Bajaj Allianz Life Term Insurance Vs Kotak Mahindra Life Term Insurance

Purchasing a term insurance plan can be overwhelming, but very often people commit mistakes while buying term plans for their family members. This is because the market is flooded with many insurance companies all purporting to offer the best rates. It is recommended to consider shopping around before purchasing a term plan from an insurance company. Find out the different term insurance plans from leading companies and what coverage and benefits they are offering. Your age, health, financial requirements, medical history, and budget need to be assessed properly to obtain appropriate term insurance. Below are the details about the term plans offered by Bajaj Allianz Life Term Insurance vs Kotak Mahindra Life Term Insurance that you can evaluate and select the best one.

Bajaj Allianz Life term insurance vs Kotak Mahindra life term insurance plans overview

Parameters Bajaj Allianz Life insurance Kotak Mahindra life
Number of Term insurance plans 3 3
E-services Online consultation, purchasing and renewing the policy, premium payment, and claim settlement Online consultation, purchasing and renewing the policy, premium payment, and claim settlement
Claim settlement ratio 98.02% 96.38%

Term insurance policies: Bajaj Allianz Life insurance Vs Kotak Mahindra Life insurance

As a leading private insurance company in India, Bajaj Allianz holds an unprecedented reputation in the field of the Indian insurance sector. Bajaj Allianz Life Insurance is a partnership between two strong companies (Bajaj Finserv Limited and Allianz SE). Commencing its operations in 2001, this company has 509 branches all over India. The company continues to engage with customers through an array of insurance products.

Another popular life insurance company Kotak Mahindra was established in 2001, (under the flagship of Kotak Mahindra Finance Company). Today, the company has more than 229 branches in India and it welcomes customers with a host of insurance plans, including term plans, savings plans, health plans, retirement plans, etc.

Here, you can compare Bajaj Allianz term plans and Kotak Mahindra Life insurance term plans on various parameters and wisely select the best one according to your financial needs.

Term insurance plans by Bajaj Allianz Life insurance Vs Kotak Mahindra Life insurance

Bajaj Allianz Life term insurance plans

  • Bajaj Allianz offers its policyholders three different term plans (Bajaj Allianz Life Smart Protect Goal Term PlanBajaj Allianz Life eTouch Online Term Plan, and Bajaj Allianz iSecure Term Plan).
  • For term plans, the minimum entry age is 18 years and the maximum age is 60 years
  • The term plans inspire policyholders to choose different policy variants, premium payment, and payout options as per their needs.
  • To improve your policy coverage, you can add riders like critical illness, accidental death, and disability, etc.
  • If the insured policyholder expires during the policy period, the beneficiary is eligible for the sum assured amount.
  • Discounts in premium are applicable for non-smokers, preferred non-smokers, and women policyholders.
  • Policyholders can avail of both joint and single life cover.
  • Customers are free to choose death benefits in monthly installments.


Why choose Bajaj Allianz term insurance plans?

  • The term plan offers tax benefits under Sections 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Bajaj Allianz term plans are affordable and offer comprehensive protection that suits the needs and requirements of your family
  • In certain cases, and for some plans, partial withdrawal/surrender is allowable.


Kotak Mahindra life term insurance plans

  • Kotak term insurance comes with 3 term plans (Kotak term plan, Kotak e-term plan, and Kotak Saral Jeevan Bima)
  • Policyholders can convert their existing term plans to another as per their changing needs and requirements.
  • Flexible options in insurance pertaining to term cover amount and premium payment
  • Special premium rates are applicable for non-smokers and female lives
  • Customers can buy select plans online in the comfort of their homes
  • The minimum and maximum entry age is 18 years and 65 years
  • By incorporating riders like death benefit, critical illness, and disability benefit, you can increase the coverage of your base policy. An in-built waiver of premium rider is available with Kotak e-term plan. 
  • The beneficiary gets the sum assured amount (sudden demise of the policyholder in the tenure period). For Kotak Saral Jeevan Bima, the sum assured amount is 1.25 times the single premium and 10 times the annual premium.


Why Choose Kotak Mahindra life term insurance?

  • Since the claim settlement ratio (96.08%) is impressive, the claim process is convenient and hassle-free.
  • Kotak Mahindra term insurance plans provide tax benefits under sections 80C and 10 (10D) of the Income Tax Act 1961.
  • Kotak Life term plans are pocket-friendly and that’s why this is one of the preferred insurance companies in India.



How do I check the policy status for Kotak Life term insurance?

You can check the status of your policy by logging into the e-portal of the insurance company with your policy details (if you are a registered customer).

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

Registered customers can renew their policies in 3 ways.
Just log in to the e-portal and check your policy status
Now, select the policy and payment option (Net banking, debit/credit card)
Pay through the payment gateway and print/save the receipt.

How do I pay the premium amount for my Kotak Life term insurance plan?

Kotak Life insurance offers 12 modes of payment options to policyholders to pay their premiums.
Cash/cheque at the nearest branch
Online payment
Kotak Bank ATM Drop Boxes
Payment through bill desk
Electronic bill payment
Postal money order
Debit card
Credit Card
Net banking
Online payment mode

Are smokers and non-smokers charged differently under the iSecure term plan for Bajaj Allianz Life insurance?

Yes, there are separate premium rates for smokers, non-smokers, and preferred non-smokers for a sum assured of Rs.20 lakh and above.

Can I change premium payment frequency under the iSecure term plan of Bajaj Allianz Life insurance?

Yes, you can change the premium payment frequency at the time of any policy anniversary during the policy tenure.