Life Insurance Plans and Policies
Insurance is a fundamental aspect of modern life that provides financial protection and peace of mind in the face of unforeseen events and risks. Life Insurance plans and policies serve as a safety net, helping individuals, families, and businesses navigate the uncertainties of life. These financial instruments have evolved over years, adapting to the changing needs of society and the complexities of the modern world.
Life Insurance Plans By Kotak Life
- Term Insurance Plans
- ULIP Plans
- Savings Plans
- Retirement Plans
Ensuring your family's financial stability, no matter what.
Online plan
- Life Cover till 85 years for Life & Life Secure Option
- Option to exit the policy with a premium refund at the age of 60*
- Special Rates for Women
- 3 Payout Options
- Special Rates for Non-Tobacco Users
- Free Medical Check Up every 5th year**
Get₹1Cr.Life Cover With just₹17/day^!
Online plan
- Get Return of Premium
- Two Plan Options: Life ROP Option and Legacy ROP Option
- Dual Generation Plan: Cover two generations under one single plan with Transfer of Life Cover under Legacy ROP Option
- Additional Death Benefit of 5% applicable for Female Lives
- Enhanced Protection with Riders
Get₹1Cr.Life Cover and
Return of Premiums of₹4,23,480at 65 age on survival
By just Paying₹3,529+per month for 10 years
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Kotak Term Plan
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Kotak Saral Jeevan Bima
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Health Maximiser
- Life cover to protect your family’s future even if you are not around
- Plan conversion option
- Option to pay Single or Regular Premium
- Customize Protection with Riders
- Long Term Coverage
- Special Rates for Women
- Tax Benefits
- Multiple Premium Payment modes
- Provides Life cover along with Health Cover
- Hassle Free Issuance with Minimal Documentation
- Tax Benefits under Sec 80C and 80D
- Cashless Transactions in over 9500+ Network Hospitals
- Flexibility to choose your policy and premium payment terms
- Preferred premium rates for female lives
- Lifelong coverage irrespective of any claims under the policy
“IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER”Get the advantage of Investments along with Insurance.
Online plan
- Return of Mortality Charges
- Multiple Plan Options
- Zero Premium Allocation Charges
- Tax Savings
Pay₹1,00,0003per month for 20 years
Get₹41.22 Lakh3
@8%#p.a. at the end of 20thyear
Get₹26.43 Lakh3
@4%#p.a. at the end of 20thyear
Online plan
- High Sum assured multiple for higher life cover
- 2X return of premium allocation charges
- Upto 3X return of mortality charges
- Loyalty additions
- Flexibility to choose a short or long premium payment term
- Multiple investment strategies
Pay₹1,00,0004per month
Get₹52.87 Lakh4
@8%#p.a.
Get₹18.91 Lakh4
@4%#p.a.
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Kotak Invest Maxima
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Kotak Single Invest Advantage
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Kotak Platinum
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Kotak Wealth Optima Plan
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Kotak e-Invest
- Zero premium allocation charges
- Choice of portfolio strategies and fund types
- A variety of policy term and premium payment terms are available.
- Partial withdrawals
- Rewards on long-term investment
- One-time investment
- Choice of 3 investment strategies
- Loyalty Additions to give boost to your wealth
- Choice of Three fund-management strategies
- Survival units to enhance your fund value
- Limited premium payment term
- Choice of three investment strategies
- Flexibility to add Top-up premium
- Multiple premium payment period options
- Option to make partial withdrawal
- Choice of two investment strategies
- Options to be covered till 99 years
- Enhances fund growth through Yearly Additions Post Lock-in period
- Boosts long term savings through Wealth Boosters
- Return of Mortality Charges
- Multiple Plan Options
- Zero Premium Allocation Charges
- Tax Savings
Invest for your dreams, ensure your financial goals
Online plan
Newly Launched- Post-retirement provides regular payouts
- Offers a wide range of income options with six annuity options
- Allows a range of four annuity payout frequencies
Online plan
- Guaranteed@ yearly additions
- Guaranteed@ loyalty addition
- Tax benefits under section 80C & 10(10d)
- Life cover
Pay₹10,000~per month for 10 years
Get₹26.40 Lakh~Guaranteed Returns at the end of 20thyear
Online plan
- Life cover for financial security of your family
- Option to avail guaranteed@ income
- Option to secure your child’s future
- Return of premium option available
- Premium break for females
Pay₹10,0002per month for 10 years
Get₹17,6432per month for 15 years
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Kotak Get Assured Income Now (GAIN)
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Kotak SmartLife Plan
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Kotak Guaranteed Savings Plan
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Kotak Sampoorn Bima Micro-Insurance Plan
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Kotak Classic Endowment Plan
- Life Cover till 85 years of age
- 3 Plan Options - Early Income, Paid-Up Addition and Premium Saver.
- Early Income Payout
- 6 Optional Riders
- Additional Benefit with the same premium for Female Life
- Additional benefit in case premium is paid through ECS/Auto Debit option
- A limited pay non- linked participating plan
- Offers protection up to the age of 75 years
- Choice of bonus* options
- Guaranteed@ additions
- Option for limited premium payment term
- Guaranteed@ loyalty addition
- Premiums start as low as ₹200
- Single premium plan
- Guaranteed payout
- Life cover included
- No medical tests required
- Life cover for 75 years of age
- Bonus payout from 1st policy year
- Rider option available for extra protection
- Tax benefits under section 80C & 10(10D)
Secure investment for a financially-secured tomorrow.
