Securing your loved ones against financial hardships in case of an unfortunate event is not the only benefit life insurance offers. Some plans ensure your child never lacks the funds needed for quality education. Pension products help you amass enough financial reserves to replace your paycheque in your retirement years. Some varieties let you earn inflation-beating returns by venturing into the capital market.
Kotak Life offers a wide range of life insurance products catering to varied insurance and financial requirements. You need to compare life insurance products to be able to choose the plan that suits your unique financial needs. Here’s a detailed guide on the individual benefits of Kotak Life insurance policies.
Pure Protection Term Plans to Replace Income
As your family’s primary breadwinner, you need to safeguard your family against any monetary challenges in your absence. Term plans shield your family against the loss of your income due to any eventuality. Investments are not involved, and your entire premium goes towards securing your life cover. Thus, you can buy sizable coverage regardless of your budget. The payout can be adequate to cover your loved ones living costs, outstanding debts, and future financial goals.
Kotak Life offers:
Kotak Term Plan
- Pocket-friendly premiums and special rates for women
- Flexibility to convert the term plan other life insurance products
- Option to extend coverage to accidental death, disability, or 37 critical illnesses
Kotak e-Term Plan
- Premiums starting from only ₹23 per day
- Facility to buy online
- Along with accidental death benefit, option for a premium waiver in case of permanent disability due to an accident, keeping the life cover in-force
Pension plans as an alternative income to provide financial freedom in retirement
With increasing life expectancy, you can look forward to spending decades of active life after your retirement. But for a comfortable retired life, you need enough funds to avoid financial uncertainties without your regular income. Kotak Life offers two retirement plan options for financial security in your advanced years.
Kotak Premier Pension Plan -guaranteed returns to build enough funds that ensure you need not compromise with your lifestyle after retirement
- Guaranteed additions to your base cover
- Bonuses to increase your wealth
- Assured minimum payout offering profits on the premiums paid
Kotak Lifetime Income Plan - providing lifelong income preventing you from outliving your financial resources
- One-time lump-sum premium
- Regular income for life with yearly, half-yearly, quarterly, monthly payout frequency choices
- Options for a refund of the purchase price to your nominee or continued pension for your nominee in case of an unwanted event
Savings and investment plans to create wealth for future financial goals
Along with safeguarding your loved ones’ financial wellbeing against exigencies, improving your living standards is another benefit of life insurance. Investment-based life insurance products from Kotak Life help you increase your wealth. Such plans provide funds for the lifestyle you want. The payouts at the end of the policy period can fund your long-term life goals such as buying property or paying for children’s college education.
You can select traditional endowment plans offering assured returns. Otherwise, you can explore the capital market’s high return-potential with Unit Linked Insurance Plans (ULIPs). The features of each are detailed below to help you compare life insurance benefits available.
A) Traditional plans
Kotak Sampoorn Bima Micro-Insurance Plan offering affordable life cover cum savings solution
- Inexpensive one-time premium of ₹200
- Assured death and maturity benefits
- No medical tests needed
Kotak Premier Endowment Plan providing guaranteed returns
- Defined additions to maturity benefit
- Bonuses to grow your investment
Kotak Premier Moneyback Plan as a source of funds at different stages of life
- Regular payouts at defined intervals during the policy period to meet interim needs for funds
- Lump-sum payout at the end of the policy period
- Extra payouts to the nominee in case of a fatal accident
Kotak Premier Income Plan as a boost to your annual income along with wealth creation
- Assured income after the premium payment term
- Maturity proceeds including accrued bonuses
Kotak POS Bachat Bima with an option to double the protection with accidental death cover
Guaranteed additions to increase your savings
Kotak Assured Income Accelerator offering annually increasing income
- Guaranteed maturity benefit along with yearly incomes
Kotak Assured Savings Plan to increase your financial stability with guaranteed benefits
- Additions to your life cover for every premium payment
- Boost in maturity payouts with assured additions
Kotak Classic Endowment Plan offering long-term life cover with an opportunity to increase savings through bonuses
- Life cover lasting until 75 years of age
Kotak SmartLife Plan offering choices on the utilization of profits
