Kotak Mahindra Vs LIC Life Insurance Comparison 2024

Updated On: 2023-03-30

Author : Team Policybachat

Kotak life insurance and LIC life insurance are two of India's most popular life insurance providers. They have a long history and enjoy a good reputation. But which one is better? To answer this question, we need to compare the two companies in various aspects such as the types of plans they provide, benefits, key features, coverages, advantages, disadvantages, etc.

PolicyBachat is an insurance web aggregator that helps to calculate the pros and cons of the life insurance policy that you choose and gives a better decision to buy the desired policy. It gives you the distinction between the carrier backgrounds, and incurred claim settlement ratio to configure the right insurance policy.

Get the top carrier quotes to distinguish the best life insurance plan in terms of premium, coverage, and holding experience in the insurance sector at PolicyBachat easily. If you are looking for Kotak Mahindra Life insurance vs LIC Life Insurance, this article will help you to choose the best life insurance policy between them.

Kotak Mahindra Life Insurance

The Kotak Life Insurance Company is a private limited company in India. The company has been in existence for over 20 years. It offers life insurance policies to individuals, families, corporates, and institutions. 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. Kotak Life Insurance has its headquarters in Mumbai, Maharashtra. Kotak Life Insurance offers a range of products to meet your needs. They also offer life insurance policies to your family.

Kotak Mahindra Life Insurance Benefits

  • Variety of Plans: Kotak Life Insurance offers a range of life insurance products and services to help you protect your family’s future.
  • Death Benefit: Kotak life insurance agrees to pay an amount of money or provide a benefit in exchange for a premium, should the insured die during the policy term.
  • Riders: with Kotak’s life insurance policy you can add additional riders to enhance the coverage of your life insurance policy.
  • Tax Benefits: Kotak term insurance policies provide certain tax benefits under section 80C and under 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 of time. Using the Kotak Mahindra life insurance calculator you can buy the better it is.

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
  • • Kotak e-Invest Plan
Health Insurance Plans
  • Kotak Health Shield Plan
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

LIC Life Insurance

LIC (Life Insurance Corporation of India) is a state-owned life insurance company in India that was established in 1956. LIC offers life insurance products to individuals, companies, and institutions. LIC has been around for over six decades. It has the experience of handling many different kinds of policies like term plans, endowment plans, retirement, ULIP, money back, etc.

LIC's main role is to invest in global financial markets and different government certainties after gathering funds from people through life insurance policies. The importance of LIC Life insurance is to provide individuals with financial cover against demise at affordable costs to rural areas and people who exist in poverty and are less fortunate people.

LIC Life Insurance Benefits

  • Wide Range of Plans: Life Insurance Corporation (LIC) offers life insurance policies for individuals, families, senior citizens, and childless couples. They offer a variety of plans with different features and benefits; including term plans, whole life policies, endowment plans, and ULIPs.
  • Easy claim Settlement: LIC provides a simplified claim procedure. This is the reason perhaps why it provided the highest percentage of Claim Settlement Ratio.
  • Unmatchable customer support: The customer support of LIC is one of the best in the industry.
  • Trust ensured: LIC is the most trusted insurance company with hundreds of recognitions and awards and LIC policy is trusted by millions of people. 

