Term Insurance

A term insurance policy provides life insurance coverage for a specific period of time in exchange of premium paid. This fixed period is known as the policy's 'term'. If the insured person passes away during the active term, a death benefit is paid to the nominees. The payout helps your family manage important costs. It can cover various costs like household expenses, ongoing education fees, and any medical bills. Choosing a term plan is a way to protect the financial future of your dependents. Read on to explore the term insurance plans offered by Kotak Life.

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Why Kotak Life

98.61%#
Claim Settlement Ratio

339~
Branches as on 31st October, 2025

Why Kotak Life

98.61%#
Claim Settlement Ratio

339~
Branches as on 31st October, 2025

What is Term Insurance?

A term plan helps you lock in your family's financial security. If you pass away during the policy period, the plan provides a significant death benefit. This money empowers your family to manage household costs, eliminate debts, and fund their most important future goals.

The plan is pure protection for a fixed duration, which is why it offers significant coverage for an affordable premium. The payment structure is also flexible. You can pay the premiums in a single lump sum or break them down into monthly or quarterly payments. To give you an idea of the value, a ₹1 crore policy can cost as little as ₹15 per day^{^}.

This combination of affordability and simplicity makes a term plan the foundation of smart financial planning.

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^₹1Crlife cover

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^₹1.5Crlife cover

@₹22/day

^₹2Crlife cover

@₹30/day

^₹5Crlife cover

@₹67/day

^₹75Lakh

life cover @₹16/day

^₹50Lakh

life cover @₹11/day

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Why Should You Buy a Term Insurance Plan in 2025?

A term insurance plan is a non-negotiable part of financial planning. It delivers security and peace of mind when your family’s future is on the line. These are the core reasons why you should buy Kotak e term plan:

To Protect Your Family’s Financial Future

Your income supports your family's daily life and their biggest goals. A term plan is the ultimate protection. It delivers a great payout designed to cover every essential cost like household bills and school fees, ensuring their life continues without any financial shock or disruption to their plans.

To Secure Your Assets from Financial Liabilities

Your debts should not become your family's legacy. Liabilities like a home loan, car loan, or education expenses can become an impossible burden for your family to manage. A term life insurance plan delivers a lump sum payment that is more than capable of clearing these debts, which ensures the assets you acquired are not sold off.

To Reduce Lifestyle and Health Risks

Modern life comes with health risks that can create immediate and severe financial pressure. The financial support from a term plan is a direct countermeasure. Following a critical illness diagnosis, it provides a crucial lump sum of capital. This funding handles the crisis directly, protecting your family's long-term goals and keeping their savings intact.

To Be Financially Prepared for Life’s Uncertainties

The world is not predictable. The COVID-19 pandemic proved that financial preparedness is not optional. A contingency plan like COVID-19 term insurance becomes absolutely essential in these moments. It provides the immediate cash infusion your family needs to navigate any major crisis so that they can manage without financial stress or selling any assets.

Uncertainty Arising Due to Lifestyle Diseases

Lifestyle diseases bring with them the risk of sudden, unplanned medical bills that can destabilize a family's finances. A strong term plan is the financial reinforcement you need. It provides the critical funds to manage these medical costs, ensuring your family maintains complete financial stability through any health challenge.

Customizable Coverage with Riders

A standard term plan is just the start. Real protection is customized protection. You build a superior safety net by adding specific riders to your plan. Including coverage for critical illness, accidental death, or a waiver of premium creates enhanced, multi-layered protection from a single, efficient policy.

To Avail Tax Benefits^@

A term plan is a smart financial move. You get significant term insurance tax benefits. Your premium payments directly qualify for valuable deductions under Section 80C of the Income Tax Act, 1961. Furthermore, the death benefit payout your family receives is almost always tax-free under Section 10(10D).

How Does a Term Insurance Work?

The process to buy term insurance is straightforward. A death benefit is paid to your nominees if you pass away during the policy term. This payment is what keeps your family financially stable. An income replacement term plan works by providing steady financial support for their ongoing expenses, even when you are no longer there. Let us see how term insurance works:

1. Policy Agreement

Your journey starts with a formal agreement between you and the insurance provider. This contract is the foundation of your protection. In exchange for your commitment to pay regular premiums, you receive financial coverage for a fixed term. Your term life policy will name you as the ‘life assured’ and state the insurer’s promise to pay a defined sum to your nominee should you pass away during the policy period.

2. Submitting the Proposal Form

The proposal form is a vital document where you list essential personal and financial information. You will be asked for your age, income, lifestyle habits, occupation, and medical history. The insurer uses this to make their decision. Being accurate and honest here is extremely important. It makes the underwriting process smooth and lowers the risk of any future claim rejection.

3. Assessing Your Coverage Needs

The right plan starts by adding up your family's real-world costs. Look at everything from loan payments and school fees to daily living expenses. This review is how you settle on the right coverage amount, policy length, and premium schedule. It is also the time to consider optional riders for extra protection. For instance, if you have significant long-term obligations, a ₹1.5 crore term plan could provide the security your family needs.

4. Premium Payment and Policy Activation

Once the insurer approves your application, they calculate your premium. Your coverage is not active until you make the first payment. That first payment is the trigger. You can choose a payment schedule that fits your budget with monthly, quarterly, or yearly options. This control makes managing the premiums straightforward and eliminates financial strain.

5. Nominee Assignment

Your nominee is the person who receives the entire payout, no questions asked. This makes the choice of a trustworthy beneficiary incredibly important. You must keep their official details updated after major life events. A marriage or divorce requires an immediate update. This guarantees a fast and smooth money transfer when your family needs it most.

Common Consumer Queries

How do I decide the amount of Life Cover (sum assured)?

Your life cover needs to be at least 10 to 15 times your current annual income. You must then add the full amount of any large loans, like a home loan, plus the estimated future costs of your children's education. The final number should be enough to completely clear all debts and fully provide for your family's expenses.

How do you wish to pay? (pay for limited years, pay till policy term)

You have control over how you pay your premiums. With "Regular Pay", you make payments for the entire policy duration. "Limited Pay" allows you to complete all premium payments in a shorter timeframe, such as 5, 10, or 15 years. Your coverage continues for the full term either way, but Limited Pay can create significant savings.

What are the different riders (add-ons) available? Why should you choose them?

Riders give you extra, targeted protection. The Accidental Death Benefit rider provides a substantial additional payout. The Critical Illness rider gives you a lump sum payment immediately upon diagnosis of a serious illness. The Waiver of Premium rider is essential. It ensures your policy continues without any further payment from you if you become disabled.

What are the key features of a term plan?

Term plans have a few core, powerful features. They provide a massive life cover for a surprisingly low premium. You select the exact age you want coverage to last until (often up to age 70 or more). You can make premium payments monthly or yearly, and the final death benefit your family receives is completely tax-free.

What is Term Life Insurance?

Term life insurance is pure financial protection for your family. Its only job is to replace your income if you are no longer there to provide for them. You pay a small, regular premium. In exchange, the insurance company pays a large sum of money to your family if you pass away during the policy term.

What should be the duration of your Term Insurance Plan (Policy Duration)?

Your term insurance must cover you until your major financial responsibilities are over. The baseline for coverage should be at least age 65, which is when retirement typically starts. Extending your coverage to age 75 or even longer is the correct strategy for leaving a guaranteed legacy.

Kotak e-Term vs. Traditional Insurance

Parameters	Kotak e-Term	Traditional Plans
Plan Options	3 Plan Options	Majorly 1 or 2 plan options
Affordability	Premiums start at just ₹15/day*	Differs from ₹20-25/day
Cost Savings	Up to 62%⁺⁺ with 5-Year Limited Pay Option on total premium	Variable as per term
Discounts	Online discounts of up to 7.5%	Online discounts from 5-8%
Option to Exit the Plan	Yes	Allowed

++The savings percentage is arrived by assuming the given scenario: 18-year-old healthy, salaried, non-smoker male opts for Life Option, Level Recurring Payout Option and Sum Assured on Death of ₹1 Crore. The annualized premium for a 67-year policy term with regular premium payment mode is ₹7,700, i.e., total premium paid is 7,700 X 67 = 5,15,900. The annualized premium for 5 years limited premium paying terms for the same scenario is ₹38,600, i.e. total premium paid is 38,600 X 5 = 1,93,000. Hence, the percentage savings is 62.59% [(i.e. 5,15,900 – 1,93,000) / 5,15,900].

Choose your Plan

Why Does Term Insurance Premium Increase with Age?

Age is the single biggest factor that determines your term insurance premium. As you get older, the price for a new policy will increase. Buying the policy when you are young and healthy locks in the lowest possible rate for the entire term. For example, if you buy term insurance for father later in life, the cost is higher. Securing low rates early is the foundation of smart financial protection.

How Health Risks Impact Term Insurance Premiums

Your premium will account for any pre-existing health conditions like hypertension or diabetes. Even with these conditions, you can still find the right coverage. Specialized plans like term insurance for heart patients are designed for these situations. Buying your policy early is the best way to lock in favorable pricing.

The Role of Mortality Risk in Premium Calculation

Insurers use mortality risk statistics to help set life insurance premiums. Your age is a direct factor in this calculation. This is a standard, data-driven method used across the industry to determine the premium you will pay for your coverage. The higher the age, the higher the associated risk, and the higher the premium.

How Waiting Can Cost You More: A Case for Early Investment

Delaying your term insurance purchase will lead to higher premiums over time. Every year you wait, the rate for a new policy increases. By investing in a policy early, you get the benefit of lower rates and can secure extended protection for your family when it is most needed.

