There are many aspects that one needs to consider before buying a life insurance policy. The two most important factors are the premium and coverage along with these two you can also consider which life insurance company is better to get insured.
Kotak Mahindra life insurance and ICICI Prudential life insurance are the two most popular life insurance companies in India. But, which one is better? To understand which one is better for you, it is important to compare both ICICI Prudential Life Insurance and Kotak Mahindra Life Insurance.
In this article, we will compare these two companies based on their policies, features, benefits, premium prices, customer service, trustworthiness, and other factors so that you can get the right life insurance policy at an affordable price with all benefits.
Kotak Mahindra is a company that has been around for a long time and is known to be one of the most trusted brands in India. It offers some of the best-value plans in terms of premiums, coverage, and other benefits. The company's policies are also transparent with no hidden charges or clauses that might affect you later on.
ICICI Prudential Life Insurance offers life insurance products and other financial services to its customers. ICICI Prudential Life Insurance offers many more features to suit every individual’s needs and it offers a variety of benefits and services. Let’s compare the two life insurance providers and their policies, features, benefits, plans, and prices in detail.
Kotak Mahindra Life Insurance
Kotak Mahindra Life insurance company limited is one of the fastest-growing insurance companies in India. Kotak Mahindra Life Insurance Company Limited is a joint venture between Kotak Mahindra Bank Limited and Old Mutual Limited, a pan African investment, savings insurance, and banking group operating. It was established in 2001 and it has 232 branch offices in around 129 cities and towns in India. Kotak Mahindra Group is a well-known banking and financial services organization in India. It provides an extensive range of financial products to meet both corporate and individual investment needs.
List of Kotak Mahindra Life Insurance Plans
| Type of Plans |
Kotak Life Insurance Plans |
| Term Insurance Plans |
- Kotak e-Term Insurance Plan
- Kotak Saral Jeevan Bima Plan
- Kotak Term Life Insurance Plan
|
| Savings and Investment Plans |
- Kotak Invest Maxima Plan
- Kotak Single Invest Plus Plan
- Kotak Platinum Plan
- Kotak Ace Investment Plan
- Kotak Premier Endowment Plan
- Kotak Premier Moneyback Plan
- Kotak Premier Life Plan
- Kotak Sampoorn Bima Micro-Insurance Plan
- Kotak Single Invest Advantage Plan
- Kotak POS Bachat Bima Plan
- Kotak Assured Income Accelerator Plan
- Kotak Classic Endowment Plan
- Kotak Assured Savings Plan
- Kotak Assured Savings Plan
- Kotak Smart Life Plan
- Kotak Guaranteed Savings Plan
- Kotak e-Invest Plan
- Kotak Wealth Optima Plan
- Kotak Premier Income Plan
|
| Retirement Plans |
- Kotak Premier Pension Plan
- Kotak Lifetime Income Plan
- Kotak Assured Pension Plan
|
| ULIP Plans |
|
| Health Insurance Plans |
|
| Group Insurance Plans |
- Kotak Secure Return Employee Benefit Plan
- Kotak Gratuity Plus Group Plan
- Kotak Gratuity Group Plan
- Kotak Leave Encashment Group Plan
- Kotak Assured Return Employee Benefit Plan
- Kotak Group Secure Capital Plan
- Kotak Secure Return Superannuation Plan
- Kotak Superannuation Group Plan – II
- Kotak Group Secure Capital Plan
- Kotak Assured Return Employee Benefit Plan
- Kotak Group Secure One Plan
- Kotak Term Group Plan
- Kotak Raksha Group Micro Insurance Plan
- Kotak Complete Cover Group Plan
- Kotak Group Shield Plan
- Kotak Group Assure Plan
- Kotak Credit Term Group Plan
|
Features of Kotak Mahindra Life Insurance
- Nominal Cost
- Multiple Plan Options
- Coverage For Family Members
- Online Services For Policyholders
- Customizable Tenure, Sum Assured
- Features an Investment Component
- Flexible Premium Payment Options
Kotak Mahindra Life Insurance Benefits
- High Life coverage at an affordable premium: Kotak Life Insurance provides affordable insurance plans that fulfill the requirements of the insured. Some plans are designed to provide you with as many benefits as possible at a very nominal price.
- Easy Policy issuance: The policy issuance process in Kotak Life Insurance Company is very smooth and the policy would be issued within the least possible time, within 1 day in some cases.
- Tax Benefits: Kotak term insurance policies provide certain tax benefits under section 80C, Section 10 (10D) of the income tax act, 1961.
- Long Term Coverage: You can opt for coverage that continues up to 99 years of age by paying premiums for a limited period. Using the Kotak Mahindra life insurance calculator you can buy the better it is.
- Product Variety: Kotak Mahindra life insurance has a comprehensive product portfolio designed to cater to a wide variety of people. The customers have a wide variety of options to select from and thereby choose the best insurance product as per their requirements.
ICICI Prudential Life Insurance
ICICI Prudential is a life insurance company that focuses on providing financial products to a wide range of customers. The company has been around for over 20 years and it has grown to become one of the best life insurance companies in India. ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Prudential Life Insurance Company has consistently been the topmost company in the Indian Life Insurance Sector.
