Why Are Kotak Life Insurance Plans So Popular? Top Features and Benefits

Why Are Kotak Life Insurance Plans So Popular? Top Features and Benefits

A life insurance policy is an essential tool that provides financial protection to the family in case of an unfortunate event of the death of policyholder/insured. However, choosing a suitable life insurance plan is not an easy task. It takes a lot of research, a thorough understanding of the concept of life insurance, and the basic steps to select the best life insurance policy.

One of the most popular options available in life insurance category are the Kotak Life Insurance plans. Approaching the process strategically, Kotak Life Insurance Plans help you understand several benefits of life insurance for individual needs such as family protection, wealth creation, retirement, and savings.

If you’re looking for the best Kotak Life Insurance Plans, Coverfox.com allows you to access a wide range of options at a single place for individual needs.

Coverage and Premiums – How Kotak Life Insurance Plans Compete Against Others

One of the distinguishing features of Kotak Life Insurance Plans is the range of coverage and premium options available that the customers can choose from.

a) Excellent Coverage Options

Kotak offers several Life Insurance Plans with comprehensive life coverage benefit throughout the policy term. There are several Group life insurance plans available as well to provide protective life cover advantage to various groups such as employees of an organization.

Furthermore, well-trained and qualified advisors of Kotak assess all the important parameters such as sources of income, the number of dependents, the debts, liabilities, and the expenses based on your lifestyle to arrive at an accurate life cover for individuals and family members.

Kotak Life Insurance policies with adequate coverage also provide the benefit of fulfilling various individual needs including-

  1. i) Retirement Planning
  2. ii) Planning for your child’s education

iii) Ensuring a constant income flow

  1. iv) For any other specific goal in the future

The range of the best Kotak life Insurance Plans includes-

-Kotak Life Insurance Term Plans

-Kotak Life Insurance ULIP

-Kotak Life Insurance Pension Plans

-Kotak Life Insurance Investment Plans

-Kotak Life Insurance Endowment Plans

Several other combinations of different plans provide optimum life cover for various individual needs.

b) The advantage of lower premiums

Kotak also offers the benefit of a lower premium for a range of life insurance plans under its suite. Various premium payment options of Kotak plans include regular payment or limited payment as per the policyholder’s requirement. To fulfil insurance protection and capital appreciation needs of the customers, the company also provides several unit-linked insurance plan options with a low premium amount.

Other features of Kotak premiums differentiating them from other players include:

  1. Lump sum premium payment under the single premium payment option.
  2. The premiums under various Kotak plans offer a tax exemption under Section 80 C of the Income Tax Act, 1961.
  3. Depending on the amount of premium paid, customers enjoy the advantage of various loyalty additions to the fund value in different Kotak policies. These Loyalty Additions are payable at maturity and are calculated as % of basic sum assured. For example, Kotak Assured Savings Plan offers 10% of guaranteed loyalty addition on the opted premium payment term of 5 years, 12% on 6 years, and so on.
  4. Premiums are calculated after a thorough due diligence process performed by a dedicated department to ascertain the likelihood of a claim in case of critical illness across various age groups and lifestyles.

However, as a Kotak policy buyer, you need to understand that there are a number of other factors to be considered while taking the best life insurance plan. Since each policy is different in terms of features, understanding the particulars of how it works while taking the quote always helps.

Fill all the details accurately such as contact information, health-related questions, and other information to get the suitable quotes from the company.

Additional Features of Kotak Life Insurance Plans

Kotak Life Insurance Plans have several other additional benefits including:

a) Excellent claim settlement ratio

With an average claim settlement ratio of 91.24% for the financial year 2016-2017, Kotak is one of the best options you can look at for all your life insurance needs.

b) Easy & fast resolution of grievances

Kotak is a renowned name in the insurance industry when it comes to resolving customer grievances regarding the policies. The company has an excellent record of 97.37% customer grievances successfully settled for the financial year 2016-2017.

Parting Thoughts

With a range of structured life insurance plans for varied needs such as financial protection, retirement, investment, savings etc., Kotak life insurance plans best suit your individual requirements.

With Coverfox.com, you can browse and purchase the best of the Kotak Life Insurance plans.

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