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 need 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 know more about Kotak Life Insurance in detail.
Kotak Life Insurance Company Specification
Below mentioned are the key specifications of Kotak Life insurance company.
| Particular | Specifications |
|---|---|
| Claim Paid Percentage (2020-21) | 98.50% |
| Branches in India | 230+ |
| Solvency Ratio (2020-21) | 3 |
| Market Share (2020-21) | 11,100.22 Crore |
*Data has been sourced from the annual report of IRDAI 2020-21
Key Features of Kotal 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 analyze 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 insurance has a claim settlement ratio of 98.50% in the year 2020-21 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 (2020-21), 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 3.
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 (2020-21), Kotak Life Insurance recorded a gross written premium of INR 11,100.22 crore in the financial year 2020-21.
Number of Branches
Kotak life insurance has more than 230 branches in the whole country.
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 Term Plan |
Coverage Benefits
- Affordable Premium
- Multiple Payment Option
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Sum Assured: 3 Lakhs to 25 Lakhs
|
Kotak e-term Plan |
Coverage Benefits
- Low Premium for Womens
- Death Benefit
- Multiple Payout Option
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Sum Assured: 25 Lakhs to No Upper Limit
|
Kotak Saral Jeevan Bima |
Coverage Benefits
- Special Premiums for Female
- Death Benefit
- Long Term Coverage
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Sum Assured: 5 Lakhs to 25 Lakhs
Kotak Life Saving and Investment Plans
|
Kotak Sampoorna Bima Micro-Insurance Plan |
Coverage Benefits
- Maturity Benefit
- Death Benefit
- No Medical Test Required
Eligibility Criteria
Entry Age: 18 Years to 55 Years
|
Kotak Single Invest Plus |
Coverage Benefits
- Joint Life Cover
- Loyality Bonus
- Single Premium Amount
Eligibility Criteria
Entry Age: 3 Years to 55 Years
|
Kotak Assured Income Accelerator |
Coverage Benefits
- Maturity Benefit
- Death Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 0 Years to 60 Years
|
Kotak Premier Endowment Plan |
Coverage Benefits
- Maturity Benefit
- Death Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 18 Years to 60 Years
|
Kotak Single Invest Advantage |
Coverage Benefits
- Loyality Bonus
- Death Benefit
- Maturity Benefit
Eligibility Criteria
Entry Age: 3 Years to 65 Years
|
Kotak Assured Savings Plan |
Coverage Benefits
- Maturity Benefit
- Increasinng Life Cover
- tax benefit
Eligibility Criteria
Entry Age: 3 Years to 65 Years
|
Kotak Guaranteed Savings Plan |
Coverage Benefits
- Loyalty Bonus
- Maturity Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 3 Years to 60 Years
|
Kotak Invest Maxima |
Coverage Benefits
- Maturity Benefit
- Death Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 0 Years to 65 Years
|
Kotak SmartLife Plan |
Coverage Benefits
- Death Benefit
- Survival Benefit
- Maturity Benefit
Eligibility Criteria
Entry Age: 3 Years to 55 Years
|
Kotak Premier Money Back Plan |
Coverage Benefits
- Death Benefit
- Accidental Cover
- Maturity Benefit
Eligibility Criteria
Entry Age: 2 Years to 59 Years
|
Kotak Classic Endowment Plan |
Coverage Benefits
- Affordable Premium
- Maturity Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 0 Years to 60 Years
|
Kotak Premier Income Plan |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 3 Years to 55 Years
|
Kotak Ace Investment |
Coverage Benefits
- Additional Rider Option
- Maturity Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 0 Years to 65 Years
|
Kotak Platinum Plan |
Coverage Benefits
- Long Term Saving Benefit
- Maturity Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 0 Years to 65 Years
|
Kotak POS Bachat Bima |
Coverage Benefits
- Maturity Benefit
- Loyalty Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 12 Years to 45 Years
|
Kotak Premier Life Plan |
Coverage Benefits
- Death Benefit
- Survival Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 3 Years to 55 Years
|
Kotak Wealth Optima Plan |
Coverage Benefits
- Maturity Benefit
- Tax Benefit
- Death Benefit
Eligibility Criteria
Entry Age: 3 Years to 65 Years
|
Kotak e-Invest |
Coverage Benefits
- Death Benefit
- Maturity Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 3 Years to 60 Years
Kotak Life Retirement Plans
|
Kotak Lifetime Income Plan |
Coverage Benefits
- Lifetime Income Benefit
- Discounted Premiums
- Tax Benefits
Eligibility Criteria
Entry Age: 45 Years to 99 Years
|
Kotak Premier Pension Plan |
Coverage Benefits
- Vesting Benefit
- Death Benefit
- Tax Benefit
Eligibility Criteria
Entry Age: 30 Years to 60 Years
Sum Assured: 2 Lakhs to No Upper Limit
|
Kotak Assured Pension |
Coverage Benefits
- Survival Benefit
- Death Benefit
- Benefit Payout on Critical Illness
Eligibility Criteria
Entry Age: 45 Years to 85 Years
|
Kotak Saral Pension |
Coverage Benefits
- Tax Benefit
- Critical Illness Cover
- Enhanced Annuity Rates
Eligibility Criteria
Entry Age: 40 Years to 80 Years
Health Insurance Plans
|
Kotak Health Shield |
Coverage Benefits
- Spouse Cover
- Wellness Benefits
- Tax Benefits
Eligibility Criteria
Entry Age: 18 Years to 65 Years
Sum Assured: 10 Lakhs to 50 Lakhs
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 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 are both the claim process 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.