Kotak Mahindra Old Mutual Life insurance Limited (Kotak Life insurance), recently launched its e-insurance portal through which a customer can buy life insurance Online.
The company has launched the portal with two pure term products for Online purchase viz. e-Term and e-Preferred Term. e-Term is available for sum assureds between Rs. 3 lakhs and less than Rs. 25 lakhs and has reduced, highly competitive rates for women.
e-Preferred Term gives preferential, highly competitive rates for women and non smokers and is available for sum assureds of over Rs. 25 lakhs.
According to Mr. G Murlidhar, Chief Operating Officer and Chief Financial Officer, Kotak Mahindra Old Mutual Life insurance, Independent buying of financial as well as other products and services Online is expected to increase exponentially over the next few years, aided by factors such as rising internet penetration, convenience, speed, cost advantage and sturdier Online payment safety architectures. Today there are financially aware individuals, comfortable with the Online mode and willing to make definitive choices regarding their investments and be rewarded for their efforts. The Online model offers such individuals the twin reward of cost savings and convenience
Here a customer can select the plan of his choice and opt for monthly, quarterly, half yearly or annual premium payment mode. After filling the proposal form, the customer could opt to pay policy premium using either net-banking or credit card. The Proposal Deposit Receipt (PDR) is issued Online after payment confirmation. Purchases are transacted through a highly secure transaction environment. Customer can schedule an appointment for pickup of mandatory documents on the portal itself for final issuance of policy. On receipt of documents (and reports of medical tests where required), policy hard copy is dispatched to the customer within 4-6 working days.
The benefits are : Quick Issuance Issuance within 4-6 working days of receipt of documents. Further the possibility of errors that could creep in manual data entry process is largely eliminated leading to faster processing and policy issuance
Medical at home Medical examination of policy prospects (in cases where the test is required) will be done by a qualified doctor at the customer's home. This facility is initially rolled out in 9 cities Delhi and NCR, Mumbai, Chennai, Kolkata, Bangalore, Pune, Ahmedabad, Hyderabad and Surat and will be gradually extended to 48 other cities in the span of a year.
Owing to the competitive rates, these Term plans available Online afford the customer the option to purchase insurance at competitive rates. To quote an example, a sum assured of Rs. 50 lakhs for a 30 year policy term would cost a 30 year old non-smoker male an annual premium of Rs. 6,783 (inclusive of Service Tax) and a non-smoker female of the similar age Rs. 5,570 (inclusive of Service Tax).
Customers can buy Kotak Life Insurance's e-plans by logging onto www.einsurance.kotak.com