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Online Premium Payment 1101 views June 25, 2021
Kotak Mahindra Life Insurance provides you a wide range of premium payment options, so you can pay your premium without any hassle. The timely payment of premiums will ensure insurance benefits for you without any stoppages. Let’s read this page further and know more about it.
Table of Contents
You can pay your premium online by following these steps shown below:
Your premium amount will automatically be debited from the bank account on your premium due date if you use the standing instruction facility. This facility is available to all the account holders of Kotak Mahindra Bank and HDFC Bank. You just need to submit the duly filled Standing Instruction form at any of Kotak Life Insurance branch offices or mail it to the following address:
Kotak Mahindra Life Insurance Company Ltd. Kotak Infiniti, Building No. 21, Infinity Park 5th Floor, Zone 2. Off Western Express Highway General A K Vaidya Marg Malad (E), Mumbai – 400 097.
You can pay your premiums offline using any of the following services such as:
Kotak Mahindra Bank ATM Drop Boxes: You can drop your premium cheque at any of the Kotak Mahindra Bank ATM drop boxes
Kotak Life Insurance Branch Office: Pay your policy premiums in cash/cheque/demand draft by visiting the nearest Kotak Mahindra Life Insurance Company Ltd. branch.
What If You Miss Kotak Life Premium Payment?
A grace period is provided to you in case you forget to pay your policy premium. For yearly, half-yearly and quarterly modes of payment, the grace period is of 30 days, and in the case of the monthly mode of payment, it is 15 days. If the premium is not paid within the grace period, the policy shall attain a lapsed, ACM, ANM, Paid Up, or Notice Period mode.
Based upon the time from the first due payment to the policy revival date, the insurer may charge certain revival charges shown below:
Time Between Policy Lapse & Revival | Late Payment Charge |
---|---|
Before 6 months | For Non-ULIP Plans & ULIP Plans issued before 1st July 2006, 9% p.a. on the outstanding premium. 0.75 % p.m. on actual outstanding premium amount. For ULIP Plans issued after 1st July 2006 - Flat INR 500 |
After 6 months | For Non-ULIP Plans & ULIP Plans issued before 1st July 2006 - 9% p.a. on the outstanding premium. 0.75 % p.m. on actual outstanding premium amount. For ULIP Plans issued after 1st July 2006 - Flat INR 500 |
After 24 months | Revival not allowed |
Note: Policy shall be revived only after underwriting decision.
If you do Kotak Life Premium Payment without any interruptions, you’ll get policy benefits without any break plus the tax benefits under Section 80C of Income Tax Act, 1961. The total amount that can be claimed for tax exemption shouldn’t exceed 10% of the sum assured.
The modal factor for Kotak Life Premium Payment is as follows: