The policy contract is a proof of the life insurance contract between you (the policyholder) and us (The Company i.e. Kotak Life Insurance). Hence, it’s a very important contract and needs to be kept very safely. You will need to submit the policy contract to Kotak Life Insurance when you have to apply for any of following:

• Changes in Address / Contact Details
• Change in Name
• Alteration in the Date of Birth
• Nomination
• Assignment
• Renewal premium
• Revival of lapsed policy
• Issue of a Duplicate policy
• Claims

Any notice, information or instruction to the Company must be in writing and delivered to the address intimated by the Company to the policyholder which is currently:

Customer Care:

In this note, “I” refers to Policyholder


"When do I need to alter my Personal Details in the policy contract?"

Your personal details need to be altered if there is a misstatement in your date of birth, any change in your name, your address for communication, or any other contact details mentioned in the policy contract.


"When do my Address or Contact details change?"

Your address or contact details would change if you change your place of residence, office and mailing or when there is a change in the permanent address mentioned in your policy contract.


"How should I, as a policyholder, notify Kotak Life Insurance of address changes in my policy contract?"

In case of an address change in your policy contract, you must submit a signed request letter, mentioning the details of your old as well as new address or contact numbers, along with the policy number and your Client ID number, which are mentioned in your policy contract. If the address change is of the nominee or appointee, then, you have to submit a signed letter intimating us about the old and new address. . Alternatively, you can fill in Kotak Life Insurance’s official form as a request for change of contact details.


"My name has changed. Do I need to notify Kotak Life Insurance of this change?"

YES. It is very important that you intimate us in case of any change in your name as your policy contract may contain your old name, and it may become difficult to establish identity at the claims stage.


"What are the possible reasons for any change in my name?"

Any change in your name could happen due to:

• Marriage – in the case of a woman.
• Change of name as notified in the official gazette.
• Any error in the policy contract

However if the marriage certificate cannot be provided, then an affidavit and indemnity to that effect should be provided to us on Rs 220 stamp paper duly notarized by a notary public.

Change of name as notified in the official gazette.
When your name changes due to notification in the Official Gazette, then a certified copy of the Official Gazette should be submitted to Kotak Life Insurance in order to recognise this change.

Any error in the policy contract
When there is an error in your name in the policy contract, a certified copy of any acceptable proof of age, which mentions your correct name, needs to be submitted to Kotak Life Insurance.


As your name enables us to identify you, any name change needs to be altered in the policy contract. Hence, along with the aforesaid documents, the original policy contract and a letter duly signed by you must be submitted to Kotak Life Insurance.

Generally, all such name changes are carried out after the receipt of all documents.


"Do I need to notify Kotak Life Insurance in case of change in name of the Father/ Spouse of the Life Insured OR Policyholder?"

No. Any of the above mentioned changes do not affect the policy contract in any way, as their names do not appear in the policy contract. Thus there is no requirement for any endorsement to happen on the original policy contract. This will also hold true in case of the father of nominee / appointee.

However, where the spouse or father of the Policyholder is also the nominee, such name change should be intimated to the company.


"When do I need to alter my date of birth?"

There could be three reasons for altering your date of birth in the policy contract:

• An error on the original proof of age contracts submitted.
• Proof of age not being available at time of issue.
• An Error in the Policy Contract

"Is the policy contract going to be affected in any way, in case of any alteration in the date of birth of the Life Insured?"

Yes. Premium on the policy is always calculated on the basis of the age of the Life Insured that is declared in the proposal form. If the age of the Life Insured is found to be different from the age declared, then the sum assured of the policy will automatically be amended taking into consideration the correct age at entry, the premium rates then in force, and
premiums paid on the policy. The policy will also be subject to any additional underwriting that may be consequently required.

Further if there are any other benefits (including riders) attached to the policy, they will be also be altered on the same basis.

The riders will be reduced/ limited if the correct age will make the Life Insured ineligible for any of them.

If any of the above is not possible then the policy will be cancelled from the date of commencement and premiums shall be refunded after deducting expenses incurred by Kotak Life Insurance.

Where the Life Insured and Policyholder are different persons, the policy contract would not be affected by alteration in the date of birth of the Policyholder.


"How should I, as a policyholder, notify Kotak Life Insurance of any change in the date of birth of the Life Insured?"

In case of any changes in the date of birth of the life insured, you have to submit a letter or Kotak Life Insurance’s official form duly signed by the Life Insured to Kotak Life Insurance explaining how the error occurred. (Where the Life Insured and Policyholder are different persons, the letter should be signed by both of them)

Along with this letter the original policy contract and a fresh approved and certified proof of age must be submitted to Kotak Life Insurance. Subsequently, Kotak Life Insurance may revise premiums or have other recourse as stated above.


"Do I need to notify Kotak Life Insurance of any changes in Date of birth of the Nominee/ Appointee?"

