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We stand in solidarity with the families who have lost their loved ones in the floods in Chennai.
Make premium payments through your bank account using National Electronic Fund Transfer (NEFT). ECS is an automated, simple and convenient insurance premium payment facility which debits your premium from bank account on your premium due date. Helps you to pay your life insurance premium on the due date and ensure that your policy does not lapse due to non-payment. You can deactivate ECS mode by providing a written notice at least 15 days prior to the due date of ECS submission. The Standing Instruction facility is another insurance premium payment facility which auto debits the premium from your bank account on the due date. You can submit this form at any of our branch offices or mail it to our communication address as mentioned below. You can also swipe your credit card to pay your renewal payments at select Kotak Life branches.
Online Payment is an initiative to enable you to pay your renewal premiums anytime and anywhere.
Onetime Enrollment for Mobile Banking Service with your bank & register yourself for Immediate Payment Service (IMPS).
You will receive the instant debit confirmation on your mobile by your bank and your renewal payment is done. Your registration request for renewal premium payment should reach Kotak Life Insurance at least 7 days prior to renewal due date. In case the registration request is received, less than 7 days prior to the date on which premium is due or after this date, then for the current renewal cycle payment date will be adjusted by 7 days after receipt of registration request. To use this facility, simply register yourself for the Bill Payment service with your bank and choose Kotak Mahindra Old Mutual Life Insurance as your Biller. A money order is an order issued by the Post Office for the payment of a sum of money to the 'Payee' in whose name the money order is sent through the agency of the Post Office. A Bank guarantee is a promise from a bank that the liabilities of a debtor will be met in the event that you fail to fulfill your contractual obligations.
Premiums received in advance for all the policies will be adjusted only on the due date, and will not carry any interest. By submitting this form, you hereby allow us to contact you even if you are registered under NDNC.
Trade Logos displayed above belong to Kotak Mahindra Old Mutual Life Insurance Limiteda€™s promoting partners Kotak Mahindra Bank Limited and Old Mutual plc and are used by Kotak Mahindra Old Mutual Life Insurance Limited under license. All rights reserved, Registered with Insurance Regulatory & Development Authority (IRDAI) as Life Insurance Company. In case of a Critical Illness Claim, the rider amount will be paid if the life insured is diagnosed to be suffering from any of the illnesses as specified in the Policy Contract and if the criteria for claiming the rider benefits are satisfied.
Kotak Life Insurance reserves the right to request for a medical examination of the life insured and confirmation of the diagnosis of an insured's Critical Illness Condition by a specified medical practitioner.
The Critical Illness Benefit claim is to be lodged by the life insured within 30 days from the date of diagnosis.
The Critical Illness Benefit Rider is terminated automatically on admittance of the Critical Illness Benefit (CIB) claim.
The Critical Illness Benefit Rider is subject to the conditions and the exclusions as laid down in the "Annexure CIB" within the Policy Contract. In case of a Critical Illness Claim, the rider amount will be settled if the Life Insured is diagnosed as suffering from any of the illnesses specified in the Policy contract and if the criteria for claiming this benefit are duly satisfied. All submitted documents must be the original or photocopies attested by a gazetted officer, SEM, magistrate or a person of local standing, e.g.
Depending on the facts and circumstances of the claim, Kotak Life Insurance reserves the right to call for and request certain additional documents.
If you are the only bread winner in the family but don’t have too much to spare for insurance policies, then Term Insurance is the place to start with. It is a life insurance plan which provides a pre-stated benefit upon the policyholder’s demise, provided that the death occurs within a certain specified time period (read, policy term).
However, the policy does not provide any returns beyond the stated benefit, unlike certain insurance policies which allow investors to share in returns from the insurance company’s investment portfolio. So even if your income is not much you can still get started on protecting yourself.  One should consider taking term life insurance at an early age, since the earlier one takes it, the lower the premiums. Death benefit - ICICI Prudential’s iProtect term insurance plan provides you two options within the same plan, based on the insured person’s protection needs. The above benefits are subject to the policyholder having paid all due regular premiums  and the policy being in force. Instant life insurance cover – In cases where medical examination is not required, the life insurance cover begins immediately upon receipt of premium. Maturity benefit – Since this is a term plan, you are not entitled to any maturity benefit. The table below provides the indicative annual online premium (excluding service tax and cesses, as applicable) for various combinations of Age and Sum Assured for a healthy male (non-tobacco user), buying a policy term of 25 years.
Death Benefit - In case of the demise of the life assured any time during the tenure of an in-force policy, the nominee will receive the Sum Assured and the policy will cease to exist. Large Sum Assured Rebates - For policyholders buying large Sum Assured levels (in excess of Rs. Maturity benefit – As one would expect from a term insurance plan, the Smart Life policy from Future Generali doesn’t provide any maturity benefit. Surrender benefit – No surrender benefits as well, since this is a plain, vanilla term insurance policy. The iTerm Plan, available through AEGON Religare’s direct sales channels, is another term plan out there in the market. Death Benefit - In case of your unfortunate demise, your nominee will be entitled to the the Sum Assured. Low Cost - The Kotak e-Preferred Term policy offers the benefit of high life cover at very economical prices. If you are a woman or if you do not consume tobacco, you will be eligible for the same amount of Sum Assured at a lower premium.
The policyholder can increase his Sum Assured without having to undergo any additional medical tests.
One can exercise the Step Up option at one or more of the events listed above, as long as his overall revised Sum Assured doesn’t exceed 3 times the original Sum Assured.
The vendor, not surprisingly, will charge an extra  premium in return for providing this enhanced coverage. Kotak Life Insurance also offers customers a Step Down option, wherein one can reduce his Sum Assured subject to the minimum amount of life cover available under the policy.
Put simply, the policyholder’s premium will be revised downwards based on his new Sum Assured target, as and when he subscribes  for this option.
You may switch from the Kotak e-Preferred Term to any non-term insurance plan provided by Kotak Life Insurance, without having to undergo any medical examination. This conversion flexibility is available throughout the policy term,  provided there are at least 5 years before the protection plan lapses. Those owning the Kotak e-Preferred Term plan are entitled to tax benefits under Section 80C and Section 10 (10D) of Income Tax Act, 1961. The death benefit payable under this term insurance plan is calculated as Sum Assured minus the balance of the premium (if any) payable in the year of death. Suicide Exclusion - In case the life insured commits suicide within 12 months of the commencement of the policy or the revival of the plan, the protection cover will cease to exist. The future is uncertain and because of that, some of us might not want to enroll ourselves into a financial plan that requires us to pay premiums regularly. Instead of buying term life insurance, is it not better to buy a money back policy or an endowment plan? Finally I will compare term insurance plans in India and tell you which is the best Term Insurance Plan in India at this moment, based on a proprietary Scoring Model developed by me. Hopefully after you go through the comparison of some of the best life insurance plans in India a lot of your doubts on term life insurance plans will be clarified.


I am NOT affiliated to any Financial Services or Insurance company and I am not trying to sell any online term plan. Ultimately : Please consult with your Financial Adviser before you buy term life insurance online. Life Insurance is a financial product that offers financial protection to a person’s family if he dies. Life Insurance is a contact between a person (the Insured) and a company (the Insurer).
In return the insurer promises to pay the person’s family or beneficiary a certain amount of money known as “Sum assured” if the person suddenly dies. In an endowment policy, if a person dies during the period of the policy, his beneficiary will get the sum assured. If he survives the policy tenure, he will generally get back all the premiums paid, along with benefits like bonuses. Money back policy is a variant of an endowment policy which offers the payment of partial survival benefits when the insured is still alive.
A group life insurance is an insurance policy where a group of people have been named under a single policy.
Unit Linked Insurance Plan or ULIPS are an insurance product where the insured person’s money is invested with the intention of earning additional income. As explained above in a term insurance policy a person has to pay a premium regularly, and if he survives, he will not receive any benefit.
It is important that we clearly understand the difference between insurance and investment. Investment on the other hand is a process where we deploy unused cash in productive assets so that we get more money than what we started with.
Hopefully now it should be clear why you should buy term life insurance despite not getting any money back.
What is more important is the evaluation framework to be used when you compare term insurance plan in India and decide the best term plan policy to buy. The below table provides a list of 24 Life Insurance Companies in India along with their claim settlement ratios. Please note that the ratios above are for all life insurance products and not only for term life insurance plans. Solvency Ratio is a measure of how financially sound an insurance company is and how likely it is to settle its claims if the company fails. The below table provides a list of 24 Life Insurance Companies in India along with their Solvency Ratios. Please note that the ratios above are for the entire company and not only for term life insurance plans. Now I shall discuss the salient features of different online term insurance plans in India.
ICICI Prudential Life Insurance Company (ICICI Prudential Life) is a joint venture between ICICI Bank Ltd., and Prudential plc, a financial services group headquartered in the United Kingdom.
HDFC Life is a joint venture between Housing Development Finance Corporation Limited (HDFC), and Standard Life plc, a financial services firm in the United Kingdom. Comes with Extra Life Option (Accidental Death Benefit, Income Option and Income Plus Option.
Under Life Stage Protection Feature there is an option to Increase Insurance Cover on certain key milestones of Life like Marriage, Child Birth without fresh medical test. MAX Life Online Term Plan Basic Life Cover is a Pure Term plan that provides ONLY death benefit and NO maturity benefit. Additional protection by opting for SUD Life Accidental Death and Total & Permanent Disability Benefit Rider.
Bajaj Allianz is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE.
