Kotak Mahindra Life Term Insurance Calculator
Kotak Mahindra Life Term Insurance Calculator
Counted among India’s fastest-growing private insurers, Kotak Mahindra Life Insurance Company offers multiple affordable term insurance plans catering to individual’s various requirements. One of the primary objectives of the insurer includes adding value to people’s lives through long-term savings and security options.
Kotak Life term insurance calculator assists you with calculating the right term insurance premium amount necessary for the term insurance coverage. This online financial tool is simple and easy to use and helps you choose the right term insurance plan that fits your budget.
Benefits of Kotak Life Term Insurance Calculator
- Cost-Effective: The Kotak Life term insurance premium calculator helps you opt for the maximum possible life cover amount matching your needs. You can also select add-on benefits at affordable premiums.
- Assists you with comparing different term plan quotes: Kotak Life term insurance calculator helps you compare various term insurance quotes, which can help you settle on the right purchasing choice.
- Saves Time: You don’t need to submit any documents while comparing term insurance quotes in a term plan calculator. Kotak Life term insurance calculator saves your time from manual calculations and fraud calls and gives you the exact premium amount based on your eligibility in less than a minute.
- Insurance Calculator Kotak Life term insurance calculator is a free-of-cost online easy-to-use tool to calculate quotes of different term insurance plans.
Kotak Life Term Insurance Plans
- Kotak term Plan
- Kotak E-Term Plan
- Kotak Saral Jeevan Bima
Below are the details about term insurance plans offered by Kotak Mahindra Life Insurance:
- Kotak Term Plan: The Kotak Term insurance plan is a pure protection plan that any individual can purchase between 18 and 65 years of age. The maturity age for the Kotak term plan is 70 years, and the policy term ranges between 5 to 30 years. It gives you the flexibility to opt for different premium payment modes – single, monthly, quarterly, half-yearly, and yearly. You can also choose various riders such as Accidental Death Benefit rider, Permanent Disability Benefit Rider, and Critical Illness Plus Benefit Rider to widen the scope of your policy cover.
- Kotak E-Term Plan: This term insurance plan ensures the financial security of your family in your absence. It comes with 3 different payout options – immediate payout, level recurring payout, and increasing recurring payout, which you can choose as per your requirement. You can also opt for riders like Kotak Permanent Disability Benefit Rider and Kotak Critical Illness Plus Benefit Rider to enhance the scope of your coverage.
- Kotak Saral Jeevan Bima Plan: It is a standard term insurance plan that financially secures your family in case of your untimely demise during the policy term. The minimum entry age is 18 years, and the maximum is 65 years. Whereas the minimum maturity age is 23 years and the maximum is 70 years. The plan offers various premium payment frequencies – single, yearly, half-yearly or monthly payment. The minimum sum assured under this plan is Rs 5 lakh, and the maximum is Rs 25 lakh.
Benefits of Kotak Life Term Insurance
Kotak Life Insurance Company is one of the leading insurance providers in India who delivers various financial products focussing on the customers’ requirements with a professional approach and innovative methods.
- Wide Range of Products: Kotak Life Insurance offers an array of term insurance plans, including Kotak Term Plan, Kotak E-Term Plan, and Kotak Saral Jeevan Bima. These terms insurance plans are intended to secure your family at each phase of life. The product range allows the customers to choose a policy based on their budget and requirement.
- Affordable Plans: Kotak Life Insurance offers affordable term insurance plans that offer comprehensive financial protection without burdening the policyholder’s pocket. These term plans give you insurance against uncertainties of life with saving choices.
- High Claim Settlement Ratio: Kotak Life Insurance holds a high Claim Settlement Ratio (CSR) of 96.38% in the FY 2019-20. The CSR alludes to the number of cases settled by an insurer against the total claims received in a year. A higher case settlement proportion signifies that the insurer settles most of its claims received, which is a pivotal component for each policyholder.
- Great Customer Support: Kotak Life Insurance is easily available for its customers to solve any of their problems. The insurer can be easily reached through call, email, Whatsapp, chatbox, and webform.
What are the factors to be considered while purchasing Kotak Term Insurance Plans?
While purchasing Kotak Term Insurance Plans, you should consider your family's requirements, your financial liabilities, research and compare various term plans and confirm the policy term before you opt for a term insurance plan by Kotak Life Insurance.
Does Kotak Term Insurance Plans eligible for tax benefits?
Yes, premiums paid towards Kotak Term Insurance Plans are eligible for tax benefits for up to Rs. 1.5 Lakh per annum as per section 80C of the Income Tax Act.
If I cannot pay Kotak term insurance plan premiums, will I lose its benefits?
If you cannot make payment for your Kotak term insurance plan, you should try to pay the same within 30 days of the grace period, and all your benefits will remain intact. However, if you fail to do so, you will lose the benefits.
Is it possible to purchase a Kotak life term insurance plan online?
Yes, you can buy Kotak Life term insurance plans online. The online buying process is fast, hassle-free, and does not require any paperwork. You can also compare various term plans online and choose the best one matching your requirements at the best possible rate.
Who can file a claim at Kotak Life Insurance company?
The policy nominee or the beneficiary (as mentioned in the Policy Document) can file a claim at Kotak Life Insurance company. In addition, if the nominee is a minor, the appointee (as mentioned in the Policy Document) can intimate the claim on behalf of the minor nominee.
In the nominee's absence or the nominee's unfortunate demise, who will be eligible to receive the claim amount?
In the absence of nomination, the legal heir is entitled to receive the claim benefits upon submitting the proof of legal title, i.e., succession certificate, guardianship certificate, along with other necessary claim documents.