Kotak Mahindra Old Mutual Life Insurance Ltd. is a significant player in India's insurance landscape, formed through a collaboration between Old Mutual and Kotak Mahindra Bank Ltd. Offering a broad spectrum of traditional life insurance plans, Kotak Mahindra Insurance caters to diverse customer requirements with options like whole life insurance and endowment policies, marrying risk coverage with financial security and investment opportunities.

Traditional life insurance plans extend beyond mere safety nets, delivering financial stability to both the insured and their beneficiaries. Unlike term insurance, which is limited to a specific timeframe, Kotak's traditional plans offer lifelong protection, ensuring fixed income returns, risk coverage, safety, and tax advantages. This makes them an attractive option for securing future financial well-being.

Types of Kotak Traditional Insurance Plans

Kotak Mahindra presents a wide array of traditional insurance plans, each crafted to align with various financial aspirations and necessities. Here is a detailed look at the available Kotak traditional plans:

Kotak Assured Savings Plan

• Guaranteed Annual Additions: Annual additions between 7% and 10% of all premiums bolster policyholder investments over time.
• Guaranteed Loyalty Additions: The policy matures with loyalty additions ranging from 10% to 20% of the assured sum, contingent on the premium payment tenure.
• Death Benefit: Offers a higher sum value in case of the policyholder’s demise, which may be 105% of all premiums paid, a 110%-120% guaranteed death benefit of the assured sum, or 7-11 times the sum assured, with the assured amount included.
• Riders: Enhance coverage with up to three optional riders.
• Loan Facility: Loan opportunities against the accrued sum are available, covering up to 50% of the surrender value.
• Sum Assured Enhancement: With increased premiums, policyholders can boost the sum assured by 3% to 5%.

Kotak e-Assured Savings Plan

• Similar annual and loyalty additions as the Assured Savings Plan.
• Death benefit mirrors that of the Kotak Assured Savings Plan.
• Avail up to two riders for extended coverage.
• Access loans amounting to up to 50% of the surrender value.
• Sum assured can be enhanced similarly by choosing higher premiums.

Kotak Assured Income Plan

• Assured Payouts: Ensures payouts over a 15-year term based on annual premium by the policy term's conclusion.
• Guaranteed Maturity Benefit: Adds a maturity benefit of 104%-110% of the assured amount depending on the entry age.
• Includes a death benefit of 106% of the assured or a guaranteed maturity benefit upon the policyholder's death.
• Four riders can be added to widen coverage.
• A loan facility allows borrowing up to 80% of the surrender value.

Kotak Assured Income Accelerator Plan

• Premium Payment Term: Involves limited premium payment tenure.
• Guaranteed Income: Secured income post-premium payment period, with incremental annual income based on simple interest.
• Offers maturity benefits based on policy term and entry age.
• Death benefit includes different sums assured or a minimum of 105% of all premiums.
• Opt for up to five riders for tailored coverage.
• Loans can reach up to 80% of the surrender value.

Kotak Premier Money Back Plan

• Policyholders benefit from company profits through bonuses.
• Money Back Benefits: Provide 20% of the sum assured throughout policy tenure.
• Includes maturity benefits with the assured sum and accrued bonuses payable upon maturity.
• Death benefit ensures 7-11 times the assured sum or a minimum of 105% of total premiums, with accidental death benefits included.
• Enhance coverage with up to three additional riders.
• Discounts apply on premiums for assured sums of Rs 5 lakh or more.

Kotak Classic Endowment Plan

• Participate in company profits and earn bonuses.
• Death benefit proposes a higher sum assured, either 11 times the annual premium or 105% of all premiums.
• Accrued bonuses are paid alongside the sum assured at maturity.
• Choose from up to six riders for a higher sum assured.
• Loans of up to 80% of the surrender value are an option.
• Available discounts on premiums for assured sums over Rs 5 lakh.

Kotak Premier Endowment Plan

• Bonuses: Earn bonuses proportional to company profits.
• Guaranteed Additions: Up to 5% of the sum assured for the first five years.
• Maturity Benefit: Payment of the assured sum, vested bonuses, and additions at maturity, either as a lump sum or in installments over 5 or 10 years.
• Death benefit includes a higher sum assured, either 7-11 times the annual premium or basic assured + bonuses.
• Select up to six riders to increase policy coverage.
• Loan access up to 80% of the surrender value.
• Premium discounts for assured sums beginning at Rs 5 lakh.

How to Apply for Kotak Traditional Insurance Plans

Applications can be made via:

Online Procedure

1. Visit Kotak's website, Kotak Insurance.
2. Select the preferred plan.
3. Decide on the coverage level.
4. Submit the required details as per prompts.
5. Website informs about premium based on input data.
6. Complete the payment through available methods.
7. Policy is issued promptly post-payment.

Through Intermediates

1. Agents, banks, or brokers can assist for offline plans.
2. Get guidance through the application, ensuring the issuance as per requirements.

Conclusion

Kotak Mahindra’s range of traditional insurance plans provides extensive solutions for those seeking secure financial coverage, combining fixed income, risk management, and tax benefits. The variety and adaptability of plans, with assured additions, customizable rider options, and loan facilities, make them suitable for diverse needs. Whether applying online or through intermediaries, Kotak offers a streamlined and supportive process for obtaining insurance.