How Much Term Cover do I Need?

Figuring out the right amount of term coverage is a critical step. The goal is to choose a sum large enough to completely protect your family from financial hardship. Choosing the right sum to protect your family is not guesswork. There are established formulas to pinpoint the exact amount.

Simple Guideline

A straightforward method is to buy enough coverage to eliminate every single debt. This includes your mortgage, car loans, and any outstanding credit card balances. On top of that, add a significant buffer to cover your family’s living expenses for several years. This is a solid foundation for your term plan.

Human Life Value

This is a more precise calculation of your economic value to your family. The calculation inputs your age, income, and any current insurance to produce a hard number. An online HLV calculator will generate the personalized figure you need for the right term coverage.

D.I.M.E

The D.I.M.E. formula is a comprehensive way to calculate your exact needs. It stands for Debt, Income, Mortgage, and Education. Total up all debts, the full mortgage balance, and the future cost of education for your children. Then, add the annual income you need to replace, multiplied by the number of years your family needs support. This formula will help you get a good enough idea about how much term cover you need.

Income Replacement

This approach calculates the exact financial support your family would need. Start with your in-hand annual income. From that, you must subtract all your personal expenses, including costs for commuting, work lunches, and personal purchases. The number you are left with is the actual income your family lives on. Multiply this amount by the number of years remaining until your retirement to find your target sum assured.

10-15X Annual Income

The 10-15X rule is a foundational benchmark for calculating your term insurance needs. Take your annual income and multiply it by 15. This gives you a clear target for your sum assured. It is a proven, non-negotiable starting point for complete financial security.

Online Insurance Plans from Kotak Life Insurance

Kotak Gen2Gen Protect

100% Return of Premium on survival
Life ROP and Legacy ROP plan options
Cover 2 generations under 1 plan
An additional 5% life cover for female lives
Enhanced Protection with Riders
Tax Benefits^@ u/s 80C and 10(10D)

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Kotak e-Term

Life Cover till 85 years for Life & Life Secure Option
3 Payout Options
Special Rates for Women
Option to exit the policy with a premium refund at the age of 60^*
Special Rates for Non-Tobacco Users
Free Medical Check Up every 5th year^**

Get Quote

Kotak Signature Term Plan

High Insurance Cover at economical price
Special Discount for Female Life
##Instant Payout on claim intimation of ₹2 Lakh
Longer Life Coverage up to Age 85 Years
Inbuilt Health & Wellbeing Benefits
Additional Discount for Salaried Customers

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Offline Insurance Plans from Kotak Life Insurance

Kotak Term Plan
Kotak Saral Jeevan Bima
Kotak Health Maximiser

Kotak Term Plan

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

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Kotak Saral Jeevan Bima

Long Term Coverage
Special Rates for Women

Tax Benefits^@
Multiple Premium Payment modes

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Kotak Health Maximiser

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

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How to Calculate My Term Insurance Premium?

Calculating your term insurance premium is a crucial first step in finding a plan that fits your budget while providing adequate financial protection for your family.

While the precise calculations are performed by the insurer's underwriting team, you can get an instant and accurate estimate using an online term insurance calculator. It is important to calculate term insurance premiums before buying term insurance.

Here are the primary factors that influence your term insurance premium:

Your Age:

This is one of the most critical factors. The younger and healthier you are when you purchase the policy, the lower your premium will be.

Sum Assured:

This is the total amount that will be paid to your nominee in your absence. A higher sum assured means a higher level of protection, which naturally corresponds to a higher premium.

Policy Term:

This refers to the duration for which you want the life cover to be active (e.g., 20, 30, or 40 years). A longer policy term generally means a slightly higher premium.

Health and Lifestyle Habits:

Your personal habits significantly impact the premium.

Optional Riders:

If you choose to enhance your base policy with optional add-ons (riders) like critical illness cover, accidental death benefit, or waiver of premium, the cost of each rider will be added to your base premium.

Offline Insurance Plans from Kotak Life Insurance

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

Know More

Long Term Coverage
Special Rates for Women

Tax Benefits
Multiple Premium Payment modes

Know More

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

Know More

Benefits of Buying Term Insurance Plans

Kotak Life offers a range of term insurance benefits built to secure your finances and protect your family. The coverage is powerful, and the features are adaptable. These plans are your shield against financial uncertainty.

Affordable Premiums for Greater Value

Term insurance delivers massive coverage for a low premium. The younger you are when you buy, the lower your premium will be. That low rate is locked in for the entire policy, giving you decades of affordable protection.

Life Cover with Guaranteed Payouts

The payout from a term plan is a guarantee. When the policyholder passes away, the nominee receives the full sum assured. This payment gives your family immediate financial certainty to manage all essential expenses without stress.

Flexible Sum Assured Payout Options

The death benefit can be paid as a single lump sum, a regular monthly income, or a combination of both. This gives your family the right kind of financial support when they need it the most.

Return of Premium Benefit

Some term plans offer a return of premium features. This option refunds every premium you paid if you outlive the policy term. You get the full security of a life insurance policy, but with a savings component that ensures your investment is not lost.

Flexibility

You have complete flexibility over the policy term and the coverage amount. You can choose a small ₹5 lakh term insurance or ₹10 lakh term insurance for basic needs. For total protection against all of life's major expenses, you can secure a ₹1.5 crore term insurance or a ₹3 crore term insurance policy.

Future Planning

A term plan is a tool for your financial future. It creates an income stream for your family, pays off estate taxes, and clears large debts. A powerful term life insurance plan, like a ₹2 crore term insurance policy, is the bedrock of your family's future security. For lifelong coverage, whole life insurance is the better choice.

Comprehensive Critical Illness Coverage

Adding critical illness riders enhances your protection. These add-ons deliver a large, lump sum payment upon diagnosis of a major illness like cancer or a heart attack. That money pays for hospital bills and keeps your family's savings safe.

Disability Support and Benefits

An accident can cause a lifelong disability and destroy your income. Disability insurance riders are your financial safety net. If you are unable to work, the rider pays out, covering your daily needs and medical care. It protects your family from financial collapse.

Financial Security in Case of Unfortunate Events

The core function of term insurance is to provide a massive lump sum payment if the insured person passes away. This money is a financial shield that empowers your family to maintain their living standard, eliminate all debts, and secure their future.

How to Avoid Claim Rejection in Term Insurance?

A term insurance policy is meant to protect your family, and a smooth claim process is a vital part of that promise. You can prevent the most common mistakes by following a few important guidelines when you purchase and maintain your policy.

1. Disclose All Information Honestly

When you fill out the application, you must be completely honest about your health, lifestyle, and income. An incorrect statement or a detail that is left out can, unfortunately, be a reason for the claim to be denied later.

2. Pay Premiums on Time

For your coverage to continue, you need to pay your premiums on time. A policy will lapse after a missed payment, which ends your family’s protection. Setting up automatic payments from your bank is the most reliable way to avoid this.

3. Provide Correct and Updated Nominee Details

Your nominee's information must be correct. Their name, relationship, and contact details have to be accurate and current. After major life events such as a marriage or divorce, this information must be updated immediately. The person also needs to be informed that they are your nominee.

4. Understand Your Policy Terms Clearly

Before buying any of the top term insurance plans, it is a good idea to read through the policy brochure. When you understand what the plan covers and what it excludes, you can avoid potential surprises for your family in the future.

5. Communicate Promptly with the Insurer

Your insurer should always have your current contact information. If you move to a new address, change your phone number, or have a major health update, you should inform them promptly to prevent future claim delays.

6. Fill Out the Application Form Carefully

Your application form needs to be filled out with accuracy and care. Before you submit it, it is a good practice to double-check that every field is complete. It is always best to use official documents for information rather than relying on memory.

7. Seek Clarifications When in Doubt

If you are unsure about any part of your term plan, please feel free to ask questions. An insurance advisor is there to help you understand any specific terms or features you find confusing.

How Does a Term Plan Secure My Family’s Future?

A term insurance plan is a versatile financial tool for providing comprehensive support to your family. This flexibility helps address a wide range of financial obligations, keeping your long-term plans for your family’s security on track.

Education Expenses

A term plan can function as a dedicated fund to secure your children’s educational future. The payout helps cover rising tuition costs for school and university. Their academic goals can be achieved without the family having to take on significant debt.

Funeral and Final Expenses

The immediate costs associated with a funeral and other final arrangements can be substantial. The death benefit provides the necessary liquidity. Your family can manage these expenses with dignity and without the stress of using their savings.

Business Continuity

For business owners, a term plan is a key component of a sound succession strategy. The payout injects vital capital into the business to cover operational costs and settle outstanding debts. This ensures a stable and orderly transition, protecting the enterprise you built.

Estate Planning

The death benefit plays a significant role in effective estate planning. It provides the funds to settle all estate-related taxes and legal fees. Your assets are then transferred to your heirs intact, without your family being forced to sell property to cover these costs.

Debt Repayment

Most families carry long-term liabilities, such as a home loan or car loan. The term plan’s payout is designed to eliminate these outstanding debts, immediately relieving your family of that financial burden and securing their ownership of those assets.

Income Replacement

A primary function of a term insurance plan is to replace the future income you would have earned. The payout becomes a steady source of funds. It helps your family maintain their standard of living, cover daily expenses, and continue pursuing their long-term financial goals.

Death Benefits

The tax-free death benefit is the central pillar of a term plan. It is the lump-sum payment that empowers your family to address all of these financial challenges. This capital is the resource that funds their education, clears debts, and provides for their daily needs, ensuring their complete financial security.