Online plan
- Choice of annuity options: Immediate or Deferred
- Higher Annuity rates for the higher purchase price
- Issued annuity rates are guaranteed for lifetime
Pay₹5,00,0006per year for 10 years
Get₹4,17,5006for lifetime
Online plan
- Zero Allocation Charges
- Partial Withdrawals Available
- Flexibility to pay premium for Limited period
- Confident Retirement Savings
- Yearly Additions starting from end of 6 policy year onwards
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Kotak Lifetime Income Plan
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Kotak Confident Retirement Savings Plan
- Post-retirement provides regular payouts
- Offers a wide range of income options with six annuity options
- Allows a range of four annuity payout frequencies
- Assured Benefit on Death or Vesting
- Flexibility to pay premium for Limited period or throughout the Policy Term
- Get bonus from the first policy year till end of Policy Term
- Avail liquidity through Partial Withdrawals in case of financial emergency
What is a Life Insurance Policy?
A life insurance policy is a contract that pays money to your loved ones when you pass away, helping them financially after your death. This financial safety net ensures that your loved ones can maintain their quality of life, pay off debts, cover living expenses, and achieve their long-term goals even in your absence.
Why Choose Life Insurance Plans?
Choosing to invest in a life insurance policy is a proactive and responsible decision that provides financial security and peace of mind for you and your loved ones. In this ever-changing world, where the future is uncertain, having a reliable life insurance plan in place is a prudent choice.
Types of Life Insurance Plans
There are five primary categories of life insurance plans:
Term Insurance Plans
Term life insurance is a cost-effective option that offers coverage for a specified period. It provides a death benefit to your beneficiaries if you pass away during the policy term. Term policies do not accumulate cash value, making them simpler and more affordable compared to other types of life insurance plan. These plans are ideal for those seeking substantial coverage at a lower premium, especially during critical life stages such as raising a family or paying off a mortgage.
Savings Plan
Savings plans are specialized financial instruments crafted to facilitate systematic saving while providing consistent returns, thereby assisting you in reaching your financial objectives. Given their core function as life insurance products, these plans also offer reassurance by safeguarding the financial well-being of your family in the event of unforeseen circumstances.
ULIP Plan
ULIPs are a unique combination of insurance and investment, allowing policyholders to allocate a portion of their premium towards investments in a range of funds (equity, debt, or balance). ULIPs provide the opportunity for potential wealth creation, but they also carry market risks. Policyholders have the flexibility to switch between investment funds based on market conditions and their risk appetite. Over time, the policy may build a cash value that can be utilized for various financial goals, or a death benefit is paid out to beneficiaries in case of the policyholder's demise.
Retirement Plan
Retirement plans, also known as pension plans or annuities, are specifically designed to provide a regular income stream during your post-retirement years. These plans ensure that you maintain a certain standard of living even when you are no longer earning a regular income. Retirement plans can be immediate, where you start receiving payouts shortly after investing a lump sum, or deferred, where you contribute over time and receive payouts after retirement. These plans are vital for building a financially secure retirement, allowing you to enjoy your golden years without financial worries.
Health Insurance
Health insurance is an agreement between an individual and an insurance company in which the insurer agrees to cover a portion or all of the insured person's medical expenses in exchange for regular premium payments. These expenses can include doctor visits, hospital stays, prescription medications, preventive care, and more. The goal of health insurance is to safeguard individuals and families against the high costs of medical treatments.
Benefits of Having a Life Insurance Policy
Life insurance offers numerous benefits that contribute to your peace of mind and your loved ones' future:
Financial Security
Life insurance provides a safety net, ensuring that your family's financial needs are met, including mortgage payments, education expenses, and daily living costs.
Income Replacement
If you are the primary breadwinner, a life insurance policy can replace lost income, enabling your family to maintain their standard of living.
Debt Coverage
Your outstanding debts, such as loans and credit card balances, will not burden your family in your absence. The policy's death benefit can be used to settle these obligations.
Business Continuation
Business owners can use life insurance to ensure the seamless continuation of their business operations or provide funds for succession planning.
Wealth Creation
Whole life and universal life come with a cash value component that grows over the years. This cash value is invested by the insurance company, and it accrues interest and other earnings on a tax-deferred basis.
Tax Advantages
Life insurance policies often offer tax advantages that can benefit both the policyholder and the beneficiaries. The death benefit paid to your beneficiaries is typically income tax-exempt , ensuring that your loved ones receive the full benefit amount without any tax implications.
Rider Policies
Life insurance policies often allow you to add rider policies to customize your coverage to your specific needs. Rider policies are additional features or benefits that can be included with your primary life insurance policy for an extra premium. Common rider options include:
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Critical Illness Rider
This provides a lump-sum payment if you are diagnosed with a covered critical illness, such as cancer, heart attack, or stroke, during the policy term. It helps cover medical expenses and other financial obligations during a health crisis.
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Disability Income Rider
This pays a monthly income if you become disabled and are unable to work. It ensures you have a steady stream of income to cover living expenses while you recover.
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Waiver of Premium Rider
If you become disabled or seriously ill, this rider can waive your premium payments, ensuring that your life insurance coverage remains in force even when you can't afford to pay the premiums.
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Child or Spousal Rider
This extends coverage to your spouse or children, providing them with financial protection in the event of their death or critical illness.
How to Choose the Best Life Insurance Company?
The decision to select the best life insurance company should be made carefully, as it can have a long-lasting impact on your financial security and that of your loved ones.
Solvency Ratio
One of the primary factors to consider when choosing a life insurance company is its financial stability. Look for a life insurance company with a solvency ratio significantly above the regulatory requirements. Kotak Life Insurance has a solvency ratio of 2.73.
Financial Strength and Reputation
When evaluating life insurance companies, it is essential to research their financial stability and reputation within the industry. Look for high credit ratings and a strong track record of fulfilling claims promptly.
