Kotak Life Appointed Actuary R. Jayaraman announced the launch of the Kotak Gen2Gen Protect that covers two generations with a single-term plan
Kotak Mahindra Life Insurance Company (Kotak Life) is hoping to achieve a gross written premium (GWP) of more than ₹20,000 crore for FY25, said a senior official.
“We ended last fiscal with a GWP of ₹17,700 crore and this fiscal, we would like it to be over ₹20,000 crore,” Piyush Trivedi, Kotak Life Product Marketing and Health Tech Head – Alternate Digital Channels, said during an interaction.
Asserting that the firm’s performance had been above the market curve and industry growth, he said that Kotak Life was hoping to increase its market share from 4% to 5% in FY25 by opening new branches, rolling out new products, refurbishing existing products, and strengthening bancassurance and digital channels among others.
“This fiscal, we are going to open 31 new branches across the country against nine and 47 opened in the last two fiscals. The new branches are company owned and will achieve breakeven in 12-18 months,” he said.
Mr. Trivedi said that couple of new products would be unveiled during the second half, catering to each customer segment. Besides, nearly 10 existing products would be refurbished. In the last 18 months, new products had contributed to 40-50% of revenue.
On Thursday, Kotak Life announced the launch of its new protection plan Kotak Gen2Gen Protect that covers two generations with a single term plan.
The new product offers a flexibility of transferring the complete risk cover to the child, when the parent (primary life insured) turns 60 or 65 years of age. Additionally, this risk cover stays on with the child till the age of 60, said Appointed Actuary R. Jayaraman.
The product also offers comprehensive coverage such as accidental death benefit, permanent disability benefit and critical illness plus. For women policyholders, it offers an additional 5% death benefit.