Kotak Smart Life Plan
  • Explore All about Kotak SmartLife Insurance
  • Understand the Key Features & Benefits
  • Check Eligibility Criteria
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Customized Investment Plan for you.

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Kotak Smart Life Plan

Kotak SmartLife is a non-linked, participating life insurance plan. It provides an option to get cash bonus payouts from the end of the 1st policy year to look after immediate financial needs. Policyholders can use such bonuses to take care of their families in their absence.

Kotak SmartLife Plan is an endowment plan that enables the policyholder to achieve their life's financial goals while simultaneously ensuring the family's financial security in your absence. Let's take a look at some of the policy's characteristics.

Kotak Smart Life Plan offers you a range of benefits including:

why-choose
  • Death Benefit
  • Survival Benefit
  • Maturity benefit
  • Surrender
  • Grace period
  • Availability of Riders

Eligibility Criteria for Kotak Smart Life Plan

Your Occupation

Entry age

Minimum Age - 3 years Maximum Age - 55 years

Mukhyamantri Amrutam Yojana

Maturity age

Maximum Maturity Age - 75 years

Your Gender

Policy tenure

75 years less entry age of life insured

Maternity Benefit Rider

Premium payment term

6, 8, 10, 12, and 15 years

Dr YSR Aarogyasri Trust

Premium payment frequency

Annual, half-yearly, quarterly & monthly

Maternity Benefit Rider

Sum assured

Rs. 2,50,000 to No limit

How Does the Kotak Smart Life Plan Work?

Let's understand how the Kotak Smart Life Plan works with a simple premium illustration.

Why Buy Term Insurance Online?

Problem

Mr. Verma is looking for an investment plan to create long-term wealth for his child.

Solution

His financial advisor advised him to buy the Kotak Smart Life Plan. He visited PolicyX.com

Let's understand how the Kotak Smart Life Plan works for him with a premium illustration table.

Age of policyholder Annual Premiums Premium payment tenure Sum Assured Maturity Benefits
35 years Rs 94,140 12 years Rs 10,00,000 Rs 24,73,177

Key Takeaways: At the end of the policy tenure the maturity benefits of Rs 24,73,177 are paid to the policyholder.

Features of Kotak Smart Life Plan

Here are some features of Kotak Smart Life Plan:

Kotak Investment Plans

Kotak Smart Life Plan

Kotak Smart Life Plan

Kotak SmartLife is a non-linked, participating life insurance plan. It provides an option to get cash bonus payouts from the end of the 1st polic...

Unique Features

  • Explore All about Kotak SmartLife Insurance
  • Understand the Key Features & Benefits
  • Check Eligibility Criteria

Kotak Smart Life Plan (Pros)

Kotak Smart Life Plan
  • Death Benefit
  • Survival Benefit
  • Maturity benefit

Kotak Smart Life Plan (Cons)

Kotak Smart Life Plan
  • No pre-existing condition
  • Suicidal exclusion
  • No auto-cover continuance

Kotak Smart Life Plan (Other Benefits)

Kotak Smart Life Plan
  • Comprehensive Protection
  • Flexibility
  • Availability of Riders

Kotak Smart Life Plan (Eligibility Criteria)

Kotak Smart Life Plan
  • Minimum entry age- 3 years
  • Maximum entry age- 55 years
  • Minimum sum assured- Rs 250000
  • Maximum sum assured- No limit
  • Maximum policy terrm- 75 years less entry age of life insured
Tired of Pushy Sales? Get Insurance, Your Way Tired of Pushy Sales? Get Insurance, Your Way

Benefits of Kotak Smart Life Plan

There are various benefits to buying the Kotak Smart Life Plan. Let’s understand each of them in detail:

  • Death benefits: In case of the unfortunate death of the policyholder, the death benefit will be paid provided all the due premiums have been paid. The Death Benefit paid will be: Sum assured on death + Interim Bonus (if any) + Terminal Bonus (if any) + Present Value of Outstanding Cash Bonus Payout for the remaining months of the year of death of the policyholder.
  • Survival Benefit:The company will pay the survival benefits on the basis of the bonus option chosen by the policyholder at the beginning of the policy. Cash Payout Option: Declared cash bonus is paid till the end of the policy term or surrender/death, whichever is earlier. This is applicable at the end of each policy period, beginning from the end of the 1st policy year. One can also choose Cash Payout on a monthly basis, which will be calculated as: (102.25% * Yearly Cash Bonus Payout) / 12 Paid-up additions: Declared cash bonus is utilized to buy paid-up additions (additional sum assured). This is applicable at the end of each policy period, beginning from the end of the 1st policy year.
  • Maturity benefit: Under this plan, if the policyholder survived till the end of the policy term, then the maturity benefit is provided as follows: Cash payout: Basic Sum Assured + Cash Bonus + Terminal Bonus (if any).
    Paid-up additions: Basic Sum Assured + Cash Bonus + Accrued Paid-up Addition (if any) + Terminal Bonus (if any).
  • Tax benefit: You can avail tax benefits for the premium paid against this policy under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Documents Required to Buy Kotak Smart Life Plan