Features of Term Insurance Plan

A term insurance policy comes with important features that provide affordable and reliable financial protection for you and your loved ones.

Multiple Payment Modes

While the low premiums make these plans lucrative, different payment methods add to the benefits and suit a wider range of policy buyers. You may pay the premiums yearly, half-yearly, quarterly, or monthly, depending upon your convenience, and even as a single premium term insurance.

Policy Terms and Premiums

Since term insurance policy premiums usually do not have any investment components, the premium you pay for buying a term policy is normally less, unlike other life insurance products. Again, when one purchases a term plan while young, it usually results in cheaper premiums.

Protection from Liability

Term insurance offers massive coverage against liabilities such as home loans, personal loans, and other debts. In the case of the untimely demise of the policyholder, this death benefit shall be used to help pay pending debts and, hence, save the surviving family members from the financial burden.

Save Tax U/S 80C & 80D Income Tax Act, 1961^@

Other than Section 80C, the premium paid for any rider that covers health-related expenses, such as critical illness riders, is allowed as a deduction under Section 80D. This provides additional tax savings and makes a term insurance investment tax-efficient.

High Maturity Age

Most of the term insurance plans extend coverage up to a considerably high maturity age of 75 or even 100 years. This ensures long-term financial protection, peace of mind, and financial security for your loved ones, irrespective of when the event of death may occur.

Critical Illness Cover

These plans provide a term policy that offers a lump sum payout on the occurrence of any of the critical illnesses specified in the policy document. Such a payout can be availed to compensate for loss of income, medical expenses, and other financial expenses throughout the recovery period.

Return of Premium on Maturity

A term plan with return of premium feature pays back all the premiums if the policyholder survives the policy term. This provides a financial cushion and a certain savings element that was lacking in pure protection given by term insurance. This is an example of zero cost term insurance, where the policyholder benefits from risk coverage and savings.

Accidental Death and Disability Cover

Accidental death and disability cover riders provide extra benefits in the event of death or disability due to an accident. The income benefit on accidental disability rider provides an additional payout, while an accidental disability rider allows one to seek financial support in cases of permanent or temporary disability through the coverage of treatment expenses and loss of income.

Types of Term Insurance Plans

Term insurance plans vary in terms of suitability to different needs and life events, and range from an initial basic cover to an expanded cover customized with riders. Below are the various types of term insurance policies that you can take into consideration:

Level Premium Term Insurance Plan

With a level premium term plan, both the death benefit (sum assured) and the premium you pay are locked in and remain constant for the entire policy duration. This means the premium you are quoted at the start of the level term insurance will not increase as you get older or if your health changes.

Year Renewable Term Insurance

This type of term plan provides coverage for a one-year period at a time. At the end of the year, you have the option to renew the policy for another year, usually without needing a new medical exam.

Increasing Term Insurance Plan

An increasing term plan is a type of dynamic policy, where the sum assured amount grows progressively over the years. The death benefit can have an upper cap on the sum assured's growing amount. This policy, just like the basic term policy, does not give any maturity benefits but does have life coverage.

Decreasing Term Insurance Plan

In decreasing term policies, the death benefit amount goes on declining gradually as the policy term is about to end. Such policies usually have affordable premiums because their core purpose is to cover some specific debt or loans.

Term Policy with Return of Premium (TROP)

In a TROP plan, you can get back all the premiums paid throughout the policy term after the plan expires. All the premiums are returned to you under this arrangement. TROP plans also provide a maturity benefit, apart from life coverage being provided if you survive the policy term.

Term Insurance with Critical Illness Cover

Term insurance can be coupled with critical illness cover, where the policyholder or the beneficiary can receive a lump sum upon a diagnosis of a critical illness like cancer, heart attack, or stroke. This may assist in the expensive medical treatment of acute diseases.

Term Insurance with Accidental Death Cover

This kind of term insurance comes with an accidental death rider, which means that the policyholder gets an extra payment if they die in an accident. The accidental death benefit is usually in addition to the basic sum assured, which means that it gives the policyholder's family extra financial protection in case of an accidental death.

Convertible Term Insurance Plan

A convertible term plan gives you the flexibility to switch to a permanent life insurance plan (like whole life or endowment) during the policy term. This conversion typically requires no additional medical exams, making it ideal if your financial responsibilities or protection needs evolve over time.

Joint Life Term Insurance

Two people, usually spouses or partners, are covered by a single joint life plan. The death benefit is usually paid out when the first policyholder dies, but some plans keep covering the survivor. It offers an affordable way to make sure that shared financial responsibilities are safe in case of an unexpected loss.

Term Insurance with Riders

Term plans with riders provide added protection beyond basic coverage. Riders such as accidental death, critical illness, or premium waiver help address specific life risks. These customizations allow you to strengthen your policy’s effectiveness without purchasing multiple insurance products, all at an affordable additional premium.

Kotak Life Claim Settlement Ratio

Assuming you invest in a term insurance policy, it is worthwhile to choose the services of an insurer with a good track record of making claim settlements. Claim Settlement Ratio^# (CSR) is one of the key indicators that demonstrate how an insurer has made efforts to keep its commitment to its policyholders and their families. Kotak Life Insurance has also managed to have an impressive claim settlement track record, offering reassurance that your loved ones’ claims will be processed smoothly during difficult times.

According to the IRDAI Annual report 2024, Kotak Life Insurance Company has an individual Death Claim Settlement Ratio of 98.61 % and a group claim settlement ratio^# of 99.63%. The following is a glimpse into the claim settlement efficiency of Kotak Life Insurance in the previous couple of years.

Year	Claim Settlement Ratio
2024-2025	98.61%
2023-2024	98.29%
2022-2023	98.25%
2021-2022	98.82%
2020-2021	98.50%
2019-2020	96.20%

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Things That Influence Term Insurance Premium at Kotak Life

There are an array of factors that can influence the premium of term insurance plans, thereby, it is important to understand the term insurance terminology:

Age

The younger one purchases the term policy, the less they have to pay in premiums. The younger individuals are considered healthier and have, in addition, a longer life expectancy; hence, they are less risky to insure.

Lifestyle Choices

Your premiums can be increased due to certain habits, such as smoking or drinking in excess. These lifestyle habits increase the risk to health and thus the insurance companies raise the premiums to deal with the expenses of possible claims.

Sum Assured

Sum assured is the coverage you are provided at the time of your untimely death. To the extent that you opt to increase the coverage amount, the premium you will pay is escalated.

Occupation

Occupation is another factor that can influence your premium. A high-risk job like working in construction, mining, or aviation can attract higher premiums as compared to a desk job.

Gender

As per the statistics, the life expectancy of women is longer as compared to that of men. Consequently, women tend to pay less premium compared to men for the same coverage.

Health Status

Your premium can be higher, in case of any pre-existing health conditions or a history of serious conditions.

Policy Term

Policy term refers to the period of coverage you choose. The higher the policy term, the more the premium will be.

Rider Benefits

Rider benefits are extra features that are added to a policy, like benefits for critical illness or accidental death. These make your premium go up.

Hobbies

Premiums can also be increased if you engage in adventurous activities such as skydiving, scuba diving, or mountaineering. These activities are deemed to be hazardous, and insurers take into account the extra risk.

Term life insurance is a foundational financial product ideal for nearly everyone with financial responsibilities. It provides a crucial safety net for those who depend on you. Here is a detailed look at who stands to benefit the most from a term insurance plan.

Individuals with Financial Dependents

If your income supports the well-being of others, a term plan is essential. This includes:

Parents with Young Children:

The death benefit ensures that your children’s education, daily needs, and future goals are secured. In an environment of rising education costs, a term plan guarantees that their aspirations are not compromised in your absence.
Newly Married Couples:

A term plan protects your spouse from immediate financial hardship, helps cover shared liabilities like a home loan, and provides the capital needed to maintain their lifestyle and pursue long-term financial goals.
Those Supporting Parents or Siblings:

If your elderly parents or younger siblings depend on your income, a term plan provides a vital financial cushion for them, ensuring their care and expenses are covered.

The Family's Primary Earner

If you are the main or sole income provider, the term life insurance payout serves as a direct income replacement for your family. This fund helps them manage daily expenses, pay bills, and maintain their standard of living without immediate financial distress.

Individuals with Significant Outstanding Debt

Home Loan Borrowers:

A home loan is often the largest liability a person takes on. A term plan ensures your family can continue to pay the EMIs and not risk losing their home in your absence.
Those with Other Loans:

Car loans, personal loans, or significant credit card debt can become a burden on your family. A term policy provides the funds to settle these liabilities and prevent financial stress.

Young Working Professionals

Purchasing a term plan in your 20s or early 30s is a highly strategic financial move. Because term insurance premiums are lowest when you are young and healthy, you can lock in an extremely affordable rate for a high sum assured, saving a significant amount of money over the policy's duration.

Working Women and Housewives

Working Women:

As a financial contributor to the household, your income is vital. A term plan ensures your dependents (children, spouse, or parents) do not face financial hardship if your contribution ceases.
Housewives:

While a homemaker’s contribution is not monetary, it has immense economic value. A term plan for a housewife provides the funds to cover the costs of services she provides, such as childcare and household management.

Taxpayers

Term life insurance offers a three-fold tax advantage:

Section 80C:

Premiums paid are deductible from your taxable income.
Section 10(10D):

The death benefit payout received by your nominee is completely tax-free.
Section 80D:

Premiums for health-related riders (like a Critical Illness Rider) can also be claimed as a deduction.

