company

    InsuranceDekho is a nice place to buy a term insurance policy. I bought the Kotak term insurance plan from the official website of the company. It was very easy to compare the term insurance plans online and choose the best one. Thanks to the company’s amazing customer support service.

    S
    Kotak
    By Sumit Panwar
    On: Feb 01, 2024
  • Recommended Insurance Company

    The InsuranceDekho company has put in all the effort to simplify my buying process. I bought Kotak Term Insurance from the Insurancedekho website. Everything was done online which saved me a lot of travelling time. I am happy to connect with this amazing platform and will recommend it to everyone for purchasing a term insurance policy with ease.

    S
    Kotak
    By Samay Saini
    On: Dec 06, 2023
  • The best plan to secure the fu...

    The Kotak Term Insurance- e-Term Plan-Term Insurance Plan available on InsuranceDekho is one of the best term plans in my opinion. Offering great coverage and amazing benefits, everyone can easily invest in this term plan.

    P
    Kotak
    By Preeti Dayal
    On: Nov 21, 2023
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Kotak Term Insurance Contact Details

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Claim Process at Kotak Term Insurance

  • 1

    Claim Intimation

    In the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
  • 2

    Submission of Documents

    Claim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
  • 3

    Claim Evaluation

    Once the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
  • 4

    Claim Settlement

    If 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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