Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more


Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

What is the Death Claim Payable in the Case of ULIP?

In ULIPs, the death benefit is the payment made to the nominee if you, the insured pass away during the policy period. Here's all about death claims in ULIP.

  • Mar 28, 2022

Our loved ones’ well-being is always a top concern, and we do everything we can to guarantee that our family has the best of everything. Buying a life insurance policy is one of the best ways of ensuring that our loved ones are secured even when we are no longer around with them physically. What if we told you that you could acquire a one-of-a-kind financial instrument that allows you to get life insurance and good investment returns in it?  If you nodded yes, you are thinking about buying ULIPs.

ULIPs combine life insurance and investing into one package. This financial instrument uses a portion of the ULIP premium paid to provide life insurance coverage, while the remainder is used to build an investing corpus. The ULIP plans returns depend on the investment tools and market performance. ULIPs have a mandatory five-year lock-in duration. They provide payouts in the event of maturity or the insured’s unfortunate death. Although a reasonable concern is how is the death claim payable in this hybrid financial investment tool calculated?

Understand All About Death Claim in ULIP

In ULIPs, the death benefit is the payment made to the nominee if you, the insured pass away during the policy period. The family gets the sum assured or the fund value, whichever is larger if the policyholder dies during the insurance period. Also, if the fund underperforms and its value falls short of the amount guaranteed, the sum guaranteed is owed.

Mortality Charges in ULIP

When you purchase ULIP, the insurer charges a mortality fee to provide insurance protection and other expenditures in the event of the policyholder’s death. It is generally taken, along with other fees, before the policyholder’s money is invested. The mortality fee is calculated using the amount at risk which is equal to the sum assured minus the fund value. The sum at risk is the amount that the insurer must pay out of pocket if the insured dies, and the fee should ideally decrease as the fund value increases throughout the policy period.

Process to Apply for Death Claim

Step 1: Notification

In the case that the policyholder passes away during the policy’s term, the nominee must formally notify the insurance provider about the same.

Step 2: Claim Form Submission

For the claim request to be formally registered, a claim form must be filled out and sent to the insurance provider together with the relevant documentation and information like the cause of death and information of the claimant.

Step 3: Document Submission

The claimant must produce the original policy document, photocopies of the death certificate, the claimant’s picture ID and address proof, a police FIR and post-mortem report in case of an accidental death, or a certificate and medical documentation from the doctor/hospital if death is due to sickness.

Step 4: Claim Settlement

After all the necessary documents are submitted by the claimant, then according to IRDAI regulations, the insurer has 15 days to seek clarification and 30 days to settle a claim after receiving all papers. If an investigation is necessary, the processes shall be finished within 180 days.

To summarise, digitisation has made the process of getting your hands on ULIPs much easier. To choose the best ULIP, look at online ULIP plans in India and check out fund performance comparisons to find the one that meets your needs!

In this policy, the investment risk in the investment portfolio is borne by the policyholder.

Kotak e-Invest

Download Brochure


  • Return of Mortality Charges*$
  • Enhanced Protection
  • Multiple Plan Options
  • Zero Premium Allocation Charges
  • Tax Savings^

Ref. No. KLI/22-23/E-BB/521


- A Consumer Education Initiative series by Kotak Life

Similar Articles

FAQs on Taxation of ULIPs

What is Premium Redirection in ULIPs Plans | ULIP Insurance Plans | Kotak Life Insurance

Give Your Retirement Savings A Booster-Shot with Annuities

5 Notable Investment Options for Retirees

Looking for Ways to Earn Lifetime Income in Retirement? Here Are 6 of the Top Options

Calculating a Retirement Corpus that can Support Your Lifestyle

5 Reasons to Buy ULIP for a Secured Financial Future

Here's What Retirement Would Look Like 30 Years From Now

Ten Signs That You're Ready to Retire

5 Common ULIP Myths That You Should Stop Believing

ULIPs or Pension Plans – Which is a Better Retirement Plan?

