Kotak Term Insurance: Plans, Benefits & Required Documents

Kotak Mahindra Life Insurance, a leading life insurance company in India provides an array of life insurance plans. The company is solely owned by Kotak Mahindra Bank and has branches all over the country. Kotak Life Insurance is recognised as India’s fastest-growing insurance company and has already served over 41 million customers as of now. With Kotak Life Term Insurance, you can get all the life insurance-related services in a very hassle-free manner. So, let us walk you through Kotak Term Insurance policy details in the section below. 

Best Kotak Term Insurance Plans in 2024

Listed below are some of the top life insurance plans offered by Kotak Term Insurance:

1. Kotak e-Term Plan

The Kotak e-Term plan is a non-participating, pure protection-oriented plan. Kotak e-Term plan provides life insurance coverage to the nominees in case the policyholder passes away. This plan is designed in a way so that the term insurance needs of the customers are never compromised. Listed below are some of the features of the Kotak e-Term Plan:

• The minimum entry age in Kotak e-Term plan is 18 years and the maximum entry age is 65 years
• The policy term for Kotak e-Term plan should be a minimum of 5 years and can go up to 40 years
• The maturity age under this plan is 23-75 years
• The minimum sum assured required for investing in this plan is Rs. 25 lakh
• A death benefit is offered with the Kotak e-term Plan
• The premium paying option for the Kotak e-Term plan is regular, limited, and single-pay
• You can also enhance the benefits of this plan by including several riders such as critical illness plus 
• You can also enjoy tax benefits on the premium paid towards the Kotak e-Term plan as mentioned under Sections 80C and 80D of the Income Tax Act of 1961

2. Kotak Term Plan

This is a pure protection life insurance plan that offers life insurance at very affordable premiums. Here are some of the features of Kotak Term Insurance plans:

• With this plan, you get the flexibility to pay out the premiums
• This is a convertible type of plan
• The plan offers tax benefits under the Income Tax Act of 1961
• You can add several riders to this plan to enhance the benefits of this plan

Benefits of Buying Kotak Term Insurance

A term insurance plan is an agreement signed between the insurer and the policyholder that guarantees to offer life coverage protection. On paying the premiums at regular intervals, policyholders can get the benefits of life coverage with Kotak Term Insurance plans. Some of the benefits of buying Kotak Term Insurance plans are listed below:

• Quick Claim Settlement: With a claim settlement ratio of 98.54%, Kotak Life Term Insurance is renowned for settling claims in a hassle-free manner. The high claim settlement ratio itself indicates the company’s efficiency in getting claims settled.
• Effortless Customer Service: With Kotak Term Insurance, you can enjoy effortless customer service. The company is renowned for serving its customers in a very efficient manner and takes care of customers' concerns over anything else.
• Variety of Term Insurance Plans: A good part about buying term insurance plans with Kotak Mahindra is that you can buy from a bunch of life insurance plans. Most of these term insurance plans offered by Kotak Life Term Insurance are available at very affordable premiums and thus customers can easily invest in them without worrying about the budget.
• Enjoy Life Insurance Protection: With Kotak Term Insurance plans, you can enjoy complete life insurance protection. With guaranteed life insurance protection, you will be able to lead a stress-free life. So, buy life insurance plans with Kotak Term Insurance and enjoy a worry-free life.

Documents Required For Buying Kotak Term Insurance Plans

Here are some of the documents that are required for buying Kotak Term Insurance plans:

• Age Proof: This will include documents like an Aadhar card, voter ID, PAN, birth certificate, educational certificate, passport, etc.
• Identity Proof: Aadhar card, passport, driving license, etc.
• Income proof: Salary slips, ITR forms, etc.
• Address proof: Electricity/phone bill receipts, Aadhar card, bank statement, etc.
• Photograph: Passport-size photographs

How to Use Kotak Term Insurance Premium Calculator?

You must pay your term insurance premiums on time to keep your plan active. To calculate the premium of term insurance plans, you can use the term insurance premium calculator.

• With the help of the term insurance premium calculator, you just need to enter a few details like your age, profession, and others.
• Once you have entered all the relevant information, you will be able to view the premium for the different plans.
• This premium calculator is also helpful in comparing some term plans and picking one based on its premium. 

Take Away

Thus, with Kotak Life Insurance, you can enjoy the benefits of getting life insurance protection at very affordable premiums. For further details on Kotak's term insurance plans, you can easily visit the official website of Kotak and get all the related information.

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