Kotak Traditional Insurance Plans

Updated: 09-07-2024 09:54:37 AM

Traditional Life Insurance plans usually comprise whole life insurance and endowment plans. This insurance provides multiple benefits like fixed income returns, risk cover, safety and tax benefits. These plans are secure insurance plans, and unlike term insurance plan, these plans offer coverage for the insured’s entire life. The Kotak Mahindra Old Mutual Life Insurance Ltd was formed by the fraternization of Old Mutual and Kotak Mahindra Bank Ltd. The Kotak Insurance is one  of the leading financial providers in the Insurance sector of India.

Kotak Life Traditional Investment Plans

Kotak Insurance offers a wide range of investment plans for their customers’ varying requirements. Below mentioned are some of the Kotak Traditional Plans:

Plans	Features
Kotak Assured Savings Plan	Guaranteed annual additions of 7% – 10% of all the premiums paid.   Guaranteed loyalty additions of 10% – 20% of the assured sum that is paid at the maturity of the policy based on the tenure of premium payment. In the event of the policyholder’s death, a higher sum value of 105% of all the premiums paid/guaranteed death benefit of 110% – 120% of the assured sum/7-11 times higher value of sum assured is payable along with the assured sum.  3 riders can be added along with the existing policy to enhance the coverage.  Loan against the sum accrued wherein you can use up to 50% of the surrender value.  Enhance the sum assured by paying higher premiums of 3% – 5%.
Kotak e-Assured Savings Plan	Guaranteed annual additions of 7% – 10% of all the premiums paid.  Guaranteed loyalty additions of 10% – 20% is payable of the total accrued sum that is paid at the maturity of the policy based on the tenure of premium payment.  In the event of the policyholder’s death, a higher sum value of 105% of all the premiums paid/guaranteed death benefit of 110% – 120% of the assured sum/ 7-11 times higher value of sum assured is payable along with the assured sum.  Add up to 2 available riders with this plan to enhance your policy coverage.  Avail loan against the accrued sum and use up to 50% of the surrender value.  Enhance the sum ensured by 3% – 5% by paying higher premiums.
Kotak Assured Income Plan	Assured payouts are payable for a fixed 15-year term at the end of policy term based on the annual premium.  Guaranteed maturity benefit of 104% – 110% added to the assured sum based on the entry age.  In the incident of death of the policyholder, a higher sum value of 106% or a guaranteed maturity benefit is payable.  Add up to 4 riders with the basic plan to enhance the assured sum.  Loans can be availed for up to 80% of the surrender value.
Kotak Assured Income Accelerator Plan	Premium is payable for a limited tenure.  On the basis of the premium paying term and the premium, guaranteed income is payable after the premium payment term until the term end.  The income is hiked each year at a simple interest rate.  Depending on the term of the plan and the entry age, a specific maturity benefit is payable at the maturity of the policy.  In the incident of death of the policyholder, a higher sum value of 7 – 11 times of the sum assured/ guaranteed maturity benefit/ a minimum 105% of all the premiums paid is payable. 5 riders can be opted to customize the basic plan. A loan can be taken up to 80% of the surrender value.
Kotak Premier Money Back Plan	Earn bonuses with the company’s profits. Get money back benefits with a 20% sum assured payable throughout the policy tenure. On the maturity of the policy, assured sum, accrued bonuses, and maturity benefits are payable. The maturity benefits depend on the duration of the plan. If the policyholder dies, a higher sum value of 7 – 11 times of the assured sum is payable that accounts to a minimum of 105% of the total premium. Additional sum assured is paid in case of accidental death of the policyholder.  For enhanced coverage, you can buy up to 3 additional riders. If your level of sum assured is Rs 5 lakh or more, you can avail discounts on the premium.
Kotak Classic Endowment Plan	Earn bonuses by plan participation in company profits. On the death of the policyholder, a higher sum assured of 11 times of the yearly premium or 105% of all the premiums paid is payable. At the maturity of the policy, the sum assured along with accrued bonuses are payable. For an increased sum assured, you can choose up to 6 available riders. Loans are available wherein you can use up to 80% of the surrender value. If you opt for a higher sum value of Rs 5 lakh or more, you can avail discounts on the premiums paid.
Kotak Premier Endowment Plan	The plan participates in the profits earned by the company and offers bonuses with the same. Guaranteed additions up to 5% of the sum assured is payable for the first 5 policy years. At the time of maturity, the assured sum, vested bonuses, and guaranteed additions are paid. You can receive this as lump-sum or installments in a period of 5 or 10 years. In the incident of the policyholder’s death, you can avail higher sum assured of 7 – 11 times the annual premium or a basic assured sum of 105% of all the premiums paid along with accrued bonuses and assured additions are payable. Death benefits are payable in a lump sum or installments as per the choice. In the case of installments, 50% is paid on the death, and the remaining is paid in installments between a period of 5 and 10 years. You can purchase up to 6 riders to enhance the coverage of the basic policy. Loans can be availed wherein you can use up to 80% of the surrender value. If your assured sum reaches Rs 5 lakh or more, you can avail discounts on the premium.

How to apply for Traditional Plans from Kotak Insurance?

You can apply for Kotak Mahindra Traditional Plans in two ways, they are:

Online Procedure

Some traditional investments plans from Kotak Mahindra are available only online. To apply for such plans, the applicant needs to:

• Log in to Kotak’s website at: https://insurance.kotak.com/
• Choose the plan as per the requirements
• Select the desired coverage of the plan
• Submit a few necessary details

The premium payable is determined on the above details. After the premium is shown on the screen, the applicant needs to make the premium payment with any available payment modes and the policy will be issued soon after the payment is complete.

Through Intermediates

For the plans that are not available for an online purchase can be bought directly from agents, banks, or brokers. These intermediates help you throughout the application procedure until the issuance of the policy.

FAQs

Q1. How can I surrender my policy with Kotak Mahindra Insurance Company?

Ans. You can surrender your policy irrespective of the type of policy by following a few simple steps:

• Visit any of the branches of Kotak Mahindra Insurance Company
• Submit your policy documents along with a filled surrender form

As soon as the details are verified, your money will be transferred to your account within 7 working days.

Q2. How can I renew my policy from Kotak Mahindra?

Ans. To renew your policy from Kotak Mahindra, you got to follow three easy steps, they are:

Step 1: Login to the e-portal of Kotak Life Insurance with your policy details to check your policy status.

Step 2: Check the type of policy you have chosen and chose the mode of payment you prefer.

Step 3: Make payment through the secured gateway and save the e-receipt for your reference. For offline mode, you can pay in cash or through cheque at the nearest branch.

Q3. What are the modes of payment provided by Kotak Mahindra Insurance Company?

Ans. The Kotak Life Insurance Company offers a range of payment modes for the convenience and satisfaction of each customer, they are:

1. Credit Card
2. Net Banking
3. Debit Card
4. IMPS
5. NEFT
6. Cash/Cheque
7. Kotak Bank ATM Drop Box
8. Bill Desk
9. Direct Debit
10. Standing Instructions
11. Electronic Bill Payment
12. ECS
13. Bank Guarantee
14. Postal Money Order

Q4. What is the procedure to check the policy status with Kotak Insurance Plans?

Ans. If you are a registered user of Kotak Life Insurance, all you have to do is to log in to the e-portal by filling up a few necessary details. Your policy status will be displayed as soon as you fill in the details.