Why Should You start Retirement Planning as soon as you start a job?

Different Types of ULIP Investments in India

ELSS vs ULIP: Which is a Better Investment?

Demystifying the Retirement Planning Process

Retirement: A New Start to Life!

Why Should Retirement Planning Be on Top of Your Priority List?

Is it possible to live a financially independent life, even after you retire?

Is ULIP A Good Investment Option?

What is a Retirement Plan - What are its Features?

Retirement Planning - How To Calculate Your Retirement Premium in India?

Retirement and Pension Plans in India- What are Your Options?

Are Annuities Great For Early Retirement?

Benefits of Early Retirement Plans

Which Is Better: ULIP or SIP?

How to Win at Retirement Savings?

Top Investment Options for Retirement Planning

Saving for approaching retirement with retirement insurance

The Significance of Number 8,000 in Retirement Planning

Retirement Planning for Millennials

Why ULIP Should Be a Part of Your Investment Portfolio?

NPS for Housewife

Do Pension Plans Allow any Death Benefits?

How Can I Achieve My Wealth Goal with ULIP Investment?

Top 4 Myths About ULIP Investments You Should Know

6 Signs That You Are Not Financially Ready For An Early Retirement

What are the Benefits of ULIP - Explained

How Does Pension Plans in India Works?

5 Reasons Why ULIP Plans are One of The Best Retirement Planning Instruments

What Are Superannuation Benefits?

How Do Annuity Options Work In NPS

What is a Defined Benefit Plan and How it Works?

Can I Surrender My ULIP Policy after 2 Years?

Understanding Annuity Plans

What are Fixed Maturity Plans and Why Should I Invest in Them?

Types of Annuity Plan | Annuity Definition - Meaning & Key Benefits

What Are Retirement Pension Plans?

What is an Annuity Plan, and How Does Annuity Plan Work?

Types of Pension Plans for Your Retirement

Is ULIP a Good Option for People Above 60?

How can NPS help you save tax?

Importance of financial Planning for Retirement

What are the minimum and maximum investment in ULIP? Would the Whole Amount Insured in The ULIP Insurance be Invested in the Market?

Know Why You Should Stay Invested in Your ULIP Plan

ULIP: Can You Surrender ULIPs or Withdraw Money from It?

How to Maximize Your Retirement Savings with a Pension Scheme in India

What is Fund Value in ULIP?

What is the difference between Life Insurance and ULIP?

Why You Should Invest In An Annuity Plan?

Is it Advisable to Withdraw the ULIP Insurance Policy After 5 Years?

How Much Corpus Does One Need for Retirement?

How To Calculate The Present Value And Future Value Of Annuities?

What are the Differences Between ELSS ULIP and Mutual Funds?

Who Gets the Benefit After the Maturity of ULIP: The Proposer or The Life Insured?

Benefits Of Retirement & How Investments Can Help You Enjoy Them

Worried About Running Out of Money in Retirement? 4 Tips to Avoid This Crisis

How to Build a Tax-Free Pension Income for Retirement?

Important Questions To Ask Yourself Before Choosing A Good Retirement Plan

How Safe is it to Invest in ULIP plans?

A Beginner's Guide to Understanding 401k Retirement Plan

Tips to invest your voluntary retirement scheme money

What are the Charges Levied on ULIP?

Difference Between Unit-Linked Insurance Plans and Non-Linked Plans

Why Should You Invest in NPS?

Meaning of Sum Assured in a ULIP

Retirement planning with a systematic life insurance plan

What Happens to ULIP Premiums Paid if the Market Crashes?

Save Early to Keep Living Your Dreams Post Retirement

5 Steps to Gift a Smart Retirement Plan to Your Parents

Top 6 Reasons Why You Should Get A Pension Plan

What is Partial Withdrawal in ULIPs?