Bajaj Allianz iSecure provides separate sets of premium rates for sum assured less than 20,00,000 and for sum assured of 20,00,000 & above.
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, Federal Bank, and Ageas, a multinational insurance company based out of Europe. Tata AIA Life Insurance iRaksha Supreme is a non linked non participating, term insurance plan.
Rate benefits for customers opting for higher level of protection (Sum Assured of Rs 75 Lacs & above). Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., an international financial services organisations from Canada. Canara HSBC Oriental Bank of Commerce Life Insurance is jointly owned by Canara Bank and Oriental Bank of Commerce and HSBC Insurance (Asia Pacific) Holdings Limited, the Asian insurance arm of HSBC. Aviva Life Insurance Company India Limited is a joint venture between Dabur Invest Corp and Aviva International Holdings Limited – a UK based insurance group. Exide Life Insurance Company Limited (formerly ING Vysya Life Insurance Company Limited) commenced operations in 2001-02 and is head quartered in Bengaluru.
AEGON, an international insurance, pensions and asset management company, Religare, an Indian diversified financial services groups and Bennett, Coleman & Company, an Indian media conglomerate, have come together to launch AEGON Religare Life Insurance Company Limited (ARLI). Additional riders – critical illnesses, illnesses pertaining to women and total and permanent disability.
Future Generali Flexi Online Term Insurance Plan provides life cover up to the age of 75 years. IndiaFirst Life Insurance Company is a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK).
In the next section I will provide online term insurance policy comparison of some of the top Insurers in terms of various parameters like Claim Settlement Ratio, Solvency Ratio and Premiums. Now that we have gone through the various features of online life insurance term plan of all the major Life Insurance players in India, let us put this all together.
As you can see, on the one hand companies like MaxLife, Bharati Axa and Kotak Mahindra offer really low premiums, while on the other hand LIC, SBI Life and Exide Life have much higher premium (almost double) for Rs 1 crore coverage for a 30-year non-smoker male.
However the premium along should not be the only deciding factor in which online term plan to choose. The scores are derived from a proprietary Scoring Model developed by me, which is based on 5 factors.
Sir, as mentioned in the post, I am not a Financial Adviser and do not provide any Financial Advise.
We all come across issues and ideas related to the world of finance that sound Greek and Latin.
But if the death claim settlement ratio is the only factor that you look at before picking or not picking a life insurer, you could be making a mistake. Thirdly, one should also keep in mind that claims settlement ratios are somewhat dependent on the longevity of an insurer’s portfolio. As Swapan Khanna, co-founder of I-Save, insurance research and analysis firm, says, “All early claims or claims that occur within two years of taking a policy are bound to be investigated since the probability of deliberate fraud in such cases is higher. Fifthly, the importance of claim settlement ratio depends upon the sum assured of the insurance too. Apart from this, different insurers have different settlement ratio primarily because of factors such as the product structures and distribution channels used. Most of us compare the claim settlement ratio of different companies and go for one that has a higher ratio compared to its peers, falsely assuming that if the claim settlement ratio is good the claim would also be easily settled. Experts say there is no guarantee that if the ratio is high your experience will also be good. Adds Khanna, “Whilst it can be one of the factors to be considered when choosing an insurer, it cannot and should not be the only one. Experts say the importance of settlement ratio also varies depending on whether the life insurance policy is bought for protection or investment.
On the other hand, highly investment-oriented products will typically have better claim settlement since the death benefit is a small component of the entire package. All insurance policies are regulated by the IRDA and a high claim settlement ratio does not guarantee that your claim would be settled, even if there is any wrong information shared by you.
Experts say claims settlement ratios do not have any bearing on the assessment of a claim, which will always be assessed on the basis of the merits of that case.
As long as an insured has provided complete and accurate information at the time of purchase of the policy and the claim is a genuine one, it will be settled by the insurance company. Your child is your joy, your pride and your world; and you strive to give your little one the very best in life.


For this, you would require an investment and protection package that is specially designed to help you plan wisely for a financially secure and comfortable tomorrow, irrespective of any uncertainty of life.
For any future correspondence with Kotak Life Insurance regarding your NEFT transaction, please mention the respective UTR number of that transaction. Policyholders with bank accounts in these locations and are participating in clearing house operation may use this facility by just submitting the ECS Mandate Form along with a cancelled cheque (which helps us record the MICR code of your bank).You can submit this ECS Mandate Form at any of our branch offices or mail it to our communication address as mentioned below. The direct debit facility is currently available to all account holders of Kotak Mahindra Bank and HDFC Bank.
Ask your bank to provide MMID (Mobile Money Identifier) & MPIN (Password for mobile transaction). Please check with your bank for Mobile Banking Application, MMID & MPIN No, if you do not have any. Register yourself at Bill Desk and choose Kotak Life Insurance as a Biller under the Insurance category. Renewal payment can be paid through this mode of payment only for policies where all the premiums have been paid on time. One can buy it online, as well as deposit premiums using internet banking facility or credit card facility of the insured.
