A plan that adds EXTRA to the ordinary
When it comes to your family’s protection, you shouldn’t have to compromise. That’s why we added little extra to the ordinary and created a comprehensive plan for you.
$Inbuilt waiver of premium on total & permanent disability
So that your family remains protected throughout the policy term
Life cover of Rs.1 Cr. at just Rs.13.97* per day
To keep your family protected at a nominal cost
Choice of recurring or immediate payout
To ensure that your family gets money as per their needs
Additional Sum Assured with e-Accidental Death Benefit Rider**
Enhance your protection at nominal costs
We've been profitable for 7 years1 in a row.
With the claim ratio of 98.29%2 you can invest your trust with us
Over 1.42 Crore Lives Covered3
Easy payments. Anytime. Anywhere.
via multiple the payment modes available
Frequently Asked Questions
Do I need a Term Life Insurance?
Term Insurance is not an option but an absolute necessity for every earning individual. It’s the most economical way to protect the family financially against an unforeseen and unfortunate event of Death of the breadwinner!
I already have a Company Cover – Do I still need a term plan?
Life insurance cover provided by an Organization is typically equal to one’s annual Income which is rarely adequate. Ideally, one should be covered for 10 times his annual income. Moreover, the insurance cover provided by the employer is restricted to the term of employment with the employer and ceases in case of resignation or termination of employment. An individual cover is more comprehensive and a very economical way to secure the family financially till the working years of the individual.
How much life insurance cover do I need?
The amount of life insurance that you need can be determined by carefully examining your current and future financial requirements. Ideally, the cover should be sufficient enough to take care of the liabilities and, to help the family maintain the same standard of living in case of the unfortunate demise of the breadwinner of the family. As a thumb rule, one should be covered for 10 times his annual Income.
What should be the tenure of the cover?
Term insurance is taken to cover the risk of loss of income incase of death during the working years. So, ideally it should be bought for the tenure that the individual intends to work for. A short term cover is not recommended as it may cease at an age when the risk might be increasing. Also the premiums tend to increase substantially with age. Over the past few years, the age of retirement has undergone a change and people tend to work longer than they used to earlier. An Insurance policy should therefore, be bought for the maximum possible tenure.
For how long do I need to pay the premium?
For your convenience, we offer multiple premium payment options. You can choose the regular premium payment option where you pay each year for the entire term of the policy. Else, you can choose the limited premium payment option of 5 or 10 years. You can also choose to pay only once through the single premium payment option.
Does the Kotak Preferred e-Term Plan offer anything unique?
Kotak Preferred e-Term Plan comes with the unique feature of waiver of premium on Total - Permanent Disability. In case of an unfortunate scenario of loss of job due to a total, permanent disability of the life assured; all his future premiums get waived off by Kotak Life Insurance. This ensures that the family remains protected even in case of the inability of the life assured to pay the premiums due to loss of income.
There is no extra premium charged for this rider and it comes inbuilt with the product.
The plan also offers flexible Claim payout options. One can choose between the Immediate payout and the Recurring payout options. In an Immediate payout option, the Claim amount gets paid out to the nominee as a lump-sum, whereas in a Recurring payout option;
the nominee receives the claim amount in monthly or yearly installments for the next 15 years. 10% of the sum assured gets paid at the time of claim intimation and 6% of sum assured gets paid every year for the next 15 years. The Recurring option ensures that the regular flow of income continues even in case of the demise of the life assured.
How can I buy Kotak Preferred e-Term Plan?
In order to purchase the plan, log on to http://insurance.kotak.com/e-insurance. Our e-advisor ‘KK’ will assist you through the entire process, right from calculating your benefits to form filling and online payment.
What are the available modes of premium payment?
Premium payment can be done online via debit card, credit card and net-banking. Cards issued by all major banks are accepted.
What is the process post online submission and payment?
On completion of the online process, you will receive a verification call from our team to ensure that the details furnished by you are correct. The mandated KYC documents are required to be submitted to us within 48 hours for further processing of your application. These documents can be submitted either by scanning and uploading the originals on the website, or by mailing them to us at firstname.lastname@example.org. In case of any additional requirement, you will be contacted by our team. If required, you may also have to undergo medical tests. Post-submission of all documents and medical reports (if any), your policy will be processed and issued within 7 -10 working days.
What documents do I need to submit and how can I submit them?
You are required to submit a photo and proof for age, identity, permanent and current addresses, annual income and education qualification. These documents can be uploaded on the website after making the payment. In case, you don’t have these handy at the time of making the payment, you can upload it on the website later by retrieving your application using your quote number. You can also mail the documents to us at email@example.com. Submit the documents within 48 hours to allow us to expedite your policy issuance.
Will I need to undergo any medical examination?
The requirement for medical examination is based upon multiple factors such as sum assured, age, health and lifestyle disclosures etc. Medicals, if required, will be informed to you by Kotak Life Insurance. Our representative will visit your home for the medical tests. However, in certain cases, depending on the age, sum assured medical disclosures and the city of residence you might have to visit our nearest medical center for the tests on a date and time convenient to you.
Will I need to bear the expenses of medical examination?
No, Kotak Life Insurance will bear the expenses for medical examination. However, in case of cancellation of application before issuance or during the free-look period, the cost of medical will be deducted from the refund amount.
What is the processing time for the application?
We try our best to process all the applications at the earliest. Usually, it takes 7 to 10 working days after all KYC formalities and receipt of medical reports (if any) or any additional requirements. The policy is issued only after all verifications are completed and is subject to fulfillment of the minimum acceptable criteria as set by the company.
How can I reach you for any queries or Updates regarding my application status?
We strive for customer satisfaction and hence, have established multiple touch points for you to reach us. Give us a call or drop a line at-
Phone : 1800-209-8800 (India Toll Free Number) , +91 22 67775000 (for NRI Customers) ;
Email : firstname.lastname@example.org
Can I buy multiple Kotak Preferred e – Term Policies?
Yes, you can buy additional policies basis your need. However, the acceptance of the same is subject to financial underwriting, your cumulative sum assured of all insurance policies and Company’s outlined processes and norms.
What is the frequency of premium payment options available?
For your convenience we offer a monthly and a yearly premium payment option.
Will I be issued a premium payment receipt for online payment?
Yes, we will issue a premium payment receipt each time you make your premium payment online. The payment acknowledgement receipt will be generated online real time and will be mailed to your registered email address.
When will I receive the maturity benefits?
Kotak Preferred e – Term Plan is a pure protection plan, which financially secures your family in case of an unfortunate event. There is no maturity benefit under this plan.
What is nomination and who is a nominee?
Nomination is a right conferred on the policyholder to appoint a person or persons to receive the Sum Assured, in case of an unfortunate event and demise of the policyholder.
A nominee is the person designated by the policyholder to receive the proceeds of an insurance policy, upon the death of the insured.
Can I change or add a nominee later?
Yes, you can add, remove or change a nominee by emailing us the required details from your registered email address.
What is the claim settlement process laid down by your company?
In case of an unfortunate event your family member / nominee can reach us by emailing us at email@example.com or by calling us at 022 66057280 (Monday to Friday - 10 am to 6 pm). We will revert with the details that will be required to process the claim. The documents required may vary from case to case. Rest assured, we will extend complete support to your family / nominee and guide them through the entire process.