List of LIC Life Insurance Plans

Type of Plans LIC Life Insurance Plans
Term Life Insurance Plans
  • LIC’s Jeevan Amar
  • LIC’s Saral Jeevan Bima
Whole Life Insurance Plans
  • LIC’s Jeevan Umang
Money-Back Plans
  • LIC’s New Bima Bachat
  • LIC’s New Money Back Plan-20 Years
  • LIC’s New Money Back Plan-25 Years
  • LIC’s Jeevan Umang
  • LIC’s New Children’s plan
  • LIC’s Jeevan Tarun
  • LIC’s Jeevan Shiromani
  • LIC’s Bima Shree
  • LIC’s Dhana Rekha
Endowment Plans
  • LIC’s Bima Jyothi
  • LIC’s Bachat Plus
  • LIC’s New Endowment Plan
  • LIC’s New Jeevan Anand
  • LIC’s Single Premium Endowment Plan
  • LIC’s Jeevan Lakshya Plan
  • LIC’s Jeevan Lakshya Plan
  • LIC’s Aadhaar Stambh Plan
  • LIC’s Aadhaar Shila Plan
Pension Plans
  • Pradhan Mantri Vaya Vandana Yojana
  • LIC’s Jeevan Akshay - VII
  • LIC’s New Jeevan Shanti
  • LIC’s Saral Pension
ULIP Plans
  • LIC’s SIIP
Micro Insurance Plans
  • LIC’s Bhagya Lakhsmi
  • LIC’s New Jeevan Mangal
  • LIC’s Micro Bachat Plan
Health Plans
  • LIC’s Cancer Cover
  • LIC’s Arogya Rakshak
Withdraw Plans
  • LIC’s Bhagya Lakhsmi
  • LIC’s Jeevan Akshay - VII
  • LIC’s New Jeevan Shanti
  • LIC’s Saral Pension
  • LIC’s Bima Jyothi
  • LIC’s New Jeevan Mangal
  • LIC’s Jeevan Arogya
Group Plans
  • LIC's New Group Superannuation Cash Accumulation Plan
  • LIC's New Group Gratuity Cash Accumulation Plan
  • LIC's New Group Leave Encashment Plan
  • LIC's Group Credit Life Insurance
  • LIC's Single Premium Group Insurance
  • LIC's New One Year Renewable Group Term Assurance Plan I
  • LIC's New One Year Renewable Group Term Assurance Plan II
  • LIC's One Year Renewable Group Micro Term Assurance Plan
  • Group Immediate Annuities
  • LIC’s Group Assurance plan

Comparison Table of Kotak Life Insurance vs LIC Life Insurance

Parameter Kotak Life Insurance LIC Life Insurance
Claim settlement ratio 98.50% 98.62%
Solvency Ratio 3.02 1.83
Online Availability Yes Yes
Life Cover Up to 99 Years Up to 99 years
Number of Branches Available 232 2048
Riders Available
  • Critical Illness Plus Rider
  • Accidental Death Benefit Rider
  • Accidental Permanent Disability Benefit Rider
  • Term Benefit Rider
  • Accidental Death Benefit Rider
  • Accidental Death and Disability Benefit Rider
  • Critical Illness Benefit Rider
  • New Term Assurance Rider
Online Services
  • Pay Premiums
  • Buy Policy
  • Download statements
  • File a Claim
  • Update Information
  • Change Details
  • Update Information
  • Claim Settlement
  • Premium Payment
  • Policy Status Checking
  • Buy Policy
  • Renewal Policy

Comparison of Key Features and Benefits of Kotak Life Insurance Vs LIC Life Insurance

LIC Life Insurance is one of India's most popular life insurance providers. It was established in the year 1956 and has been protecting against financial risks such as death, disability, and old age for over years. LIC offers a wide range of policies to suit different needs and budgets.

In contrast, Kotak Life Insurance is a relatively new entrant in the market with only about two decades under its belt. In that time it has grown to become one of India's largest Life Insurance companies with a customer base that spans all geographies. Kotak offers customers a wide range of term plans as well as traditional endowment plans which are backed by some of the best investment minds in India

Which One Should I Choose for My Future Needs?

Kotak Life Insurance offers attractive term plans at competitive prices. The company also provides customized solutions for its customers by offering them an online platform where they can compare various policies from different companies based on their needs and requirements.

LIC Life Insurance is one of the largest life insurers in India. It offers both term and whole life insurance policies to customers across the country. LIC India Life Insurance is one of the oldest players in the Indian life insurance market. They offer products and services across different segments of life insurance.

Both of these options are great for the future. They have their own set of benefits that make them stand out from each other. To buy the best life insurance compare life insurance quotes at PolicyBachat and find the best life insurance that fits your requirement.

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