Kotak Term Insurance FAQs

Yes, you can earn tax benefits on the amount of premium that you pay for your term insurance plans offered by Kotak Life Insurance for up to Rs. 1.5 Lakh per annum as per section 80C of the Income Tax Act.

If you could not make the payment of the premium for your term plan, then you should try to make it within 30 days of the grace period. On doing the same, all your benefits will remain intact and on failing to do so, you will lose the benefits.

Yes, you can purchase Kotak Life term insurance plans online. The online process of buying term insurance is very easy and fast with no paperwork. In addition to this, the online purchase process also allows you to compare different term insurance plans to enable you to get the maximum amount of coverage at the most reasonable rate.

Yes, you can certainly surrender the term insurance policy offered by Kotak Life Insurance, if you find that you do not hold any further liabilities in your life.

The nominee or the beneficiary as mentioned in the Policy Document Contract can intimate a claim. If the nominee is a minor, the appointee, as mentioned in the Policy Document Contract can intimate a claim on behalf of the minor nominee.

According to the Insurance Regulatory Development of Authority India (IRDAI) regulations, your claim should be decided and settled within 30 working days upon receiving the required documents.

No, the claim amount will only be payable in Indian currency.

In the absence of nomination/unfortunate death of the nominee, the legal heir is entitled to receive the claim benefits on submitting proof of legal title i.e. guardianship certificate, succession certificate along with other required claim documents.

Kotak Life Term insurance claim can be lodged in any branch, irrespective of the branch from where the policy was purchased.

Kotak Life featured an excellent claim settlement ratio of 96.38% for FY 2019-2020 as per the IRDA annual report.

A term insurance plan provides the sum assured to the nominees/beneficiary in case of an unfortunate event. Life insurance provides benefits at the maturity of the plan.

Yes, NRIs who have legal citizenship of India can purchase Kotak life term insurance plans.

Kotak Life offers tax benefits under Section 80C and Section 10(10D) of The Income Tax Act, 1961.

You can buy the Kotak Life Term insurance plan at a minimum age of 18 years.

According to the Indian Regulatory Development Authority of India regulations, a grace period of 30 days is allowed from the premium due date under Kotak Life term plans.

Smoking is injurious to health. Smokers have a high risk of getting the dreaded disease as compared to non-smokers. Therefore, people who smoke are required to pay a higher premium as compared to non-smokers.

The premium of Kotak Life term insurance plan depends on various factors. If you start smoking or drinking after a period of time then you will have to pay a higher premium. The rule is the same for any life assured who takes a hazardous job. The addition of new riders changes the premium rates too.

Kotak Life Insurance offers 3 term insurance plans namely - Kotak Term Plan, Kotak Saral Jeevan Bima and Kotak e-Term Plan.

Yes. You can avail tax benefits on the premium paid for term insurance plans offered by Kotak Life Insurance under Income Tax Act, 1961.

Kotak Life term insurance plans come with a grace period of 30 days which is calculated from the date of commencement of the policy.

In case you are not able to pay the policy premium even during the grace period, then the policy with any rider benefits, will lapse from the date of first unpaid premium and the insurance cover shall cease.

You can calculate the premium for Kotak Life term insurance plans using the online term insurance premium calculator at InsuranceDekho. It is a free tool that lets you calculate premiums accurately.

The earlier you buy Kotak Life term insurance the cheaper and better it is. With increasing age, Kotak Life term insurance plans become expensive.

Age, pre-existing disease, gender, occupation, and cover-up to which age are some of the factors that will affect the Kotak Life term insurance premium.

Yes, Kotak Life term insurance offers tax benefits under section 80C, section 80D, and section 10(10D) of The Income Tax Act, 1961.

Kotak Life term insurance plans offer Kotak Permanent Disability Benefit Rider, Kotak Accidental Death Benefit Rider, and Kotak Critical Illness Plus Benefit Rider.

If you add riders to your Kotak Life term insurance coverage, the premium calculated would increase because each rider provides an additional benefit which comes with an additional cost for the additional coverage benefit that it provides. Thus, your premium will increase as you add riders to your term insurance plan.

Age is a critical factor in determining the premium. The higher the age, the higher premium you will be required to pay. The best age to purchase a Kotak Life term insurance plan is 18 years.