Kotak Mahindra Life Insurance Limited

AN ASSIGNMENT
ON
Kotak Mahindra Life Insurance Limited Policies
Name: Vipul Rajpurohit
Branch: M.B.A 3th Sem
Subject: Banking & Insurance
Roll No.: 41
Submitted To - Submitted By-

Kotak Mahindra Life Insurance Limited :- is a private Life
CS Pinky Shrivastava
Insurance company in India. The companyVipul
was Rajpurohit
founded in 2001. It
caters to 15 million customers and has 232 branches in around 167 cities
and towns in India with 99,275 agents. It is one of india’s leading
financial service provider which offers a host of products specifically
designed and customized to meet the individual needs of all its
customers. The company offers various insurance plans.
List of Kotak term plans

Plan Name Entry Maturity Policy Premium Paying Sum Assured
Age Age Term Term
Kotak income 18 to 60 70 years 10 to 30 Equal to policy INR 20,000

protection plan years years term or 12 and to No limit.
15 years
Kotak 18 to 65 28 to 75 10 to 40 Equal to policy INR 25 lakh

preferred e- years years years term or 5 and 10 to No limit
term plan years or single
pay
Kotak saral 18 to 55 23 to 65 5 or 10 5 years or single INR 5000 to

suraksha years years years pay 1 lakh
Kotak 18 to 65 23 to 75 5 to 40 Equal to policy INR 25 lakh

preferred term years years years term or 5, 7 and to No limit
plan 10 years or single
pay
Kotak term 18 to 65 70 years 5 to 30 Equal to policy INR 3 lakh to

plan years years term or single 25 lakh
pay
1. Kotak income protection plan :-

The plan pays monthly incomes after death. The other attributes are
given below:
 Premium payment options include limited payment or regular
payment as per the policy holders’s discretion.
 The death benefit is equal to 12 times the monthly income
increased @6% compounded yearly is payable. Post payment of
this benefit , a regular monthly income increasing every year @6%
per annum compounded yearly is paid for the remaining plan
tenure subject to a minimum of 5 years .
 Kotak’s accidental disability guardian benefit rider can be availed
for a comprehensive coverage.
Eligibility details :-
Minimum Maximum
Entry age 18 years 60 years
Maturity age - 70 years
Policy term 10 years 30 years
Monthly income Rs. 20,000 No limit
Annual premium Depends on the coverage, age, tenure and the
amount monthly income
Premium payment term Equal to policy term or 12 and 15 years
Premium payment Yearly, half-yearly, quarterly or monthly

frequency
2. Kotak preferred e-term plan :- an online insurance plan with

the following features and benefits:
 Premium under the plan can either be paid for the entire duration of
the plan under the regular pay option of premium payment or for a
limited tenure under the limited pay option or in one lump sum
under the single pay option of premium payment.
 Two types of death options to choose from namely recurring
payout and immediate payout.
 In case of the recurring payout option, in case of death, 10% of
sum assured is paid immediately and the remainder is paid in
annual instalments @6% over a period of 15 years. The annual
payout can also be availed in monthly instalments.
 Under the immediate payout option, the entire sum assured is paid
on the death of the insured and the plan terminates.
 Kotak e-accident death benefit rider is available for a
comprehensive coverage
 The company charges preferential premium rates for non-smokers
and female lives
 Section 80C exempts premiums and section 10(10D) exempts
claims received from the incidence of taxation.
Eligibility Details :-
Minimum Maximum
Maturity age 28 years 75 years
Sum assured Rs. 25 lakhs No limit
Annual premium Depend on the coverage, age, tenure and the
amount payout option
Premium payment Equal to policy term or 5 and 10 years or single
term pay
Premium payment Yearly or monthly
frequency
3. Kotak saral suraksha :- A term insurance plan with minimal

rates of premiums. The features and benefits of the plan are as follows:-
 Premiums under the plan can be paid for a fixed tenure of 5 years
or in one lump sum at the starting of the plan.
 In case of death, the sum assured on death is payable which is
higher of the sum assured or 1.25 times the single premium or 10
times the annualized premium subject to a minimum of 105% of
aggregate premium paid till death.
Minimum Maximum
Policy term 5 or 10 years
Sum assured Rs. 5000 Rs. 1 lakh
Annual premium Depends on the coverage, age, tenure
amount and premium payment option
Premium payment 5 years or single pay
term
Premium payment Yearly or half-yearly
frequency
4. kotak preferred term plan :- A term plan with unique

features of enhancement and decrement of the sum assured. The
features and benefits of the plan are as follows:-
 Premium under the plan can either be paid for the entire
duration of the plan under the regular pay option of premium
payment or for a limited tenure under the limited pay option of
premium payment or in one lump sum at the commencement of
the plan
 There are two death benefit payout options of recurring or
immediate payout
 In case of the recurring payout option, in case of death, 10% of
the sum assured is paid immediately and the rest is paid in
annual instalments @6% over a period of 15 years. The annual
payout can also be availed in monthly instalments.
 Under the immediate payout option, the entire sum assured is
paid on death of the insured and the plan terminates
 Kotak critical illness benefit rider is available for enhanced protection
 The company charges preferential rates of premiums for non-
smokers and female lives.
Minimum Maximum
Sum assured Rs. 25 lakhs No limit
Annual premium Rs. 3700 No limit
amount
Premium payment Equal to policy term or 5, 7 and 10 years or
term single pay
Premium payment Yearly, half-yearly, quarterly or monthly
frequency
5. Kotak term plan :- A pure term insurance plan for protection

purposes. The features and benefits of the plan are as follows:
 Premium under the plan can be paid for the entire tenure of
the plan or in one lump sum at the starting of the plan.
 It is a convertible plan which can be converted to any plan
except term plan at least prior to maturity.
 In case of death of the insured during the tenure of the plan, sum
assured is payable
 The plan can be customized by adding three available riders of
kotak accidental death benefit rider, kotak critical illness benefit
rider and kotak permanent disability benefit rider.
minimum Maximum
Maturity age - 70 years
Sum assured Rs. 3 lakh Rs. 25 lakh
Annual premium Regular pay - Rs. depend on age,
amount 2000 or single pay - term and
Rs. 12000 maximum
coverage limit
Premium payment equal to policy term or single pay
term
Premium payment yearly, quaterly or monthly
frequency

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AN ASSIGNMENT

Name: Vipul Rajpurohit

Branch: M.B.A 3th Sem

Subject: Banking & Insurance

Submitted To - Submitted By-

List of Kotak term plans

Kotak income 18 to 60 70 years 10 to 30 Equal to policy INR 20,000

Kotak 18 to 65 28 to 75 10 to 40 Equal to policy INR 25 lakh

Kotak saral 18 to 55 23 to 65 5 or 10 5 years or single INR 5000 to

Kotak 18 to 65 23 to 75 5 to 40 Equal to policy INR 25 lakh

Kotak term 18 to 65 70 years 5 to 30 Equal to policy INR 3 lakh to

1. Kotak income protection plan :-

Premium payment Yearly, half-yearly, quarterly or monthly

2. Kotak preferred e-term plan :- an online insurance plan with

3. Kotak saral suraksha :- A term insurance plan with minimal

4. kotak preferred term plan :- A term plan with unique

5. Kotak term plan :- A pure term insurance plan for protection

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