- Cash-out bonuses declared for short-term liquidity needs
- Alternatively, let the dividends accumulate until the end of term and create funds for long-term financial goals
Kotak Guaranteed Savings Plan ensuring capital protection along with investment growth
- Guaranteed additions to increase your profits
Kotak Premier Life Plan for whole-life coverage and wealth creation for children’s financial needs
- Bonuses to increase the sum assured on maturity or cash out as per financial needs
- Rider option to waive off premiums on the unfortunate demise of the policyholder (parent) if different from the life insured (child)
B) ULIPs
Kotak Single Invest Advantage for hassle-free investment with a one-time premium
- Loyalty additions to boost your fund value
Kotak Single Invest Plus providing joint life coverage
- Five fund options to spread your investment across different asset types
Kotak Ace Investment with various investment strategies to match your financial objectives and risk profile
- Choices of self fund-management, age-based fund allocation, systematic switching to avail equity benefits
Kotak Wealth Optima Plan for lifelong insurance cover and earning profits from stock market ventures
- Financial rewards for staying invested, growing your investment
Kotak Platinum Plan to invest with minimal charges
- Major portion of your premium invested in asset classes of your choice
- Additional units for long-term investment
Kotak Invest Maxima offering a financially viable systematic entry into capital market investments
- No charge for premium allocation
The following life insurance comparison chart highlights the salient features of Kotak Life insurance plans:
| Feature |
Endowment |
ULIP |
Money Back |
Whole Life |
Pension/Annuity |
Term Insurance |
Child plans |
| Purpose |
Protection plus investment |
Investment plus life- insurance, generating market-linked inflation-adjusted returns |
Protection plus savings providing periodic payouts during the policy term |
Lifelong insurance cover |
Retirement income, or growth in retirement funds before income starts |
Cost-effective pure protection |
Cost-effective pure protection Investment for children’s secure future |
| Death benefits |
Payable to the nominee on policyholder’s death during the policy period, may include accrued bonuses, if declared |
Payable to the nominee in case of an unwanted event while the policy is active, may include the sum assured plus accumulated fund value |
Death benefit paid regardless of other payouts |
Payable to the nominee on policyholder’s demise any time before maximum age at maturity |
Some plans include a provision to return the purchase price in the event of the policyholder’s demise |
Sum assured paid to the nominee if an unforeseen event occurs while the policy is in force |
Lump-sum payout to the nominee in case of an unfortunate event during the policy period |
| Maturity benefits |
Maturity benefit payable to the policyholder on survival at the end of term, includes bonuses, if any, or guaranteed additions of term, includes bonuses, if any, or guaranteed additions |
Maturity benefit as per fund value on the maturity date paid to the policyholder on survival until the end of the policy period |
Survival benefit payable on the maturity of the policy |
Maturity benefits paid when the policyholder survives past maximum age at maturity |
Regular pension for the specified duration |
No maturity benefit payable in case of survival until the end of term |
Maturity benefit payout at the end of the policy term |
| Extra benefits |
Investments earn profits, paid as a bonus, Or Policy offers guaranteed payouts |
Additional fund units rewarded for staying invested |
Regular monetary benefits provided while the policy is active at specified intervals, without impacting the death benefit |
Benefits paid on maturity or death include a bonus/ guaranteed additions along with the sum assured |
Option for surviving spouse’s pension |
Maximum cover at low premiums |
Premium waiver in case of an unwanted event with the parent during the policy term, allowing the policy to acquire maturity value paid at the end of the policy period |
| Ideal for |
Protecting families against financial shortfalls and increase savings with risk-free investments |
Long-term investment if willing to bear market volatilities to generate substantial profits |
Financing short-term fund requirements |
Securing financial dependent’s wellbeing in advanced years |
Ensuring financial independence after retirement |
Safeguarding family’s financial interest without having to pay heavy premiums |
Keeping children’s education secure against life’s uncertainties |
| Examples |
Kotak Premier Endowment Plan |
Kotak Ace Investment |
Kotak Premier Moneyback Plan |
Kotak Wealth |
Kotak Lifetime |
Kotak e-Term Plan |
Kotak Premier Life Plan with Kotak Life Guardian Benefit Rider |
Kotak Life insurance premium calculator
You can compare life insurance policy premiums for the different products here and select a plan offering the coverage you need as per your budget.
