Kotak Mahindra Life Insurance

Investing in a Kotak Mahindra life insurance comes with a range of benefits, making it a reliable option for individuals looking to protect their families and secure their financial future. Read on to know more about it.

• Financial Security – Kotak Mahindra life insurance provides financial security to your loved ones in case of your untimely demise. This ensures that they are taken care of and can reach their long-term goals like education and retirement.

• Tax Benefits – Life insurance premiums are eligible for tax deductions under Section 80C of the Income Tax Act. This helps you save on taxes while securing your family’s future.

• Flexible Plans – Kotak Mahindra offers a range of life insurance plans that can be customized to suit your specific needs and requirements. Whether you need term insurance, whole life insurance, or investment-linked plans, there is a plan for everyone.

•  Competitive premiums – The company offers affordable premium rates without compromising on the coverage. With Kotak Mahindra Life Insurance, you can get the best value for your money and secure your future without burning a hole in your pocket.

• Additional Riders – Kotak Mahindra life insurance also offers additional riders such as critical illness cover, accidental death benefit, and waiver of premium, which can further enhance your coverage and protect you from unforeseen circumstances.

• High claim settlement ratio – Claim settlement ratio is an important factor to consider when buying a life insurance policy. Kotak Mahindra Life Insurance has a good claim settlement ratio, which means they have a good track record of settling claims. This gives you the assurance that your loved ones will be taken care of in case of any unfortunate event.

• Comprehensive coverage options – Kotak Mahindra Life Insurance provides its customers with comprehensive coverage options. Whether you are looking for term insurance, endowment plans, or ULIPs, they have a wide range of products to cater to your needs. Their policies provide financial security for you and your loved ones in case of any unfortunate event.

Kotak Mahindra’s protection plans are designed to not only provide financial security to policyholder’s family in case of any unfortunate event but also to ensure that the policyholder’s family’s emotional health is not adversely affected while allowing them to live a debt-free life. Below are some of the protection plans offered by the company:

1. Kotak e-Term Plan: The e-Term plan is a pure risk cover term plan that provides the insured with high protection at a nominal cost. The insured can choose from a number of plan options and multiple payout options. Policyholders can either increase or decrease their cover based on their requirement. Moreover, the plan also offers special premium rates to women and non-tobacco customers. The minimum eligibility criteria to apply for this plan is 18 years of age.
2. Kotak Term Plan: The Kotak Mahindra Term Plan is a pure-risk cover plan that offers the policyholder a high level of protection at affordable premium rates. With this plan, women and non-tobacco-consuming customers can avail themselves of special premium rates. Moreover, it also comes with the flexibility of making premium payments on a yearly, half-yearly, quarterly, or monthly basis. An added advantage of this plan is that the policyholder can convert their term plan to other types of life plans offered by Kotak Mahindra.
3. Kotak Income Protection Plan: This is an individual, non-participating, non-linked insurance plan designed specifically for the younger generation of India. It provides a short-term package of life insurance cover at an affordable rate and is a pure protection plan. However, it comes with the option to increase life insurance coverage with multiple optional benefits. You can also avail yourself of flexible premium payment options, policy term options, and much more. Moreover, you will also get unlimited access to your primary care doctors, specialist doctor consultations, and the wellbeing app at no extra cost.
4.  Kotak Saral Jeevan Bima: This is non-linked, non-participating, pure risk, individual life insurance plan. It provides long-term coverage (up to 70 years), to the policyholder. In case of any unfortunate event, this plan pays in lump sum amount. Moreover, the policyholder also gets multiple premium payment options. The minimum age required to apply for this plan is 18 years.

The Kotak Mahindra savings and investment plans provide a variety of ways for consumers to save and earn money. The methodical investment of your cash in these plans ensures that the policyholder and his or her family have sufficient finances to accomplish their financial goals. The following are the Kotak Mahindra Life Insurance Limited savings and investment plans:

1. Kotak Sampoorn Bima Micro-Insurance: The insured must pay a single premium of Rs.200 for the Sampoorn Bima Micro-Insurance plan. The plan guarantees a payout at the end of the term. This plan does not require the policyholder to undergo any medical tests and gives guaranteed payout on maturity. In the event of any unforeseen circumstances with the policyholder during the term of the policy, the nominee will receive an amount of Rs. 5,00,000 to cover the immediate expenses.
2. Kotak Classic Endowment Plan: This participating endowment plan protects the insured until he or she reaches the age of 75. From the first year of the policy, policyholders earn an annual bonus. The plan allows the insured to pay premiums according to their ability to pay. A discount is given to policyholders who choose a high sum guaranteed.
3. Kotak Premier Endowment Plan: Within the first five years of the policy’s tenure, the insured receives guaranteed increases of 5% p.a. of the initial sum assured under the Premier Endowment plan. From the 6th year of the policy’s term forward, policyholders receive a bonus. The plan allows the insured to choose from a variety of premium payment alternatives. Moreover, this plan also offers additional coverage in the form of rider options.
4. Kotak Assured Income Accelerator: This is a non-participating life insurance plan that ensures that the policyholder receives a yearly guaranteed income. Annual income boosters range from 5% to 7% of the insured’s annual income. In addition, regardless of the guaranteed income paid during the policy’s term, the insured receives a death benefit.  There is no minimum age requirement to apply for this plan.
5. Kotak Premier Moneyback Plan: This is a participating plan, that pays out at regular intervals. Depending on the policy term chosen by the insured, a percentage of the sum assured is paid out as regular cash backs at specified intervals. A lump sum amount is paid out in addition to the maturity benefit at the end of the policy’s term. Bonuses declared are paid out from the end of the first year of the policy’s term. An additional sum is paid out in instances where the insured passes away due to an accident.
6. Kotak Premier Income Plan: The Premier Income Plan provides the insured with guaranteed annual income immediately after making the premium payment. Female policyholders receive a greater sum assured. Additionally, policyholders have the benefit of accruing bonuses during the tenure of the plan.
7. Kotak Guaranteed Savings Plan: This non-linked, non-participating life insurance plan The plan comes with a limited premium payment option that provides guaranteed additions accrued over the term of the policy. A lump sum amount is paid as loyalty additions at the end of the plan’s tenure.
8. Kotak Premier Life Plan: This is a whole life insurance policy that covers the policyholder until the age of 99. Bonuses might be paid out in one lump amount to policyholders. Policyholders who choose a high sum assured enjoy a discount on premium payments.
9. Kotak Assured Savings Plan: This is a non-participating endowment assurance plan. Policyholders receive the sum assured and accrued yearly additions as the maturity benefit. Increase in premium payment term earns the policyholder guaranteed loyalty additions and yearly additions.
10. Kotak Single Invest Plus: The Single Invest Plus plan requires the policyholder to make a one-time premium payment. It provides a joint cover for both the insured and another family member. Policyholders receive loyalty additions at the end of the 10th and 15th year of the policy’s term. The plan gives policyholders the freedom to invest in a variety of funds.
11. Kotak Invest Maxima: Policyholders have the freedom of choosing the funds they want to invest in. The plan offers policyholders 2 choices of investment strategies: Self-managed and systematic switching strategy. Policyholders receive rewards for long-term plans. The plan also permits the insured the flexibility of making premium payments. Moreover, this plan comes with zero premium allocation charges.
12. Kotak Single Invest Advantage: The Single Invest Advantage plan requires the policyholder to make one premium payment throughout the term of the policy. Policyholders can choose from 3 investment strategies.
13. Kotak Platinum Plan: Through the investing techniques available, this policy allows the policyholder to capitalise their savings and establish a considerable corpus. 95% to 98.5 percent of the premium paid is invested in the policyholder’s chosen investment products. In addition, policyholders earn survival units, which are equivalent to 2% of the average fund value, at the conclusion of the policy’s tenth year and every five years after that.
14. Kotak Ace Investment: Policyholders with the Kotak Ace Investment plan have the option of selecting from a choice of investment methods. The policyholder can choose the level of coverage that best suits his or her needs. The plan can be improved by using the available riders. Policyholders also have the option of making partial withdrawals to cover unexpected expenses.
15. Kotak Smart Life Plan: This is a limited pay, non-market linked, participating plan. This plan covers the insured’s life until he or she reaches the age of 75. From the first year of the policy’s term, the policyholder can select bonus alternatives. Riders can be used to improve the plan’s protection.
16. Kotak POS Bachat Bima: The POS Bachat Bima plan gives the policyholder 2 plan options. The Life Plus option provides a cover for accidental death. Policyholders can be assured of annual additions that accrue throughout the policy’s term.