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Kotak Life Insurance

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Kotak Life Insurance

Overview
Kotak Mahindra Old Mutual Life Insurance Limited caters to a whopping 19 million customers in the country and has a network of 232 branches along with 99, 275 agents who distribute its plans. The company was established in the year 2001 and functions across 167 cities and towns in India. The company is a joint venture between Old Mutual from South Africa and India’s financial giant Kotak Mahindra Group.

Assets under management (AUM) for the company touched Rs. 16, 936 crore as of the 31st of March, 2016. The company offers retirement, savings, investment, child and protection plans to its clients.

Kotak Life Insurance at a glance
  • Premiums of Rs. 3, 972 crore issued (as of March, 2016)
  • Assets under management of Rs. 16, 936 crore ( as of 31st of March, 2016)
  • Covering over 19 million lives nationwide
  • Pan-India presence with network of 232 branches as on March 31, 2017
  • Unique multichannel distribution network
Kotak Mahindra Old Mutual Life Insurance Limited Term Plans
There are several Kotak Mahindra Old Mutual Life Insurance Limited Term plans on offer. These plans secure the future of your family at every life stage. These plans help in boosting savings and investments as well. Available plans include Kotak Saral Suraksha, Kotak Income Protection Plan and others.

Documentation needed to apply for Kotak Life Insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph
Kotak Life Term Insurance Plans
  • Kotak Saral Suraksha: Kotak Saral Suraksha is a low cost term plan that helps provide protection to your family in your absence, ensuring their financial security.
  • Kotak Term plan: This is a pure risk cover plan and an economical way of providing an adequate level of financial protection.
  • Kotak Preferred Term plan: Kotak Preferred Term Plan is a pure risk cover plan and offers special premium rates to non-tobacco users and women.
1: Kotak Saral Suraksha : This is a pure term insurance plan with low cost premium and fixed sum assured amounts.

Advantages and benefits
  • Get significant life cover at a very low cost.
  • Choice of Policy term - 5/10 years
  • Easy sign up
  • Single premium paying option or regular options – annual and half-yearly
Feature Description
Min/Max Age at entry 18-55 years
Maturity Age Min-23 years; Max-65 years
Minimum Sum Assured 5000-100,000
Coverage Period 5 and 10 years
Premium paying term (PPT) Single payment or Yearly and half-yearly payments across 5 years

2: Kotak Term plan : The Kotak Term is a pure risk cover plan and an economical means of providing an adequate level of financial protection. In this plan, the life cover amount (sum assured) is paid to the beneficiary in case of the unfortunate death of the life insured.

Advantages and benefits
  • High level of protection at normal cost
  • Single premium paying option or regular options – annual, half-yearly, quarterly and monthly payment
  • Plan conversion option – Flexibility to convert this policy into any other Kotak Life Insurance plan
  • Kotak Critical Illness Benefit (CIB):Portion of the basic Sum Assured paid in advance on diagnosis of the covered Critical illness subject to terms and conditions
  • Kotak Accidental Death Benefit (ADB):Lump sum benefit paid upon accidental death
  • Kotak Permanent Disability Benefit(PDB):Payout in installments upon admission of claim of disability
Feature Description
Min/Max Age at entry 18-65 years
Max. age at maturity 70 years
Sum Assured Min – 3,00,000; Max – 24,99,999
Policy Term Min – 5 years; Max – 30 years
Premium No limit, but will depend on the Maximum Basic Sum Assured which is subject to underwriting
Yearly – 100%, Half yearly – 51%, Quarterly– 26%, Monthly– 8.5%
Premium paying options Yearly, Half-Yearly, Monthly & Quarterly, Single Premium

3: Kotak Preferred Term plan: It is a pure risk cover plan that is truly an economical means of providing you with a high level of protection. It offers special premium rates to non-tobacco users and women.

Advantages and benefits
  • High level of protection at normal cost
  • Two death benefit payout options; Immediate Payout or Recurring Payout options to ensure that your family receives funds timely to cover their every need
  • Portion of the basic Sum Assured is paid in advance on diagnosis of the covered Critical illness subject to terms and conditions
Feature Description
Min/Max Age at entry 18-65 years
Maturity Age 23-75 years
Minimum Sum Assured Rs. 25,00,000
Premium Paying options Regular, Limited and Single pay
Premium
    Minimum Premium based on 25 Lakhs Sum Assured Minimum Premium based on 25 Lakhs Sum Assured
Premium Payment Mode Policy Term (years) Recurring Payout Option () Immediate Payout Option ()
Regular Pay 5 3,700 4,075
Single Pay 5 10,375 11,700
5 year Limited Pay 10 4,925 5,550
7 year Limited Pay 12 4,225 4,750
10 year Limited Pay 15 3,775 4,225
Premium Paying Term (PPT) Regular Pay: Equal to Policy Term
Limited Pay: 5 pay for policy term 10 to 40 years | 7 pay for policy term 12 to 40 years | 10 pay for policy term 15 to 40 years
Single Pay: Single payment