Self-Employed and Entrepreneurs

Term insurance is particularly critical for the self-employed due to:

Lack of Employer Benefits:

They do not have a safety net like group life insurance or an Employee Provident Fund.
Irregular Income:

Fluctuating income makes a dependable financial backup essential for the family.
High Business Debt:

Entrepreneurs often have significant business loans. A term plan protects the family from being liable for these debts.

Non-Resident Indians (NRIs)

NRIs should consider a term plan from India for several compelling reasons:

Affordable Premiums:

Plans in India are often more cost-effective than in developed countries.
Worldwide Coverage:

Most policies offer global coverage, meaning the death benefit is payable regardless of where the NRI resides.
Peace of Mind:

It provides reassurance that dependents back in India are financially secure.

Senior Citizens and Retirees

While it's best to buy term insurance early, it can still be valuable for senior citizens who need to:

Support a Dependent Spouse:

Provide continued financial security for their spouse.
Cover Outstanding Loans:

Settle any remaining large debts.
Leave a Financial Legacy:

Pass on a tax-free inheritance to their children or heirs.

Who Should Buy a Term Insurance Policy?

Let us take a look at who should buy a term insurance plan: anyone with financial dependents, such as parents, single individuals with senior parents, professionals with debts, or those nearing retirement.

Parents

As parents, your children may be financially dependent on you. A term insurance for parents can help secure their future and ensure that expenses related to their education or marriage are taken care of in your absence.

Professionals

A term plan that covers comprehensive insurance, such as ₹50 lakh term insurance, ₹30 lakh term insurance, or ₹20 lakh term insurance, can settle loans borrowed to fund a professional degree. Your parents, accordingly, need not take the burden of your debt.

Retirees

If you are approaching retirement, term insurance plans can provide peace of mind. It ensures that your family members will be financially protected in your absence and can pay off any remaining debts.

Taxpayers

If you seek tax savings, you can opt for a term insurance plan. The term insurance policy premiums are deductible under Section 80C of the Income Tax Act, 1961, and the payout is tax-free under Section 10 (10D).

Working Women

Today, women support families not only emotionally but also financially. Term insurance for women allows them to secure the future of their family, so their family members and the dreams of their little ones are protected.

Housewives

Housewives may not earn a paycheck, but their contribution to the family highlights the importance of term insurance for housewives. A separate term plan for the wife and husband offers greater protection and tax benefits on both policies.

Young Individuals

At a young age, most policyholders have fewer health issues and lower risk profiles. Hence, they can benefit from affordable premiums to secure long-term financial protection for their future families and dependents.

Self-employed

Self-employed people cannot avail of the life insurance benefits offered by their employers. In such cases, term insurance for self employed individuals is a must to keep their families financially sound in case of untimely death.

Non-Resident Indian (NRI)

Term insurance for NRI is essential for NRIs with families or other financial interests in India to ensure protection for loved ones back home. It can take care of family needs anywhere in the world

Senior Citizens

Term insurance for senior citizens can help elderly individuals who still have dependents or who want to leave behind a financial legacy. Despite higher premiums, term insurance policies can offer financial support for the surviving family members.

7 Key Life Situations to Purchase Term Life Insurance

Certain life events make it ideal to buy a term life insurance policy. You should consider getting insured under the following circumstances:

Health Conditions

You should enroll when you are comparatively healthy, as you may be able to obtain low charges. It is prudent that you take term insurance at an early age in case you are vulnerable to any diseases or in case your family has a history of diseases.

Starting a Family

Once you are married to someone or preparing to have children, you need to consider the financial stability of the ones you love. A term policy protects your partner and future children in the event of your death.

Taking on Debt

In case you have availed a home loan, car loan, or any major financial obligation, you should consider a term life policy. It brings the assurance that your family does not have to worry about paying debts without you around.

Growing Your Family

Having a child in your life is the most wonderful experience, as well as a heavy financial investment. A group term life insurance provides your family with extra security to cover costs such as education, medical costs, and expenses of day-to-day living.

Changing Jobs or Careers

Do you change jobs only to lose employer-sponsored life insurance cover? Such issues can be avoided by an individual term life policy, as it has consistent coverage and does not matter where you work.

Estate Planning

If you are considering leaving an inheritance or ensuring that your assets are passed on smoothly to your loved ones, term insurance is a smart choice. It can provide the funds needed for estate taxes or other expenses.

Reviewing Existing Coverage

In case it has been some years now since you got life insurance, it would be good to review your coverage. You might require more extensive protection due to changes in your family, your responsibilities, or an increase in your income.

Testimonials

I recently bought a Kotak Life Term Insurance plan online and received a special discount. The premium lowers from second year onwards, making their 1Cr E-Term plan very affordable. The whole process was fast and seamless, which made buying the plan really easy.

- Sameer Mere; 06/4/2025

I always thought term insurance wasn’t useful, but Kotak Life helped me realize that it’s about protecting the people I care about. One thing I specifically liked about the plan is the special exit option because if nothing happens by the time I’m 60, I’ll get back all the premiums I paid for. That made me feel secure.

- Pankaj Kumar; 04/06/2025

I bought a Kotak Life term insurance plan and received a special discount for women, along with access to the wellness app, Happy You. The app offers free doctor consultations and health tasks that earn redeemable points. This unique benefit is truly valuable, as I couldn’t find anything like it offered by any other company.

- Unmani Joshi; 06/4/2025

My experience with Kotak e-Term Plan from filling the proposal form to policy issuance has been smoother. Uploading documents is generally challenging, but it was quite easier with Kotak Life. Their portal is responsive and intuitive. Keep up the good work.

- Mukund Solanke

Buying a term plan was long due for me. I found Kotak Life, logged in on their website and I got a call from their agent. I checked my eligibility through their portal, got a quote for the premium and I was in. My family's financial security was now in my hands. Now my life is stress-free.

- Rahul Gupta

Buying a term plan online sounded like a challenge as I am not used to buying critical insurance plans online. I came across Kotak Life when someone at work recommended to buy their Kotak e-Term plan. The plan is very simple, offered me plan options and I knew exactly that this was the right plan for me.

- Pranjal Gusain

I have a good financial portfolio but there was one thing missing, a term plan. I wanted to buy term plan was to ensure my spouse's financial future and keep her ready for any financial liabilities in my absence. After considering different plans, I finalized Kotak e-Term plan since it aligned perfectly with what I was looking for.

- Shehzan Merchant

Be it my family's financial future or my little one's happiness, Kotak e-Term plan helped me secure all of it in one insurance plan. They have affordable premiums, good life cover and some rider options that helped me manage many things at once. I strongly recommend you to buy a Kotak e-Term plan asap.

- Apurva Amod Gadikar

I was looking for a term plan when I came across the Kotak e-Term plan and used their portal to calculate premium. They have a simple portal where you enter the information and get a quote. Beyond that, I just enjoyed the fact that their journey is easy to follow and their call centre team assists if you are stuck somewhere.

- Anil Kumar G

Kotak e-Term plan was one of the recommended term plan while I was researching about the same. The service by the call centre agents was good. Also, their online portal is perfect. The Kotak e-Term plan helped me to become stress-free about any financial liability that might fall on my family, after me.

- Apurva Amod Gadikar

Kotak e-Term plan was a term plan I came across in an ad while surfing social media. I could not find a better term plan. It is affordable and they have good service centre agents who help you with everything kindly and patiently. Buy a term plan if you want to live a stress-free life, save taxes and ensure your family's finance is in good hands.

- Rajaganesh Rj

A term plan is one of the insurance policies everyone should have, as per me. I bought Kotak e-Term plan and paying premiums for a year or more. The best part is it offered me flexible premium payment options that aligned with my financial commitments. Plus, they have different plan options that makes it easier for choosing the right cover as per your needs.

- Jayant Mohanrao Gaikwad

Why Buy a Term Plan Online from Kotak Life?

Booking a term plan online provides a comfortable and convenient way to get the top term insurance plans available, along with easier processing and accessibility. Here is why it is a smart choice:

Online Discount Up to 7.5%

Term insurance can also be purchased online, and this may result in further savings. Kotak Life provides a unique online discount of up to 7.5%. Such a discount will lower the amount of money you pay as a premium and is a cheaper alternative to achieving comprehensive coverage, as well as leverage the benefits of convenience and efficiency of digital platforms.

Convenience

When you buy a term plan online, you get a chance to browse, compare, and purchase policies from the comfort of your home. People do not have to meet in person, making the process faster and easier for those with busy schedules.

Transparency

Online platforms show all the details of a policy clearly, so you can compare features, premiums, and benefits from different insurers without any hidden information or pressure from agents. This transparency helps you make smart and confident choices.

Cost-effective

Term plans sold online, in many cases, come at a lower price, as additional intermediaries and associated commission and administration costs are avoided. Such savings are transferred to you in the form of a lowered premium on the same coverage.

Easy Comparison

Online comparison tools allow you to request quotes on insurance coverage details from a number of companies and compare the different plans they offer. This will help you choose one of the top term insurance plans that will have wide coverage at a fair price.

Faster Policy Issuance

When you buy a plan online, it generally takes a shorter time and has an immediate effect in the issuance of the policy, as digital documentation is mailed directly to you. This facilitates the handling, retrieving, and safekeeping of your insurance records.

24/7 Availability of information

Unlike the case with physical branches, online insurance websites can be reached at all times. You are able to read policies, pay, and even contact customer service 24/7 via chat assistance or the Q&A section.

Add ons

While buying a plan online, you may have direct access to a variety of riders, such as critical illness or accidental death, etc., that you can simply add after a few clicks. Such flexibility allows your policy to be customized as per your needs.