Policy Options
Consider the variety of life insurance policies offered by the company. Whether you are interested in term life, whole life, or universal life insurance plans, make sure the company has a range of options that align with your financial goals and family's needs.
Premium Rates
Compare premium rates offline and online to ensure you are getting a competitive price for the coverage you need. It is important to strike a balance between affordability and comprehensive coverage.
Consider Claim Settlement Ratio
The claim settlement ratio is another crucial metric to assess when evaluating life insurance plans. This ratio reflects the percentage of claims that the insurer successfully pays out compared to the total number of claims received. Kotak Life Insurance holds a brilliant claim settlement* ratio of 98.29% for the year 2023-24.
Reviews and Testimonials
Reading reviews and testimonials from current policyholders can provide valuable insights into a company's customer satisfaction levels and claims handling process.
Who Can Purchase a Life Insurance Policy?
Life insurance plan is a versatile financial tool that can be tailored to meet the needs of various individuals and situations. It is available to:
Individuals
If you are an adult, you can purchase a life insurance policy to protect your loved ones financially in the event of your untimely demise. Whether you are single, married, a parent, or a retiree, life insurance ensures that your family's financial well-being is safeguarded.
Parents and Guardians
As a responsible parent or guardian, you can secure your children's future by obtaining a life insurance policy. Plans like savings or ULIP can ensure your kids have the financial resources they need for education, healthcare, and other essential needs.
Spouses
Life insurance plans (such as term insurance) provides a safety net for married couples, offering financial support to the surviving spouse if one partner passes away. It can help cover mortgage payments, outstanding debts, and everyday living expenses.
Business Owners
If you are a business owner, life insurance plan can play a crucial role in your succession planning. It ensures a smooth transition of business ownership and provides funds to cover any outstanding business debts.
Homeowners
Homeowners can use life insurance plan to protect their family's ability to keep their home in case of unforeseen circumstances. It can help cover mortgage payments and maintain the family's lifestyle.
Elderly Individuals
Even if you are retired, life insurance plan can still provide valuable benefits. When planned early in life retirement plans can be a great boon to retired individuals. It can also be used to leave a financial legacy for your heirs, cover final expenses, or leave a charitable donation.
Understanding the Life Insurance Coverage Amount
The coverage amount, or death benefit, depends on various factors such as your financial obligations, income, and long-term goals. A general rule of thumb is to choose a coverage amount that is sufficient to replace your income for a certain number of years and cover significant expenses like debts, education, and healthcare.
Factors that Affect Life Insurance Premiums
Several factors influence the cost of your life insurance premiums, including:
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Age:Younger individuals usually pay lower premiums.
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Lifestyle Habits:Factors like smoking and excessive drinking can increase premiums.
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Coverage Amount:Higher coverage amounts lead to higher premiums.
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Type of Policy:Permanent policies tend to have higher premiums than term policies.
Difference Between Life Insurance, General Insurance, and Health Insurance
Each type of insurance – Life Insurance, General Insurance, and Health Insurance – serves a distinct purpose, addressing specific aspects of your financial and personal security. While life insurance focuses on providing for your family's future, general insurance safeguards your assets, and health insurance ensures your well-being in times of medical need.
| Aspects | Life insurance | General insurance | Health insurance |
|---|---|---|---|
| Purpose | Provides financial protection in case of the policyholder's death. | Covers a wide range of non-life risks, such as property, vehicles, travel, etc. | Offers coverage for medical expenses and healthcare-related costs. |
| Benefit | Pays out a death benefit to beneficiaries upon the policyholder's death. | Offers compensation for damages/losses to insured assets (e.g., property damage, theft). | Covers medical expenses, hospitalization costs, and related healthcare expenditures. |
| Premiums | Generally higher due to longer coverage and potential cash value growth. | Varies based on the insured asset, its value, and the level of coverage. | Premiums are influenced by factors like age, health status, coverage scope, and more. |
| Riders/Add-Ons | Offers riders like critical illness, disability, etc., for added coverage. | Additional coverage options like personal accident, loss of baggage, etc. | Riders for maternity, pre-existing conditions, etc., can be added for specific needs. |
| Payout | Lump sum payout to beneficiaries upon the policyholder's death | Compensation for repair/replacement costs for the insured asset. | Direct payment to healthcare providers or reimbursement for medical expenses. |
| Tax Benefits | Premiums paid and benefits received are often eligible for tax benefits. | Premiums may be tax-deductible in some cases; claim payouts are generally tax-exempt. | Premiums and benefits are often eligible for tax benefits under prevailing laws. |
Why Buy a Life Insurance Policy Online?
Buying a life insurance policy online has become an increasingly popular and convenient option for individuals seeking financial security and peace of mind.
Premium Rates
Premium rates are a critical factor when considering a life insurance policy. Online platforms often provide competitive premium rates due to reduced overhead costs compared to traditional insurance companies.
Flexibility
Online life insurance platforms provide you with the flexibility to customize your policy according to your unique requirements. You can easily adjust coverage amounts, policy terms, and riders to tailor the policy to your family's specific needs, all with a few clicks.
Convenience
Gone are the days of scheduling in-person appointments and spending hours discussing options with agents. Buying life insurance plan online empowers you to explore and compare policies at your own pace from the comfort of your home. With our user-friendly website, you can easily browse through a variety of plans, features, and premium options to find the perfect fit for your needs.
Instant and Transparent Comparisons
Obtaining instant quotes for different life insurance policies is a breeze online. Our platform allows you to see exactly what you will be paying for each policy, enabling you to make informed decisions. The transparent comparison feature lets you weigh the pros and cons of various plans side by side, helping you select the one that aligns with your financial goals.
