Kotak Life Insurance Review
Life Insurance has become really essential with the uncertainties increasing in life day in and day out. In this run, there are many insurance companies offering various types of insurance. Likewise, Kotak mahindra life insurance Limited initiated its operations in 2001 as a joint venture between 74% Kotak Mahindra Bank and 26% Old Mutual Plc headquartered in London.
Growth and Prospects
The Kotak Mahindra Group is a trusted name in the financial services and is currently catering to the broad range of financial products. Kotak Mahindra Bank is the flagship business having an established presence in the country as a private bank. The other established businesses include broking, asset management, investment banking and realty funds. The array of financial services experience has made it an appropriate lead partner in the business of life insurance.
Kotak Life Insurance is a speedily growing life insurance company in India. This company has over 200 branches in India and has an extensive network of distribution reaching its group companies. It is well positioned and has made its mark to the length and breadth of the country. It growth is apparent in the large spectrum of life insurance products catering to savings, protection and retirement solutions.
Kotak life insurance plan offers a long term avenue for regular investments so that a lump sum amount is received on maturity. You can find 4 Kotak endowment plans apart from the 2 money back plans in the Kotak life insurance plan.
- Kotak Eternal Life Plan: This Kotak life insurance plan offers protection till 99 yrs. This plan provides the benefits such as high cover at low premium and also lump sum of cash at desired stage.
- Kotak Endowment Plan: This policy of life insurance provides an avenue and assures as a suitable long term regular investment that helps in accumulating on maturity a lump sum.
- Kotak Surakshit Jeevan: This is also a long term plan of savings, besides offering an enhanced protection. It ensures your entire family is financially independent at all times, even in your absence, that may be unexpected.
- Kotak Gramin Bima Yojana: This is a saving plan that may be a micro insurance plan.
- The life insurance policy in this money back policy of Kotak life insurance plan is that it lets you enjoy a flow of regular cash during the policy term. The plan benefits are the cash lump sums at an interval of five years.
- Kotak Premium Return Plan: This is a term plan of Kotak that offers financial sense with maturity benefits. The plan a risk free and a saving plan.
Policyholders can pay the insurance premium through the following ways:
- ECS, Electronic clearing services
- Payment through debit card
- Payment by NEFT, National electronic fund transfer
- Payment through credit card
- Online payment
- Payment at the Bill Desk
- Direct Debit
- Payment online
- Through mobile
- ATM drop boxes of Kotak Mahindra
- Postal money order
- Payment at Kotak Mahindra branch offices
Life is uncertain and so predicting the next minute of your life is impossible. In case your wife, child or your parent(s) are the dependents, you must have a Life Insurance plan.
Term Life Insurance Plan
Term insurance is offered by all the major insurance companies. This is because it is the simplest and basic insurance product. Kotak life insurance term plan is customized to ascertain that the family receives the sum assured if the policyholder dies. Term plan offers for a certain time the risk coverage. In case the insured dies when the policy is in force or active, there will be a death benefit paid. However, this is the cheapest life insurance form with respect to its premium. The benefits of this plan include:
- Affordability, the amount of the premium is truly reasonable.
- The service quality offered during the buying process online and after issuing the policy.
- Convenience of purchasing term life insurance online
Kotak’s e-Term online insurance plan is the most affordable online term insurance plans. Kotak’s plan features the ‘Recurring payout’ option, wherein part of the claim is paid on the death of the policy holder and a fixed amount is paid monthly/yearly to the nominee for next 15 years as the amount of Life Insurance.