Term insurance
Pays the full cover amount on death during the term, and nothing on survival.
Who does this suit?
Typically people with dependants and loans.
It is the cheapest way to buy a large cover.
What is the catch?
There is no maturity value — which is precisely why the premium is low.
Every category on this site has its catch stated next to what it does, not further down some other page. If a product appears to have no downside, it has not been explained properly.
How does underwriting work for this?
The deepest of any category. The full medical grid, detailed lifestyle questions, and checks on occupation and hazardous pastimes. Term cover is pure risk, so the insurer is assessing that risk more closely than anywhere else.
This is worth knowing before you start, because it decides how long the application takes and what you will be asked to disclose. It is also the thing most people are surprised by — the depth of questioning varies far more between categories than between insurers.
Which plans are in this category?
These are the plans available through this practice in this category. Names only — no plan's premium, return or benefit amount appears anywhere on this site, because those are set by the insurer at underwriting rather than by us.
- Kotak e-Term Plan
- Kotak Term Plan
- Kotak Signature Term Plan
- Kotak Gen2Gen Protect
- Kotak Signature Legacy
- Kotak Saral Jeevan Bima
- Kotak Value Protect
- Kotak Vital Care
Which of these fits depends on the term you want, how long you want to pay for, and what the underwriter comes back with. That is a conversation, not a dropdown.
What documents will you need?
Not at the start — nothing here is needed to begin an application. These come after you have seen what the insurer is offering.
| Document | Why |
|---|---|
| Identity | PAN, or Form 60 where you do not hold one. |
| Address | Aadhaar or another accepted address proof. |
| Age | A document confirming date of birth. |
| Photograph | A recent passport-style photograph. |
| Income proof | Form 16, an income tax return, or recent salary slips. Required once the total premium across your policies passes a threshold the insurer sets, and always where the cover asked for is large relative to income. |
| Bank details | For premium collection and, more importantly, for claim settlement — claims are paid only to the account recorded on the policy. |
Questions people ask
Why is term insurance so much cheaper than the others?
Because it pays out only if you die during the term. There is no savings element and no maturity value, so the whole premium buys risk cover rather than being split between cover and a fund. That is the entire reason for the price difference.
What happens if I outlive the term?
The policy ends and nothing is paid. That is not a flaw in the product — it is what makes the cover affordable. If getting money back matters more to you than the size of the cover, a savings plan is the category that does that.
Will I need a medical test?
It depends on your age, the cover you want and what you disclose. Above a certain amount of cover relative to your income, the insurer wants a medical examination rather than relying on your declaration — and where that applies, the insurer arranges it and pays for it.
Does declaring a health condition mean I will be refused?
Usually not. Most applications are accepted as applied for, some on altered terms, and a few declined. Being accepted on altered terms means the insurer has understood and priced the risk, which is a better outcome than a policy issued on a misunderstanding and contested at claim.
Can I increase the cover later?
Cover is fixed when the policy is issued. Additional cover has to be bought as a separate policy, which will be underwritten again at your age and health at that time — one reason people buy the cover they expect to need rather than the minimum they can start with.
Not sure this is the right category?
Then do not start here. The four categories solve genuinely different problems, and they are not ranked against each other anywhere on this site.
- Savings plans — Costs more, but returns money at maturity whether or not anything happens.
- ULIPs — Market-linked — your returns depend on fund performance.
- Retirement plans — You pay once, and it pays you an income for life.
Starting an application
The application asks what an underwriter needs and nothing else. You will not be shown a premium at the end — that comes from the insurer once it has assessed the case, and any figure quoted before then would be a guess.
You can stop at any point and come back. Nothing is submitted until you confirm a summary of every answer.
Last reviewed: 31 August 2026