Paperless Process
Say goodbye to stacks of paperwork and lengthy application forms. Buying life insurance online means a seamless, paperless application process. Fill out the necessary details, and upload the required documents, and you are well on your way to securing your family's financial future.
Access to Educational Resources
Our online platform is not just a place to buy insurance, it is a hub of valuable information. We provide comprehensive educational resources to help you understand the intricacies of life insurance, from the basics to more advanced concepts. Empower yourself with knowledge before making your decision.
Tips to Avoid Life Insurance Claim Rejection
Understanding the potential reasons for claim rejections and taking proactive steps to prevent them is essential to ensure that your loved ones receive the intended benefits during their time of need.
Full and Accurate Disclosure
When applying for life insurance, honesty is key. Provide complete and accurate information about your medical history, lifestyle, and any relevant details. Failing to disclose crucial information could lead to claim rejection.
Understand Policy Terms
Thoroughly review your policy documents. Familiarize yourself with the coverage, exclusions, and terms of the policy. This will help you avoid situations where a claim might be denied due to misunderstanding the policy details.
Timely Premium Payments
Ensure that your premium payments are made on time and in accordance with the policy terms. Missed payments can result in a lapse of coverage, leaving your beneficiaries vulnerable.
Avoid Misrepresentation
Do not provide false information or misrepresent facts during the application process. Any inconsistencies discovered during the claims process could lead to denial.
Maintain Accurate Beneficiary Information
Regularly review and update your beneficiary information. Life changes such as marriage, divorce, or the birth of a child should be reflected in your policy to prevent confusion during the claims process.
Common Exclusions in Life Insurance Plans
It is essential to be aware of the limitations and exclusions that may apply to different types of life insurance plans. These exclusions are subject to change from policy to policy and insurer to insurer.
Suicide Clause
Most life insurance policies have a suicide exclusion clause, typically within the first one to two years of the policy's inception. If the policyholder dies by suicide within this period, the policy may not pay out the full death benefit. After the initial exclusion period, the policy will generally cover suicide-related deaths.
High-Risk Activities
Engaging in dangerous hobbies or occupations, such as skydiving, rock climbing, or professional racing, might lead to exclusions. If the insured person passes away while participating in these high-risk activities, the policy may not provide coverage.
Misrepresentation
Providing inaccurate information or withholding crucial details during the application process can lead to coverage denial. It's vital to be completely transparent about your medical history, lifestyle, and other relevant factors.
Criminal Activities
If the policyholder's death results from criminal activities or engaging in illegal acts, the policy may not cover the claim.
Pre-Existing Conditions
If the insured person passes away due to a pre-existing medical condition that was not disclosed or accurately represented, the policy may be voided.
Intoxication
If the policyholder's death is a result of drug or alcohol abuse, the policy may not provide coverage.
Common Inclusions in Life Insurance Plans
Whether you are seeking pure protection, savings with insurance coverage, investments with insurance benefits, or secure retirement planning, there's a life insurance plan to suit your needs. Understanding the nuances of each type of plan is vital for making informed decisions that align with your financial aspirations. These inclusions are subject to change from policy to policy and insurer to insurer.
Death Benefit
The heart of any life insurance plan is the death benefit, which provides a tax-exempt lump sum payment to your beneficiaries upon your passing. This financial safety net ensures that your loved ones can cover essential expenses, such as mortgage payments, education costs, and daily living expenses, even in your absence.
Terminal Illness Cover
Many of our life insurance plans include terminal illness cover, offering you peace of mind during challenging times. If you are diagnosed with a terminal illness and have a life expectancy of, for example, 12 months or less, you may have the option to receive a portion of your death benefit early to help alleviate financial burdens.
Accidental Death Benefit
Life is unpredictable, and accidents can happen. Some of our life insurance plans provide an additional accidental death benefit, which offers an extra layer of protection in case your passing is the result of a covered accident. This supplementary benefit can provide your beneficiaries with an increased payout, helping them manage unexpected expenses.
Permanent and Total Disability Benefit
In the event that you become permanently and totally disabled, some of our life insurance plans offer disability benefits. This feature ensures that if you are unable to work due to a covered disability, you may receive a portion of your death benefit in advance to support your financial needs and ongoing care.
Premium Waiver Option
Understand that unforeseen circumstances, such as disability, can impact your ability to pay premiums. Our premium waiver option, available in select plans, ensures that if you become permanently disabled, your policy remains in force, and you will not need to worry about premium payments.
Cash Value Accumulation
Certain life insurance plans offer cash value accumulation, providing you with the opportunity to build a cash reserve over time. This cash value can be accessed through policy loans or withdrawals, offering a potential source of funds for emergencies, opportunities, or planned expenses.
Optional Riders
Customize your life insurance plan further by adding optional riders that suit your specific needs. These riders can include coverage for critical illness, income protection, child education, and more, enhancing your policy's flexibility and ensuring it aligns with your family's evolving requirements.
Documents Required to Get Life Insurance Plans
Applying for a life insurance plan is a straightforward process. To expedite your application and ensure a seamless experience, please prepare the following documents:
| Documents | Details to be provided |
|---|---|
| Application Form | Complete the provided application form accurately and legibly. |
| Proof of Identity | Valid government-issued photo ID, such as a driver's license, passport, or Aadhar card. |
| Proof of Address | Recent utility bills, rental agreement, or other official documents that verify your address. |
| Age Proof | Document that confirms your age, such as a birth certificate or school leaving certificate. |
| Income Proof | Documents that reflect your income, such as salary slips, tax returns, or Form 16. |
| Medical Examination Reports | Depending on the chosen plan and your age, a medical examination may be required. Submit the relevant medical reports, if applicable. |
| Nominee Information | Details of your chosen nominee, including their name, relationship, and contact information. |
How do You Save Tax with Life Insurance Plans?