List of ICICI Prudential Life Insurance Plans
| Type of Plans |
ICICI Prudentail Life Insurance Plans |
| Term Plans |
- ICICI Pru iProtect Smart Term Plan
- ICICI Prudential SARAL JEEVAN BIMA Plan
- ICICI Prudential iCare II Plan
- ICICI Prudential PRECIOUS LIFE Plan
- ICICI Prudential Life Raksha Plan
- ICICI Prudential POS iProtect Smart Plan
- ICICI Prudential POS Life Raksha Plan
- ICICI Prudential Loan Protect Plan
- ICICI Prudential Loan Protect Plus Plan
|
| ULIP Plans |
- ICICI Prudential Signature Online Plan
- ICICI Prudential Signature Plan
- ICICI Pru1wealth Plan
- ICICI Prudential life Time Classic Plan
- ICICI Pru Guaranteed Wealth Protector Plan
- ICICI Prudential Smart Life Plan
- ICICI Prudential Smart Kid Plan
- ICICI Prudential Smart Couple Plan
|
| Savings Plans |
- ICICI Prudential Guaranteed Income For Tomorrow Plan
- ICICI Prudential Cash Advantage Plan
- ICICI Pru Savings Suraksha Plan
- ICICI Prudential Assured Savings Insurance Plan
- ICICI Pru Future Perfect Plan
- ICICI Prudential LAKSHYA Plan
- ICICI Prudential LAKSHYA Lifelong Income Plan
|
| Retirement Plans |
- ICICI Pru Easy Retirement Plan
- ICICI Prudential Guaranteed pension Plan – Deferred Annuity
- ICICI Prudential Guaranteed pension Plan – Immediate Annuity Plan
- ICICI Prudential Easy Retirement SP Plan
- ICICI Prudential Saral Pension Plan
|
| Health Plans |
- ICICI Prudential Heart/Cancer Protect Health Plan
|
| Group Plans |
- ICICI Pru Group Term Plus Plan
- ICICI Prudential Group Loan Secure Plan
- ICICI Prudential Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
- ICICI Prudential Shubh Raksha Credit Plan
- ICICI Prudential Super Protect – Credit Plan
- ICICI Prudential Group Suraksha Plan
- ICICI Prudential Group Suraksha Plus Superannuation Plan
|
| Rural Plans |
- ICICI Prudential Sarv Jana Suraksha Micro Insurance Plan
- ICICI Prudential Anmol Bachat Plan
|
| Rider Plans |
- ICICI Prudential Corona Protect Rider Plan
- ICICI Prudential Corona Protect plus Rider Plan
|
Features of ICICI Prudential Life Insurance
- Wide Range of Plans Options
- Investment Option
- Flexibility in Paying Premiums
- Loan Facilities
- Easy Claim Settlements
- Various Add-Ons Covers
- Affordability
- Easy to Buy
- Offers Rebate
- Accidental Death Benefit
ICICI Prudential Life Insurance Benefits
- Coverage: Coverage of life cover till 99 years at affordable premiums when your family is not around will cover up the financial security to you.
- Wide Range of Plans: ICICI Prudential Life Insurance provides a wide range of options to choose from. You can choose according to your requirement. Every plan has its benefits and so many options to choose from.
- Excellent Customer Service: ICICI Prudential Life Insurance Company Ltd is one of the top providers in the life insurance sector. The company values its customers and provides excellent customer service. Their customer care service is accessible 24x7. This helps the policyholder to stay connected with the service providers.
- 100% Coverage Payout: In case policyholder spot with a terminal illness can get 100% coverage amount.
- Tax Benefit: According to sections 80c and 10(10d) of tax benefits eligible for a premium paid and received benefits.
Comparison Table of Kotak Mahindra Life Insurance Vs ICICI Prudential Life Insurance
The table below compares ICICI Prudential Life Insurance Vs Kotak Mahindra Life Insurance
| Parameter |
Kotak Mahindra Life Insurance |
ICICI Prudential Life Insurance |
| Claim Settlement Ratio |
98.50% |
97.90% |
| Solvency Ratio |
2.90 |
2.17 |
| Inception |
2001 |
2001 |
| Number of Branches |
232 |
514 |
| Availability |
Online/Offline |
Online/Offline |
| Life Cover |
Up to 99 Years |
Up to 99 Years |
| Types of Plans |
- Term Insurance Plans
- Child Plans
- Savings and Investment Plans
- Protection Plans
- Retirement Plans
- ULIP Plans
- Health Plans
|
- Term Insurance Plans
- Health Insurance Plans
- Unit Linked Insurance Plans,
- Traditional Savings/Money Back Plans,
- Retirement Plans
- Group Plans
- Rural Plans
- Rider Plans
|
| E-Services |
- Pay Premiums
- Buy Policy
- Download statements
- File a Claim
- Update Information
- Change Details
|
- Buying policy
- Renew Policy
- Update Information
- Premium Payments
- Switch Funds
- Download Options
- Claim Settlement, etc.
|
| Riders Available |
- Critical Illness Plus Rider
- Accidental Death Benefit Rider
- Accidental Permanent Disability Benefit Rider
- Term Benefit Rider
|
- Accidental Death Benefit Rider
- Terminal Illness Rider
- Critical Illness Rider
- Wavier of Premium Rider
|
Conclusion
If you are looking for a life insurance policy that is more affordable and flexible. Both ICICI Prudential Life Insurance and Kotak Mahindra life insurance policies are required to secure our loved ones and both are needed to comprehensively cover all aspects of your life. But choosing one over the two life insurance companies is a difficult task. There are many factors to consider such as coverage, premium amount, claim settlement ratio, plans, benefits, features, etc. So, know the difference between ICICI Prudential life insurance vs Kotak Mahindra life insurance at PolicyBachat to find one that is best suited for you.
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