Kotak Life Insurance

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Kotak Mahindra Life Insurance Company Limited^[2] is a private life insurance company in India.^[3] The company was founded in 2001. It caters to 15 million customers^[4] and has 232 branches in around 167 cities and towns in India with 99,275 agents.^[5]

Under the umbrella, the company offers various protection plans, savings and investment plans, child plans and retirement plans.

Corporate history[]

The Kotak Mahindra Group was founded in 1985 as a provider of financial services. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI) to conduct banking operations in the country and was renamed as Kotak Mahindra Bank Ltd, the parent company of Kotak Life Insurance.^[6] The company started operations in 2001 on a 74:26 joint venture between Kotak Mahindra Bank Ltd and Old Mutual plc and is one of the fastest-growing insurance companies in India trusted by over 4 million policyholders nationwide.^[7] Old Mutual Plc is a South African based Group engaged in providing International long-term savings, protection and investment services operating from 1845, and its products are in the field of life assurance, asset management, banking and general insurance in countries based in Europe, the Americas, Africa and Asia and also listed on the London Stock Exchange and the JSE, among others.^[8] However, in 2017, Kotak Mahindra Bank bought Old Mutual's 26 per cent stake in the life insurance joint venture for Rs 1,293 crore, subject to approvals, making life insurance business fully owned by Kotak Mahindra Group.^[9] Kotak Mahindra Life Insurance Company is 100% subsidiary of Kotak Bank and a leading private life insurance company in India covering more than 20 million members in country by 2020.^[7]

In 2019, Kotak Life Insurance and Instantpay collaborated to introduce insurance to first-time consumers and also digitally empower the semi-urban sections of the society on various insurance products.^[10] InstantPay, is one of India's largest inclusive and neo Banking platform and had received the Corporate Agency license from the Insurance Regulatory Development Authority (IRDA) and plans to develop innovative and relevant insurance products for the customers in tier-2 and 3 cities. As per the agreement the latter company will use its vast network of more than 1 lakh merchants to introduce Kotak Life Insurance's products through its InstantPay portal or app, which currently has an annual premium as low as Rs 200.

Products and services[]

Kotak Life Insurance's products include rural plans, term plans, savings, children, retirement and investment plans at nominal premium rates to be affordable by individual investment requirements that can cater to their lifetime requirements and each insurance plan is designed to provide maximum protection in addition to benefits and keeping in mind the different sections of society.^[7] To facilitate the sale of its products the company has a network of branch offices distributed across country, individual agents, insurance agencies and offices, individual and firm brokers for claim settlements and these products are also available online through aggregators and the company website. The company currently has 32 products including 9 group products, 10 ULIPs & 18 rider options (as on 4 July 2016).^[11] Till 2020,it had more than 250 branches around 167 cities in India and more than 1,00,000 advisors.

In the year 2020,company launched Kotak Health Shield, providing benefits like daily hospitalisation cash benefit, waiver of premium on being diagnosed with minor conditions, and income benefit on being diagnosed with major conditions and forayed into comprehensive health insurance segment.^[12]

Financials[]

As of March 2019, market share of Kotak Life Insurance increased by 1.6%.^[13] The company garnered a total premium of Rs. 8132 crore. The company assets under management of Rs. 25,936 crore as on 31 March 2019.^[14]

Major landmarks[]

Some of the major landmarks of the company from the date of its inception are:^[8]

2014- Total assets under management (AUM) stood at Rs 12,104 crore (US$ 1.93 billion) by the end of March 31, 2014.

2013- Total assets under management (AUM) stood at Rs 10,964 crore (US$ 1.75 billion) by the end of March 31, 2013.

2010- Launching its e-insurance portal.

2009- Reports 39 per cent growth in gross premium for financial year 2008-09.

See also[]

• Kotak Mahindra Bank

References[]