Tax Deductions under Section 80C: Our life insurance plans allow you to claim deductions up to ₹1.5 lakhs under Section 80C of the Income Tax Act, 1961. This means a significant reduction in your taxable income, ensuring that you keep more of your money in your pocket.
Tax- Exempt Proceeds
The proceeds from a life insurance policy are typically tax- exempt under Section 10(10D) of the Income Tax Act. This ensures that your family receives the sum assured without any tax liability in case of an unfortunate event.
Wealth Creation with Tax Benefits
Some of our plans offer market-linked returns, allowing you to grow your wealth over time potentially. The gains made from these plans can also be tax-exempt, making them an attractive investment option.
Rider Benefits
Enhance your coverage with optional riders like critical illness and disability benefits. These riders can also come with additional tax benefits, allowing you to enjoy extra deductions on your premiums.
How Can You Pay for Life Insurance Policy?
Life is unpredictable, and we believe your life insurance payment options should reflect that. We offer a variety of payment methods to ensure you have the flexibility and convenience you deserve:
Monthly Premiums
Spread the cost of your life insurance over manageable monthly payments. This option allows you to budget effectively without compromising on coverage.
Quarterly Payments
Pay your life insurance premiums every three months. This option provides a balance between more frequent payments and the convenience of a lump-sum payment.
Semi-Annual Payments
Choose to pay your premiums twice a year. This option offers a longer payment interval, reducing the frequency of transactions while ensuring your coverage remains intact.
Annual Payment
Make a single payment for the entire year. This option simplifies your financial planning and guarantees uninterrupted coverage for the entire policy term.
Selecting the right payment option for your life insurance policy is crucial. Consider factors such as your financial situation, budget, and payment preferences. Our experienced insurance advisors are here to guide you through the decision-making process, ensuring you make the choice that best aligns with your needs.
How Will Your Family Receive the Life Insurance Claim Money?
When the time comes to file a life insurance claim, we strive to make the process as simple as possible for your family. Our dedicated claims team is here to guide you through each step, ensuring that you have the necessary information and assistance.
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File a Claim
To initiate the claim process, your family will need to submit the required documents, including the death certificate and policy information. Our online portal makes it convenient to submit documents from the comfort of your home.
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Documentation Review
Our expert claims team will carefully review the submitted documents to ensure everything is in order.
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Claim Approval
Once the documentation is verified and the claim is approved, your family will be notified promptly. We understand the urgency of this process and strive to expedite it to provide financial support when it's needed most.
Which Life Insurance Plan Suits Your Need?
Explore the in-depth resources on each life insurance plan to delve deeper into their features and benefits. Secure your future today by selecting the life insurance plan that suits your needs best.
Explore the Range of Available Life Insurance Options
Without a comprehensive understanding of how life insurance functions, individuals often find themselves unsure when it comes to selecting the most suitable policy. Therefore, acquiring an in-depth knowledge of the various types of life insurance products is vital before making a decision.
Evaluate Your Financial Requirements
A life insurance policy that suits your peers might not necessarily align with your own needs. Hence, it is important to assess your specific financial considerations, whether they pertain to affordability, preferred coverage amount, or optional add-ons, before embarking on a comparison of different plans.
Analyze Plans Based on Their Advantages
Given the extensive array of life insurance plans accessible, it is imperative to ensure that you opt for the right one that offers ample benefits. To accomplish this, it is essential to diligently compare plans across various criteria, such as premiums, coverage amounts, and potential investment components.
Life Insurance Policy Important Terms
Navigating the realm of life insurance involves familiarizing yourself with terms such as "premiums," "beneficiary," "policyholder," "death benefit," "cash value," and much more. Each term plays a unique role in shaping the terms and conditions of your life insurance policy.
Premium
The amount you pay at regular intervals (monthly, annually) to maintain your life insurance coverage.
Death Benefit
The sum of money your beneficiaries receive upon your passing.
Policyholder
The individual who owns the life insurance policy and pays the premiums.
Beneficiary
The person(s) or entity designated to receive the death benefit.
Term
The duration of coverage provided by a policy. Term life insurance plan offers coverage for a specific period, while permanent life insurance provides lifelong protection.
Cash Value
A feature of permanent life insurance where a portion of your premium accumulates as an investment that you can access during your lifetime.
FAQs on Life Insurance Plans
1Is it necessary to buy life insurance plan?
While life insurance plans can provide financial security and support to your loved ones in case of your unexpected demise. It ensures that your family has a safety net to cover expenses and debts.
2How does life insurance plan work?
For a life insurance policy, you pay regular, limited, single premium, and in return, the insurance company provides a payout, known as the death benefit, along with maturity benefits (depending upon the type of life insurance policy), to your beneficiaries upon your passing. This payout can help your family manage financial obligations.
3Who can buy a life insurance policy?
Life insurance policy can be bought by anyone from the age of 25-45 and beyond. The aim is to provide financial protection to your family in case of uncertainty.
4What is the ideal life cover that I need?
The ideal life cover varies depending on your individual circumstances, such as your financial obligations, debts, income, and the needs of your dependents. It's advisable to assess your current and future financial needs to determine an appropriate coverage amount. Use the online calculator to find out how much you need to put in your insurance premium.
5What is the right age to buy a life insurance plan?
The ideal age to buy life insurance is often when you are younger and healthier, as premiums tend to be lower. However, it's never too late to get coverage. Your life stage, financial situation, and dependents play a role in determining the right time for you.
6How to pay the premium for my life insurance?
