Kotak Life

Life Insurance

Kotak Life

Founded in 2001, Kotak Life Insurance has become the fifth largest private insurer in the country in terms of total business. Its product offering ranges from pure protection plans like term plans to endowment plans like savings, investment and retirement plans.

Annual Business₹10,340 cr.
Claims Settled98.50%
Claims settled within 30 days93.8%

Term Insurance offered by Kotak Life

Kotak e-Term Plan

A pure protection plan, this is the most basic form of term insurance policy Kotak offers with few variants and a couple of riders you can buy to enhance it.

This plan offers three variants:

  • Life:

    It’s the most basic plan where a lump sum amount is paid on death of the insured

  • Life Plus:

    Apart from a base death cover, an additional death cover equal to 100% of base sum assured ( maximum up to 1 crore) will be paid in case of accidental death.

  • Life Secure:

    A lump sum death cover is paid on the demise of the insured. Also, the future premiums will be waived in case of total and permanent disability.

Riders you can buy with this policy:

  • Critical Illness Rider:

    A lump sum amount over and above the base sum assured is paid in case you get diagnosed with any of the 37 listed illnesses

Kotak Term Plan

This is a basic term plan where the chosen sum assured is paid to the nominee upon the death of the insured. But to enhance the plan you can buy three riders.

Riders available under the plan:

  • Kotak Accidental Death Benefit rider:

    An additional lump sum amount is paid over and above the base death benefit if the cause of death is an accident.

  • Kotak Permanent Disability Benefit Rider:

    If you get permanently disabled due to an accident, 120% of the rider sum assured is paid in installments for 5 years.

  • Kotak Critical Illness Benefit Rider:

    You get a lump sum amount in case you’re diagnosed with any of the listed critical illnesses up to a maximum of 50 lakhs. However, keep in mind this lump sum amount is part of your base cover itself. So your death cover gets reduced by the amount of Critical Illness benefit paid.

Kotak Life Term Insurance plan details

Plan NameEntry AgeSum AssuredPolicy payment options

Kotak e-Term Plan

Minimum- 18

Maximum-65 years
(Except for Limited Pay -
“Pay till 60 Years”)

50 Years (For Limited Pay -
“Pay till 60 Years”)

₹25,00,000-unlimited

Single, Yearly,
and Monthly

Kotak Online Term plan

18 to 65 years.
Max. age for pay till 60: 50 years

₹25,00,000-unlimited

Yearly, Monthly

ULIP Plans

Unit Linked Insurance Plans or widely known as ULIPs are part insurance, part investment plans. So the premium that you pay, some of it is allocated towards providing a death cover and the rest is invested in equity and debt funds, whichever you choose. So if something were to happen to you, your family either gets death cover or the fund value, whichever is higher at that time.

Say you’re paying a premium of 1 lakh every year for 20 years and for a death cover of 10 lakhs. You die after 15 years and your family naturally gets 10 lakhs. However if at that time the value of your invested premiums is 13 lakhs, your family gets this 13 lakhs. But if the fund doesn’t earn good returns and values at 8 lacs, then you get the death cover. So 10 lacs, i.e., your death cover is the minimum payout. But if you survive after 20 years, then you get all those invested funds back, whatever the value is at that time. That’s your maturity payout.

But there are other things to look for as well. Firstly, there is a lock-in period of 5 years, meaning you won’t be able to get back your premiums before 5 years. It’s only after 5 years that you’re allowed to withdraw some funds and even that is partial withdrawal. You can never withdraw the entire amount. Also, there are different charges that are deducted from your premium every year like premium allocation charge, policy administration charge, fund management charge, etc. So the entire 1 lakh is never invested.

Make sure you read the policy document diligently. And remember ULIPs are largely dependent on how the market is performing, both stocks and bonds.

ULIP Plans offered by Kotak Life

Plan NameEntry AgeNo. of Funds

Invest Maxima

Regular Pay:
Min: 0; Max: 65 years

Limited Pay:
For Policy Term of 10/15 years:
Min: 0 years*; Max: 64 years
For Policy Term of 20/25/30 years:
Min: 0 years*; Max: 55 years

Single Pay:
Option 1:
Min: 0 years*; Max: 43years
Option 2: Min: 0 years*; Max: 65years

Total: 5
Equity: 3
Debt: 2

Single Invest Plus

18-55

Total: 5
Equity: 2
Debt: 3

Ace Investment

Entry Age: 0 to 65 years
(60 years for limited pay)

Total: 7
Equity: 3
Debt: 4

Wealth optima Plan

Min- 3 yrs
Max: Other than Whole life:
Regular Pay: 65 years
Limited Pay: 58 years
Whole Life: Limited pay: 50 years

Total: 7
Equity: 3
Debt: 4

Frequently Asked Questions

What is the renewal process for Kotak Life Life insurance policy?

Kotak has an online pay link. For ease, we are providing it here: Pay Online. Once you are there, you just have to enter your policy number and date of birth and you will get all the info related to the renewal and its payment.

What happens if I don't renew my Kotak Life Term plan?

How do I cancel my Kotak Life term plan?

How do I cancel or surrender my ULIP plan?

What documents are required to purchase a Term plan?

For how long should I buy Term insurance?

What is the claim process for Kotak Life term insurance?

Can I change the nominee after buying term insurance?

Can I change the premium payment frequency after buying term insurance?

What is the tax benefit in term insurance?

Will my premium increase if I am a smoker or drink alcohol?

I smoke occasionally with my friends. Will that increase my premium?

How much will my premium increase if I smoke?

Will there be any medical check-ups for term insurance?

Can the insurance company reject my application?

What happens to my premium if the insurer rejects my application?

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