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Kotak Life e-Term

Introduction to Kotak Life e-Term

Kotak Life e-Term is a term insurance plan offered by the Kotak Life Insurance Company. Using a term insurance plan, you can get a large cover, for a very nominal premium (almost 1000X). This makes it one of the most essential products for your financial portfolio if you have dependents who rely on your income for their expenses. With this plan, your family will be paid a sum of money as a death benefit, in case you pass away during the policy term. This money can provide the financial cushion they need to continue with their present lifestyle as well as achieve their big dreams in life, without being held back because of money.

beshak ratings
Verdict: Kotak Life e-Term

This product is reasonably priced in comparison to other products in the market. While it allows you to customize how your family receives the claim amount, it doesn’t provide important customizations such as increasing cover, limited pay, comprehensive critical illness coverage. Further, as per our research, the insurer has received fewer claim settlement and policy purchase complaints, This means that you and your family are likely to get a smooth experience. 

Pros & Cons: Kotak Life e-Term

  • arrow Cheaper than other products in the market
  • arrow Several options to customize claim payout
  • arrow Option to exit the plan while it is still active and receive a refund of premiums
  • arrow Critical illness rider available, and the payout is in addition to the life cover amount
  • arrow Received fewer complaints during policy purchase compared to other insurers
  • arrow Not many Limited Pay options available, to speed up payments
  • arrow Doesn't offer the option to automatically increase your claim amount, with time
  • arrow Received higher number of complaints on claim settlement compared to other insurers

About Kotak Mahindra Life Insurance Co. Ltd.

Kotak Mahindra Life Insurance Co. Ltd. logo

Kotak Life is a Life Insurance company in India. It was founded in 2001. It is a joint venture between Kotak Mahindra Bank and Old Mutual plc and is headquartered in Mumbai. The MD of Kotak Life is Mr. Suresh Agarwal. 

Founded in
JV Partners
Kotak Mahindra Bank Ltd and Old Mutual plc
Turnover (GWP)
3,114.08 Crores
Number of Policies
Number of Claims

Detailed Product Specs & Rating: Kotak Life e-Term

Claims Experience 4.29/5 star green
Customer Service 4.5/5 star green
Product Benefits 2.9/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
% of Complaints received on overall claims
% customers unhappy with claims experience
How complex is the Claim Form?
The longer, the more hassles during claims
Very Long
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
Personal relationship manager for claims
Not Available
Can you track claims online?
Dedicated toll-free for claims service
Separate Claim Form for above 3 Years Claim
Not Available
Home pickup of Claims
Not Available

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What’s the Review of Kotak e-Term by Kotak Life Insurance?

Kotak Life e-Term Plan is a term insurance plan offered by the Kotak Life Insurance company. 

As you search for the ideal term insurance plan which suits your family’s financial needs, it is also important to look into the insurer's past track record related to the purchase and claim settlement experience. As per our research, Kotak Life Insurance Company has received fewer claim settlement and policy purchase complaints, and they also have a good track record of settling claims faster. This indicates that you and your family will experience a smooth and trouble-free policy process as well as a claim settlement process. 

Also, this product is comparatively cheaper than other term products in the market. It allows you to customize how your family receives the claim amount.  On the flip side, however, the Kotak e Term plan does not provide important customizations such as increasing cover, many limited pay options and comprehensive critical illness coverage.

Let’s take a quick look at the Kotak e Term plan review. 

What are the key benefits of Kotak Life e-Term Plan?  