Getting Close to Retirement? Six Key Retirement Planning Tips That Can Help You Retire

Is It Worth Buying ULIP Plans For 10 Years?

How To Make Most of Your Money After Retirement?

Different Types of Retirement Schemes

What are the Uses of ULIP?

How To Keep Your Retirement Accounts from Being Hacked?

Invest for your second innings with a guaranteed savings plan

How Can ULIPs Help You Plan for Your Child's Future?

Which Pension Plan Suits You best?

10 Steps to Figure Out How Much Money You Will Need After You Retire

What are ULIPs and their Types?

What are the Chances of Losing all my Money in ULIP and How Much Return Should I Expect?

A Quick Guide to Retirement Plans

ULIP Tax Benefits: यहां निवेश करने पर मिलते हैं 5 बड़े फायदे

Long Term Investment Guide for Your Retirement

Top 6 Flexible Benefits That ULIPs Offer

Advantages of Pension Schemes and Retirement Plans

What Are Mortality Charges In ULIP?

What To Do With Your Retirement Accounts During An Employment Lapse?

What is the Estimated Return Percentage on ULIP? Do Investors Get Compound Interest?

Retirement Planning Guide for Working Men and Women

What are the 4 Financial Phases of Retirement? How to Budget For Each One?

Types of Retirement Plans

What are the things to consider before buying ULIPs?

Inflation: A Key Factor to Consider into Retirement Planning

Retirement Planning at 50? You Are Still Good to Go

Can NRIs Invest in ULIP Plans Offered in India?

Do ULIPs Give Good Returns On Investments?

How Has NPS Performed in Comparison with Other Instruments?

How Does NPS Work?

Is ULIP Better Than FD?

Best Insurance Plans for a Guaranteed Monthly Income After Retirement!

Un-Retirement - Are You Ready For It?

यूलिप और उनके प्रकार क्या हैं?

Annuity Plan | How to Choose the Right Annuity Plan | Kotak Life

EPF Grievance Management: All You Need to Know

Retirement Planning: Use our Retirement Calculator to Plan Ahead

Retirement Planning Guide: These 5 Steps Will Help You Towards a Safe, Secure and Fun Retirement

How has ULIP Grown Over the Last 3 years?

Top 4 Mistakes To Avoid While Planning For Your Retirement

5 Retirement Planning Tips for a Financially Controlled Post-Employment Life

7 Secrets that can Make Your Post-Retirement Phase Prosperous

What is the Difference Between EPF, VPF, and PPF? What are Their Tax Benefits?

Are You Planning an Early Retirement? Here's Why Buying Annuity Plan Will Make Sense

How To Choose The Right Pension Plan?

How should one decide on fund allocation within NPS?

Is it Suggestible to Take a ULIP Plan Linked with a Term Plan?

Does Having Both ULIP Plan and Other Health Insurance Plan Make Sense?

What is Lock-In Period in ULIPs?

Pros and Cons of Retirement Annuities

Terminologies You Should Understand About Retirement Plans

What are the Instruments Available for Building a Retirement Corpus?

10 Steps to Figure Out How Much Money You Will Need For Your Post Retirement Plans

What Happens If I Stop Paying My ULIP Policy Premium After Paying the First Premium? Will I Still Get The Return?

Importance of Retirement Planning

How Quickly is Fund Switch Effected in ULIPs? Is it Done the Same Day or After a Particular Number of Days?

What tax benefits are there on saving for retirement?

What is the Minimum Lock-in Period for ULIP?

Single Premium ULIP or a PPF - Which One is Better?

Is ULIP a Complex Financial Product?

ULIP Plan or Traditional Insurance Plans - Which is better?

Benefits of Early Retirement Planning in India

At What Age Should You Start Your Retirement Planning?

What are the Rules for Exit From NPS?

How Does ULIP Work in India?

यूलिप में 8 शुल्क जो आपको अवश्य जानना चाहिए