Here is the list of documents required to buy the Kotak Smart Life Plan:

  • Regular Smoking
    Photo ID Proof
  • Your Occupation
    Age Proof
  • Pre-Existing Diseases
    Address Proof
  • Your Age
    Medical Records
  • Your Gender
    Income Proof
Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy Kotak Smart Life Plan?

You can buy the Kotak Smart Life Plan official website or one of their nearest branch offices.

Life Insurance
  • Step 1

    Visit the official website of PolicyX.com.

  • Step 2

    Click on the ‘Investment’ tab.

  • Step 3

    A new page will appear on the screen.

  • Step 4

    Fill out the form at the top of the page with the necessary details.

  • Step 5

    Select your income and city. Click on 'Proceed'.

  • Step 6

    Update your education and occupation details.

  • Step 7

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 8

    Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.

Life Insurance
  • Step 1

    Visit the official website of Kotak Life Insurance.

  • Step 2

    Hover over the 'Investment Plans' from the top of the menu.

  • Step 3

    Click on the 'Kotak Smart Life Plan'.

  • Step 4

    Click on ‘Buy Now’ and you will be redirected to a new page.

  • Step 5

    Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.

  • Step 6

    Once discussed you can make the premium payment and get the policy documents.

Buying from their branch office

You can buy the Kotak Smart Life Plan offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.

Your Occupation

Exclusions of Kotak Smart Life Plan

  • In case the policyholder commits suicide within 12 months of policy purchase then no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date whichever is higher is paid.

Plan At a Glance

What’s Good Here What’s Missing
Death Benefits Premium Offset
Survival Benefits High sum assured rebate
Maturity Benefits Auto cover continuance
Tax benefits Top-up premium

In a nutshell

If you are looking for an investment plan that offers cash bonus payouts from the end of the 1st policy year you should buy Kotak Smart Life Plan.

For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.

FAQs: Kotak Smart Life Plan

1. How Does the Plan Work?

The policyholder needs to decide the Basic Sum Assured, premium payment term and frequency of premium payment. Based on these details and your age and gender, the premium payable is determined. The Basic Sum Assured, premium payment term, and premium payment frequency are all determined by the policyholder. The premium payable is calculated using these details, as well as your age and gender. Along with the above-said details, one need to choose the Bonus options i.e. Cash Payout or Paid-Up Addition. If Cash Payout is chosen: The Cash Bonus (if declared) is paid every year or month from the end of the first policy year until the end of the policy term or death or surrender, whichever comes first. If the Paid-Up Addition option is chosen: If the Paid-Up Addition option is selected, The Cash Bonus (if any) is used to purchase Paid-Up Additions, which will continue to accrue during the policy term. It will also provide you the option of en-cashing the cash value of your Paid-Up Addition, subject to Policy conditions. At the end of the Policy Term, Basic Sum Assured plus accrued Paid-Up Addition (if any) plus Cash Bonus (if any) plus Terminal Bonus (if any) will be paid out depending on the Bonus Option chosen by you

2. How can I check the status of my policy?

If you are a registered user, you may check the status of your policy by logging into the e-Portal using your policy information.

3. How can I renew my Kotak SmartLife Policies?

Renewing the Smart Life Plan Kotak Mahindra is a simple process. Just follow the below steps and renew your Kotal SmartLife Plan now: Log in into the e-Portal with your policy details to check the policy status. Select the policy and payment option- Net Banking. Debit/Credit Card Step Pay via the secure gateway and print/save the receipt of payment.

4. What is the Premium Modal Factor of Kotak SmartLife Plan?

The Premium Modal Factor of SmartLife plan is: Yearly - 100% , Half yearly - 51% , Quarterly - 26% , Monthly - 8.8%

5. Can I avail Tax Benefits under Smart Life Plan Kotak Mahindra?

You may avail of tax benefits under Section 80C and Section 10(10D) of Income Tax Act, 1961

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Himanshu Kumar

Written By: Naval Goel

Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.

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