Kotak Life Insurance Plan

  • 230+ Branches in India
  • Covers 46+ Million Lives
  • 98.82% Claim Settlement Ratio

Kotak Life Insurance, also known as Kotak Mahindra Life Insurance, was established in the year 2001. Kotak Life is one of the fastest-growing life insurance companies in India, covering more than 41.4 million people across the country as of July 2022. Kotak Life Insurance has more than 230 offices in more than 165 cities in India.

Kotak Life Insurance offers a variety of life insurance plans, such as saving plans, ULIP plans, term insurance plans, wealth creation plans, child plans, retirement plans, etc., for its customers, and you can select one of them as per your needs and requirements. Moreover, Kotak life insurance also offers a wide range of optional riders to enhance the existing coverage benefits of your life insurance plan.

Read below to learn more about Kotak Life Insurance in detail.

Kotak Life Insurance Company Specification

The key specifications of Kotak Life Insurance Company are mentioned below.

Particular Specifications
Claim Paid Percentage (2021-22) 98.82%
Branches in India 228+
Solvency Ratio (2021-22) 2.64
Market Share (2021-22) 13,015.11 Crore

*Data has been sourced from the annual report of IRDAI 2021-22

Key Features of Kotak Life Insurance

Kotak Mahindra Life Insurance Company Limited has various life insurance plans for its customers. But as we know, many other life insurance companies also offer life insurance plans in India. Hence, finding the most suitable person can be a daunting task for anyone. Therefore, before choosing a life insurance company to buy a life insurance plan, you must examine the key aspects of a life insurance company, i.e. claim settlement ratio, solvency ratio, market share, etc. Read below to check the analysis of the performance of Kotak life insurance company:


Kotak Life Insurance Claim Settlement Ratio

The claim settlement ratio of an insurance company shows the number of claims settled out of the number of claims raised in a year. Kotak Life Insurance claim settlement ratio is 98.82% in the year 2021-22, as per the annual report of IRDAI.


Kotak Life Insurance Solvency Ratio

One of the most important factors to consider when choosing a life insurance company is the solvency ratio. It helps us to examine the ability of the company to meet its financial obligations. As per the IRDAI annual report (2021-22), it is mandatory for every life insurance company to maintain a solvency ratio of 1.5 and currently, Kotak Life Insurance has a solvency ratio of 2.64.


Market Share

Market share is a premium underwriting amount held by a life insurance company in a financial year. As per the IRDAI annual report (2021-22), Kotak Life Insurance recorded a gross written premium of INR 13,015.11 crore in the financial year 2021-22.


Number of Branches

Kotak Life Insurance has more than 228 branches across the country.

Benefits of Choosing Kotak Life Insurance

Kotak Life Insurance offers a range of benefits to policyholders. Here are some key advantages of choosing Kotak Life Insurance:

  1. Comprehensive Coverage

    Kotak Life Insurance provides a wide range of life insurance products that cater to various needs and financial goals. Whether you require pure protection coverage, savings and investment opportunities, or retirement planning solutions, Kotak offers comprehensive options to suit different requirements.

  2. Financial Protection

    Life insurance is designed to provide financial security to your loved ones during your untimely demise. Kotak Life Insurance offers substantial death benefit payouts to beneficiaries, ensuring that they are financially protected and can maintain their standard of living even in their absence.

  3. Flexibility and Customization

    Kotak Life Insurance policies offer flexibility and customization options to policyholders. You can choose the coverage amount, policy duration, and premium payment frequency based on your specific needs and budget. This allows you to tailor your life insurance coverage to align with your financial goals.

  4. Investment Opportunities

    Some Kotak Life Insurance plans, such as Unit-Linked Insurance Plans (ULIPs), provide investment components alongside life insurance coverage. These plans allow you to allocate a portion of your premiums towards investment funds that have the potential to grow over time. This offers the dual benefit of life protection and investment growth.

  5. Tax Benefits

    Kotak Life Insurance policies offer tax benefits under the provisions of the Income Tax Act of 1961. Premiums paid towards life insurance policies are eligible for tax deductions under Section 80C, subject to certain limits. Additionally, the death benefit received by the nominee is tax-free under Section 10(10D) of the Income Tax Act.

  6. Additional Riders

    Kotak Life Insurance offers a range of optional add-on riders that can be added to enhance your policy coverage. These riders provide additional benefits such as critical illness coverage, accidental death benefits, waiver of premiums, and more. By customizing your policy with riders, you can create a comprehensive insurance plan that suits your specific needs.

  7. Strong Customer Support

    Kotak Life Insurance is known for its customer-centric approach and provides excellent customer support services. Their dedicated customer service team is available to assist policyholders with policy-related queries, claims processing, premium payments, and other service-related support.

  8. Long-standing Reputation

    Kotak Life Insurance is a well-established and reputable insurance provider in India. With a strong track record and a commitment to customer satisfaction, Kotak has gained the trust of millions of policyholders over the years.