5,000,000, whichever is lower, and is payable in the event of the policy owner’s death due to accident. However, the insured person will get risk protection only from the date of issuance of policy if he has to undergo a medical check-up. Death benefit, if payable during the grace period, will be paid out after the deduction of the outstanding policy premium. In case of the death of the policyholder during the policy term, his nominee would receive the Sum Assured as a lump sum. For example, a 25-year healthy male (non-tobacco user) looking to insure himself with a Sum Assured of Rs. The hike in Sum Assured is subject to any one or more of the following options he wants to exercise, pertaining to certain events. This additional fee depends on the policy term opted for by the proposer, and will be levied until the policy owner turns 45 or the policy lapses, whichever is earlier. So how do we reap the benefits of investments without the commitment of paying premiums year-on-year?
A hassle-free plan, where you invest once and reap the benefits throughout the policy term. Many of them want to buy term life insurance online, and are not sure whether it is safe or how to go about it. I am providing this information on top term insurance plans in India, only for educational purpose and from public sources only – it will be learning for both me as well as readers.
ULIPs are supposed to provide a combination of life cover along with an opportunity for wealth creation.
We pay money to a third-party regularly to ensure that if something bad happens, we can make good our losses. Personally I think it is not better to buy a money back policy or an endowment plan, instead of buying term life insurance, because we should never mix investing and insurance. In today’s age people generally prefer online mode as it is cheaper than offline term insurance and much more convenient. If the sum assured is not paid to a person’s beneficiaries when he dies, then the entire purpose of Life Insurance is defeated.
LIC in India has one of the highest claim settlement ratios of 98.14% as per IRDA data for 2014.
It is a measure of the company’s long term survival and should be viewed in conjunction with other factor as well. Please note that that this is a rank based model and should be viewed relatively and not in absolute terms. In my previous corporate career, I have worked in Banking, Private Equity and Software industry. Death claim Settlement is the payment of claim amount by a life insurance company to the nominee of the insured.
The number of claims repudiated stood at 19,133 amounting to a total of Rs 451 crore (See Individual…). Not only it is one of the critical parameters to judge the insurance company’s efficiency, it also gives a glimpse into the claim assessment, survey and claim underwriting processes of the company. So you don’t get an idea of the how many claims the company received and how many it rejected. This means the longer the company has been in the market, the better is its claim settlement ratio. So if you are planning to pick up an insurance company as it has higher ratio than others, keep in mind that this might change next year. Similarly, if the ratio is low, it may not necessarily mean that your experience will also be bad. In case of protection products such as term insurance, claim settlement becomes far more important.
If the insurance you are purchasing is investment oriented then definitely consider returns and surrender values. One should, at the time of taking an insurance policy, make sure that all relevant information and disclosures have been provided to the insurer. Any inaccuracies (wilful or otherwise), fraudulent practices, concealment of relevant information or any misrepresentations can lead to a rejection of claims at a later stage,” adds Khanna. Introducing, Kotak Life Insurancea€™s single premium plans, where you pay the premium just once and enjoy the dual benefits of life insurance and investment. Coupled with easy liquidity and investment strategies to suit your investment objectives, this plan ensures that your investments work for you and not vice versa.
If you have any comments or observations or find anything wrong in my analysis, please let me know. However, there are certain term plans in India which are more popular and more beneficial than others based on some specific criteria, which I will discuss. However for the sake of completeness I will touch upon the definition and basic concepts of life insurance. In some instances, term polices may have some additional riders, but by and large term policies are plain vanilla insurance products like fire insurance or motor insurance. Most of the websites are very friendly and it is actually very easy to buy term life insurance online.
It is especially important, when the beneficiary depends on the money for their livelihood in the absence of the deceased. Claim Settlement ratio, expressed in percent, means the number of claims settled by a life insurance company out of the total claims received during a particular period, normally a year. On the other hand, a company normally has a low claim settlement ratio in its initial years of operations. As Mehta says, “Higher sum assured insurances typically have lower repudiation because the insured undergoes medical check-ups before the insurance is issued. If you do not withhold material information or misrepresent, there is no reason for bad experience. For returns, ask your investment advisor to give illustrative IRRs [Internal Rate of Return] over time. If you share incorrect information, no matter what the claims ratio of the insurance company is, you will face hurdles when it comes to claims,” Yohannan adds. These are the ideal plans to maximise the potential of a lump sum cash amount, rather than let it sit idle. This means you can’t know the claim ratio of an individual segment such as a term insurance plan or an endowment plan specifically, if you wish to.
Also, ask what would be the surrender penalties if you change your mind in the future and want to terminate the insurance,” advises Mehta of SecureNow Insurance Broker.



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