Life insurance premiums can be paid on a regular basis (monthly, quarterly, half yearly, annually) through various methods such as electronic transfers, checks, or online payments, depending on the insurer's options. Visithttps://www.kotaklife.com/how-do-i/pay-my-premiumfor premium payments.
7What will happen to my life insurance policy if I cancel it?
If you cancel your life insurance policy, you may lose the coverage and any benefits associated with it. Depending on the policy type, you might receive a surrender value or a portion of the premiums paid, but this varies by policy and insurer.
8How do I choose a nominee?
A nominee is the person who will receive the life insurance payout upon your demise. You can choose a family member, spouse, or anyone with an insurable interest. Ensure the nominee's details are correctly mentioned in the policy to avoid complications.
9Can I change the beneficiary/nominee for my life insurance policy?
Yes, in most cases, you can change the beneficiary or nominee of your life insurance policy. Visit https://www.kotaklife.com/how-do-i/manage-my-policyfor changing nominee or for more information. If you face any issues, contact your nearest branch.
10How will my family receive the life insurance claim?
After your passing, your beneficiaries need to file a claim with the insurance company. They will need to provide necessary documents, such as a death certificate and policy details. Once verified, the company will disburse the death benefit to your beneficiaries. Visithttps://customer.kotaklifeinsurance.com/ocmfor further details.
11Why should I buy a life insurance policy?
Life insurance provides financial protection to your loved ones in the event of your death. It can help cover funeral expenses, outstanding debts, and mortgage payments and provide ongoing financial support to your family members.
12What are the tax benefits available with life insurance plan?
Life insurance may offer tax benefits Under section 80C & 10(10D). It's important to consult a tax professional to understand the specific tax implications in your situation.
Terms and Conditions for Term Plan
Kotak Gen2Gen ProtectUIN: 107N132V02, Kotak Permanent Disability Benefit Rider - UIN: 107B002V03, Form No.: B002, Kotak Critical Illness Plus Benefit Rider - 107B020V02, Kotak Accidental Death Benefit Rider - UIN: 107B001V04. This is a Non-Linked Non-Participating Individual Savings Life Insurance Plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on riders, please read the Rider Brochure.
+The above premium figures are exclusive of Goods & Services Tax & Cess. Goods and Services Tax & Cess thereon, shall be charged as per the tax laws over and above the said premium. Plan Option – Life ROP. ROP – Return of Premiums. Life Insured Age: 30 years, Policy Term: To Age 65 (35 years), Premium Payment Term (PPT): 10 years, Sum Assured: 1 Crore, Monthly Premium: 3,529. ROP at Primary Life Insured Age 65: ₹4,23,480. The monthly premium is ₹3,529 (annual premium ₹40,100 * 8.8%). The premium is assuming the policy is bought Online and the customer has not purchased any policy from Kotak Life Insurance.
Kotak e-TermUIN:107N129V03, Kotak Permanent Disability Benefit Rider UIN: 107B002V03, Kotak Critical Illness Plus Benefit Rider UIN: 107B020V02. This is a non-participating non-linked life insurance individual pure risk product. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on riders please read the Rider Brochure.
^The above illustration is for an 18-year-old healthy male, non-smoker who has opted for the Life Option with a 40-year policy term with regular premium payment option, Level Recurring Payout Option and Sum Assured on Death of Rs.1 Crore. The per day premium is Rs.17 [Rs. 6,100 Annualized Premium / 365 days = Rs. 16.71]. The premium is assuming the policy is bought Online and the customer has not purchased any policy from Kotak Life Insurance. The above premium figures are exclusive of Goods and Services Tax and Cess. Goods and Services Tax and Cess thereon shall be charged as per the prevalent tax laws over and above the said premiums. Annualized Premium is the premium payable in a policy year, excluding the underwriting extra premiums, loadings for modal premium, Goods and Services Tax and Cess, as applicable and Rider Premium, if any.
Kotak Term Plan:UIN:107N005V06, Kotak Accidental Death Benefit Rider UIN: 107B001V04, Kotak Permanent Disability Benefit Rider UIN: 107B002V03, Kotak Critical Illness Plus Benefit Rider UIN: 107B020V02.
This is a non-participating non-linked life insurance individual pure risk product. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on riders please read the Rider Brochure.
Kotak Saral Jeevan BimaUIN No.: 107N120V01. This is a Non-Participating Non-Linked Life Insurance Individual Pure Risk Product. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Health Maximiser- UIN: ZUKHLIP24026V022324 is a Combi Product with both protection & health benefits, where protection benefits are being offered by Kotak Mahindra Life Insurance Company Ltd. under Kotak Term Plan - UIN 107N005V06 and health benefits are being offered by Zurich Kotak General Insurance Company (India) Limited under Health Premier – UIN ZUKHLIP23109V052223. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. This website content only gives the salient features of the plan.
Terms and Conditions for Savings Plans
@Guaranteed benefits due under this plan are available provided premiums are paid regularly for the entire premium payment term and the policy is in force. *Please note that Bonuses are NOT guaranteed and may be as declared by the Company from time to time. Benefits under this plan are dependent upon the performance of the participating Funds. The risk factors of the bonuses projected under the product are not guaranteed. Past performance doesn’t construe any indication of future bonuses. These products are subject to the overall performance of the insurer in terms of investments, management of expenses, mortality and lapses.
Kotak Assured Savings PlanUIN: 107N081V07. Kotak Term Benefit Rider UIN: 107B003V03, Kotak Accidental Death Benefit Rider UIN: 107B001V04, Kotak Permanent Disability Benefit Rider UIN: 107B002V03, Kotak Life Guardian Benefit Rider UIN: 107B012V02, Kotak Accidental Disability Guardian Benefit Rider UIN: 107B011V02, Kotak Critical Illness Plus Benefit Rider UIN:107B020V02. This is a non-participating non-linked life insurance individual savings product. This is a saving cum protection oriented plan. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For details on riders, please refer to the Rider Brochure.