  • Life cover benefit: This term insurance plan pays your family an assured sum of money if you pass away during the policy term. This policy does not have a maturity benefit - meaning, you won’t get anything back in case you survive the entire policy duration. You can claim tax benefits under Section 80C of the Income Tax Act with this term insurance policy. 
  • Entry age for the policy: The Kotak Life e Term plan allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old. 
  • Cover duration: Kotak Life e-Term policy provides a cover duration till the age of 75 years indicating that you can still enjoy the benefits of this term insurance plan even after you retire. 
  • Increasing cover: Though this term insurance product might fit perfectly as per your needs, there's one drawback that you should know about. This plan does not provide the increasing cover feature, which means you cannot automatically grow your existing cover with time. So, every time you need to upgrade your term cover, you will have to purchase a new plan. 
  • Limited pay options: This option allows you to finish paying off the premiums in faster installments and get the burden off your chest quickly. However, the Kotak e Term plan does not provide you with many limited pay options. You can either choose to pay your premiums in 5 years or 10 years with this product. 
  • Claim payout options: The Kotak Life e- Term plan allows you to customize how your family will receive the claim payout. It provides you with various options such as - 
    • One-time lump sum: The entire claim amount will be credited to your nominee’s bank account at once. So if you have any major loans and liabilities to be settled, you can choose this option.
    • Monthly income: If you choose this option, the claim amount will be paid to your family in monthly installments for a certain period of time. If you want to provide for your family’s regular expenses this option could be beneficial.
    • Lump-sum with monthly income: This is a combination of the above two options. If you want a part of your claim to go towards paying off loans, and the rest to be given as a monthly income for your family’s daily expenses for a fixed amount of time, you can choose this option.

What are the riders available under Kotak Life e- Term Policy? 

The Kotak e- Term plan provides the option to choose additional benefits called riders. These riders help you to boost your policy. You can buy the following riders with this policy -  

  • Critical illness rider: This add-on pays an additional amount of money as a lump sum, in case you get diagnosed with any of the serious illnesses listed in the policy document. This money can be used to replace the loss of income and to pay for any additional health-related expenses your family might incur as a result of the illness. 
  • Accidental death benefit rider: With this rider, your family will receive an additional amount of money, if you pass away in an accident. You can also use this rider to improve your overall cover in case your eligible cover amount is lower than the cover amount required for your family. 
  • Waiver of premium rider due to accidental disability rider: This is one of the most helpful riders, which you must consider buying. With the waiver of premium rider, if you get permanently disabled because of an accident - you will not have to pay any further premiums under your term insurance policy. However, you can retain the cover until the end of the policy period. 

Why should you consider buying from Kotak Life Insurance company? 

  • Speed of claim settlement: Kotak Life Insurance company has settled 99.99% of its claims in less than 30 days. This shows that your family might not have to wait for a longer time once they have shared the required documents for the claim settlement. 
  • Claims complaints: As per research conducted by our in-house research team, we found out that Kotak Life Insurance has received a very less number of complaints related to claim settlement, compared to other insurance companies. 
  • Online tracking of claims: Kotak Life Insurance provides your nominee the option to track their claim online as well, instead of reaching out to the company, again and again, to learn about the claim status. 
  • Claim Settlement Ratio: If you are thinking of buying the Kotak Life eTerm plan, you should be aware that the company’s claim settlement ratio is 98.50% and the claim amount settlement ratio is 95.47%.

What are the disadvantages of buying from Kotak Life Insurance? 

  • Length of the claim form: Kotak Life Insurance, has a very lengthier claim form compared to other insurers. This indicates your family nominee is likely to face some hassles while filling out the claim form. 
  • Home pick-up for claims: Kotak Life Insurance does not provide the option to pick up the documents from home after you register for the claim. Meaning, your family/ nominee will have to visit the branch office to submit the documents personally.

How is the Customer Service of Kotak Life Insurance Company? 

  • Response on Toll-free: When it comes to customer service, our research team found their response over the toll-free to be slow. 
  • Response on Twitter: Their response over Twitter was found to be slow as well compared to other insurance companies.

Poor customer service could lead to problems for the claimants, i.e., your family during the claim settlement process. 

About the Insurer - Kotak Life Insurance Company

Kotak Life is a Life Insurance company in India. It offers Term Life Insurance, Traditional Savings, and Unit Linked Insurance Plans. It was founded in 2001. The company is headquartered in Mumbai and has 232 branches in 167 cities. The MD of Kotak Life is Mr. G. Muralidhar. 

Final review of Kotak Life e-Term Plan

On the basis of the 100+ metrics analyzed by our in-house research team and considering the product benefits, customer service, and claims experience, the Kotak Life e-Term plan gets a Beshak⭐Rating of 3.5/5.

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