Comprehensive Features

Purchasing a term plan online with Kotak Life guarantees you access to an array of comprehensive features that resonate with your unique needs. There is also a wide variety of riders available with a lot of flexibility in payment of the premium, and they have policy terms that align with your financial goals.

A few minutes for a lifetime of family’s security.

Just a step away

What Are the Best Term Insurance Plans in India 2025?

Choosing the best term insurance plan depends entirely on your individual needs, financial goals, and life stage. Here is a comprehensive table to help you understand the different types of term plans and who they are best suited for:

Plan Type	Key Feature
Standard Term Insurance (Pure)	This is the most basic and affordable form. It pays a lump-sum death benefit to the nominee if the insured dies during the policy term. There is no survival benefit.
Term Insurance with Critical Illness Rider	This plan offers a dual benefit. In addition to the death cover, it provides a lump-sum payout if the policyholder is diagnosed with a pre-specified major illness (like cancer, heart attack, or stroke).
Term Insurance with Return of Premium (TROP)	This plan provides a death benefit if the insured passes away. However, if the insured survives the entire policy term, the insurer refunds all the term insurance premiums paid.
Term Insurance with Waiver of Premium Rider	An invaluable add-on where, if the policyholder is diagnosed with a critical illness or suffers a permanent disability, all future premiums are waived by the insurer, but the life cover continues uninterrupted.
Term Insurance with Monthly Income Payout	This plan disburses the death benefit in a structured manner: a part of it as an immediate lump sum and the rest as a fixed monthly income for a specified number of years.
Group Term Life Insurance Plan	A master policy that provides life cover to a group of individuals, typically offered by an employer to its employees as a part of their benefits package.
Increasing Sum Assured Plan	In this plan, the Sum Assured automatically increases by a fixed percentage (e.g., 5% or 10%) each year, helping the life cover keep pace with inflation and your growing responsibilities, often without an increase in premium.
Whole Life Insurance Plan	While technically a form of permanent insurance, some insurers offer this as a term plan variant that provides coverage for your entire life (up to 99 or 100 years). It guarantees a payout, regardless of when you pass away.

How to Choose the Best Term Insurance Plan?

With so many insurance companies and innumerable policy options available in the market, choosing the best term policy seems to be a difficult and confusing task. You need to check and compare various factors before choosing a term life insurance policy from a particular insurer. Here is how you should proceed:

1. Understanding the Importance of Sum Assured

The sum assured is the single most important number in your policy. It is the tax-free money your family receives if you die. The right amount lets them pay off all debts, maintain their lifestyle, and secure their future.

2. Assessment of Your Insurance Needs

Calculate your true insurance needs with precision. Your age, income, and number of dependents all factor into the final number. A young professional needs less coverage whereas the family with a mortgage and other loans needs maximum protection.

3. Decide the Policy Tenure

Your policy term must cover you until your biggest financial responsibilities are gone. If you are in your 30s, choose a tenure that protects your family until the children are financially independent. This guarantees their needs are met.

4. Check the Sum Assured

The sum assured must be large enough to replace your income and clear all outstanding loans. A larger payout means a higher premium. Your task is to find the perfect balance between what your family needs and what you can afford.

5. Check the Premium Payment Structure

You can pay term insurance premiums in a single payment, yearly, or monthly. Match the payment frequency to your income. A steady salary works well with monthly payments, while irregular income may suit a yearly schedule.

6. Read the Policy Terms and Conditions

You must read the policy's fine print and understand every exclusion, the waiting periods, and the term insurance grace period. Even a simple online search for a phrase like "what is term insurance in Hindi" can provide vital clarity. This knowledge protects your family from a denied claim.

7. Check the Claim Settlement Ratio^#

Only consider insurers with a high Claim Settlement Ratio. It is proof of the company's reliability in paying claims. Kotak Life, for instance, has a claim settlement ratio of 98.61%, which demonstrates a strong commitment to policyholders.

8. Assess Riders Available

Riders are powerful upgrades for your base policy. Options like critical illness, accidental death, and waiver of premium add huge layers of financial protection. Add the riders that address your personal risks to build a comprehensive plan.

9. Compare Multiple Quotes

Before making a final decision on the best term policy, you should compare multiple quotes from different insurers. Premiums, features, and available riders are never the same. Comparison is the only way to find the absolute best value.

10. Check Solvency Ratio^$

The solvency ratio measures an insurer's long term financial health. A high ratio is non-negotiable because it shows the company can pay claims decades from now. Kotak Life Insurance has a solvency ratio of 2.45% in FY 2024-2025, signaling a rock solid financial position.

11. Consider Quality of Service and Online Availability

Assess the insurance provider's service quality, such as customer support, efficiency in the process of claim, and ease of accessibility to information about the policies. You should choose the insurance companies that support the policyholders with online services so that you can easily and conveniently manage your policy.

12. Opt for a Term Insurance Plan with Multiple Payout Options

Your plan should give you control over how the money is paid out. A large, lump-sum payout clears major debts in one go whereas a recurring monthly payout provides a steady replacement for your lost income. Choose the payout option that delivers the greatest long term security.

Top 3 Term Insurance Riders of Kotak Life

Kotak Life Insurance offers riders to enhance your base term policy. They provide powerful benefits in specific situations. Here are three term insurance riders to consider for superior coverage:

Waiver of Premium Due to Permanent Disability

This rider waives the future premiums on certain occasions when the policy owner is permanently disabled due to an accident or sickness. The policy will continue to work, and the sum assured will get paid in a calculated manner. It gives economic security and durable insurance in case the income-earning ability of the insured person is affected.

Accidental Death Benefit

An accidental death benefit rider is an add-on that pays an extra amount of money to the nominee in case the policyholder dies in an accident. This money is over and above the base sum assured, offering an added financial help to the family against unforeseen circumstances.

Critical Illness Cover

This rider is designed to handle the high cost of treating a critical illness. A diagnosis of a covered illness triggers a single, tax-free lump sum payment. You have complete control over this money. Use it for top-tier medical care, to replace lost income, or to manage any other expenses during recovery.

List of covered critical illnesses:

Cancer of Specified Severity

Myocardial Infarction (Heart Attack)

Stroke Resulting in Permanent Symptoms

Kidney Failure Requiring Regular Dialysis

Major Organ / Bone Marrow Transplant

Coronary Artery Bypass Graft Surgery (CABG)

Open Heart Replacement or Repair of Heart Valves

Coma of Specified Severity

Permanent Paralysis of Limbs

Multiple Sclerosis with Persisting Symptoms

Chronic Lung Disease

Chronic Liver Disease

Alzheimer's Disease / Dementia

Parkinson’s Disease

Major Head Trauma

Loss of Limbs

Blindness

Loss of Speech

Third Degree Burns

Brain Surgery

Why is Critical Illness Rider Important with Term Insurance?

A critical illness rider is not just an option; it is a financial necessity. The medical costs associated with a major illness can destroy your family's savings and financial future. These facts show why this rider is essential.

Did You Know?

One in nine people in India will likely face a cancer diagnosis in their lifetime. The National Cancer Registry Programme reported over 1.46 million new cases in 2022 alone.
(Source: NCDIR - National Centre for Disease Informatics & Research)

Cardiovascular diseases are the leading cause of death in India, with a death rate higher than the global average.
(Source: WHO - World Health Organization)

A study in The Lancet showed that while the risk of dying from chronic diseases is falling in most countries, it has increased in India.
(Source: Livemint)

The financial impact of a major illness is devastating. Treatment for a condition like cancer can demand over ₹20,00,000. This rider provides the lump sum cash needed to fight the disease without fighting for money.
(Source: World Medical Tourism)

Provides a Lump-Sum Payout

A critical illness rider delivers a large, tax-free cash payout upon diagnosis, unlike the standard health insurance. This money is paid directly to you, and no limitations are laid on what you can do with it.

Maintains Your Financial Stability

A severe illness means you cannot work and your income disappears. This rider’s payout replaces that lost salary and keeps your life on track. Your family's daily expenses, loan payments, and children’s school fees are all covered.

Covers Costs Beyond Hospitalization

A major illness creates expenses your standard health policy may never cover. These are the costs of post-hospitalization care, a private nurse, ongoing tests, and expensive medications. The rider's funds handle these immense financial burdens.

Keeps Your Savings Intact

A medical crisis must not wipe out your life savings. This rider serves as a firewall for your biggest financial goals. It protects your retirement fund and your child’s education account from being drained by a single health event.

Enables Better Medical Care

A large cash payment gives you power and choice. It provides access to the best medical treatments available, without compromise. You can consult leading specialists and choose premier hospitals. Your only job is to recover, free from financial stress.

How to Reduce My Term Insurance Premiums?

Multiple factors set your term insurance premium, such as your age, your health, and your lifestyle. But you can control the final price. These methods will cut your term insurance cost without sacrificing your coverage:

1. Buy Early

Purchasing a term insurance plan when you are young secures a low premium and can provide you with longer coverage. Insurance providers view the younger members as their best deals since they are less of a risk. A 25-year-old male in good health may perhaps pay ₹9,500~ per annum on a sum assured of ₹1 crore. One who is 35 years old may pay ₹15,000~ for the same plan.

2. Maintain a Healthy Lifestyle

Your lifestyle and health records directly affect your insurance policy rate. Simply by not smoking or drinking alcohol and ensuring that you are fit, you can reduce your insurance costs by a huge margin. An example would be that a smoker may pay twice the amount a non-smoker pays as a premium. In addition, by controlling conditions such as diabetes or hypertension, you will be able to secure lower premiums during underwriting as well.