Life Insurance Plans Offered By Kotak Life Insurance

Kotak Life Insurance has more than 20 life insurance plans for its customers. These life insurance plans provide financial protection to the families of the policyholders. In the below table, we have divided all life plans of Kotak Life Insurance into different categories:

Kotak Life Term Insurance Plans

Kotak Life Saving and Investment Plans

Kotak Life Retirement Plans

Health Insurance Plans

Kotak Life Insurance Premium Calculator

Kotak Mahindra Life Insurance has its own premium calculator on its website. Premium Calculator is an online tool that can be used to calculate the estimated premium of any life insurance policy. Apart from this, many factors affect your life insurance premium amount. Mentioned below are the factors that can affect your Kotak Life Insurance premium amount:

  • Sum Insured
  • Age of the policyholder
  • Policy Tenure
  • Type of plan
  • Lifestyle Habits

Kotak Life Insurance Tax Benefits

Kotak Life Insurance helps safeguard your financial future and provides attractive tax benefits. By investing in Kotak Life Insurance policies, you can avail yourself of tax deductions and exemptions under the provisions of the Income Tax Act of 1961. This article aims to shed light on the tax benefits offered by Kotak Life Insurance, empowering you to make informed decisions while planning your finances.

  • Tax Deductions under Section 80C

    Kotak Life Insurance policies qualify for tax deductions under Section 80C of the Income Tax Act. The premium paid towards your life insurance policy is eligible for deduction up to Rs. 1.5 lakh in a financial year. By availing this deduction, you can significantly reduce your taxable income, ultimately lowering your tax liability.

  • Tax-free Death Benefit

    One of the key advantages of Kotak Life Insurance is that the death benefit received by the nominee is tax-free under Section 10(10D) of the Income Tax Act. In the unfortunate event of the policyholder's demise, the nominee receives the sum assured, exempted from tax. This ensures that your loved ones can utilize the entire amount for their financial well-being without any tax implications.

  • Tax Benefits on Maturity Amount

    The proceeds received on the maturity of certain Kotak Life Insurance policies are eligible for tax benefits. Under Section 10(10D) of the Income Tax Act, the maturity amount received by the policyholder is exempt from tax. This tax exemption allows you to enjoy the entire maturity corpus without any tax deductions, enhancing the overall returns on your investment.

  • Additional Tax Benefits through Riders

    Kotak Life Insurance provides various optional riders that can be added to your base policy. Some of these riders, such as critical illness riders and disability riders, offer additional tax benefits. The premium paid towards these riders may be eligible for tax deductions under Section 80D and Section 80U, respectively. By availing these riders, you enhance your coverage and maximize your tax savings.

  • Tax Planning and Wealth Creation

    Kotak Life Insurance is a valuable tool for tax planning and wealth creation. By investing in life insurance policies that offer long-term savings and investment components, such as Unit-Linked Insurance Plans (ULIPs), you can enjoy the dual benefits of life protection and potential wealth accumulation. The premiums paid towards these investment-oriented policies are eligible for tax deductions under Section 80C, facilitating tax-efficient wealth creation.

Kotak Life Insurance Buying Process

Kotak Mahindra Life Insurance offers a simple and easy buying process for their life plans. Customers can buy Kotak Life Insurance plans from the official website of Kotak Life Insurance or RenewBuy.com. Read below to know the Kotak Life Insurance buying process in detail.

Buy from RenewBuy.com

  • Visit the official site of "RenewBuy."
  • Select the "Life Insurance Plan" tab.
  • Select the "Best Life insurance companies in India" tab.
  • The next tab will show you all the life insurance companies.
  • Click on the "Kotak life insurance" tab.
  • Select the desired Kotak life insurance plan.
  • Fill in all the required information.
  • Click on "Buy Now".
  • Proceed with the payment.

Buy From the Official Website of Kotak Life Insurance

  • Visit the "Kotak Life Insurance" official website.
  • Click on the "Online Plan" tab.
  • Select Your desired "Kotak life insurance Plan."
  • Fill in the required details.
  • Click on the "Proceed" button.
  • Make the payment, and your life insurance policy document will be sent to your registered e-mail address.

Kotak Life Insurance Claim Process

You can raise claims for your Kotak life insurance plans via an online and offline medium. Below we have mentioned both the claim processes of Kotak life insurance:

Kotak Life Insurance Online Claim Process

  • Visit the "Kotak Life Insurance" official website
  • Scroll down and go to the "How Do I?" section
  • Click on the "File a Claim" option
  • Policyholders need to fill out the online claim form named ''Book a New Claim.''
  • Fill in all the required details and generate an OTP
  • After OTP verification, submit all the required documents
  • Kotak Mahindra Life Insurance will verify the claim and settle it within 7-15 days (if approved).

Kotak Life Insurance Offline Claim Process

To file an offline claim, the claimant must visit the nearest Kotak Mahindra Life Insurance branch office and submit the required documents and a duly signed claim form.

After submitting all the documents, Kotak Life Insurance will start the verification process. Once the internal verification is done, Kotak Life Insurance will settle the claim (if approved) within 7-15 days.

Kotak Life Insurance Contact Details

If you have any queries regarding Kotak Life Insurance plans and claims settlement, you can contact Kotak Life Insurance using the information given below:

Toll-Free Number : 1800 209 8800(8:00 am to 10:00 pm)

Contact Through WhatsApp : Get a solution to your queries on WhatsApp. Send a "Hi" to 93210 03007 from your registered mobile number.