Any change in the date of birth of the Nominee / Appointee will not affect the policy contract or its benefits in any way as these dates do not appear on the policy contract. However a letter or Kotak Life Insurance’s official form duly signed by the Policyholder should be submitted to Kotak Life Insurance explaining how the error occurred.

Where the Life Insured and Policyholder are different persons, the policy contract would not be affected by alteration in the date of birth of the Policyholder


"What is Assignment of a policy?"

An Assignment is the transfer of the interest under the policy either absolutely or conditionally by the Assignor (policyholder) to the Assignee.


"What are the different types of Assignments?"

There are two types of Assignments:

Absolute Assignment:
This is a transfer of the entire right, title and interest in the policy to the Assignee. An absolute assignment can even be by way of a gift.
Conditional Assignment:
This is a transfer of the interest in a policy subject to the fulfilment of a condition.

For example: An assignment may be made subject to the condition that:
The assignment will be valid only as long as a loan given by the Assignee to the Assignor remains outstanding.


"Who makes an Assignment?"

A person who has absolute interest in the policy may make an assignment. He/ She can be:

• The policyholder or
• An absolute Assignee (i.e. a person to whom the policy has been assigned absolutely)

• To assign a policy, the Assignor should fill in the form prescribed by Kotak Life Insurance.
• This form must be duly completed in duplicate, signed by the Assignor and attested by at least one witness.
• This form along with the original policy contract should be submitted to the Kotak Life Insurance.
• The fact of assignment with the date of assignment shall be endorsed on the policy by Kotak Life Insurance and sent to the Assignor. This shall constitute a written acknowledgement of registration of the assignment from Kotak Life Insurance.

"What happens after Assigning the policy?"

• In case of an absolute assignment, the assignee becomes the policy owner.
• An absolute assignment automatically cancels any nomination under the policy.
• In case of a conditional assignment, where the policy is conditionally assigned to Kotak Life Insurance (the Insurer) as security for a loan, the nomination shall be not be cancelled, but the nominees rights shall be reduced to the extent of the liabilities towards the Kotak Life Insurance.
• The liabilities under the policy are also transferred to the Assignee from the date of the assignment - under an absolute assignment.
• If more than one notice of assignment is received from the same assignor, the assignment received first shall take effect.
• The date of receipt of the notice by Kotak Life Insurance shall determine the claim, NOT the dates of execution of the assignment.
• An absolute Assignee can re-assign the policy by following the same procedure.

"When are the benefits payable to the Assignee?"

The benefits under the policy are paid to the Assignee in the event of the death of the Life Insured or at maturity, provided the assignment is in force at that point in time..


"Does Assignment of the policy affect the Nomination?"

Yes, any transfer or assignment (even a part assignment) of the policy will automatically cancel the nomination.

However where the policy is assigned to the Insurer (Kotak Life Insurance, in this case) as a security for loan granted by Kotak Life Insurance within the surrender value of the policy, the nomination shall not be cancelled but the Nominee’s rights shall be reduced to the extent of the liabilities towards Kotak Life Insurance.

Illustration: Mr A has a life insurance policy with Kotak Life Insurance for a sum assured of Rs. 5 lacs. He takes a loan of Rs. 2 lacs from Kotak Life Insurance and the policy is assigned to Kotak Life Insurance. Mr. B is the Nominee under the policy. Mr. A dies and Rs. 2 lacs is payable to Kotak Life Insurance and the remaining Rs. 3 lacs to Mr. B. Thus the nomination is not cancelled by this assignment but only affected to the extent of interest that Kotak Life Insurance has in the policy.

Where the loan has been repaid and the policy re-assigned to Mr A (The Life Insured) the nomination in favour of Mr. B shall be valid for the full amount.


"Who is a Nominee?"

A Nominee is a person appointed by the policyholder (where the life insured and the policyholder is the same person), to give valid discharge to Kotak Life Insurance in respect of the benefits payable under the policy in the event of the death of the Life Insured.


"Who can appoint a Nominee?"

A nominee can be appointed only when the policyholder and Life Insured are the same person. The Policyholder can appoint a Nominee at the time of taking a policy contract. If desired the nominee can be changed subsequently
However, in case the policyholder and the Life Insured are different persons, no valid nomination can be made unless the Policyholder absolutely assigns the policy to the Life Insured.


"Can a minor be a Nominee?"

Yes! A Minor can be a nominee. But since a minor is not eligible to enter into a valid contract, you need to have an appointee for such nomination where the nominee is a minor.


"Who is an Appointee?"

An Appointee is a person who is appointed in case the Nominee to the policy is a minor i.e. below 18 years of age to receive the benefits payable under the policy on behalf of the nominee in event of the death of the life insured.


"How can the Life Insured nominate / alter nominations / cancel the nomination?"

