eTerm Kotak Life Insurance
Highlights of eTerm Kotak Life Insurance
Claim settlement Ratio - 98.25%
Tax Benefits - Available as per prevailing tax laws
Critical Illness Coverage - Available as a rider
Accidental death benefit - Available
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Pros & Cons eTerm by Kotak Life Insurance
The best feature of the Kotak eTerm policy is that it allows life cover at a very low cost
The insurer allows the policyholder to have a quick and hassle-free buying process
The life cover step-up option is another good feature that allows financial support at all important stages of life
Further, there is no medical examination required to exercise the step-up option under the e-term policy
If the policyholder or the insured person commits suicide within one year of the policy buying date, the nominee would receive 80% of the premiums paid.
If the policyholder or the insured person commits suicide within one year of the date of policy revival, which is done within six months of the first unpaid premium date, the nominee receives complete death benefit as the exclusion option is not applicable in this case
Conversely, if the suicide is done within 1 year the revival date, when the revival is done after 6 months from the date of first unpaid premium, the benefit payable shall be 80% of Premiums Paid at the date of claim
If the suicide is committed within one year of exercising any step-up option, the increase in sum assured will not be payable
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Kotak Life
Insurance Company
Kotak Life Insurance is among the fastest-growing insurance companies in India. The company was founded in the year 2001. It is a private company and 100% owned subsidiary of Kotak Mahindra Bank Limited. Kotak Life Insurance is a well-known and reputed life insurance provider in the Indian insurance sector. It offers a wide range of both group and individual plans for retail as well as corporate customers. It provides world-class insurance products to its customers with high customer empathy.
Founded in
2001
Incurred Claim Ratio
69.50%
Turnover (GWP)
1,134.09 Crores
JV Partners
Kotak Mahindra Bank Ltd and Old Mutual Plc.
Claims Experience
% of claims settled in less than 30 days Reflects on the speed of settling valid claims
99.97%
% of Complaints received on overall claims customers unhappy with claims experience
0.07%
Claim Settlement Ratio (No. of claims) What % of the claims received were paid?
98.25%
Benefits eTerm Kotak Life Insurance
| Key Benefits | |
| Low-cost Insurance |
Available |
| Wellness benefit |
Telemedicine consultation, personal medical care, etc. |
| Options Available | |
| Multiple Plan Option |
Available with different sum assured |
| Payout Options |
Three payout options available |
| Step up/down Option |
To increase/ decrease life cover |
| Customized Rider Option |
Available as per the requirement |
| Option to Exit at 60 years |
Available |
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Ask Anything as We Have Answers to Everything in Insurance
Yes, you can surrender your policy before maturity. In that case, you would receive the surrender value of the policy. Once the amount is paid, the policy gets terminated.
Yes, free look period is allowed under all policies.
You must inform the insurer immediately with a letter and an indemnity on INR 200 stamp paper along with INR 500 as ST and Edu cess.
Kotak eTerm policy allows the customers to contact them 24x7 for assistance by calling at 1860-266-2666 (+91-22-6600-6022 for overseas calling).
Just log on to the website and go to the 'Cancel Policy' option. Or you can contact Kotak Mahindra life insurance company to cancel the policy. Make sure to do so during the free look period of the plan.