~The above illustration is for an 18-year-old healthy male, non-smoker who is willing to invest Rs. 10,000 per month and will pay for 10 years for this policy; where the policy term is 20 years, the basic sum assured is ₹16,79,344 and guaranteed maturity benefit is ₹26,40,213. The premium is assuming the policy is bought Online. The above premium figures are exclusive of Goods and Services Tax and Cess. Goods and Services Tax and Cess thereon shall be charged as per the prevalent tax laws over and above the said premiums.
Kotak Guaranteed Fortune Builder,UIN: 107N128V06. A Non-Participating Non-Linked Life Insurance Individual Savings Product. Kotak Term Benefit Rider, UIN:107B003V03 Kotak Accidental Death Benefit Rider, UIN:107B001V04, Kotak Permanent Disability Benefit Rider, UIN:107B002V03, Kotak Life Guardian Benefit, UIN: 107B012V02, Kotak Accidental Disability Guardian Benefit, UIN: 107B011V02, Kotak Critical Illness Plus Benefit Rider -107B020V02. A Non-Participating Non-Linked Life Insurance Individual Savings Product. This is a saving and protection oriented plan. This product is available for sale through online mode. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on riders please read the Rider Brochure.
2The above illustration is for Male aged 18 years, Premium: Rs. 10,000 per month, Premium Payment Term: 10 years, Deferment Period: 5 years, Policy Term: 15 years, Income Benefit Period: 15 years & Income Benefit Frequency: monthly. Plan option opted is Long Term Income – Income only option for online channel. The income benefits will be Rs. 17,643 per month for 15 years after 15th year of policy term. The premium figures are exclusive of Goods and Services Tax and Cess, as applicable. Goods and Services Tax and Cess thereon, shall be charged as per the prevalent tax laws over and above the said premiums.
Kotak Guaranteed Savings PlanUIN: 107N100V05. Kotak Term Benefit Rider, UIN: 107B003V03, Kotak Accidental Death Benefit Rider, UIN: 107B001V04, Kotak Permanent Disability Benefit Rider, UIN: 107B002V03, Kotak Life Guardian Benefit, UIN: 107B012V02, Kotak Accidental Disability Guardian Benefit, UIN: 107B011V02. This is a non-participating non-linked life insurance individual savings product. This is a saving and protection oriented plan. For more details on risk factors, please read sales brochure carefully before concluding a sale. For more details on riders please read the Rider Brochure.
Kotak Get Assured Income NowUIN: 107N141V02, Kotak Term Benefit Rider, UIN: 107B003V03, Kotak Accidental Death Benefit Rider, UIN: 107B001V04, Kotak Permanent Disability Benefit Rider, UIN: 107B002V03, Kotak Life Guardian Benefit, UIN: 107B012V02, Kotak Accidental Disability Guardian Benefit, UIN: 107B011V02, Kotak Critical Illness Plus Benefit Rider - 107B020V02.This is a Participating Non-Linked Life Insurance Individual Savings Product. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. For more details on riders please read the Rider Brochure. The risk factors of the bonuses projected under the product are not guaranteed. Past performance doesn't construe any indication of future bonuses. These products are subject to the overall performance of the insurer in terms of investments, management of expenses, mortality and lapses. Benefits under this plan are dependent upon the performance of the participating Funds.
Kotak SmartLife PlanUIN: 107N102V04. Kotak Term Benefit Rider, UIN: 107B003V03, Kotak Accidental Death Benefit Rider, UIN: 107B001V04, Kotak Permanent Disability Benefit Rider, UIN: 107B002V03, Kotak Life Guardian Benefit, UIN: 107B012V02, Kotak Accidental Disability Guardian Benefit, UIN: 107B011V02, Kotak Critical Illness Plus Benefit Rider - 107B020V02. This is A Participating Non-Linked Life Insurance Individual Savings Product. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on riders please read the Rider Brochure. The risk factors of the bonuses projected under the product are not guaranteed. Past performance doesn't construe any indication of future bonuses. These products are subject to the overall performance of the insurer in terms of investments, management of expenses, mortality and lapses. Benefits under this plan are dependent upon the performance of the participating Funds.
Kotak Fortune MaximiserUIN: 107N125V03. Kotak Term Benefit Rider, UIN: 107B003V03, Kotak Accidental Death Benefit Rider, UIN: 107B001V04, Kotak Permanent Disability Benefit Rider, UIN: 107B002V03, Kotak Life Guardian Benefit, UIN: 107B012V02, Kotak Accidental Disability Guardian Benefit, UIN: 107B011V02, Kotak Critical Illness Plus Benefit Rider - 107B020V02. This is Participating Non-Linked Life Insurance Individual Savings Product. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. For more details on riders please read the Rider Brochure. **Data as on May 2024
Kotak Classic Endowment PlanUIN: 107N082V03, Kotak Term Benefit Rider UIN:- 107B003V03, Kotak Accidental Death Benefit Rider UIN:- 107B001V04, Kotak Permanent Disability Benefit Rider UIN:- 107B002V03, Kotak Critical Illness Plus Benefit Rider UIN:-107B020V02, Kotak Life Guardian Benefit Rider UIN:- 107B012V02, Kotak Accidental Disability Guardian Benefit Rider UIN:- 107B011V02. This is a Participating Non-Linked Life Insurance Individual Savings Product.For more details on risk factors, terms & conditions please read the sales brochure carefully before concluding the sale. For more details on riders, please read the Rider Brochure. Benefits under this plan are dependent upon the performance of the participating Funds.
