- The product offers an industry-first feature with an option of covering two generations with one plan, thus passing the legacy of protection
- With 28 branches in Gujarat, the company has generated a business of over Rs 1,000 crore: Hitesh Veera, Chief Operating Officer
- The essence of this product comes from the importance we Indians place on family, tradition and legacy: Mahesh Balasubramanian, MD of Kotak Mahindra Life Insurance Company Limited
NE BUSINESS BUREAU
AHMEDABAD, JULY 8
Kotak Life Insurance Company is eyeing a 30 per cent growth in new business premium this fiscal and plans to increase the share of protection plans to 40 per cent of new business premium with new products, Hitesh Veera, Chief Operating Officer has said here on Monday.
“We expect the share of the protection business to rise to 40 per cent from 35 per cent last year. Overall, we are expecting a 30 per cent growth in new business premium which was Rs 2,400 crore in 2023-24,” said Hitesh Veera.
On the sidelines of the launch of Kotak Gen2Gen Protect in the city, Veera said that new products would be a key factor contributing to the growth in premium income of the insurer during the year.
Throwing light on this new protection plan, Veera said, “Kotak Life sees this product emerging as a ‘blockbuster’ product for the company on the protection front. The product offers an industry-first feature with an option of covering two generations with one plan, thus passing the legacy of protection. Coming with a 100 per cent guaranteed return of premium benefit on survival, Kotak Gen2Gen Protect offers the flexibility of transferring the complete risk cover to the child, when the parent (primary life insured) turns sixty or sixty-five years of age. Addionally, this risk cover stays on with the child till the age of sixty.”
The product also offers comprehensive coverage through in-built wellness benefits and riders such as Accidental Death Benefit, Permanent Disability Benefit and Critical Illness Plus. For women policyholders, Kotak Gen2Gen Protect offers an additional 5% death benefit.
Meanwhile, Mahesh Balasubramanian, MD of Kotak Mahindra Life Insurance Company Limited, said in a statement, “Kotak Gen2Gen Protect is a product through which our customers can secure two generations with a single term plan. The essence of this product comes from the importance we Indians place on family, tradition and legacy. Passing on values, knowledge and teachings to the next generation is deeply ingrained in our Indian culture. Here is a product which understands the essence of these values”.
He expressed confidence that innovative products like Kotak Gen2Gen Protect will expand the protection category and significantly contribute to IRDAI’s vision of ‘Insurance for All’ by 2047.
Veera said that the Protection business contributes 2-3 percent of the total business and that the company plans to increase it to 10 percent by the end of FY25.
With 28 branches in Gujarat, the company has generated a business of over Rs 1,000 crore. The company launches six to eight new insurance plans annually, with claims typically settled within two days, Veera added.
Executive Vice Presidents-Sales-Tied Agency Manish Dave and Himanshu Dhamecha were also present at the new product launch event.