3. Choose the Right Sum Assured, Tenure, and Premium Paying Term

Choose the sum assured on the basis of financial liabilities, such as loans, the education of your children, and monthly expenditures. You can estimate this using tools such as term insurance premium calculators. A ₹1.2 crore plan would come at around ₹23/day~, and a ₹2.5 crore plan would be around ₹39/day~, depending on your age and health factor.

This displays how a higher sum assured, which has been carefully calculated, can be affordable, especially when you purchase early and make the right choice in time. Also, choosing a longer term of premium payment with a specific retirement age in mind can help you sustain a lower amount of premium.

4. Buy Online

Internet plans have cut the middlemen, lowering the insurer costs of operation. Often these savings are reflected to the policyholders in the form of lower premiums. It is also a good financial choice since many insurers provide discounts on first-year premiums with an online application.

If you are interested in simplified processes and low rates, you can also find term insurance without medical tests online. These plans are meant to satisfy those who want a faster issuance with no medical formality, but they can be restricted in terms of coverage and usually have lower limits.

5. Compare Policies Online

Every insurer has different premiums, riders, and policy terms, thereby, you should never skip the comparison step. Use online tools to see your options side by side. This is the only way to find the policy with the best benefits at the absolute lowest cost.

6. Avoid Unnecessary Riders

Every rider you add increases your premium. Only choose the ones that match your specific lifestyle and risks. A critical illness, permanent disability rider, or accidental death rider can be invaluable. If you travel constantly, the accidental death rider is a smart choice. If not, skip it and lower your cost.

7. Choose Annual Premium Payment

Pay your premium annually. This one change guarantees a discount from the insurer. The savings compound over the life of the policy. A monthly premium of ₹850~ costs ₹10,200~ each year. The same policy paid annually might cost only ₹9,600~. That is an immediate 6% saving.

Difference Between Term Life Insurance and Whole Life Insurance

While both term life and whole life insurance provide a death benefit, they are fundamentally different products designed for distinct financial goals. Understanding these differences is key to choosing the plan that best aligns with your needs.

Feature	Term Life Insurance	Whole Life Insurance
Primary Purpose	It is a pure and simple financial protection plan.	It is a combination of financial protection and a savings/investment component.
Coverage Duration	Coverage is for a fixed, pre-defined period (e.g., 10, 20, 30, or 40 years). The policy expires at the end of the term.	Coverage lasts for the entire lifetime of the insured person (typically up to the age of 99 or 100).
Premium Cost	Premiums are significantly lower and more affordable, as you are only paying for the risk cover.	Premiums are substantially higher, as a part of the premium funds the life cover and the rest is invested to build a cash value.
Death Benefit	The sum assured is paid out only if the policyholder's death occurs within the specified policy term.	The death benefit is guaranteed to be paid to the nominee, regardless of when the policyholder passes away, as long as the policy is active.
Maturity / Survival Benefit	There is no payout if the policyholder outlives the term. The policy simply ends (unless it's a "Return of Premium" variant).	The policy accumulates a guaranteed "cash value" over time. This acts as a savings component and is paid out if the policy is surrendered.
Cash Value Component	There is no savings or investment component, so no cash value is accumulated.	It has an in-built savings element that grows at a pre-determined rate. Policyholders can also take a loan against this accumulated cash value.
Best Suited For	Individuals who need a large amount of life cover for a specific period (like their working years) at the most economical cost. It's ideal for income replacement and covering large liabilities like home loans.	Individuals who want lifelong protection, are looking for a guaranteed financial legacy for their heirs, and wish to use their insurance policy as a long-term, low-risk savings tool.

Common Misconceptions About Term Insurance

Term Insurance Doesn’t Offer Any Returns:

Many believe term insurance for family is a waste of money because it doesn't provide cash value. However, its primary purpose is to offer financial protection to your family through a death benefit.

Health Insurance is Enough:

People often think health insurance covers all needs. While it pays for medical expenses, it doesn't provide financial support to your family if you pass away. Term insurance specifically secures your family’s financial future.

Smokers or Individuals with Health Issues Cannot Get Term Insurance

Insurance companies offer term insurance for smokers as well as for those who have existing health issues. However, such individuals should disclose all information while buying the plans and may be required to undergo additional medical test for term insurance.

Term Insurance is Too Expensive

There’s a common belief that term insurance premiums are high. In reality, term insurance is one of the most affordable life insurance options, especially for younger individuals in good health.

You Can Get Term Insurance Later

Some delay purchasing term insurance, thinking they can buy it later. However, premiums increase with age, and health issues may arise, making it more difficult or expensive to get coverage later.

Term Insurance is Only for Breadwinners

Many assume only the primary income earner needs insurance. In reality, anyone contributing to the household, whether financially or through caregiving, should have coverage to protect their family’s standard of living.

How Long Should the Term Insurance Policy Period Be?

Choosing the right term insurance policy period depends on your age and financial goals. Here’s how to decide the ideal duration.

In Your 20s

You are likely to have few responsibilities and excellent health. Choose a term of at least 40 years or opt for lifetime coverage (up to age 99) to benefit from the lowest premiums and longest coverage.

In Your 30s

With growing family and financial commitments, a 40-year term or lifelong cover is still advisable. You may also shorten the term based on your retirement plans or major financial goals.

In Your 40s

You might be managing fewer liabilities now. A 30-40 year term can still provide substantial cover. First-time buyers at this stage may pay slightly higher premiums than younger applicants.

In Your 50s

Your children may be financially independent, and retirement may be near. A 20-25 year policy term should offer adequate coverage. However, if you're supporting dependents or prefer extended security, a longer tenure or coverage until 99 can be considered.

What is the Ideal Duration of Term Life Insurance?

Your policy term must cover the exact period your family depends on your income. Your insurance coverage must not end until your biggest debts are settled and your dependents are on their own feet.

As a rule, your term plan should protect you until retirement age, usually between 60 and 65. At that point, your home loan should be paid off and your children will be financially stable.

Determine your correct term with these key questions:

When will you retire?

If you are 30 and plan to retire at 60, get a policy for at least 30 years.

When are your major loans paid off?

A 25 year home loan demands a 25 year policy term.

When will your youngest child be self-sufficient?

Your plan must cover your family until your last child completes their education and secures a job.

By aligning your policy term with these milestones, you ensure your family is protected during their most financially vulnerable years.

Payout Options in Term Life Insurance?

How your family gets the money is a critical decision. You must understand the available payout structures to make the right choice. These are your options for the term insurance payout:

One-Time Lump-Sum Payout

With this option, your nominee gets the entire death benefit in a single payment. A term insurance policy for ₹75 lakh pays out ₹75 lakh directly to your family after the claim is processed.

One-Time Lump-Sum Payment with Fixed Monthly/Annual Payouts

This is a combination approach, in which part of the money is paid upfront as a large lump sum and the remainder is distributed as a fixed, steady income stream over many years.

One-Time Lump-Sum Payment with Increasing Monthly Payout

A portion of the benefit is delivered as a lump sum payment. The rest is provided as a regular monthly income that automatically increases every year. This is the best defense against future inflation.

What is Covered and Not Covered in Term Life Insurance?

While the coverage of term insurance is broad, it is essential to understand the specific situations that are covered and the exclusions that may lead to a claim being denied.

In most cases, a term insurance policy will pay the death benefit to the nominee regardless of the cause of death. Here are the common scenarios covered:

Death due to illness or medical conditions
Death due to COVID-19
Death resulting from unforeseen accidents
Death due to natural disasters like earthquakes, floods, tsunamis, or hurricanes
If the insured person is murdered, the death benefit is payable to the nominee

Insurers include specific exclusions to prevent fraud and manage risk. A claim may be rejected under the following circumstances:

Suicide within the first year
Death due to undeclared pre-existing illnesses
Death from self-inflicted injuries
Death while under the influence of intoxicants
Death while participating in illegal activities
Death due to hazardous or adventure sports

9 Documents Required for Term Life Insurance Claim Process

Having the right documents ready is key to a smooth term life insurance claim process. Here is what you need to prepare:

1. Death Certificate

The official death certificate is the primary document. It confirms the policyholder's passing and is issued by a local municipal authority.

2. Policy Document

You need the original term life insurance policy document. All policy details are here. It contains the terms, sum assured, and the nominee's information.

3. Identification Proof

The deceased policyholder’s identification is required. An Aadhaar card, PAN card, or passport will work. This verifies their identity.

4. Medical Records

If death was due to an illness, medical records are necessary. The treatment history validates the claim by giving details about the sickness and its progression.

5. Police Report (if applicable)

For an accidental or unnatural death, a police report or FIR is required. This document verifies the circumstances of the death.

6. Nominee/Beneficiary ID

The nominee must prove their own identity. An Aadhaar card or voter ID is needed to establish who they are and their right to the claim.

7. Bank Details

You must give the nominee’s bank account information. A canceled cheque or a copy of a bank passbook is required. This allows for the direct transfer of the claim payment.

8. Proof of Relationship

A document is needed to prove the link between the policyholder and nominee. A marriage certificate or birth certificate is standard.

9. Additional Documents

Some insurers might ask for more paperwork. A post-mortem report or an employer’s certificate might be requested in certain cases.