Kotak Sampoorn Bima Micro-Insurance PlanUIN: 107N092V03. This is a non-participating non-linked life insurance individual savings product. This website content only gives the salient features of the plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
Terms and Conditions for ULIP Plans
Risk Factors:
The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender /withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year from inception.
- Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors.
- The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.
- Kotak Mahindra Life Insurance Company Ltd. is only the name of the Insurance Company and Kotak e-Invest, Kotak T.U.L.I.P, Kotak Invest Maxima, Kotak Single Invest Advantage, Kotak Platinum, Kotak Wealth Optima Plan are only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
- The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.
- The past performance of other Funds of the Company is not necessarily indicative of the future performance of the funds
- Please know the associated risks and the applicable charges (along with the possibility of increase in charges), from your Insurance Agent or Corporate Agent / Insurance Broker or policy document of the insurer
- All benefits payable under the Policy are subject to the Tax Laws and other financial enactments, as they exist from time to time.
Kotak e-InvestUIN- 107L121V02. This is an individual Unit-linked Non-Participating Endowment Life Insurance Plan. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
3The illustration is for an 18 year old healthy male with base premium is Rs. 1 lakh p.a. and Sum Assured as Rs. 10 Lakhs, premium payment term / policy term: 20/20 years, with investment strategy as aggressive under age based strategy. The above figures are net of Goods and Services Tax and Cess, as applicable. Goods and Services Tax and Cess are subject to change from time to time as per the prevailing tax laws. #The values are based on assumed investment rate of return of 4% p.a. & 8% p.a. The values shown are not guaranteed and they are not upper and lower limit of what you might get back as the value of your policy is dependent on a number of factors including future investment performance. The actual experience may be different from the illustrated.
Kotak T.U.L.I.PUIN No.: 107L131V02.This is a non-participating unit-linked life insurance individual savings product. This product is available for sale through online mode. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
4The illustration is for an 18 year old healthy male with base premium is Rs. 1 lakh p.a. and Sum Assured as Rs. 50 lakhs, premium payment term / policy term: 30/10 years, Rider premiums are Rs. 2,440 for Accidental Death Benefit of Rs. 20L and Rs. 1,605 for Critical Illness Cover of Rs. 5L with investment strategy as moderate under age based strategy. The above figures are net of Goods and Services Tax and Cess, as applicable. Goods and Services Tax and Cess are subject to change from time to time as per the prevailing tax laws. #The values are based on assumed investment rate of return of 4% p.a. & 8% p.a. The values shown are not guaranteed and they are not upper and lower limit of what you might get back as the value of your policy is dependent on a number of factors including future investment performance. The actual experience may be different from the illustrated.
Kotak Invest MaximaUIN No.: 107L073V05. This is a non-participating unit-linked life insurance individual savings product. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
Kotak Single Invest AdvantageUIN No.: 107L065V05.This is a Non-Participating Unit-Linked Life Insurance Individual Savings Product. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
Kotak PlatinumUIN No.: 107L067V07. This is A Non-Participating Unit-Linked Life Insurance Individual Savings Product. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
Kotak Wealth Optima PlanUIN: 107L118V03. This is a non-participating unit-linked life insurance individual savings product. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
Terms and Conditions for Retirement Plans
Kotak Lifetime Income PlanUIN: 107N103V16. This is a non-participating, non-linked, general annuity product. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
7The above illustration is for an 45-year-old healthy male who is willing to invest Rs. 10 Lakh in Lifetime Income with Cash Back. The premium is assuming the policy is bought Online. The above premium figures are exclusive of Goods and Services Tax and Cess. Goods and Services Tax and Cess thereon shall be charged as per the prevalent tax laws over and above the said premiums.
Kotak Assured PensionUIN: 107N123V09. This is a non-participating, non-linked, general annuity product. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
6The above illustration is for an 45-year-old healthy male who is willing to invest Rs. 5 Lakhs in Deferred Income with Cash-Back and will pay for 10 years with deferment period of 10 years for this policy. The premium is assuming the policy is bought Online. The above premium figures are exclusive of Goods and Services Tax and Cess. Goods and Services Tax and Cess thereon shall be charged as per the prevalent tax laws over and above the said premiums.
Kotak e-Invest Plus; UIN - 107L137V01. This is a non-participating unit-linked life insurance individual savings product. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.
This website content is not a brochure and only gives the salient features of the plan.
Section 41
Extract of Section 41 of the Insurance Act, 1938 as amended from time to time states: No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer. Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakhs rupees.
Section 45-
Fraud, Misstatement and Forfeiture would be dealt with in accordance with provisions of Section 45 of the Insurance Act, 1938 as amended from time to time. Please visit our website for more details:
https://www.kotaklife.com/assets/images/uploads/why_kotak/section-38-39-45-of-insurance-act-1938.pdf
Claim Settlement*disclaimer:
Figures arrived are basis the company's latest annual audited figures for Individual policy Claims for FY 2023-24
Tax Benefit:
You may avail of tax benefits as per the Income Tax Act, 1961 subject to conditions as specified in those sections. Tax benefits are subject to change as per tax laws. You are advised to consult your Tax Advisor for details. Goods and Services Tax and Cess, as applicable shall be levied over and above premium amount shown here as per applicable tax laws.
Kotak Mahindra Life Insurance Company Ltd.
. Reg No. 107 CIN : U66030MH2000PLC128503 Regd. Office: 8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai – 400051 Toll Free: 1800 209 8800Website:www.kotaklife.com| WhatsApp: 9321003007 | ARN No.: KLI/24-25/E-WEB/1678.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Ltd. under license.