Kotak Life Insurance is one of the fastest growing life insurance companies in India. It is a subsidiary of Kotak Mahindra Bank, one of India’s largest and most trusted banks. As a result, the Kotak life insurance plans are very reliable and trusted by many. If you are looking to secure the financial future of your family, then you could consider getting a life insurance plan from Kotak. Read on to know why.
Key Features of Kotak Life Insurance Plans
Let us begin by taking a look at the main features and benefits of the Kotak life plans:
- High cover at low cost: Kotak believes in bringing life insurance within the means of more people. As a result, the life insurance plans from this insurer are available at low costs. As a 29-year-old non-smoker, you can get a cover of as high as INR 1 crore for annual premium of as low as INR 6500.
- Concessions for women: There are special concessions available for the women policyholders of Kotak Life Insurance. As a woman you can get yourself a good life cover and that too at a very affordable rate.
- Premium waiver: Under special conditions, if the policyholder is left with a temporary or permanent disability, the future premiums on his plan are waived off. The policy however continues to stay in force.
- Flexible payout options: You can choose for your beneficiaries to get the sum assured as a lump sum amount or in parts. If you feel your nominees are financially strong enough to make proper investments, you can opt for the former. Else, you can choose for them to receive a percentage when you die and the remaining in instalments over the years to come. You can plan their future and keep them safe beforehand and rest assured that even if anything happens to you, they won’t suffer financially.
- Riders available: You can customise your basic life insurance plan with some attractive riders. Riders are add-on covers that you get at an added cost. Kotak offers some very beneficial riders such as the accidental death benefit rider, the term benefit rider and the life guardian benefit rider.
- Tax benefits: When you buy a Kotak life insurance policy, you end up saving a lot of tax. The premiums you pay towards your life insurance plan are tax exempted under Section 80C of the Indian Income Tax Act.
Why Kotak Life Insurance?
If you are wondering why you should choose Kotak over the other life insurance providers of the country, you need to take a look at the following:
- Trusted brand: Kotak is a name to reckon with in the Indian financial industry. Kotak Mahindra Bank is one of the most trusted banks and so when the same brand launched an insurance wing, there was considerable excitement. The excitement has sustained and more and more people are benefitting from the Kotak life plans. Consider getting a plan from this insurer and you will join the group of satisfied life insurance policyholders too.
- Rapid growth: Kotak Life has grown at a record speed even since its inception in 2001. It has won many accolades and awards and continues to serve its customers with efficiency.
- Good claim settlement ratio: Kotak Life has a healthy claim settlement ratio of over 90%. This proves that a large majority of the claims made are successfully processed. So if you have a life insurance plan with Kotak, you can be assured of your loved ones receiving the claim if anything happens to you. You just need to maintain the life insurance plan properly and pay the premiums on time.
The bottom line
As we can see, the plans from Kotak Life Insurance are a great option if you are looking to buy a life cover. You have to choose the right kind of life insurance plan from among the endowment plans, the ULIPs, the money back plans, the child plans and the pension plans. Evaluate your needs, see what features each life insurance policy has and make an appropriate selection. This will help you find the best cover at the best rate and will cover your life in a comprehensive and wholesome manner.