Choose the Best Term Insurance Plan as Per Your Needs

Choosing a term plan is not just about the premium. You have to match the policy to your income, life stage, and responsibilities. The right term insurance plan protects your family with sufficient coverage for the correct amount of time. Below are three powerful ways to find a plan tailored to you:

Term Insurance Plan as Per Policy Term

The correct policy term keeps your family secure through all key life stages. Choose a duration that lasts until major debts are gone. Your home loan should be paid off, and your children's education funded. Common term options to consider:

Term Insurance Plan as per Your Age

Age has a huge impact on your premium and options. Starting younger gives you access to cheaper and more flexible plans. These are typical plans based on age:

Term Insurance Plan in 20s: The best time to start for low premiums and high cover.
Term Insurance Plan in 30s: A balance between affordability and growing family needs.
Term Insurance Plan in 40s: Good for protecting assets while managing current debts.
Term Insurance Plan in 50s: Secures late-career years, but term options can be limited.

Term Insurance Plan based on Your Salary

Your salary dictates the right sum assured. Your goal is to maintain your family's lifestyle. The rule of thumb is to get coverage that is 10 to 15 times your yearly income. This amount ensures your family can handle future costs without worry. Examples based on income:

Reasons Your Term Insurance Claim May Be Rejected

There are common exclusions that apply to most term life insurance policies.

Death Due to Suicide

Most of the insurance policies will not pay for suicide within the first year of the policy. If the policyholder dies by suicide within the first 12 months, the claim is automatically denied. After this period, however, such claims are typically covered.

Example:

If a person passes away due to self-inflicted injuries, personal distress or self-harm within the first year of policy issuance, their nominee will not be able to claim the death benefit.

Death Due to Substance Abuse or Alcoholism

Insurers mostly do not cover deaths caused due to excessive alcohol consumption or substance misuse. The reason behind this is that these are considered avoidable risks.

Example:

A policyholder causes a fatal car accident while driving under the influence of alcohol. The insurer will reject the claim in this case.

Pre-Existing Medical Conditions

You must disclose your complete medical history when you apply. Hiding a known health condition is fraud. If death results from an illness you failed to declare, the insurer will reject the claim.

Example:

A policyholder with a known heart condition fails to disclose it. If they die from heart failure, the insurer can deny their claim.

Death Due to Participation in Illegal Activities

Any death that happens while committing an unlawful act is excluded from coverage. Insurers treat this as a high-risk situation that falls outside the scope of protection.

Example:

An individual loses their life while committing a robbery. Then in that case, the insurance company will exclude the claim because of the illegal activity.

Death Due to Self-Inflicted Injuries

Term policies exclude coverage for self-inflicted injuries. An intentional act of harm that leads to death means the benefit will not be paid.

Example:

The policyholder dies from injuries they deliberately inflicted on themselves. The claim will be denied.

Claims Not Filed within the Specified Time

Policies have a time limit for filing a claim. A nominee usually has around 90 days after the death. If they miss this window, the insurer may reject the claim.

Example:

If the nominee submits the claim long after the deadline, the insurer might not release the benefit amount.

Term Insurance Frequently Asked Questions

Policy Basics
Premiums & Payments
Riders & Add-Ons
Customization & Eligibility

How many years do you need to pay for term insurance?

It depends on the payment option that you choose. You can opt to "pay regularly" throughout the policy term, or "pay for a limited period" (like 10 or 15 years), which coverage continues for the full term, or even "pay once at the start" with a single premium. Your coverage can last up to the age limit offered by your insurer (ideally 75 to 85 years), even if you stop paying earlier under limited pay.

What is the tenure of a term insurance policy?

The most simple definition of tenure is the number of years that the term insurance covers you. It may be between 10 years to 40 years. To finalise a duration that works for you, assess your needs and goals. For example, most individuals buy coverage that expires when they retire or when their children grow and can support themselves.

What happens to the term insurance policy if the life insured dies?

If the life insured passes away during the policy term, the insurance company pays the full death benefit to the designated nominee.

What happens to my term plan coverage when the policy term ends?

When your policy term ends, your life, you need to update the nomination immediately. This ensures smooth benefit transfer to the correct person. Moreover, you can avoid legal complications and delays by acting fast.

What happens if the life insured survives the policy term?

For a pure term plan, there is no payout if you survive the policy. If you outlive the plan, there is no maturity payout. The only exception is if you have chosen a “return of premium” plan, where the premiums you paid are refunded.

Will I get any maturity benefit/survival benefit at the end of my policy term?

No. A standard pure-term plan has no maturity benefits. The death benefit is its only function. With a return of premium feature, however, you get your paid premiums back once the term ends.

What if the nominee, who has been appointed, dies while holding the policy?

If your nominee passes away, you must update the policy immediately. This simple action prevents legal complications and ensures the death benefit goes to the correct person without delay.

What are the steps involved in filing a term insurance claim?

After the policyholder dies, the nominee is required to notify the insurer. They need to submit the documents, such as a death certificate, and a claim form. Insurer reviews documents, conducts final assessment, processes payment.

Can I change my nominee after buying term insurance?

Yes, most insurers allow nominee updates anytime. Submit a written request or form and make sure the updated details are officially recorded. Disputes and delays during claim settlement get avoided this way.

Does a term insurance plan pay out for death by suicide in India?

Yes, plans in India cover death by suicide after a certain waiting period. If death occurs after the first 12 months, the claim is typically paid. You should always check your policy for the specific clause.

How to process the term insurance claims?

To file a term insurance claim, the nominee needs to first notify the insurance company about the policyholder's death as soon as possible. Then, they must provide the requested paperwork and documents. Once they have submitted the claim form, the insurer verifies the details and might ask for additional information if required. Upon final assessment, the insurer will release the claim amount to the nominee's account.

Which insurance plan is more beneficial, term insurance or traditional life insurance?

The choice depends on your financial objective. The best term insurance offers the highest death benefit for the lowest cost, making it pure family protection. Traditional life insurance combines protection with savings, but the coverage is much lower for a higher premium.

How can the premium of term insurance be estimated?

Your premium is a direct calculation based on your age, the coverage amount, policy length, and your health. Insurers offer online calculators that provide a quick and accurate estimate.

How to pay term insurance premiums online?

You can use any standard online payment method. Net banking, debit and credit cards, and UPI are all accepted directly on the insurer's website or mobile app.

What are the payment options in a term insurance plan?

A good term plan has payment flexibility. You have options to pay your premiums annually, semi-annually, quarterly, or monthly.

Who decides the premium for term insurance?

The insurance company sets the final premium. It is a precise calculation of your risk based on factors like age, medical history, and lifestyle.

Should you opt for limited pay or a regular pay-term insurance plan?

This is a strategic choice based on your financial situation. Limited pay plans have higher premiums but are finished in a shorter period. Regular pay term insurance plans spread smaller premium payments over the entire policy term.

How can I avail tax benefits@ on a term plan?

Premiums qualify for tax deductions under Section 80C. Furthermore, payout that your family receives is tax-free under Section 10(10D). You should consult a tax advisor for personalized guidance though.

What happens if I miss paying premiums during the policy term?

If you miss your premium payments, your policy lapses and coverage ends. A grace period of 30 to 60 days exists for payment. You can reinstate the lapsed policy but it requires paying all overdue premiums.

What is a critical illness rider?

A critical illness rider is a vital policy add-on. It pays you a large, tax-free cash sum if you are diagnosed with a major illness like cancer or suffer a heart attack.

Should I opt for riders with term insurance?

Riders are optional but provide essential protection. For example, a critical illness rider or accidental death rider can provide you extra financial support during difficult situations.

What is the premium for riders?

The premium for a rider is calculated separately. It depends on the type of rider, the amount of coverage it provides, your age, and the policy term. The insurer provides an exact quote for any rider you add.

What are the benefits of purchasing a rider?

A rider is built to handle specific risks like a critical illness or a major accident. This adds another layer of financial defense and makes your coverage much more powerful.

Is it necessary to buy a rider with term insurance?

No, buying a rider is not a requirement. It is an optional enhancement to your basic policy. Riders are add-ons that you can choose to include for extra coverage based on your personal needs and risk assessment.

Can I include accidental death coverage in my term insurance policy?

Yes. Most insurers offer an accidental death benefit rider. You can easily add this to your term insurance policy. This rider provides a significant additional payout to your family if your death is the result of an accident.

Does term insurance cover critical illnesses?

A standard term plan does not cover critical illnesses. You must add a specific critical illness rider. This add-on provides a lump sum cash payment if you are diagnosed with a covered illness during the policy term.

Is disability covered under term insurance?

Disability is not automatically covered when you get a normal term insurance plan. To get this protection, you need to add a disability rider. This ensures your financial protection and provides you the necessary support if an accident leaves you permanently or partially disabled and affects your ability to earn.

Can I change the sum assured during the policy term?

Yes, many policies allow you to change the sum assured. An increase in coverage will also mean a higher premium. Certain term plans also let you reduce the sum assured if your financial needs decrease later on.

Can I cancel my term insurance policy?

Yes, you can cancel your term insurance policy. But, in a regular term plan, you will not get back your premiums after cancellation. The only exception is if you have a "return of premium" plan, where the premiums may get refunded at maturity. It is always best to check with your insurer for the exact cancellation process.

Is there a term plan for smokers?

Yes, smokers can buy term plans. Insurers have specific policies for smokers, but the premiums will be higher. The rate is higher because smoking is a major health risk.

Can I buy term insurance if I have a pre-existing medical condition?

You can buy term insurance if you have a pre-exiting condition. But you need to declare your medical condition on the application. The insurer reviews your file, sets a premium. Concealing health conditions invalidates the policy, thereby, you should not do it.

Can I cancel my term insurance policy and get a refund?

You can cancel your policy when you want. A refund is only paid out during the policy's free-look period, a 30 day window right after you buy. After that short period, no money is returned.

Can I change the beneficiary or nominee after purchasing the policy?