In case, you have not made any nominations in your Proposal Form, then you can make a nomination by filling up Kotak Life Insurance’s official Nomination Form. This form can also be used to amend any of your earlier nomination/s. This would automatically cancel the earlier nomination /s. This form is to be filled in duplicate and is to be submitted to Kotak Life Insurance along with the original policy contract.


"Does nomination or assignment attract stamp duty?"

No, nomination does not attract stamp duty.


"What are the changes, which are not allowed in the policy contract?"

The Company is NOT prepared to allow the following changes in policy contract:

• Addition of any further riders
• Increase in the sum assured or the term of the Policy.
• Change in Plan

"When do I pay my renewal premiums?"

Renewal Premium should be paid annually in advance on the policy anniversary date. However if the mode of payment selected is half yearly or quarterly, renewal premiums should be paid at these intervals, on the date indicated in the policy contract.

A grace period of 30 days from the due date of premium payment is allowed. If the premium is not paid on or before the expiry of the grace period, the policy will lapse.


"How will I be notified in case of renewal of my policy?"

In case of renewals, Kotak Life Insurance will send renewal notices to you before due date for premium payment, whether you are on a quarterly, half-yearly or annual mode of payment.


"What happens if I do not pay my premiums on due date?"

If you fail to pay premiums within the grace period of 30 days:

• And the policy has NOT acquired a surrender value, then the policy will lapse and you will no longer enjoy any life cover with Kotak Life Insurance.
• And the policy has acquired a surrender value, then the amount in the accumulation account will be used to keep the policy in force. Accumulation Account is your personal account, in which the premiums that you pay are deposited, the return declared every year is added and risk and expense charges are deducted. If the accumulation account available is insufficient to cover the mortality and administration charges during a future period such balance will be used to maintain cover for a portion of the period, after which the policy will lapse.

"How will I be notified in case of policy lapsation?"

In case your policy lapses; you will receive a lapse notice from Kotak Life Insurance


"What is Revival of a Policy?"

In case of a lapsed policy, if you would like to re-instate the policy, you need to revive the policy.


"How will I revive the lapsed policy?"

You can revive your lapsed policy, by making an application to Kotak Life Insurance, within a period of five years from the due date of the first unpaid premium and before the maturity of the policy.

Any request for revival after this may be accepted or declined at Kotak Life Insurance’s discretion or subject to such terms and conditions as it deems fit.

The revival of the policy will be effective after Kotak Life Insurance’s approval is communicated in writing to you.


"What are the terms and conditions for reviving a policy?"

The policy may be revived on the following terms:

• If the request is made within six months from the due date of the first unpaid premium then evidence of good health will not be required but is subject to a payment of the premiums in arrears and 6% of the premiums in arrears as administration charges.
• If the request is made after 6 months but within 5 years from the due date of the first unpaid premium, proof of good health will have to be submitted and evidence of that there is no adverse change in the personal or family history or occupation will also have to be given. In such event, premiums will be re-calculated.

In case of a death claim, the benefits payable will be subject to production of proof of death of the Life Insured, and such other requirements as stipulated by Kotak Life Insurance and the legal title of the claimant, which will be satisfactory to Kotak Life Insurance.

In case of an Accidental Death Benefit Rider claim, the benefits payable will be subject to production of proof of death of the Life Insured, and any such other requirements as stipulated by Kotak Life Insurance and the legal title of the claimant, which will be satisfactory to Kotak Life Insurance. The policy contract will also be required.

In case of a Permanent Disability Benefit Rider claim, the benefits payable will be subject to production of proof of permanent disability of the Life Insured, and any such other requirements as stipulated by Kotak Life Insurance and the legal title of the claimant, which will be satisfactory to Kotak Life Insurance. The policy contract will also be required.

In case of a Critical Illness Benefit Rider claim, the benefits payable will be subject to production of proof of critical illness sustained by the Life Insured and such other requirements as stipulated by Kotak Life Insurance and the legal title of the claimant, which will be satisfactory to Kotak Life Insurance. The policy contract will also be required.


"Where will I be paid my claims?"

The amount due under this policy is payable at the Kotak Life Insurance office situated at Mumbai, but Kotak Life Insurance at its absolute discretion may fix an alternative place of payment for the claim at any time before or after the policy has become a claim.


"What happens in the event of death of a Nominee?"

In case a Nominee dies before the policyholder who is also the Life Insured then the policyholder can appoint a new Nominee.

If, however, the fact of death of the Nominee comes to light only at the claims stage, Kotak Life Insurance will act as if there had been no nomination at all and the claim will be distributed accordingly


"What happens in the event of death of an Appointee?"

In case an Appointee dies before the death of the Life Insured, the policyholder can appoint a new Appointee for the minor nominee.


"What happens in the event of death of an Assignee?"

In case an absolute Assignee dies, the policy could vest in the hands of his legal heirs, executors etc. and claims shall be paid accordingly. If there is a conditional assignment and the Assignee dies, the condition will have to be examined and claims paid only after considering the condition.