Yes. The nominee on your policy can be changed. This is a standard right you have for the entire policy term. You simply submit the correct form to the insurer. This action directs the payout to the person you choose and no one else.

How can I revive a lapsed term insurance policy?

A lapsed policy is not gone forever. Insurers provide a revival window, usually for five years. To bring the policy back, you pay all the missed premiums and any penalty fees. The insurer will likely require a new medical checkup before coverage is restored.

Is it possible to increase the sum assured during the policy term?

Some policies have a special feature to increase cover when your life changes, like marriage or a new child, without a new medical test. If your policy does not include this specific benefit, your only option for more protection is to purchase an entirely new policy.

Is there an option to convert my term insurance into a whole life insurance policy?

You can only convert your policy if it was sold with a specific convertibility option. This built-in feature is your ticket to switch to a whole life plan without another medical exam. The only place to confirm you have this option is in your original policy contract.

What are the eligibility criteria for purchasing a term insurance policy?

The term insurance eligibility requirements are clear. An applicant needs to be between 18 and 65 and prove they have a steady income. A medical examination is not optional; it is a required step that confirms you are insurable and locks in your final premium.

What happens if I don't pay my premiums on time?

When you miss a premium, you get a 15-day grace period. This is your last chance to pay. If you do not pay within that month, your policy lapses. This means all your coverage ends immediately and the death benefit for your nominee is gone.

Thank you for your feedback!

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.

Tax Benefits and Disclaimers:

^*Get your premiums back through Special Exit Value, under your policy, if your policy term is:

40 years: Earlier of 25th policy year OR during the policy year, when you attain 60 years

> 40 years: Earlier of 30th policy year OR during the policy year, when you attain 60 years

^@Tax benefits are subject to conditions specified under the Income-tax Act, 1961. Tax benefits are subject to change as per tax laws. Tax laws are subject to amendments from time to time. Customer is advised to take an independent view from tax consultant.

^**Free Medical Checkup every 5th year starting from 5th policy year onwards

#Claim Settlement Disclaimer:

Figures arrived are basis the company's latest annual audited figures for individual death claims for FY 2024-25

^$Solvency Ratio Disclaimer:

https://www.kotak.com/content/dam/Kotak/investor-relation/Financial-Result/QuarterlyReport/FY-2025/q4/investor-presentation/Q4FY25_Investor_Presentation.pdf

∞Figures arrived are basis the data published on Kotak Mahindra Life Insurance Company Limited website page https://www.kotak.com/content/dam/Kotak/investor-relation/Financial-Result/QuarterlyReport/FY-2025/q4/investor-presentation/Q4FY25_Investor_Presentation.pdf for secured lives nationwide as on 31st March 24

Get 1 Crore Life Cover @₹15/day^{^}Disclaimer:

≈The above illustration is for a 18-year-old healthy male, non-smoker who has opted for the Life Option with a 40-year policy term with regular premium payment mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1 Crore. The per day premium is Rs.15 [Rs. 5,400 Annualized Premium / 365 days = Rs. 14.79].

Get 1.5 Crore Life Cover @₹22day^{^}Disclaimer:

≈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 mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1.5 Crore. The per day premium is Rs.22 [Rs. 8,100 Annualized Premium / 365 days = Rs. 22.19].

Get 2 Crore Life Cover @₹30/day^{^}Disclaimer:

≈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 mode, Level Recurring Payout Option and Sum Assured on Death of Rs.2 Crore. The per day premium is Rs.30 [Rs. 10,800 Annualized Premium / 365 days = Rs. 29.59].

Get 5 Crore Life Cover @₹67/day^{^}Disclaimer:

≈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 mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1.5 Crore. The per day premium is Rs.67 [Rs. 24,500 Annualized Premium / 365 days = Rs. 67.12].

Get 75 Lakh Life Cover @₹16/day^{^}Disclaimer:

≈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 mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1.5 Crore. The per day premium is Rs.16 [Rs. 5,775 Annualized Premium / 365 days = Rs. 15.82].

Get 51 Lakh Life Cover @₹11/day^{^}Disclaimer:

≈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 mode, Level Recurring Payout Option and Sum Assured on Death of Rs.1.5 Crore. The per day premium is Rs.11 [Rs. 3,927 Annualized Premium / 365 days = Rs. 10.75].

GST is exempted for all individual life insurance policies effective from 22nd September 2025. The channel selected is Online.

The channel selected is Online.

Instant Payout on Claim Intimation

^##In case of death of the Life Insured after completion of three (3) consecutive Policy years, from the Date of Commencement of Risk or the date of Revival of the Policy; and subject to the Policy being in force, the Insurer shall endeavor to pay an amount of ₹ 2,00,000 in advance (out of the Death Benefit payable) to the Claimant within two (2) working days from the claim registration date (subject to submission of all required mandatory supporting documents as specified above). Thereafter, the remaining balance amount of the Death Benefit shall be payable to the Claimant once the Death Benefit claim is found admissible by the Insurer as per the terms and conditions mentioned in this Policy document.

GST is exempted for all individual life insurance policies effective from 22nd September 2025.

Kotak Gen2Gen Protect UIN: 107N132V02, Kotak Permanent Disability Benefit Rider - UIN: 107B002V03, Kotak Critical Illness Plus Benefit Rider - 107B020V02, Kotak Accidental Death Benefit Rider - UIN: 107B001V04. This is a non-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.

Kotak e-Term UIN: 107N129V03, Kotak Critical Illness Plus Benefit Rider UIN No.: 107B020V02, Kotak Permanent Disability Benefit Rider UIN No.: 107B002V03. 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 Signature Term Plan UIN: 107N139V01.Kotak Permanent Disability Benefit Rider - UIN: 107B002V03, Kotak Critical Illness Plus Benefit Rider - UIN: 107B020V02, Kotak Accidental Death Benefit Rider – UIN: 107B001V04. 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 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 Bima UIN: 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 Maximise 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.

Section 41-

Extract of Section 41 of the Insurance Act, 1938 as amended from time to time states: (1) 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. (2) 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/section38_39_45_of_insurance_act_1938.pdf

Kotak Mahindra Life Insurance Company Limited Reg No. 107 | CIN: U66030MH2000PLC128503, Regd. Office: 8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai – 400051 | Toll Free: 1800 209 8800 | Website: https://www.kotaklife.com | Email: kli.in/WECARE ARN No: KLI/25-26/E-WEB/1631

Trade Logo displayed above belongs to Kotak Mahindra Bank Limited and is used by Kotak Mahindra Life Insurance Company Limited under license.

Get ₹1 Cr. Life cover at ₹15/day^*

98.61%^# Claim Settlement Ratio

*0% GST on Term Premium

T&C Apply | KLI/25-26/E-WEB/1314

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Term Insurance

Why Kotak Life

Why Kotak Life

What is Term Insurance?

Our Popular Life Cover Options

Why Should You Buy a Term Insurance Plan in 2025?

To Protect Your Family’s Financial Future

To Secure Your Assets from Financial Liabilities

To Reduce Lifestyle and Health Risks

To Be Financially Prepared for Life’s Uncertainties

Uncertainty Arising Due to Lifestyle Diseases

Customizable Coverage with Riders

To Avail Tax Benefits@

How Does a Term Insurance Work?

1. Policy Agreement

2. Submitting the Proposal Form

3. Assessing Your Coverage Needs

4. Premium Payment and Policy Activation

5. Nominee Assignment

Common Consumer Queries

How do I decide the amount of Life Cover (sum assured)?

How do you wish to pay? (pay for limited years, pay till policy term)

What are the different riders (add-ons) available? Why should you choose them?

What are the key features of a term plan?

What is Term Life Insurance?

What should be the duration of your Term Insurance Plan (Policy Duration)?

Kotak e-Term vs. Traditional Insurance

Why Does Term Insurance Premium Increase with Age?

How Health Risks Impact Term Insurance Premiums

The Role of Mortality Risk in Premium Calculation

How Waiting Can Cost You More: A Case for Early Investment

How Much Term Cover do I Need?

Simple Guideline

Human Life Value

D.I.M.E

Income Replacement

10-15X Annual Income

Online Insurance Plans from Kotak Life Insurance

Kotak Gen2Gen Protect

Kotak e-Term

Kotak Signature Term Plan

Kotak Term Plan

Kotak Saral Jeevan Bima

Kotak Health Maximiser

How to Calculate My Term Insurance Premium?

Your Age:

Sum Assured:

Policy Term:

Health and Lifestyle Habits:

Optional Riders:

Benefits of Buying Term Insurance Plans

Affordable Premiums for Greater Value

Life Cover with Guaranteed Payouts

Flexible Sum Assured Payout Options

Return of Premium Benefit

Flexibility

Future Planning

Comprehensive Critical Illness Coverage

Disability Support and Benefits

Financial Security in Case of Unfortunate Events

How to Avoid Claim Rejection in Term Insurance?

1. Disclose All Information Honestly

2. Pay Premiums on Time

3. Provide Correct and Updated Nominee Details

4. Understand Your Policy Terms Clearly

5. Communicate Promptly with the Insurer

6. Fill Out the Application Form Carefully

7. Seek Clarifications When in Doubt

How Does a Term Plan Secure My Family’s Future?

Education Expenses

Funeral and Final Expenses

Business Continuity

Estate Planning

Debt Repayment

Income Replacement

Death Benefits

Features of Term Insurance Plan

Multiple Payment Modes

Policy Terms and Premiums

Protection from Liability

To Avail Tax Benefits^@

Save Tax U/S 80C & 80D Income Tax Act, 1961^@